Section I	General provisions
Chapter 1	Scope of application
Chapter 2	Definitions
Chapter 2 A	Communications
TITLE II	Permission, exclusive, enterprise and foreign institutes
Chapter 3	Permission, exclusive, etc.
Chapter 4	Other Allowed Company
Chapter 5	Foreign businesses
TITLE III	Good practice, etc.
Chapter 6	Good practice, price information and contractual relations
TITLE IV	Ownerconditions and management, etc.
Chapter 7	Ownerconditions
Chapter 8	Management and establishment of the undertaking
Chapter 9	Disclosure of confidential information
Section V	Capital business capital conditions
Chapter 10	Solvency
Chapter 11	Temporary placement and liquidity
Chapter 12	Corporate rules, consolidation, etc.
TITLE VI	Annual report, revision and use of the annual profit
Chapter 13	Annual report, revision and use of the annual profit
TITLE VII	Inclu-or Termination of the Financial Company
Chapter 14	Conversion of conversion
Chapter 15	Termination
Chapter 16	Crisis Management
Chapter 17	(lifted)
TITLE VIII	Special rules for insurance undertakings
Chapter 18	Special rules for insurance undertakings
TITLE IX	Specific rules for systemic financial institutions and globally systemic financial institutions
Chapter 19	Identification of systemic important financial institutions (SIFI)
TITLE IX a	Money and Pension panel
Chapter 19 a	Money and Pension panel
TITLE X	Spareenterprises
Chapter 20	Spareenterprises
TITLE X a	Investment advisers
Chapter 20 a	Investment advisers
TITLE X B	Credit rating agencies
Chapter 20 b	Credit rating agencies
TITLE X C	Data Center Rooms
Chapter 20 c	Data Center Rooms
TITLE X d	The Systemic Risk Boat
Chapter 20 d	The Systemic Risk Boat
TITLE X E	Establishment of reference center
Chapter 20 e	Establishment of reference center
TITLE X F	Carbon Carbon Quotes
Chapter 20 f	Carbon Carbon Quotes
TITLE XI	Supervision and charges
Chapter 21	Supervision, etc.
Chapter 22	Charges
TITLE XII	Penalty, entry into force and transitional provisions, etc.
Chapter 23	Delegation and Clapping
Chapter 24	Penalty provisions
Chapter 25	Entry into force, transitional provisions, changes to other legislation, the Faroe Islands and Greenland
Appendix 1	Monetary institution ' s institution
Appendix 2	Credit institution ' s institution
Appendix 3	RealCredit Company
Appendix 4	Investment services
Appendix 5	Instruments
Appendix 6	Features (tasks) covered by collective portfolios
Appendix 7	Insurance Inharm
Appendix 8	Insurance Company Life

Publication of the Act of Financial Company 1)

This shall be made known as a financial undertaking, cf. Law Order no. 911 of 4. August 2014 2) , with the changes resulting from paragraph 1, no. Sixty-five. 268 of 25. March, 2014.

The change that is being followed by section 2, no. 1, in Law No 1. 512 of 17. June 2008 amending the Act of Preventive Measures against the laundering of the proceeds and the financing of terrorism and the Act of Financial Business Act (Penis transfers between Denmark and the Faroe Islands) are not included in this legislative notice, as the time for the entry into force of this amendment, the business and growth Minister shall be established, cf. § 3 in Law # 512 of 17. June 2008.

The change that is being followed by section 2, no. Two, in Law No 512 of 17. June 2008 amending the Act of Preventive Measures against the laundering of the proceeds and the financing of terrorism and the Act of Financial Business Act (Money Transfers), is not incorporated into this legislative notice, as the change is made. subsequent to the end, cf. § 21, nr. 1, in Law No 1. 403 of 28. April 2014.

The changes resulting from paragraph 2 of Law No 244 of 19. March 2014 amending mortgages and mortgage bonds etc. and the financial activities (Regulation of the refinancing risk of mortgage bonds, in particular covered mortgage bonds, and in particular covered bonds etc.) are not included in this notice, since these changes will only enter into force on 1. January 2015, cf. Section 3, paragraph 3. Two, in Law No 244 of 19. March, 2014. However, section 152 b (b) is paragraph 1. 7, in the Act of Finance, as drawn up in section 2 (2). Two, in Law No 244 of 19. March 2014, included in this legislative statement, as this provision has entered into force on 1. April 2014, cf. Section 3, paragraph 3. Three, in the law. 244 of 19. March, 2014.

The announced legal text relating to section 75 a shall enter into force on 1. September, 2014, cf. § 2 of Notice no. 314 of 28. March 2014, on the entry into force of certain provisions in the law on changes to the law on financial activities and various other laws (the implementation of credit institution and capital requirements directive (CRD IV) and changes as a result of the corresponding Regulation (CRR), legislation concerning SIFI ' is etc.).

The announced legal text relating to section 125 a-h shall enter into force on 1. January 2015, cf. Section 22 (2). Amendment No 4. 268 of 25. March 2014 amending the law on financial activities and various other laws (the implementation of credit institution and capital requirements directive (CRD IV) and its amendments as a result of the relevant Regulation (CRR) as well as legislation relating to SIFI etc.).

The changes resulting from § 1, nr. 133, and § 1, no. 134, as regards section 344 a, in the Law no. 268 of 25. March 2014 amending the Act on Financial Services and various other laws (CRD IV) and changes as a result of the relevant Regulation (CRR), and the laws relating to SIFI etc.) are not applicable ; included in this notice, as the date of entry into force of these amendments shall be determined by the professional and growth Minister, cf. Section 22 (2). 5, Law No. No. 268 of 25. March, 2014.

The changes resulting from § 1, nr. Forty-three and forty-six. 403 of 28. April 2014 amending the Act on financial activities, the Act on securities trading, etc., the penal code, the law of alternative investment fund managers, etc., the law of law and various other laws (Introduction of rules giving pension rights to pensioners) ; have the total economic value of their pension scheme transferred in the context of certain cases of reelection, directors and other leading employees to participate in the management or operation of other business activities, requirements for the composition of the market, by the governing board of a fund or association which owns a mortgage-credit company, amendment of the rules on penalties for breaches of the CO2 auctioning Regulation, the regulation of the CO2 quota providers, changes to the rules governing alternative investment fund managers to market alternative investment funds, including : the exclusion of shares in the Funds for employees and certain retailers from the marketing authorisation requirement and the introduction of the possibility for managers from third countries to market funds for retailers, alteration of ; the universal service limit in the securities trading room and better protection of : the rights of smaller shareholders, the prohibition of use of variable pay, which is dependent on the achievement of a specific sales target to retailers, alteration of the rules on the supervision of common data centres, the surveillance of depositary for alternative investment funds, etc.), are not included in this legislative notice, as the date of entry into force of these amendments shall be determined by the professional and growth minister, cf. Section 22 (2). Two, in Law No 403 of 28. April 2014.

Section I

General provisions

Chapter 1

Scope of application

General rules for application

§ 1. This law shall apply to financial undertakings, cf. Section 5 (5). 1, no. Paragraph 1 and the activities covered by paragraph 1. 2-14 and 17.

Paragraph 2. For financial holding companies and insurance reinsurance undertakings, sections 6, 6 a and 6 b, section 43 (4), Paragraph 1, Chapter 7, section 64 (4). 6, sections 70 and 71, section 75, § § 77 a-77 d, § § 117, 175 a and 179-181, Chapter 13, § § 344-348 and 357, section 361, paragraph 1. 1, no. 5, and paragraph 1. 2, section 368 (3). 2, 3, and 3. 4, no. Paragraph 1 and paragraph 1. 5, section 369 and 370 use. In addition, for financial holding companies, section 170, 171-175 and 176-178 shall also apply. In addition, sections 126 and 170 a further use shall apply to insurance claims undertakings.

Paragraph 3. The law shall apply to branches in this country by credit institutions, investment firms, management companies and insurance undertakings authorised in a country outside the European Union, which the Union has not signed up for ; the financial area, with the deviations required by the branch, or as determined in or pursuant to international agreement. The SEC shall lay down detailed rules on this subject. The provisions of the company law relating to branches of foreign shareholdings shall apply to the provisions of 1. Act. mentioned branches.

Paragraph 4. For branches in the country of foreign undertakings authorised to exercise it in section 7-11 that referred to in a country within the European Union or a country concluded by the Union in the area of the financial area, section 6, 6 (a), 6 (b), 30, 32, 34-36, 43, 44, 47, 48, 50 to 60, 344 and 345, § 347 (3). 1, 2, 4, and 6, and section 348, 354 a, 360, 363 a, 368-370 and § § 373-374 use. For branches here in the country of credit institutions, section 152 (a) (1) shall be so as to be used. TWO, TWO. PC, use. For branches in the country of a foreign company authorised to exercise it in section 7 to 11 a country referred to in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, Article 347 shall also apply. For branches in the country of credit institutions and investment firms authorised to provide investment services in another country within the European Union or in a country to which the Union has concluded the financial contract ; territory and carrying out such activity in this country, sections 30, 32 and 43, section 72, section 2, no. 5, section 77 e, 344 and 345, section 347 (3). 1, 2, 4, and 6, and section 348 and 354 a usage.

Paragraph 5. In the case of services in this country, credit institutions, management companies and insurance undertakings authorised in another country within the European Union or a country with which the Union has concluded the financial contract ; section 6, 6 a, 6 b, 31, 36, 43, 44 and 46-60, section 347 (3). 1, and § 348 (3). 1, use. In the case of services in this country, credit institutions and investment firms authorised to provide investment services in another country within the European Union, or in a country with which the Union has concluded agreement ; financial area, section 31, section 347 (3). 1, and § 348 (3). 1, use.

Paragraph 6. In the case of services of securities trade granted in this country by credit institutions and investment firms authorised in a country outside the European Union, which the Union has not concluded in the financial sphere, section 6, 6, a, 6 (b), 33, 43 and 77 e, section 347 (3). 1, and section 348.

Paragraph 7. For services rendered in this country by insurance undertakings authorised in a country outside the European Union, which the Union has not contracted in the financial field, sections 6, 6 a, 6 b and 37 shall apply.

Paragraph 8. Chapter 20 shall apply to austerity undertakings.

Niner. 9. Chapter 20 a shall apply to investment advisers.

Paragraph 10. Chapter 20 b shall apply to credit rating agencies.

Paragraph 11. Chapter 20 c shall apply to joint data centers.

Nock. 12. Chapter 20 e shall apply to Danish credit institutions, which contribute to the determination of Danish and foreign reference establishments.

Paragraph 13. Chapter 20 f applies to Carbon Quota-Carders

Paragraph 14. Provisions concerning the management board or members thereof in section 5 (5). 1, no. 7, section 76, section 77, paragraph. One and three, section 78, paragraph. Paragraph 1, section 98, section 108, paragraph 1. 2 and 3, section 115, section 144, paragraph 1. Paragraph 1, section 199 (1). A two-tier management system shall apply to the supervisory body or members with the necessary adjustments in accordance with section 203, 209, 209, 209, 247 and 299.

Paragraph 15. Provisions on the governing board or members of the Management Board and of the provisions governing the management of section 14 (3) 1, no. 2, section 64, 65, 73-75, 80, 110 and 117, § 124, paragraph 1. One and four, paragraph 125, paragraph 1. 1 and 7, section 179, nr. 2, § 180, nr. 2, section 184, 185 and 233, section 289 (4). 1, $299, section 346 (3). 2 and 3, section 349, paragraph. 2, no. 2, section 351, section 355 (3). 2, no. 9, and paragraph 1. In the case of sections 356 and 373-374, in SE companies, with a two-tier management system, in addition to the management body and the members thereof, they shall also apply to the supervisory body or members thereof with the necessary adaptations.

Paragraph 16. For vendors and subcontractors for outsourcing companies, cf. Section 5 (5). 1, no. 27 and 28, section 6, 6 a, 6 b, and section 347 (3). One and five, use.

Special rules applicable to the scope of investment management companies

§ 1 a. ~ § 38 and 39 shall not apply to investment-management companies which alone are permitted to exercise those listed in Annex 6 (s). 2-6, mentioned activities.

Specific rules applicable to the scope of insurance undertakings

§ 2. § 61, 61 a-c, 62 and 170-178 shall not apply to cross-pension funds and the mutual insurance undertakings covered by the law.

§ 3. In the case of reinsurance and coassurance operations, the Financial supervision may lay down specific rules or deviations.

§ 4. The rules of this law on groups shall apply where the parent undertaking is an insurance undertaking.

Paragraph 2. The SEC may provide that the law or laws relating to companies, excluding section 141 of the company law, are also applicable in whole or in part to groups of insurance undertakings which do not constitute a financial undertaking or law on groups of companies, except section 141, a group in accordance with section 5 (5). 1, no. However, the case may be deemed to be necessary for the purposes of applying the rules laid down in this connection. The parties concerned shall designate one of sections 12, 3. a pkta, covered and here in the country where the indigenous company is to be considered as a parent undertaking. If this doesn't happen, the SEC will appoint the SEC.

Chapter 2

Definitions

§ 5. For the purposes of this Act :

1) Financial Companies :

a) Financial institutions.

b) Realtor credit institutions.

c) Fund Broker Companies.

d) Investment management companies.

(e) Insurance companies.

2) Credit Institute : An establishment whose business is to receive deposits or other funds from the public to be repaid, and to grant loans for its own account.

3) Investment company : A legal or a natural person whose business consists of providing investment services.

4) Investment services : in Annex 4, section A, nr. 1 to 8, listed in Annex 5 (s), 1-10, indicated instruments.

5) Administration Company : A company that can manage UCITS (in Denmark : investment management company).

6) Funding institution : A company that is not a credit institution or a fund-broiler company I, and whose main business is to acquire capital shares or to exercise one or more of the number of those set out in Annex 2 (s). 2-12 and 15, specified activities.

7) Moderating company : a company that has one or more subsidiaries.

8) Data establishment : A company that is subject to a moderation of a parent company.

9) Corporate : A parent company and its subsidiaries, cf. § 5 a.

10) Financial holding company :

a) A parent company that is not a financial enterprise in a group where at least one of the subsidiaries of the group is a financial undertaking and at least 40% of the subsidiary. the overall balance sheet for the group and the parent undertaking ' s affiliated undertakings relates to the financial sector, cf. Two. Act. and paragraph 7. A parent company is not a financial holding company, if the financial undertakings in the group are exclusively insurance undertakings.

b) A parent undertaking whose business consists solely or principally in owning a subsidiary of subsidiaries, financial undertakings or financial institutions, and at which at least one subsidiary is a financial undertaking.

11) Penal business dweller : A parent undertaking whose business is exclusively or mainly consists of owning capital shares in subsidiaries which are credit institutions or financial institutions and where the main business is to operate financial institution.

12) RealAP Company : A parent undertaking whose business is exclusively or mainly consists of owning capital shares in subsidiaries which are credit institutions or financial institutions and where the main business is to operate a credit institution ' s institution.

13) Insurance enterprise : a parent company whose main business is to acquire and possess capital shares in subsidiary undertakings when these subsidiaries are exclusively or mainly insurance or reinsurance undertakings ; or third-country insurance or reinsurance undertakings, and at least one of these subsidiaries is an insurance or reinsurance undertaking. An insurance holding company is not a financial holding company, cf. no. 10.

14) Country of insurance : a parent undertaking that is neither a financial undertaking, a third-country insurance or reinsurance undertaking, a financial holding company or an insurance holding company and which owns at least one subsidiary activities that are insurance or reinsurance operations.

15) ' Fund holding ' shall mean a parent undertaking whose business consists solely or principally in owning capital shares in subsidiaries which are credit institutions, brokerage intermediaries, or financial institutions, and where the group main activity is to operate a fund-broiler business.

16) Investment management activities : A parent undertaking whose business consists solely or principally in owning capital shares in subsidiaries which are credit institutions or financial institutions, and where the group's main business is to operate investment management activities.

17) Affiliated : A company in which a financial undertaking and its subsidiary undertakings have a capital share and exercise a significant influence on its operational and financial management but is not a subsidiary of the financial business. A financial undertaking and its subsidiary undertakings are presumed to exercise significant influence if the combined holds 20%. or more of the voting rights.

18) Exposure : the sum of all intermediates with a customer or group of interconnected customers involving a credit risk for the company, and capital shares issued by the Customer or one of a group of interconnected customers. In the case of provisions on exposure in section 78 and 182, the following intermediates are exempting :

a) In the case of currency transactions : interconnectivity, arising in connection with the general conduct of a transaction, for a period of 48 hours after payment has taken place.

b) For the purchase or sale of securities : interconnectivity arising from the general conduct of a transaction for a period of five working days after payment has taken place or the securities supplied, depending on the date on which the payment was made ; There's first.

c) In the case of payment services, including the execution of payment orders, clearing and settlement of securities in any currency and correspondent bank or offer of clearing, settlement and disposal of financial instruments to customers : Intermediate delays on the receipt of financing and other end-of-the-end result caused by the customer activity and not taking longer than the following business day.

d) In the case of payment services, including the execution of payment orders, clearing and settlement of securities in any currency and correspondent bank : Intraday intermediaries with institutions providing those services.

(19) Narrow connections :

a) the direct or indirect compounds of the one in paragraph 1, 9 specified species,

b) capital interests by means of a company ' s direct or indirect possession of 20%. or more of the voting rights or capital of a business, or

c) the common link of several companies or persons, cf. (a) with a business.

20) Zone A countries : Member States of the European Union, other countries which are full members of the Organisation for Economic Cooperation and Development (OECD), as well as other countries that have entered into special loans agreements with the International Monetary Fund (IMF) and are associated with The General Loan Agreement. A country which, as a result of the lack of ability to pay their foreign sovereign debt, is being excluded from Zone A for a period of five years.

21) Filial : A department, which is a legally constituent part of a credit institution, investment company, management company or insurance company, and which carries out the business of the nature of which the undertaking is authorized.

(22) Multilateral trading facility : a multilateral trading system (with the exception of regulated markets) within the system and in accordance with non-derogatory rules, the interest of various third parties shall be of interest in the purchase and sale of the products listed in Annex 5 (s). In such a way, an agreement on transfers has been concluded in connection with each other in such a way as to make a deal.

23) The company ' s reinsurance undertaking shall mean an insurance undertaking whose business is limited to reinsurance insurance risks in the group that the company is a part of when the group does not contain other insurance undertakings.

24) Outsourcing : A company's submission of major areas of activity that are subject to the supervision of the financial system to a supplier.

25) Company for purpose : a company whose main purpose is to issue transferable securities or to obtain financing for the purchase of assets in a refinancing register and covered by section 152 p from financial institutions with authorisation from : The financial supervision to create a refinancing register.

26) Outsourcing : A financial company that outsourcing activities to a supplier.

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

28) Further outsourcing : A supplier's outsourcing of tasks that this service provides under an agreement with outsourcing, to a subcontractor and subcontractor, if any, further outsourcing of the tasks to the next link in the chain ; subcontractors as well as any further outsourcing to other indents in the subcontracting chain.

29) UCITS : An UCITS that has authorisation under rules implementing the UCITS Directive and which, pursuant to Article 1 (1), 3, can be created

a) under contract as investment funds, managed by investment management companies or management companies (in Denmark : securities funds),

b) as the unit trusts (s) ; or

c) in accordance with the Staff Regulations as investment firms (in Denmark : investment associations and companies for investment capital that are variable (SIKAV ' s)).

(30) Competent authorities : the national authorities, which, by law or other authority, are empowered to exercise supervision of company types covered by this law.

31) Reference rate : A published interest calculated using a formula based on a number of independent stems from individual reports pursuant to the Agreement or rules on this subject and which intend to form the basis for a mutually agreed upon ; interest-fixing between credit institutions or between credit institutions and their customers.

32) Fund Brokering Company I : A Fund Broker Company, which

a) are authorized to carry out one or more of the number of the referred to in Annex 4 (A), 3 and 6-9, mentioned activities ; or

b) retain the means or securities of customers.

33) Combined capital buffer requirements : total core core capital needed to satisfy the requirement for a capital conservation buffer, cf. no. 34, increased with a company-specific counter-cyclic capital buffer, cf. no. 35, a G-SIFI buffer, cf. no. 38, and a systemic buffer, cf. no. 40, cf. however, paragraph 125 e (s), Two and three.

34) Capital conservation buffer : the capital base for which a business is to maintain in accordance with section 125 (a) (a). 3.

35) Company-specific counter-cyclic capital buffer : the capital base for which a business is to maintain in accordance with section 125 (a) (a). 4.

36) Contract Cyclical Buffer Rate : The rate to be used for the establishment of their company-specific countercyclic capital buffer and set in accordance with section 125 f (2). One-three, five and six.

37) Company-specific counter-cyclic capital buffer rate : the weighted average of the counter-cyclical buffer rates that apply to countries where the relevant credit exposure of a company is located, cf. § 125 (f, paragraph 1) One-three, five and six.

38) G-SIFI-buffer : the capital base, as a global systemic major financial institution (G-SIFI), cf. Section 310 shall maintain in accordance with section 125 (a) (a), Five, on a consolidated basis.

39) G-SIFI-Buffer rate : the rate at which a global systemic important financial institution (G-SIFI) must be used for the assessment of its GSIFI buffer, which shall be fixed in accordance with section 125 g.

40) Systemic buffer : the capital base for which a business is to maintain in accordance with section 125 (a) (a). 6.

41) Systemic buffer rate : the rate to be used for the assessment of its systemic buffer and which shall be determined according to section 125 h.

42) Variable wage parts : wage schemes where the final remuneration is not known in advance, including bonus schemes, performance contracts, one-time charges and other similar schemes that are not part of the fixed salary.

Paragraph 2. " Capital interests " means a company ' s direct or indirect possession of 20%. or more of the voting rights or capital of a business.

Paragraph 3. For the purpose of qualified shares, direct or indirect possession of at least 10% shall be understood. of the capital or voting rights or a share which allows the possibility of exerting a significant influence on the management of the financial undertaking, the financial holding company or the insurance holding company.

Paragraph 4. " Capital shares " means shares in companies (shares), in the anpartcompanies (interested parties) as well as in the own funds of other undertakings.

Paragraph 5. In the calculation of voting rights and rights to appoint or dispose of members of the executive bodies, rights that are possessed by the parent undertaking and its subsidiary undertakings.

Paragraph 6. For the purposes of this law :

1) Solvency requirements in accordance with section 124 (4). Three, section 125, paragraph. 8, section 126, paragraph 1. 3 and 9, and section 126 a, paragraph 1. 7.

2) Solvency needs in accordance with section 124 (4). One and two, paragraph 125, paragraph 1. 1 and 4-7, section 126 (4). Paraguate 1 and 8, section 126 (a), 1.

3) Minimum capital requirements in accordance with § § 124, 125, 126 and 126 a.

4) Capital requirements in accordance with section 127.

5) Base capital in accordance with section 128 (3). 1, and rules laid down in accordance with section 128 (3). 2.

6) Capital basis in accordance with section 126 a, paragraph 1. 9, Article 4 (4). 1, no. 118, in Regulation (EU) No, (5) 575/2013 on supervisory requirements for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 3 and 4.

7) Indeed, core capital in accordance with Article 25 of Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 3 and 4.

8) Nuclear capital, in accordance with Article 25 of Regulation (EC) of the European Parliament and of the Council (EU) No 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 2-4.

9) Supplementary capital in accordance with Article 71 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 2-4.

10) Hybrid core capital in accordance with Article 61 of Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on prudential requirements 4 for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 3 and 4.

11) Accountenable loan capital in accordance with the rules laid down in accordance with section 128 (4). 2.

12) Supplementary capital instruments in accordance with Article 63 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms and rules laid down in accordance with section 128 (4). 3 and 4.

13) Special bonus provisions as laid down in accordance with rules laid down in Article 128 (3). 2.

14) Member accounts in accordance with rules laid down in Article 128 (3). 2.

15) Risk-weighted items in accordance with section 142 (1). 2.

16) Total risk exposure in accordance with Article 92 (1). Article 95 (3). 2, Article 96 (2). 2, in Regulation (EC) No 2 of the European Parliament and Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms and rules laid down in accordance with section 142 (1). 1.

Paragraph 7. A parent undertaking which has been covered by paragraph 1. 1, no. 10 (a) shall continue to be regarded as a financial holding company, if at least 35%. of the overall balance sheet for the group and the parent company's affiliated undertakings, relate to the financial sector. 1. Act. however, do not apply if the overall balance sheet has been mentioned in 1. Act. Been less than 40%. Three years in a row.

Paragraph 8. The financial supervision may lay down detailed rules on the rules laid down in paragraph 1. 1, no. 16 points (c) and (d) shall be mentioned.

Concerns

§ 5 a. A parent company is, together with one or more subsidiaries, a group. A company can have only one direct parent company. If several undertakings fulfil one or more of the criteria in section 5 (b), it is only the company that actually carries out the dominant influence over the economic and operational decisions of the undertaking which are considered to be moderation.

§ 5 b. The power of determination is the power to control a subsidiary's economic and operational decisions.

Paragraph 2. Determination in relation to a subsidiary is available when the parent undertaking, directly or indirectly through a subsidiary, owns more than half of the voting rights in a company, unless in specific cases it can clearly be clearly available ; it is shown that such an ownership does not determine the influence of any such ownership.

Paragraph 3. If a parent undertaking does not have more than half of the voting rights in a company, it is a bogey influence if the parent undertaking 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 shall have the dominant influence on the establishment or

4) the actual majority of the votes of the general assembly or in a similar body, and in so doing, possess the actual determining influence over the company.

Paragraph 4. The existence and the impact of potential voting rights, including design and purchase options on shareholdings which are currently available to be utilized or converted, must be taken into account when assessing whether or not a company has a determining influence.

Paragraph 5. The voting rights in a subsidiary shall be disregarded from voting rights which relate to capital holdings held by the subsidiary undertaking or its subsidiary undertakings ;

Chapter 2 A

Communications

§ 6. 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 Pact may lay down detailed rules on digital communications, including the use of specific IT systems, special digital formats and digital signature. Equine.

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

§ 6 a. The Minister for the Industry and Growth Pact may lay down rules that the Financial supervision and the other authorities, cf. Section 6 (2). 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 rules that 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 issued.

§ 6 b. 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. Section 6 (2). 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.

TITLE II

Permission, exclusive, enterprise and foreign institutes

Chapter 3

Permission, exclusive, etc.

Authorisation of financial institutions, real credit institutions, brokers, investment management companies and insurance undertakings,

§ 7. Undertakings carrying out the activities of the public to receive deposits or other funds to be repaid and to grant credit on their own account, not on the basis of the issue of mortgage bonds, cf. § 8 (3) 3 shall be entitled to the financial institution. Penal institutions may only carry out the activities referred to in Annex 1 as well as in the activities of section 24-26.

Paragraph 2. Penal institutes may be given a permit in accordance with paragraph 9 (1). 1 to carry out the following in Annex 4, section A, nr. 1, 2, 4, 5 and 8, mentioned activities.

Paragraph 3. Financial institutes, the State, Denmark's National Bank, foreign credit institutions which satisfy the conditions laid down in section 1 (1). Article 30 (3), section 30 or 31, issuers of electronic money and savings companies have been exclusive to the public from receiving deposits or other funds to be repaid. However, credit institutions, Denmark's Skibreps, and the Municipality of Municipality, may receive other means to be repaid. Undertakings which do not receive public loans may receive other funds which will be repaid if this company or lending is not an essential part of the operation of the undertaking.

Paragraph 4. Financial institutes, the state and foreign credit institutions which comply with the conditions laid down in section 1 (1). 3, section 30 or 31, has exclusive rights to the public to offer to the recipients of deposits.

Paragraph 5. Pension institutions have sole rights to use the word 'bank', 'savings', or 'andmolasses', in their name. Other companies, apart from banks that have been established by law, may not use names or names of their activities which are suitable to create the impression that they are financial institutions. A financial institution must not be allowed to describe its activities in a way that is suitable to create the impression that it is the national bank of the country.

Paragraph 6. Pension institutions must use the name "bank", "savings box" or "andmolasses" respectively, in their name, cf. however, paragraph 1 7. Selcloset Act, section 2 (2). 2-4, section 3 and 347, shall apply mutatis muc; to savings boxes and sandboxes.

Paragraph 7. A limited liability company which, pursuant to the rules of section 207 to 213, takes over a molasses or a savings fund is entitled to an austerity rate, in the case of the "limited liability company", or the word ' limited liability ' or ' limited form ' must be added, Name.

Paragraph 8. A company seeking authorization pursuant to paragraph 1. 1, shall have an equity capital, which is at least equivalent to 5 million. Euro.

§ 8. Undertakings providing loans against the registered mortgage on solid property on the basis of the issue of mortgage bonds shall be given a licence as a real credit institution. Realcredit institutions may only carry out the activities referred to in Annex 3 as well as in the activities of section 24-26.

Paragraph 2. Realcredit institutions may be given a permit in accordance with Article 9 (2). 1, to carry out the activities referred to in Annex 4 (A) no. 1, as regards mortgage bonds, in particular covered debt securities, in particular covered mortgage bonds and derived instruments, as well as in Annex 4, point A, nr. 5, where the investment advisory is linked to and as a prerequisite to the execution of the admission of the customers, the incorporation or reorganization of a loan with a mortgage on real estate.

Paragraph 3. Realcredit institutions and foreign credit institutions which comply with the conditions under which mortgage credit and mortgage bonds are concerned and so on, have the sole right to grant mortgage bonds.

Paragraph 4. Other securities other than mortgage credits shall not bear this designation or designations suitable for provoking the impression that they are real credit bonds.

Paragraph 5. Reallending institutions have the sole right to use names as 'real credit institutions', 'mortgage bonds', 'credit union' or 'mortgage credit', in their name. Municipality, however, can continue to use the term 'Credits' association of Municipalities in Denmark. Other companies must not use names or names for their activities which are suitable to create the impression that they are a credit institution.

Paragraph 6. Realbanking institutions converted to limited liability companies and which have hitherto used names such as 'credit union', 'mortgages' or 'a reall' fund' in their name must add the word 'limited liability' or, as such, formed abbreviations by the name of the word ' share.

Paragraph 7. A company seeking authorization pursuant to paragraph 1. 1, shall have an equity capital, which is at least equivalent to 5 million. Euro.

§ 9. Companies which, for third parties, carry out activities referred to in Annex 4 (A) shall be securities retailers and shall be subject to the authorisation of securities traders, cf. however, section 7 (4). Paragraph 1 and Article 8 (1). 1. Value traders may, in addition, exercise one or more of the activities listed in Annex 4 (B). Permission to exercise one or more of the activities referred to in Annex 4 (B) may be communicated to the activities referred to in Annex 4 (A) only to those activities referred to in Annex 4 (A). Authorisation shall indicate the activities listed in Annex 4 to which the authorisation covers.

Paragraph 2. Valuable traders who do not have the consent of section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1, is Fund Broker Companies. Fund-brokers may only carry out activities as listed in Annex 4.

Paragraph 3. securities traders, Denmark's National Bank, Economic and Monetary Affairs, and foreign credit institutions and investment firms which satisfy the conditions laid down in section 1 (1). In Annex 4, section A, section 30, 31 or 33, have the exclusive rights to carry out the instruments referred to in Annex 5 (transferable securities) and in the law on securities trading and so on. Section 2 (2). 2, mentioned securities on a business basis for third parties, cf. however, section 7 (4). Paragraph 1 and Article 8 (1). 1. Value traders and foreign credit institutions and investment firms covered by Section 1 (1). In addition, 3 and meet the conditions in section 30, 31 or 33, have the sole rights to communicate and carry out currency spotlights in investment purposes in order to ensure that investors gain profit by exchange rate change on a currency on a commercial basis, for the purposes of which the exchange rate is based on a commercial basis ; third parties.

Paragraph 4. The provision in paragraph 1 shall be 3 shall not apply to the undertaking ' s performance of trades and dissemination of securities which the company itself issues.

Paragraph 5. Valuable traders who do not have the consent of section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1 has sole rights to use the term ' Fund brokered company ` in their name. Other companies must not use names or designations of their activities, which are suitable to create the impression that they are a fund-brokerers ' company.

Paragraph 6. The fund brokers, which are members of a regulated market, have sole rights to use the term 'stockbroker', and in their name may use this title instead of "phonebroker company". Other companies must not use names or designations of their activities which are suitable to create the impression that they are stockbrokers.

Paragraph 7. Fund-brokers shall use the name "Fund Broker Company" or "Broker Company" in their name.

Paragraph 8. A company seeking authorization under paragraph 1. 1 and which do not have a permit in accordance with section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, or section 10 (1). 1, shall have an equity capital, which shall at least amount to EUR 1 million ; the euro provided that the Fund Broker Party wishes to become a member of a regulated market, a security central or a clearing centre, where the party participes in clearing and settlement, or wishes to carry out one or more of the following in Annex 4 (A) to paragraph 1. 3, 6, 8 and 9, and section B, no. 2, mentioned services. Other companies applying for the authorisation of paragraph 1. 1, shall have an equity capital, which shall at least amount to EUR 0.3 million, Euro.

Niner. 9. Securities traders wishing to operate a multilateral trading facility as an alternative marketplace must notify the Financial Supervising Board before the start of the operation of the alternative marketplace. Multilateral trading facilities, which have been operating before such a notice, can not subsequently be operated as alternative marketplace.

Paragraph 10. The SEC shall lay down detailed rules on the physical and legal persons in addition to those of paragraph 1. 2 and 3 include the provision of services covered by Annex 4.

§ 10. Businesses must be allowed as an investment management company to perform the day-to-day management of investment associations and manage other UCITS, cf. Annex 6. Investment management companies shall, by the way, carry out business as referred to in paragraph 1. 2, § 10 a and § 28.

Paragraph 2. Investment management companies may receive a permit in accordance with section 9 (4). 1 to carry out the following in Annex 4, section A, nr. 4, 5 and 9, mentioned activities and the activities referred to in section B (B), 4, mentioned activities. You in Annex 4, Section A, no. The activities referred to in Annex 5 (4) and (5) shall be carried out. 1 3, mentioned instruments and financial futures and equivalent instruments to be settled in cash, future interest rates (FRA-Contracts), interest and currency swaps and swaps on shares and stock index, options on the acquisition or disposal of an instrument ; which have been mentioned in this paragraph and options on the stock and debt securities and currency and interest rates. The one in Annex 4, section A, no. 9, the activity referred to may be carried out in accordance with the requirements set out in Annex 5. 3, mentioned instruments. Permission to carry out activities referred to in Annex 4, section A, nr. In addition, 5 and 9 shall be granted only in relation to the authorization given in Annex 4 (A) no. 4, activity referred to. Authorisation shall indicate the activities listed in Annex 4 to which the authorisation covers.

Paragraph 3. Investment management companies can be registered as managers of European social entrepreneurial funds pursuant to Regulation No 2 of the European Parliament and of the Council. 346 /2013/EU of 17. April 2013 on European social entrepreneurship funds.

Paragraph 4. Investment management companies may be registered as managers of eligible venture capital funds pursuant to Regulation No 2 of the European Parliament and of the Council. 345 /2013/EU of 17. April 2013 on the European venture capital funds.

Paragraph 5. Investment management companies and management companies which comply with the conditions laid down in section 1 (1). 3, and sections 30 or 31, have the sole rights to exercise the day-to-day management of investment associations and to administer other UCITS.

Paragraph 6. An investment management company shall have an equity capital, which amounts to at least an amount equal to the value of EUR 125,000. However, an investment management company to be a member of a regulated market or store and managing the listed in Annex 5 (s). Three, mentioned instruments, including a member of a securities central or clearing centre, where the party takes part in clearing and settlement, have a share capital, which is at least an amount equal to the value of EUR 73000.

§ 10 a. An investment management company may, in addition to the activities carried out by the undertaking following this law, manage one or more alternative investment funds, where the company is authorised to do so pursuant to section 11 of the Clause of Alternative Administrative, investment funds, etc.

§ 11. Undertakings carrying out insurance activities, including reinsurance operations, shall be entitled to the insurance undertaking or the captivegenre insurance undertaking, cf. however, sections 30 and 31. The authorisation shall indicate the classes of classes listed in Annexes 7 and 8, to which the permission shall be included. Insurance undertakings may only carry out activities as listed in Annexes 7 and 8, as well as in the activities of sections 24 to 26 and 29. Similarly, foreign insurance undertakings covered by Section 1 (1) shall apply. 3 and meet the conditions laid down in section 30 or 31.

Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall not apply to the following types of establishments :

1) Pension funds intended to ensure pension benefits in a private company, including an insurance undertaking, or in the case of employment in such undertakings within the same group.

2) Funeral boxes and leagingers.

3) In the supervision of the state, they recognized unemployment boxes etc.

4) The War Insurance Institute, after the Act of War Insurance, of ships.

5) War insurance association which is covered by the law on the war insurance of immovable property and immovable property.

6) Businesses whose purpose is limited to providing guidance in the event of an accident or injury in this country or abroad, provided that aid abroad is provided by a similar foreign company under an agreement on reciprocity.

7) Entities providing assistance within a restricted area and whose annual premium income does not exceed one of the Financial supervision set amount.

8) Falck Denmark A/S.

9) Reinsurance in accordance with the Act on the Danish Export Credit Fund of Exceptual Hazards in the export of exports.

10) The occupational retirement pension and the occupational disease of the occupational market.

11) Maternity funds.

12) The travel guarantee fund.

Paragraph 3. Undertakings authorised by the insurance company have sole rights to use the term "insurance company", "mutual company", "captivegenny insurance company" or "pension fund" in their name. Other companies must not use names or names for their activities which are suitable to create the impression that they are insurance undertakings or pension funds.

Paragraph 4. Insurance companies have a duty to use a name that clearly indicates the company ' s property as insurance company. Mutual insurers have a duty in their name to use the term "mutual company" or a form of abbreviation, or, in other words, to indicate their mutual companion as a mutually exclusive. Captivere-insurers have a duty to use the term 'captivegenny insurance'. Transverse pension funds have a duty in their name clearly to indicate that they are a pension fund. The Corporate Act, section 2, paragraph 2. 2 4, sections 3 and 347 shall apply mutatis mutias to mutual insurance undertakings and transverse pension funds.

Paragraph 5. A company seeking authorization pursuant to paragraph 1. 1 shall have a basic capital, which shall at least amount to the amount equivalent to that referred to in section 126.

Paragraph 6. An undertaking authorised to use the insurance class (10) (liability insurance for motor vehicles) other than the driver ' s liability shall at all times have a non-therapeutic agent in each of the other countries of the European Union and in countries that the Union has agreed on in the financial sphere.

§ 12. Banking, real-estate credit institutions, brokers and investment management companies must be limited to limited liability companies. Andelskboxes must be cooperatives, cf. But, 207. Spares must be self-balanced institutions, cf. But, 207. Insurance companies must be limited to limited liability companies, mutual societies, or cross-disciplinary pension funds. Captivegeninsurers must be shareholder.

Paragraph 2. The financial undertakings referred to in paragraph 1. 1, shall have a management board and management.

Paragraph 3. An andmolasses which do not, at the time when the shareholder is subject to section 85 a, has set the voting time limit that each change holder in accordance with the Staff Regulations has 1 votes shall not be considered to be a cooperatives.

§ 13. The share capital in financial firms must be fully paid. Immaterial assets cannot be used for the repayment of share capital.

Paragraph 2. In financial institutions, fund brokers, investment management companies, real credit institutions and insurance undertakings, shares of the share capital of shareholdings with different voting values do not take place, cf. however, paragraph 1 3.

Paragraph 3. In real-world credit institutions converted to limited liability companies and where a fund or association established in the context of conversion is the main shareholder, a division of the institution ' s equity capital in shares with and without the right to vote may be carried out in the Staff Regulations. All shares with the right to vote must have the same voting value.

Paragraph 4. If a real credit institution has been converted into a limited company and where a fund or association established in the context of transformation is a principal shareholder, the issue of voting-less shall be issued in accordance with the rules of the establishment. paragraph 3, find a company law section 73 on the right of the minority shareholders and the section 70 of the shareholder of the company law concerning the right of the main shareholder not to apply to these shares. If the real credit institution has one or more shareholdings engaged in trade in a regulated market or an alternative marketplace and a share mail, as part of a takeover bidder, 1. Act. do not apply.

Paragraph 5. A financial undertaking must not be allowed against remuneration to own or to acquire own shares if the undertaking by the company and its subsidiaries in shares in the company resulting from the acquisition will exceed 10%. The authorised stock of own shares is included in shares acquired by third parties in their own name, but for the undertaking ' s expense.

Paragraph 6. The SEC may lay down rules for own issued instruments which may form part of the capital base, including rules on the settlement and acquisition of own instruments for investment management firms and for fund-brokers, as well as the establishment of the financial intermediaries, which are solely in the hands of : are given permission for the activities listed in Annex 4 (A) No, Paragraph 1 and 5, which do not retain the assets or securities of customers which cannot be in debt to their customers, and for financial holding companies not covered by Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 14. The SEC is authorita-granted when

1) the requirements of sections 7, 8, 9, 10 or 11 have been met ;

2) the members of the Board of Directors and Management Board fulfils the requirements of section 64 and systemic major financial institutions (SIFI) and globally systemic important institutes (G-SIFI), too, section 313,

3) owners of eligible units, cf. Section 5 (5). 3, meet the criteria in section 61 a, paragraph 1. 1,

4) there are no close links, cf. Section 5 (5). 1, no. 19, between the applicant and other undertakings or persons who want to make the goods to be more difficult to carry out of the tasks assigned to it ;

5) the law of a country outside the European Union which the Union has not entered into in the financial sphere of a company or a person with which the applicant has close links with, will not be able to make the goods to be more difficult to make ; The tasks of the financial system,

6) the applicant ' s business and administrative conditions are defensiable ;

7) the applicant has head office and registered office in Denmark ; and

8) paragraph 2 or sections 18-21 and paragraph 1. TWO, ONE. Pkt., fulfilled.

Paragraph 2. An application for a permit in section 7 to 11 shall include the information necessary for the assessment of the conditions laid down in paragraph 1 of the Financial Authority. 1 has been fulfilled, including information on the size of the qualifying units and the organization of the company. An application for a permit in accordance with sections 7 and 8 to the establishment of credit institutions shall contain information on the identity of the 20 largest shareholders if there are no owners of eligible units. An application for section 7-11 shall also contain an operational plan containing information about the nature of the intended operations.

Paragraph 3. 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.

Paragraph 4. In order to comply with a decision to suspend the Commission in accordance with the Directives in the financial sphere, the Financial Authority may suspend the examination of applications for authorization after sections 7 to 11 and 16 from applicants directly or indirectly owned by companies based in a country outside the European Union, which the Union has not signed up to in the financial sphere.

Paragraph 5. The financial supervision may refuse to grant authorization in accordance with paragraph 1. 1 if the purpose of placing the head office and registered office in Denmark alone is to avoid the subject of the law of the country in which the majority of the applicant ' s customers are based.

Paragraph 6. For financial undertakings covered by section 7-9 and section 10 (1). 2. Permission to be granted is also subject to the connection of the Guarantee Fund for depositors and investors.

§ 15. When the Financial supervision has granted authorisation after Section 14, the Danish Business Authority can perform the necessary registrations.

Paragraph 2. In notification of registration, cf. paragraph 1, and in the notification of articles of association, the financial undertaking shall submit a dated copy of the statutes with the complete new version of the Danish Agency for the Administrative Board, which shall forward a copy to the Financial supervision.

Paragraph 3. In the case of a notification of authorisation or changes to the authorisation of insurance undertakings, the Finance Board shall, at the same time, submit their copy to the Corporate Authority. The Management Board shall record the date on which the authorization is granted.

Paragraph 4. For savings and other cases, company law shall apply to the notification and registration of the company law accordingly.

§ 16. The financial supervision may allow financial institutions, real credit institutions, fund brokers and investment management companies to be able to provide services with instruments and contracts covered by the Financial Decision pursuant to Article 2, paragraph 2, in the Act on securities trading, etc.

§ 16 a. The financial supervision can allow financial institutions and mortgage institutions to issue in particular covered bonds.

Paragraph 2. Penal institutions and mortgage credit institutions pursuant to paragraph 1. 1 and the Funding Funding Foundation with a permit in accordance with section 2 c of the law of a ship ' s financial institution has sole rights to issue in particular covered bonds. Realbanking institutions with authorisation pursuant to paragraph 1. 1 has the sole right to issue in particular covered mortgage credit bonds.

Paragraph 3. The bonds issued by credit institutions authorized in another country within the European Union or a country with which the Union has concluded agreements in the financial sphere may also be designated in particular covered debt securities if they are to be subject to the approval of the Member States, comply with the conditions laid down in Article 129 of Regulation (EC) No 2 of the European Parliament and 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 4. The SEC shall lay down detailed rules for :

1) the conditions under which they may be authorized in accordance with paragraph 1. 1, and

2) the conditions under which debt securities issued by financial institutions and mortgage credit institutions can be obtained and retain the description of the debt securities or in particular covered mortgage bonds.

§ 16 b. A financial institution or a credit institution may finance loans with mortgages in real estate, in particular covered bonds or in particular covered mortgage bonds issued by another financial institution or a real credit institution.

Paragraph 2. Issue of special covered debt securities or special covered mortgage bonds pursuant to paragraph 1. 1 shall be approved by the Financial supervision.

§ 16 c. If a loan must be able to be financed by the issuance of a particular financial institution or a mortgage credit institution in particular covered bonds or in particular covered mortgage bonds, this must appear on the loan agreement between the lending financial institution or mortgage credit institutions and borrowers. It must also be stated in the loan agreement that information about the lender between the lending institution and the issuing institute may be disclosed in accordance with the information given in the loan agreement. § 120 b.

§ 16 d. Where a credit institution or a credit institution is granted a loan, guaranteed by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular, covered debt securities or in particular covered mortgage bonds shall be required, the loan of the corresponding pawn letter shall be assigned to ownership of the issuing institute.

Paragraph 2. Transfer in accordance with paragraph 1. 1 may not be reversed after bankruptcy of the Clause Section 67, 70 or 72. However, the extent of the transfer may be carried out in accordance with the said provisions, if the transfer was not specifically presented as ordinary.

§ 16 e. Where a credit institution or a credit institution is granted a loan guaranteed by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular, covered bonds or in particular covered mortgage bonds may be granted, the borrower shall pay with a freeing effect to the lending financial institution or a credit institution, unless the borrower receives a separate notice of the second coming from the institution of the issuing financial institution or to the mortgage credit institution.

§ 16 f. The borrowing financial institution or mortgage credit institution shall maintain income payments relating to loans granted by mortgage on solid property on the basis of the issuance of a particular financial institution or a mortgage credit institution in particular covered debt securities ; in particular covered mortgage credit bonds, separate from the other means of the Foundation.

Paragraph 2. The borrowing financial institution or mortgage credit institution shall keep constant control of the separation.

Paragraph 3. The loan-giving financial institution or mortgage credit institution shall, at the forefront of a plan, calculate revenue payments to the issuing institute.

Paragraph 4. The SEC shall lay down detailed rules for :

1) the assets of the borrowing financial institution or a credit institution which may place revenue payments in until settlement, and

2) control of separation between the borrowing financial institution or the mortgage credit institution to the issuing financial institution or to the mortgage credit institution.

§ 16 g. In the case of the borrowing financial institution or mortgage credit institution, payments shall be covered by § 16 f, cf. ~ 16 (b) (b) 1 as the borrowing financial institution or a credit institution, which has not yet been calculated, the issuing financial institution or a credit institution which is not in the insolvency proceedings.

§ 17. The SEC shall lay down rules concerning the instruments and contracts in addition to the instruments and contracts listed in Annex 5, financial undertakings, with the permission of Article 7 (3). Paragraph 1, or Section 9 (4). 1 may carry out services with.

Special rules for insurance undertakings relating to notification to the Financial supervision

§ 18. The application for authorisation shall contain an undertaking ' s operating plan for the undertaking the assurance undertaking intends to operate. The SEC shall lay down rules relating to the information to be included in the operating plan for requirements for the reporting form and the setting and the sheeptarget of which the plan is to be drawn up.

Paragraph 2. The application for authorization for insurance class 10 (motor vehicle liability insurance) shall be accompanied by the information on the question of whom the company will designate as the Indemnment of the Indem; of each of the other countries of the European Union and in countries that the Union has agreed on in the financial sphere. The SEC shall lay down detailed rules on non-processing representatives and their powers.

Paragraph 3. A permit must include information on the insurance undertaking which the undertaking must carry out. The SEC shall lay down detailed rules on the contents of the permit and of the application, by the way.

§ 19. Life-insurance undertakings shall not be combined with other insurance undertakings in the same company. However, life assurance undertakings may, in addition to the life assurance undertaking, operate within classes 1 and 2 in accordance with the life assurance classes. Annex 7. Furthermore, reinsurance of life insurance and other insurance may be exercised by the same company.

Paragraph 2. The SEC shall lay down rules on the extent to which the risks of life assurance companies are subject to the insurance classes 1 and 2, cf. Annex 7 is subject to the special rules applicable to life-assurance activities of the life of life insurance.

Paragraph 3. The SEC may authorise a non-insurance undertaking which, through a branch, operates 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, may be exercised, insurance forms in accordance with the rule of law in the country in question, regardless of the fact that this is not permitted in Denmark.

20. The technical base and life assurance business must be notified to the Financial Regulation at the latest, at the same time as the basis for the basis and so on shall be applied. The same applies to any subsequent change in the aforementioned circumstances. The notification must indicate :

1) the insurance undertakings which the company intends to use,

2) the basis for the calculation of premiums, withdrawals and free polices ;

3) rules for the calculation and distribution of the realization result to the policyholders and other eligible persons following the insurance agreements ;

4) the company's principles of reinsurance, including the thresholds,

5) the rules applicable to the insurance holders and the insurance holders ' health information for the assessment of risk conditions,

6) the basis for the calculation of life assurance provision, as well as for the individual assurance contract, as for the company as a whole and,

7) rules whereby pension schemes with an ongoing payment or agreed mandatory arrangements in an insurance undertaking or in a pension fund may be transferred from or to the company during transition to other hire or in association or business transformation.

Paragraph 2. Companies which do not provide direct life assurance shall not be notified by the technical basis and so on for life-assurance business.

Paragraph 3. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 1 the conditions, including the extent and the extent to which notifications shall be made available to the public.

§ 21. You, after paragraph 20, paragraph 20. 1, no. 1 5, notified conditions must be reassuring and fair to the individual policyholders and other eligible persons following the insurance agreements.

Paragraph 2. The notified rules for the calculation and distribution of the successful outcome, cf. Section 20 (2). 1, no. 3, must be precise and clear and must lead to a fair distribution.

Paragraph 3. The premiums for newly signed insurance shall be sufficient to enable the insurance undertaking to satisfy all its obligations in such a way as to ensure that there will be no need for systematic and permanent supply of other means.

Paragraph 4. The calculation (s) (interest rates, cost rates and statistical calculation elements) which are used for the calculation of insurance premiums, repurbations and free polices shall be chosen with caution. If the basis for calculating insurance premiums, withdrawals and free policeservices, contains the possibility of splitting the paid insurance premium into a part, for which a guaranteed pension is earned and a part which is due to be paid either way ; However, collective bonus potential or bonus potential of free-policing services is sufficient, however, that the basis as a whole is based on reassuring conditions. The calculation elements for calculation of life assurance provision shall be determined in such a way as to comply with the rules laid down pursuant to Article 196.

Paragraph 5. Is an insurance covered by paragraph 1. FOUR, TWO. PC, the proportion of the collectively bonus potential and bonus potential of free-policing services shall be fully included in the calculation of the withdrawal value and by transfer from one company to another, cf. Section 20 (2). 1, no. 7.

Paragraph 6. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 1-4 mentioned requirements.

Paragraph 7. Where the requirements of paragraph 1 are In accordance with this law, 1-4 or in accordance with rules issued in accordance with this law are not fulfilled, the financial assurance undertaking shall be required to make the life assurance undertaking necessary to make the necessary changes to the conditions laid down in section 20 in respect of one of the Financial supervision set out. The provisions of section 249 shall apply mutatis muth.

§ 22. Any sign that, irrespective of the provisions of section 11-14 assurances prior to authorisation has been granted and registration has taken place, shall be liable for the fulfillment of the insurance undertakings on behalf of the insurance undertaking, and shall be jointly responsible for this purpose. The undertakings shall accreate to the undertakings no later than four weeks after registration, the liability of the person concerned shall lapse, provided that the security of the policyholder does not, in so far as a degree of deterioration, be reduced. Contractor of the aforementioned species is before the company's recognition of commitments not binding on the policy holder.

Paragraph 2. The provisions of section 11 to 14 shall not preclude the fact that, with a view to the foundation of a mutual assurance undertaking, the entry of members where insurance liability does not start to start and the premium shall not be rewritten prior to the undertaking ; registered. The drawing of a member in a reciprocal company in accordance with 1. Act. shall be binding only if the company is notified to the Danish Agency for the Agency no later than 1 years after the drawing-up. Denied registration, the agreement lapses.

Special rules for mutual insurance undertakings for arson and so on

-23. Chapter 3 of the corporate law shall apply mutatis mutandis to reciprocal insurance undertakings and cross-disciplinary pension funds. In addition, company law provides for the notification and registration of etc. of similar applications.

Paragraph 2. In the case of mutual insurance undertakings and transverse pension funds, they shall find in paragraph 1. Paragraph 1 of the provisions of the company law relating to shareholders shall apply to the guarantors and the provisions governing equity capital and shares in the stock of guarantee capital and guarantees shares with necessary relaxation.

Chapter 4

Other Allowed Company

General rules concerning the second permissible company

§ 24. Penal institutes, mortgage institutions and insurance undertakings may operate activities which are ancillary to the company authorized. The financial supervision may provide that the ancillary company should be exercised by another undertaking.

Paragraph 2. Financial institutes, mortgage institutions and insurance undertakings must, through subsidiary undertakings, operate another financial undertaking ;

§ 25. Pension institutes, mortgage institutions and insurance undertakings may temporarily operate another undertaking for the purpose of securing or dismantling pre-claimed exposure or with a view to contributing to the restructuring of business operators. The financial undertaking shall inform the Finance-monitoring thereof.

SECTION 26. Financial institutes, real-estate credit institutions, brokerers and insurance companies, whether or not, sections 7-9, 11, 24 and 25, in other activities, may be jointly run by other undertakings, if :

1) the financial activity does not directly or indirectly affect the business,

2) the financial undertaking does not run the business together with financial undertakings which are included in the enterprise with the financial undertaking or, in the case of insurance undertakings, in the management community with the insurance undertaking, and

3) the undertaking shall be exercised in a company other than the financial undertaking.

Paragraph 2. If a financial undertaking or a group is obtained by acquisition, fusion etc., run other activities in breach of section 7 (3). Paragraph 1, section 8, paragraph 8. Paragraph 1, paragraph 9, paragraph 9. Paragraph 1, section 11, paragraph 11. Paragraph 1, or Section 26 (1). 1, the Financial supervision may set a time limit for the transfer of the other undertaking if an immediate Disposal would be linked to an economic loss.

Special rules for subsidiary firms relating to subsidiary undertakings

§ 27. Fund-brokers may not have subsidiaries unless these are fund-brokerers.

Special rules for investment management companies related to subsidiary undertakings

§ 28. Investment management companies shall not have subsidiaries unless they are investment management companies or management companies.

Special rules for insurance undertakings relating to other authorised activities

§ 29. In addition to a company covered by section 24 to 26, insurance undertakings must operate the following activities :

1) Agency for insurance undertakings and other companies which are under the supervision of the Financial supervision.

2) Conduct, ownership and operation of immovable property as a durable placement of funds.

Paragraph 2. Life-insurance companies may build housing projects with resale for the construction of a proportion of the appropriation framework according to Section 1 (c) or rules laid down in accordance with section 1 (1). 4, on the promotion of private rental building and at least half of the residences, are rented to hayelification.

Paragraph 3. Investment in accordance with paragraph 1. 2 may not have a value greater than 1% in the housing equilices that are shown for resale. for the technical provisions.

Paragraph 4. Life-insurance companies and transverse pension funds can create and manage separate SP accounts.

Chapter 5

Foreign businesses

General rules on foreign companies

-$30. A foreign company authorised to exercise it in section 7-11 that referred to in another country within the European Union or in a country concluded by the Union in the area of the financial area may begin to carry out activities ; in the country, through a branch two months after the Financial Supervisory Authority received notification from the supervisory authorities of the home Member State, cf. paragraph 4-8. The fishing operations shall be able to exercise the activities listed in Annexes 2-4, 7 and 8, provided that such activities are subject to the authorisation of the establishment in the home Member State.

Paragraph 2. Repayment of mortgage bonds, cf. Annex 3 may be carried out by credit institutions which comply with the conditions under which mortgages and mortgage bonds and so on may be subject to credit institutions.

Paragraph 3. If you are an administration company, cf. Section 5 (5). 1, no. 5, can the branch

1) managing UCITS,

2) manage UCITS and other collective investment undertakings approved in the home Member State, and

3) carry out the following in Annex 4, section A, no. The activities referred to in the home Member State of the Administrative Company shall be 4, 5 and 9, if they are subject to the authorisation of the Administrative Company.

Paragraph 4. The SEC shall obtain the following information from the supervisory authorities of the home Member State :

1) A description of the branch ' s branch, including information on organisation and activities planned ;

2) a statement that the planned activities are subject to the approval of the undertaking in the home Member State,

3) the address of the branch ; and

4) the names of the branch ' s management or the general agent, cf. $35.

Paragraph 5. If the establishment is a credit institution, the financial supervision shall also obtain information on the size of the basic capital and the solvency ratio of the establishment, and any guarantees provided for in the home Member State of extensive branch depositors, or investors.

Paragraph 6. Where the company is an investment company or an administration company, cf. Section 5 (5). 1, no. 5, the Financial Regulation shall also seek to obtain information about any guarantee scheme in the home Member State, which includes the branch ' s investors. When an administration company wishes to offer management here in the country, cf. Annex 6, no. 7, the Danish Agency shall receive confirmation from the competent authority of the home Member State that the company has been approved in accordance with the UCITS Directive, a description of the extent of the company ' s permit and any limitations in the UCITS Directive, the company is authorised to manage, and a description of the company ' s risk management process and procedures for handling complaints from investors.

Paragraph 7. If the company is an insurance undertaking, the Financial supervision shall also obtain the solvency certificate.

Paragraph 8. If the branch is to cover the risks of insurance class 10, cf. Annex 7, no. Ten, other than the carrier ' s liability, shall also require a statement that the branch is a member of the Danish Federation for International Motor Insurance. For the insurance of the branches concerned to cover the said risks, the sections 105 to 108 and 110-115 are subject to the insurance of the traffic law.

Niner. 9. Establility shall inform the Finance-monitoring of any amendment to the measures referred to in paragraph 1. 4, no. 1-4, and paragraph 1. 5-8 conditions within one month before the change is made. If the Financial supervision change is not available within 1 month before the change is made, then the notification shall be made as soon as possible. However, the company must not grant financial supervision changes to the basic capital and solvency ratio of undertakings.

Paragraph 10. The provisions of the company law relating to branches of foreign shareholdings shall apply to the provisions of paragraph 1. 1 mentioned branches.

Paragraph 11. Filials here in the country of credit institutions and investment firms authorised to provide investment services 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 and which : perform such activity in this country, may use associated agents.

§ 31. A foreign company authorised to exercise it in section 7-11 that referred to in another country within the European Union or in a country concluded by the Union in the area of the financial area may begin to provide : services in this country where the Financial Supervisory Authority has received notification from the supervisory authorities of the country of origin. The activities of Annexes 2-4, 7 and 8 may be carried out when the supervisory authorities of the home Member State have declared that they are subject to the authorisation of the establishment in the home Member State. Where the foreign company is an insurance undertaking, the Financial supervision shall also have received the services referred to in paragraph 1. The information provided by the supervisory authorities of the country of origin shall be 5 and 6. If the foreign company is an administration company, the Financial Supervisory Authority from the supervisory authorities of the home Member State shall have received a business plan to the proposed tasks and services of the management company, cf. paragraph 3, and more detailed information on relevant guarantee schemes intended to protect investors. When an administration company wishes to offer management here in the country, cf. Annex 6, no. 7, the Danish Agency shall receive confirmation from the competent authority of the home Member State that the company has been approved in accordance with the UCITS Directive, a description of the extent of the company ' s permit and any limitations in the UCITS Directive, the company is authorised to manage, and a description of the company ' s risk management process and procedures for handling complaints from investors.

Paragraph 2. Repayment of mortgage bonds, cf. Annex 3 may be exercised by credit institutions which comply with the conditions laid down in the Act on mortgage and mortgage bonds and so on.

Paragraph 3. If the company is an administration company, you can

1) managing UCITS,

2) manage UCITS and other collective investment undertakings approved in the home Member State, and

3) carry out the following in Annex 4, section A, no. The activities referred to in the home Member State of the Administrative Company shall be 4, 5 and 9, if they are subject to the authorisation of the Administrative Company.

Paragraph 4. The procedure laid down in paragraph 1 1 shall apply mutatis muted when an administration company delegates the marketing of shares in the host Member State to a financial undertaking which has a permit in accordance with section 9 (2). Paragraph 1, or section 10 (1). 1.

Paragraph 5. Where the foreign company is an insurance undertaking, the Financial Supervisory Authority shall obtain the following information from the supervisory authorities of the home Member State :

1) A solvency certificate and

2) an indication of the classes of classes, groups of classes and any ancillary risks which the insurance undertaking intends to cover here in the country.

Paragraph 6. If the insurance undertaking is intended to cover risks of insurance class 10, cf. Annex 7, no. 10, except for the driver ' s responsibility, shall require the financial supervision of the insurance undertaking to require the name and address of the person referred to in paragraph 1. The representative of the 7 mentioned representative and a statement that the insurance company is a member of the Danish Association for International Motor Insurance. For the assurances concerned, to cover the said risks, the sections 105 to 108 and 110-115 are subject to the protection of the traffic laws.

Paragraph 7. The insurance company must also, if it covers the risks of insurance class 10, cf. Annex 7, no. 10, other than the responsibility of the freight carrier, appoint a representative who is resident or established in this country. The representative shall be empowered to collect all necessary information in the context of requirements and to represent the insurance undertaking against injured persons who may claim applicable, including as regards the payment of such requirements.

Paragraph 8. The representative, cf. paragraph 7, shall also be empowered to represent the insurance undertaking against the competent authority and under the actions of the insurance undertaking in respect of the insurance undertakings in respect of the insurance undertakings referred to in paragraph 1. 7 mentioned requirements.

Niner. 9. The appointment of the representative shall not be considered in itself as the establishment of an established business location, cf. § 34.

Paragraph 10. The assurance undertaking shall inform the Finance-monitoring of any amendments to the measures referred to in paragraph 1. 5, no. 2, and paragraph 1. ONE, TWO. a point made by the fact that the change is carried out at the latest.

§ 32. A foreign company can use the same name that the company uses in the home Member State. If there is a risk of confusion with another country in the country, the Danish Agency for the Administrative Board may require an explanation of the amendment.

Special rules for foreign credit institutions and investment firms

§ 33. A foreign credit institution and investment firm authorised in a country outside the European Union, which the Union has not concluded in the financial sphere, must have the authorisation of the Financial supervision to carry out services ; with the securities trading here in the country.

Paragraph 2. The SEC may refuse authorization if the law of the country in which the credit institution and the investment firm has been granted authorisation and is under supervision will make the tasks of the financial system more difficult.

Paragraph 3. The SEC shall lay down detailed rules for the authorisation procedure, including the documentation to be sent to the Financial supervision in connection with the application.

Special rules for foreign insurance undertakings

§ 34. The establishment of an assurance undertaking ' s establishment shall mean :

1) The seat established by the Staff Regulations.

2) A branch.

3) An office chaired by a foreign insurance company's own staff.

4) An independent person who has a firm authority to act on behalf of a foreign insurance company, as with a branch.

Paragraph 2. If a foreign insurance undertaking in this country is subject to paragraph 1. 1, no. In section 3 or 4, the office or person shall also be regarded as the company ' s company and shall comply with them in section 30 or in accordance with section 1 (1). 3, fixed conditions.

$35. The insurance company must appoint a general agent to lead the branch, which cannot be drawn without the cooperation of the general agent. The general agent shall be empowered to commit the undertaking to third parties and to represent the insurance undertaking, by the way, in particular, in addition to the Financial supervision and the Danish Business Authority, as well as under lawsuit against the company.

Paragraph 2. If the general agent does not work as the one in section 31, paragraph 1 : 6, the representative of the insurance undertaking ' s company under the class of insurance class 10, cf. Annex 7, no. In addition, 10 other than the driver ' s liability shall also apply to the rules laid down in section 31 (1). 6-9.

Paragraph 3. An insurance company can only have one general agent in this country.

Paragraph 4. The general agent may communicate the prokura to one or more suboperatives.

Paragraph 5. General agents must be subject to full staff and must be entitled in one of the Member States of the European Union or in a country to which the Union has concluded agreement in the financial sphere. The Financial supervision may, where the conditions are, grant a derogation from the requirement of birth rights.

Paragraph 6. An agent shall be an agent in this country, where the company ' s office may be a general agent if the general agent, as his representative, shall appoint a person who satisfies the parties referred to in paragraph 1. 5 mentioned conditions to be a general agent.

§ 35 a. In the transfer of whole or part of an insurer drawn here in the country of a foreign insurance undertaking in accordance with section 30 and 31, the Financial Supervisory Authority shall publish a notice of the transfer of the home office of the Member State of origin ; in the State of State and a nationwide daily newspaper. The transfer may not be invoked as a basis for raising the insurance contract.

§ 36. Foreign insurance companies covered by the rules in section 30 (1). Paragraph 1, and section 31 (1). 1, covering the risks referred to in Annex 7, may be required of the Financial supervision of the Financial Authority to participate in arrangements guaranteeing the fulfilment of claims by the safe or injured parties, to the extent that such arrangements apply mutatis mutable ; Danish insurance undertakings.

§ 37. The financial supervision of insurance undertakings may lay down detailed rules for services carried out by countries outside the European Union which the Union has not concluded in the financial sphere.

§ 37 a. The Financial Supervisory Authority may, at the request of the supervisory authority in the home Member State, prohibit a foreign insurance undertaking subject to the provisions of section 30 (1). Paragraph 1, and section 31 (1). 1 to have its assets here in the country or limit its availability.

Paragraph 2. Paragraph 1 shall apply to other foreign insurers notified in one of the Member States of the European Union or in countries which have transposed Council Directive 92 /49/EEC of 18. June 1992 and Council Directive 2002 /83/EC of 10. In November 1992, when the insurance undertaking is excluded from the provisions of section 30 (3). Paragraph 1, and section 31 (1). 1, have assets here in the country.

Company Danish financial undertakings abroad

§ 38. A financial undertaking wishing to establish a branch in another country shall communicate this to the Financial supervision, together with the following information concerning the branch :

1) In which country the branch is requested to be established,

2) a description of the branch ' s activities, including information relating to organisation, and the activities envisaged ;

3) the address of the branch ;

4) the names of the branch management ; and

5) for the insurance companies, the name of the branch ' s general agent.

Paragraph 2. In the establishment of a branch 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, the Financial Authority shall forward the financial supervision referred to in paragraph 1. 1 mentioned information to the supervisory authorities of the host Member State. In the case of financial institutions and real credit institutions, the solvency ratio of the solvency ratio and the solvency certificate of the supervisory authorities of the host Member State shall also be provided. At the same time, the declaration shall be made that the activities envisaged are subject to the authorisation of the financial undertaking.

Paragraph 3. Establish the branch of a country within the European Union or in a country concluded by the Union in the financial sphere and is a financial institution, a real credit institution, a fund-broiler company or investment management company, information on the investor and depositor-guarantee scheme, as well as for financial institutions and real credit institutions, shall also send information about the basic capital of the undertaking. In the case of investment management companies and fund-brokerers companies, the supervisory authorities of the Financial Supervisory Authority shall inform the host country ' s supervisory authorities in the information on the investor and depositor-guarantee scheme.

Paragraph 4. The information provided in paragraph 1 2 and 3 shall be sent within three months of receipt of the information. At the same time, the Financial Authority shall inform the Financial Enterprise on the submission of the transmission.

Paragraph 5. The financial supervision of the financial supervision may not be provided in accordance with paragraph 1. If there is a reason to doubt that the company ' s administrative structure and financial situation are justifiable as a basis for the envisaged establishment. The SEC shall notify the undertaking within two months of the receipt of the information referred to in paragraph 1. 1 mentioned information.

Paragraph 6. The undertaking shall inform the Finance-monitoring of any change in the measures referred to in paragraph 1. 1 mentioned circumstances. The financial supervision must have received the notification no later than 1 month before the change is made. If the Financial supervision change is not available within 1 month before the change is made, then the notification shall be made as soon as possible. The company is committed equally to the host country's supervisory authorities, if the host country is another country within the European Union or countries with which the Union has concluded agreement in the financial sphere.

Paragraph 7. A financial undertaking must be given permission from the Financial Authority to establish a branch in a country outside the European Union, which the Union has not signed up to in the financial sphere. If there is reason to doubt that the company ' s administrative structure and financial situation are sound as the basis for the envisaged establishment, the Financial Permission may refuse an application for authorisation.

Paragraph 8. If the Financial Authority has requested that an insurance company prepare a plan for recovery, cf. section 248, the Financial supervision must not disclose the solvency certificate.

§ 39. A financial undertaking wishing to carry out activities in the form of cross-border services in a country within the European Union or in a country concluded by the Union in the area of the financial sphere shall provide the Financial supervision of the Financial Authority ; a statement of the country to which the undertaking is to be opened and the activities to be desired. In addition, insurance companies must indicate which classes, groups of classes and, where appropriate, ancillary risks are to be exercised. In addition, investment management companies shall submit a business plan of proposed tasks and services and details of relevant guarantee schemes designed to protect investors.

Paragraph 2. The SEC shall forward the item referred to in paragraph 1. 1 notice and a statement that the activities envisaged are subject to the approval of the undertaking, to the supervisory authorities of the host Member State within one month after receipt of the information referred to in paragraph 1. 1 mentioned message. If the company is an insurance company, the Financial Supervisory Board shall also send a solvency certificate to the host country supervisory authorities. If the company is an investment management company, the Financial Regulation shall also send information about the investor and depositaries of the guarantee scheme.

Paragraph 3. If the company is a foundation broker or an investment management company, the company shall be obliged to notify the SEC and the supervisory authorities of the host country to any change in the rules referred to in paragraph 1. 1 mentioned conditions no later than one month before the changes are made. If the Financial supervision change is not available within one month before the change is made, then the notification shall be made as soon as possible.

Paragraph 4. An investment management company that delegates the marketing of shares in another country within the European Union or in a country concluded by the Union in the area of the financial area to third parties shall apply it in section 31, paragraph 1. 1, the procedure referred to.

Paragraph 5. If the Financial Control Agency has requested that an insurance company prepare a plan for recovery, cf. section 248, the Financial supervision must not disclose the solvency certificate.

Paragraph 6. A financial undertaking wishing to provide services in a country outside the European Union or in a country not concluded by the Union in the area of the financial sphere shall give the Financial supervision thereof within one month before the end of the year ; the activities shall commence, with the indication of the country in which the undertaking is desired and the activities of the wish to be exercised. Should it not be possible to notify the Financial Control of the Financial Regulation within 1 month before the start of the activity, the notification shall be made as soon as possible.

Paragraph 7. Establishments shall inform the Finance-SEC of any change in the measures referred to in paragraph 1. 6 mentioned activities, no later than 1 month before the change is made. Should it not be possible to notify the Financial supervision within this time limit, the notification shall be made as soon as possible.

Paragraph 8. Paragxes 6 and 7 shall not apply to undertakings carrying out services ' s activities covered by Annexes 7 and 8.

The management of UCITS by investment management companies from a branch or as cross-border service provision

§ 39 a. An investment management company that wishes to manage UCITS from a branch in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or as cross-border in nature ; services, in addition to sending the information provided in sections 38 and 39, to the Financial supervision, send a description of the company ' s risk management process and procedures for dealing with complaints from investors. When the SEC is forwarding, they're forwarding in 1. Act. In the host country, the Financial Supervisory Authority shall also send a confirmation that the company is approved in accordance with the UCITS Directive and a description of the extent of the company ' s permit and any restrictions in which it is : The UCITS company is allowed to manage.

Paragraph 2. An investment management company that administers UCITS as referred to in paragraph 1. 1, comply with the rules of the law concerning the activities of investment management companies, including sections 70 and 71 on organisation, risk management and internal reporting procedures, as well as section 102-105 on delegation.

Paragraph 3. An investment management company that administers UCITS as referred to in paragraph 1. 1 must comply with the rules laid down by a UCITS country by the UCITS establishment and operation, including the rules applicable to :

1) establishment and approval of UCITS ;

2) the emission and the arrangement of shares and shares,

3) investment policy and investment frontiers, including the calculation of overall risk exposure and leverage ;

4) borrowing restrictions, borrowing and trade without cover ;

5) the valuation of a UCITS asset and accounting,

6) the calculation of the emission or solution rate and error in the calculation of the internal value and compensation for investors in this context,

7) the unloading or reinvestment of yield,

8) requirements for reporting and disclosure, including the prospectus, the central investor information and periodic reports which the UCITS must comply with ;

9) marketing measures,

10) relationship with participants ;

11) merger and restructuring of a UCITS ;

12) a UCITS solution and winding-up proceedings ;

13) the content and form of the participant, if any,

14) charges for the approval and supervision of a UCITS ; and

15) the exercise of the right to vote and other participant rights pursuant to paragraph 1. 1-13.

Paragraph 4. The investment management company shall comply with the obligations laid down in a UCITS Fund or statutes and in the prospectus, which must be in accordance with the rules laid down in the home Member State, cf. paragraph 3.

Paragraph 5. The competent authorities of a UCITS country are responsible for supervising the application of paragraph 1. 3 and 4 are complied with.

Paragraph 6. The management board of the investment management company shall decide and be responsible for the adoption and implementation of the measures and organisational decisions necessary to ensure that the investment management company can comply with the rules for : the establishment and operation of UCITS, cf. paragraph 3, and the obligations laid down in the Fund Regulations or in the Staff Regulations, and the obligations laid down in the listing particulars.

Paragraph 7. The SEC shall be responsible for supervising the provision of the investment management company ' s measures and organisation, so that the investment management company is able to comply with the obligations and rules which : relate to the establishment and operation of the UCITS it administers.

Paragraph 8. An investment management company that administers a UCITS registered office in another country within the European Union or in a country concluded by the Union in the area of the financial sphere shall enter into a written agreement with the debit undertaking ; the exchange of information necessary to enable the debit undertaking to perform its duties.

§ 39 b. An investment management company which intends to administer a UCITS established in another country within the European Union or in a country concluded by the Union in the area of the financial sphere, the following documents shall be sent : to the competent authorities of the home country concerned :

1) The written agreement with the depositary referred to in section 39 a (a) shall be that : 8.

2) Information on the delegation of tasks in the field of investment management and management as set out in Annex II to the UCITS Directive.

Paragraph 2. If an investment management company already administers other UCITS of the same type in the home country concerned, the reference to the documentation referred to in the said UCITS is referred to. paragraph 1, which has already been submitted to the competent authorities, sufficient.

Paragraph 3. The investment management company shall inform the competent authorities of the competent UCITS ' s home Member State of any consequent significant changes to it in the first paragraph of paragraph 1. 1 mentioned documentation.

Affiliates of Danish financial undertakings abroad

§ 40. A financial undertaking wishing to establish a subsidiary (there is a credit institution, an investment firm or an insurance company) in a country outside the European Union, which the Union has not signed up to, must have : Permission granted to the financial system. If there is reason to doubt that the company ' s administrative structure and financial situation are sound as the basis for the planned establishment, the Finance Board will not allow the financial supervision to be granted.

Paragraph 2. A financial undertaking shall inform the Financial supervision of the establishment of subsidiaries in a country outside the European Union which the Union has not contracted with which is not covered by paragraph 1. 1.

Special rules for the activities of Danish insurance undertakings abroad

§ 41. The financial supervision may lay down detailed rules on the activities of Danish insurance undertakings in countries outside the European Union which the Union has not concluded in the financial sphere.

§ 42. The SEC may lay down rules on the transfer of the insurance stocks to be drawn under company in accordance with section 38 (1). One, and paragraph 39, paragraph. 1.

TITLE III

Good practice, etc.

Chapter 6

Good practice, price information and contractual relations

General rules for good practice, price information and contractual relations

§ 43. Financial companies, financial holding companies and insurance firms must be operated in accordance with a good business practice and good practice in the field of business.

Paragraph 2. The Minister for the Industry and Growth Pact lays down detailed rules of good business practices and good practices for financial undertakings.

Paragraph 3. The Minister for the Industry and Growth Pact lays down rules on price and risk information for financial services.

Paragraph 4. The Minister for the Industry and Growth Pact lays down rules on competence requirements for financial advisers.

Paragraph 5. The Minister for the Industry and Growth Pact provides for detailed rules for the provision of central investor information to retail investors in the dissemination of shares in Danish UCITS.

§ 44. It is not permitted for commercial purposes in this country to contribute to the direct insurance in the country of residence, Danish ships or other risks comprising this country, drawn from other than

1) Danish insurance undertakings and

2) foreign insurance undertakings which comply with the conditions laid down in section 30 (1). Paragraph 1, or Section 31 (1). 1, as well as foreign insurance undertakings authorised by the Finance Board.

Special rules concerning the contractual relationship of financial institutions, real credit institutions and insurance undertakings

§ 45. If hybrid seed capital, cf. § 128, paragraph. 2, or responsible pawn capital shall be issued in the form of mass debt letters, the financial undertaking shall designate such capital evidence.

§ 46. In the case of the drawing of a financial institution, the mortgage or insurance undertaking of capital deposits covered by the rules on hybrid core capital and the liability loan capital, the company may not at the same time be borrowing finance for retail customers and professionals the purchase of the capital intake or part thereof.

Paragraph 2. The prohibition on loan financing referred to in paragraph 1. Paragraph 1 shall apply mutatis mutias to the drawing and sale of shares, shares or guarantors of shares of shares in the institution concerned. No matter what. Act. may subsidized financial institutions borrofinance the employees ' s purchase of employee shares as part of an employee stock scheme.

§ 46 a. (Aphat)

Special rules for financial institutions

§ 47. In the case of the business relationship, the loan granted by a financial institution shall be made by a financial institution and no credit shall be granted by payment of the principal, depayment or interest, six months after the due date of the services concerned, in writing. any guarantor or of those authorised to receive the notification on behalf of all the guardsores. The failure to do so will result in the financial institution losing its claim to the guarantors, to the extent the regression of the borrower has been deteriorated by the omission.

§ 48. Where a bail bondsman has been made bail for the loan granted by a financial institution, and without payment of the principal chair, payment or interest, three months after the due date of the services concerned, no later than three months after the due date of the relevant benefits, three months after the due date of the relevant benefits, Communication on this subject to the guarantor. The provision in 1. Act. where appropriate, shall apply by analoging the monetary institution granting the borrower without the guarantor ' s consent for this purpose in the specific case.

Paragraph 2. The deadline for the period referred to in paragraph 1 1, the bond obligation may be applied only to the guarantor of the amount payable by the borrower after the creditation would have been issued if the borrower had paid all benefits in due time until the time of 3 months preceding the payment of the payment of the loan ; at the time when message is given.

Paragraph 3. Transcriction of the period referred to in paragraph 1. 1 shall result in the financial institution losing its claim to the guarantors, to the extent their regression against borrowers has been deteriorating, even though the reduction of the guarantee requirement shall be reduced in accordance with paragraph 1. 2 shall be taken into account.

Paragraph 4. A guarantor may not be liable for an amount greater than the principal ' s principal or the credit of the credit at the conclusion of the bail agreement.

Paragraph 5. Bail agreements in accordance with paragraph 1. 1 shall be written in writing in order to be able to apply.

Paragraph 6. A guarantee of bail under paragraph 1. 1 shall lapses after 10 years or, where the bail agreement has been concluded for a credit with a variable amount, or for a loan without fixed due date, after 5 years, unless the obligation has been made by the financial institution.

Paragraph 7. By causational agreements under paragraph 1. 1 shall provide the financial institution annually and in writing to grant the guarantor the amount of the indebted debtor for which the bail has been made.

§ 49. If a savings fund has lost part of its guarantee capital, it shall be required to provide information to persons wishing to enter as guarantors.

Paragraph 2. If an Andelmolasses has lost part of the second chapter, the sands box shall provide information to persons wishing to draw share capital.

Paragraph 3. In the case of limited liability companies, the provisions in force for the reduction of share capital shall be subject to the necessary reductions in use for the reduction of share capital in the andelskasser.

$50. Capital pension, savings, self-pensions, child savings and housing savings in a financial institution may be deposits in cash or as a cash deposits and may also be placed in a separate depot.

Paragraph 2. The SEC shall lay down detailed rules for savings of pools in a bank account, including rules on the allocation, administration, accounting, accounting, auditing and customer information. The SEC also provides for detailed rules for the placing of funds in transferable securities, including registration in a securities centre, credit statement, valuation and deposit.

§ 51. Capital pension, savings, self-pensions, child savings and housing savings in a deposit account must be fully covered by the Guarantee Fund for depositors and investors, by a similar scheme in the case of the credit institution in the case of : the redesign of credit institutions and bankruptcy or of a combination of both schemes.

§ 52. Penalty institutes and branches of credit institutions having a registered office in another country within the European Union or in a country with which the Union has agreed to the financial area approved as a debit party, cf. § 2, nr. Eleven, in the law on investment associations, etc., for a Danish UCITS, must act independently and exclusively in the interest of the Danish UCITS.

Special rules for mortgage credit institutions

§ 53. A mortgage agreement must inform the borrower in the loan agreement that mortgages granted contrary to the law on mortgage lending and mortgage bonds etc. may be required to be reduced in accordance with this law.

Paragraph 2. If a mortgage on mortgages and mortgage bonds are to be reduced, the mortgage credit institution shall, as a replacement, provide a loan on equivalent terms so that the borrower is placed in an unchanged position. All loan costs associated with the conversion shall be the responsibility of the mortgage credit institution.

Paragraph 3. The retaser is not entitled to a reorganization after paragraph 1. 2, if the credit institution is reimbursed, that the borrower knew or should know that the mortgage loan was granted in breach of the provisions of the law on mortgage and mortgage bonds, etc., or if the infringement of the provisions referred to in Article 2 (1) of the Directive ; incidentally, the information is given by the borrower.

Special rules for investment management companies

§ 54. When investment management companies perform portfolio management for UCITS, including assets securities for these, the UCITS in question shall be subject to the same protection as customers after paragraph 72.

Paragraph 2. The investment management companies authorized to perform discretionary portfolio care care must be in advance with the customer, whether or not the investment management company may place the Customer's portfolio agents or a portion thereof in the UCITS share ; as the investment management company manages.

Special rules for insurance undertakings

§ 55. The following insurance contracts may not be entered into or entered in the country by any person :

1) Lifelong insurance, thereby committing to the death of the undertaking to pay more amounts than the paid premiums, insofar as the policyholder is one from the insured person and does not have the consent of the concierge.

2) Lifelong insurance, which obliges a company to pay a larger amount than the paid premiums paid in full with interest resulting from deaths prior to the encyclopedia of the Safeer. Years.

Paragraph 2. The financial supervision may exempt from the provisions of paragraph 1. 1, no. One and two.

Paragraph 3. The Financial supervision may lay down detailed rules on the content of normal life assurance business.

§ 56. The SEC shall lay down detailed rules on the information supplied by a life or insurance undertaking to be given in writing to customers prior to an insurance contract and under the current customer relationship.

§ 57. An insurance undertaking providing consumer insurance should provide that the assurances in question can be drawn in terms of the insurance may be terminated by the policy holder with an advance notice of 30 days until the end of a calendar month.

Paragraph 2. In the interests of consumer insurance in paragraph 1. 1 means an insurance policy in which the policy holder (the consumer) at the conclusion of the contract is mainly outside its occupation.

Paragraph 3. Paragraph 1 shall not apply to the life insurance and the ownership insurance drawn under the law of consumer protection by the acquisition of immovable property and so on. 1 shall not apply to insurance, which covers a specific risk that only extends ; over a limited period of time when the contract is concluded for a maximum of one (1) month (short term insurance), unless insurance is part of another type of insurance.

§ 57 a. An insurance undertaking shall use an operator only for the provision of the insurance undertaking ' s products if the trader is registered in a public register of intermediaries, cf. ~ 10 (1)) Paragraph 1, or section 27 (2). One, in the law of insurance intermediaries.

Paragraph 2. An insurance undertaking may also use insurance distributors which are covered by Section 3 (1). Two, in the law of insurance intermediaries.

§ 58. If a life insurance policy has been expelled, the person who has been reimbursed by the person who has reimbursed his welcome to the policy may refer to the holder of the incident at six months ' notice to call for the person to sign up. The call, which shall be made by the announcement in the State in the first in a quarter, shall contain a sufficient description of the policy, including the name of the policy in whose life insurance is drawn.

Paragraph 2. If no one calls for the expiration of the deadline, the policy is invalid and the company is drawing up a new policy for the one that requested the call. This will have to pay the cost of the invocation.

Paragraph 3. Any sign of the notice, and may not be obtained, a new policy may not be issued before the validity of the declared invalidity of the declared rules is decided.

Paragraph 4. The provisions of paragraph 1. 1-3 shall not result in a restriction on access to a life insurance policy of mortification by judgment pursuant to the legislation on the mortification of securities.

$59. An insurance undertaking which draws structural insurance shall be subject to the restrictions arising from its articles of association or its authorization, taking over the insurance of any building.

Paragraph 2. However, the company may refuse to insure

1) buildings which are not defensible against fire hazard ; and

2) Abandon buildings.

§ 60. An insurance undertaking cannot put an end to an end-of-building insurance due to a non-payment of premium.

Paragraph 2. A customer may discontinue the insurance only with the consent of all the customers and liabilities in the property, except in the absence of the property, without prejudice to their legal status, in another undertaking which has : permit to operate building fire insurance.

Paragraph 3. The insurance undertaking shall have the right of premiums to be paid with accrued interest and other costs. Furthermore, the Company has mortars the services of the property tax to the State and the municipality for 1 years from time of due.

Paragraph 4. The SEC shall lay down minimum conditions for the composite of insurance undertakings ' s drawing-up insurance.

§ 60 a. An insurance undertaking authorized to carry out life-assurance activities on his own initiative all or a group of its policyholders to modify their insurance contract to cover a product with lower or no guarantees shall be required, an insurance policy that accepts such an offer has transferred the economic value of its current product to the new product.

Paragraph 2. The SEC shall lay down detailed rules for the calculation of the economic value of the policyholder ' s product.

TITLE IV

Ownerconditions and management, etc.

Chapter 7

Ownerconditions

§ 61. 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 a financial undertaking, a financial holding company or an insurance holding company, shall, in advance, apply to the Financial supervision of the approval of the proposed acquisition. 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%. by the company chapter or to the voting rights, or the financial undertaking, the financial holding company or the insurance holding company shall 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 estimate period of 60 working days to carry out the assessment referred to in Section 61. 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, shall be suspended during the period between the time of the request and the receipt of an answer to that effect. 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 transferee is indigenous or governed by the law of a country outside the European Union, which the Union has not concluded 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 in section 16 of the Act of securities trading, etc., in Denmark, another country within the European Union ; 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.

§ 61 a. In relation to its assessment of an application received in accordance with section 61 (2), the financial supervision must be carried out. 1, ensure the prudential and sound management of the undertaking 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 acquiring, 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 financial undertaking, the financial holding company or the insurance holding 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 by the financial undertaking, the financial holding company or insurance holding company in which the acquisition is envisaged.

4) Whether the company can continue to comply with the regulatory requirements in 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 is available ; the responsibility of the competent authorities between the competent authorities and the determination of the responsibility of 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 undertaking, 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.

§ 61 (b). Any natural or legal person or natural or legal persons acting in understanding with each other that is directly or indirectly to dispose of a qualified share in accordance with the provisions of the person concerned. Section 5 (5). 3, or reduce a qualified share in a financial undertaking, a financial holding company or an insurance holding company so that the limit of 20 pct;, 33% respectively, is the limit of 20%. or 50%. by the company chapter or voting rights no longer has been achieved, or does the undertaking or the holding company cease to be their subsidiary, prior to written notification of the financial supervision of the financial statement thereof, the size of the proposed future capital portion.

§ 61 c. Where a financial undertaking, a financial holding company or an insurance holding company is informed of acquisitions or disposals of the shares referred to in Section 61 (2) ; 1, and Section 61 (b), the company or the holding company shall immediately notify the Financial supervision of the Financial Authority.

Paragraph 2. Financial undertakings, financial holding companies and insurance firms must notify the Financial Control of the names of the capital owners at the end of the preceding year at the latest in the case of the capital owners at the end of the previous year. financial business, financial holding company or the insurance holding company, and the size of these units.

§ 62. Where the capital owners hold one of the sections 61 (1) of this Article. Paragraph 1 of a financial undertaking, a financial holding company or an insurance holding company, does not meet the requirements of section 61 a (1). 1, the Financial supervision may waite the voting rights associated with the capital shares of the owners concerned or to comply with certain 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 61 (2). 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 61 (1). 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 presentation of the votes of the General Assembly of the general public.

§ 63. The SEC must be informed in advance of the direct or indirect acquisition of a qualified share in a foreign financial undertaking by financial undertakings, financial holding companies and insurance undertakings, or the acquisition of a qualified share in a foreign financial undertaking and such increases in the amount of the qualified share resulting in such an amount or exceeds a limit of 20 pct., 33% respectively. and 50%. of the voting rights, respectively, or that the foreign financial company is becoming a subsidiary. The notification shall contain information on the establishment of the country in which the undertaking is established.

Paragraph 2. Financial companies, financial holding companies and insurance companies which share a proportion of at least 10%. in the case of a foreign financial undertaking, which is intended to reduce this share in such a way that it falls under one of the provisions referred to in paragraph 1. 1 established limits shall inform the Financial supervision of the matter and indicate the size of the proposed future share.

Paragraph 3. Where the foreign financial undertaking becomes a subsidiary, the financial statement of information relating to the subsidiary undertaking shall include :

1) In which country the subsidiary is desired,

2) a description of the subsidiary undertaking, including information relating to organisation and planned activities,

3) the address of the subsidiary

4) the names of the subsidiary company management.

Paragraph 4. In the case of a change to a relationship that has been notified in accordance with paragraph 1. 3, no. 1-4, the financial undertaking, the financial holding company or the insurance holding company shall give notice to the Financial supervision on this subject before the change is made. If the financial undertaking, the financial holding company or the insurance holding company is not in advance with the change in advance, notification to the Financial Authority shall be notified immediately after the financial undertaking, the financial undertaking, the holding company or the insurance holding company has received notification of the change.

Chapter 8

Management and establishment of the undertaking

§ 64. A member of the Management Board or the Executive Board of a financial undertaking shall at any time have sufficient knowledge, professional competence and experience to exercise his duties or attend to its position in the company concerned.

Paragraph 2. A member of the Management Board or the Executive Board of a financial undertaking shall at all times have a sufficiently good reputation and demonstrate integrity, integrity and independence in order to effectively assess and challenge decisions taken by the day-to-day decisions of the person concerned ; management

Paragraph 3. A member of the Management Board or the Executive Board shall fulfil 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) In view of its economic situation or through a company which they own, participate in the operation of or having a significant impact on, or on the financial loss or risk of loss.

4) 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.

Paragraph 4. For the assessment of whether a member of the Management Board or the Executive Board shall meet the requirements of paragraph 1. 2 and paragraph 1. 3, no. The emphasis must be placed on the consideration of the need to maintain confidence in the financial sector.

Paragraph 5. The members of the Management Board or the Executive Board of a financial undertaking shall communicate to the Financial Authority the information relating to matters referred to in paragraph 1. 1 and 3 in connection with their entry into the management of the financial undertaking and of the conditions laid down in paragraph 1. 2 and 3 if the conditions are subsequently changed.

Paragraph 6. Paragraph 1 and 2 (1) and (2). 3, no. 1, 2 and 4, and paragraph 1. Articles 4 and 5 shall apply mutatis muctis to members of the Management Board and the Executive Board of a financial holding company or an insurance holding company.

Paragraph 7. Paragk 1 to 5 shall apply mutatis muctis to the general agents, cf. $35.

§ 64 a. A member of the Management Board or the Executive Board of a financial undertaking shall allocate sufficient time to carry out his duties as director or board member of the undertaking in question. The Executive member shall regularly assess whether the person concerned has allocated sufficient time to perform his duties ; the assessment must involve the company size, organization and complexity.

§ 65. The Management Board shall, at a time of procedure, take a more detailed procedure for the performance of its duties

Paragraph 2. The SEC may lay down rules on the content of the Rules of Procedure.

§ 66. The drawing right of section 135 (5). In the company law, members of the Board of Directors or the Governing Board shall be exercised only by at least two consores.

§ 67. Invocation to the general assembly of a financial undertaking, or a representative meeting of a savings bank, shall be publicly available and in accordance with the provisions of the Staff Regulations. The press must have access to the general meetings, respectively, in the case of the representatives of the Community meetings in savings.

Paragraph 2. Paragraph 1 shall not apply to undertakings, which are 100%. owned by a financial undertaking or financial undertakings in the same group.

§ 68. Financial undertakings shall exercise the powers granted to the Danish Business Authority in accordance with section 93 (3). Two and three, company law.

§ 69. A representative may be set up for the taking of particular tasks, including the choice of the board, of a board of directors. The members of the representative who are responsible for the performance of their duties shall be subject to the same responsibility as the Administrative Board. The provision does not apply to savings savings.

§ 70. The management of a financial undertaking, a financial holding company and an insurance holding company,

1) determine which main types of business activities are to be carried out ;

2) identify and quantify the essential risks of the undertaking and determine the risk profile of the company, including the fixing and the risks to which the undertaking may take ;

3) establish policies on how to manage each undertaking ' s essential activities and the risks associated with it, taking into account the interaction between these two and the

4) establish a policy of diversity within the management board that promotes sufficient diversity of skills and skills among the members of the Management Board, cf. however, paragraph 1 6.

Paragraph 2. On the basis of the established risk profile and the policies laid down, the Management Board shall provide the Governing Board ' s written guidelines, which shall, at the very least, contain :

1) verifiable frames for which and the high risk of the management must be incurred ;

2) the principles for the specification of individual risk types,

3) rules on which arrangements require the management of the Management Board and the arrangements for the Governing Board to perform as part of its position ; and

4) rules on how and to what extent the Executive Board shall report to the board of the undertaking ' s risks, including the use of the framework in the guidelines for the Governing Board and of compliance with the limits laid down by the legislation ; on the risks which the undertaking must undertake.

Paragraph 3. The management of the company must continuously take account of the company ' s risk profile and policies as well as the guidelines for the Governing Board are defenders in relation to the business activities, organization and resources of its business, including capital and liquidity, as well as the market conditions to which the activities of the undertaking are operated.

Paragraph 4. The management of the financial undertaking shall ensure that its members have sufficient collective knowledge, professional competence and experience to understand the activities of the undertaking and the risks associated with it.

Paragraph 5. The Management Board shall regularly assess whether the Governing Board is performing its tasks in accordance with the established risk profile, the defined policies and the guidelines for the management. The Management Board shall take appropriate measures if this is not the case.

Paragraph 6. In undertakings which have set up a nominating committee pursuant to Article 80 (a), the obligation to do so shall be incumberated in paragraph 1. 1, no. 4, the nomination committee.

Paragraph 7. The SEC may lay down detailed rules concerning the obligations of the governing board of a financial undertaking, a financial holding company and an insurance undertaking pursuant to paragraph 1. 1-5.

§ 71. A financial undertaking, a financial holding company and an insurance holding company must have effective forms of enterprise management, including :

1) a clear organizational structure with a well-defined, transparent and consistent distribution of responsibilities ;

2) a good administrative and accounting practice ;

3) written business practices for all major areas of activity,

4) effective procedures for identifying, managing, monitoring and reporting on the risks to which the undertaking is or may be exposed ;

5) the resources necessary for the proper implementation of its operations, and the appropriate use of these ;

6) procedures for the separation of functions in connection with handling and prevention of conflicts of interest ;

7) adequate internal control procedures,

8) reassuring control and security measures in the IT area,

9) a written wage policy in accordance with and promotes a sound and effective risk management ; and

10) personnel and financial resources necessary to ensure adequate provision of intro and training courses to members of the Management Board and the Board of Directors.

Paragraph 2. The SEC may lay down detailed rules on the measures which a financial undertaking, a financial holding company and an insurance claim must take in order to have effective forms of enterprise management, cf. paragraph 1.

Paragraph 3. A financial institution, a real credit institution and a fund-broiler company you must ensure that the company ' s pay policy, cf. paragraph 1, no. 9, the specific remuneration requirements in section 77 (a) (1). 1, no. Two-point-seven, and paragraph. 3-10, section 77 b, paragraph. 2 and 3, section 77 c and section 77 d, paragraph 1. 2 and 4, and rules issued in accordance with these provisions shall be complied with at group level, including at the parent company and subsidiary levels. A financial institution, a credit institution and a fund-broiler company shall also ensure that remuneration of the management board and the management of undertakings not directly covered by section 77 (a) (a) shall be ensured. 1, but which are included in a group with establishments covered by section 77 (a) (a), 1, comply with the requirements of section 77 (a) (a), 1, no. Two and three.

§ 71 a. A financial institution, a real credit institution and a fund-broiler company you will have to prepare a recovery plan.

Paragraph 2. The Financial supervision may, after consulting the Systemic Risk Board, can dispensers from paragraph 1. 1. The amount of Dispensation may be granted on the basis of the size, business model of the financial undertaking, the business model and connection to other financial undertakings or the financial system.

Paragraph 3. The SEC shall lay down requirements for the content of the recovery plan, cf. paragraph 1.

§ 72. A financial undertaking authorised to operate as securities trades must comply with the requirements of section 71 (3). 1, and take the necessary measures to ensure consistency and regularity in its business as securities trades and the use of resources, systems and procedures which are appropriate for this purpose.

Paragraph 2. A financial undertaking that has permission to operate as securities trades must :

1) have appropriate rules and procedures for transactions with the instruments listed in Annex 5, which include company management and staff,

2) be able to detect conflicts of interest which may harm the interests of customers, both between the customers of the transferable traders and between customers and the securities dealer and limit these conflicts of interest as much as possible, and where there is a risk that ; the customers ' interests, in the specific case, inform the Customer of the general content of the conflicts of interest prior to the conclusion of the contract with the Customer ;

3) ensure the rights of customers to their funds and the instruments listed in Annex 5,

4) protect customer's rights and shall not, without explicit consent, dispose of their means and instruments, and

5) keep an adequate list of all the services and transactions carried out for at least five years after completion of the service, and the transaction has been completed.

Paragraph 3. A financial undertaking that has permission to operate as securities trader can store client's instruments, cf. Annex 5, in the same depot (cooperator), if the financial undertaking has informed the individual customer of their legal effects and the Customer has given their consent. The SEC may, in particular cases, grant permission for the use of customers and a financial undertaking ' s own devices in the same depot. A financial undertaking must keep a register of which the individual customer's ownership of the recorded instruments is clearly apparent. The financial supervision can take away from a financial undertaking which is authorised to operate as securities trades, the right to conduct a collection of trade.

Paragraph 4. Paragraph 2, no. Two-four, shall apply mutatis mutandis to the Danish National Bank and the Economic and Financial Authority with the necessary adjustments.

Paragraph 5. The financial supervision may lay down detailed rules on the rules laid down in paragraph 1. 1-3 conditions.

Paragraph 6. In the event of a financial undertaking ' s bankruptcy, reconstruction treatment or similar in the case of financial firms. the individual customer may on the basis of the provisions referred to in paragraph 1. 3, 3. pkt., listed the register shall take up its instruments of a cocondente if the customer's right of ownership is not in dispute.

§ 72 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) the obligation of outsourcing to inform the Finance-SEC within 8 working days of the award of outsourcing contract ;

3) outsourcing business internal guidelines for outsourcing and

4) 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.

§ 73. Enlisted as a board member of a financial undertaking or as a member of the cabinet in other financial undertakings may not be reconcined with the position of the Director of the Company in question. However, the Board of Directors of a Director of Directors may temporarily not be prone to one of his members or a member of the representative as director. In such cases, the person concerned may not be able to exercise the right to vote in the said bodies.

Paragraph 2. Enlisted as an internal audit manager and vice-principal manager cannot be reconcined with the profession as a member of the governing board.

§ 74. The chairman shall see to it that the board of directors meet when this is necessary and shall ensure that all members are conventionable. Any member of the Management Board, a director, an external auditor, the internal audit manager and the acting acting in a financial undertaking may require the management board to be conveneable. A director, an external auditor, the internal audit manager and the responsible actuar shall have the right to participate in and comment on board meetings, unless the management board of the individual case takes a different decision. External auditors and the Internal Audit Manager are always entitled to participate in board meetings when dealing with cases that are important for the review or for the submission of the annual report.

Paragraph 2. External auditors, the Internal Audit Manager and the responsible actuarial are obliged to take part in the management of the relevant dossiers, provided that it is desired by just one board member.

Paragraph 3. The Board of Directors shall be subject to the Protocol signed by all Members present. A chairman, a director, an external auditor, the Internal Audit Manager or the responsible actuarial who do not agree with the decision of the Management Board, has the right to have its opinion recorded in the Minutes.

§ 75. The financial undertaking shall immediately inform the Financial supervision of matters of vital importance to the continued operation of the financial undertaking.

Paragraph 2. The same applies to the individual member of the Management Board, a CEO and the responsible actuarial in a financial undertaking.

Paragraph 3. If a member of a financial undertaking or management board, the external audit or the responsible actuarial, must assume that the financial establishment does not meet the capital requirement according to section 126, capital requirements after section 126 (a) (1). 2-6, the basic requirement for capital after Article 92 (2). 1, the minimum capital requirement laid down in Article 93 of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms or the solvency requirement of section 124 (4). 2, 125, paragraph. 4, section 126 (4). 8, and section 126 a, paragraph 1. ONE, TWO. PC shall notify this immediately to the Financial supervision immediately.

Paragraph 4. Paragraph 1-3 shall apply by analoging to financial undertakings, financial holding companies and insurance firms relating to subsidiaries, which are financial undertakings.

§ 75 a. 3) A financial undertaking must have an arrangement in which its employees through a separate independent and independent channel may report infringements or potential infringements of the financial regulation by the company, including by the staff, or members of the board of the company. Reports to the scheme must be able to be made anonymously.

Paragraph 2. The scheme referred to in paragraph 1 1 may be established by collective agreement.

Paragraph 3. For an insurance undertaking, an investment management company and a fund-broiler company which has the sole authorization to carry out one or more of the conditions referred to in Annex 4 (A). Paragraph 1, 2, 4 and 5, mentioned services which do not retain the assets or assets of customers which cannot be made in debt to their customers, paragraph 1 shall apply to paragraph 1. Paragraph 1 shall apply only when companies employ more than five employees. The scheme referred to in paragraph 1 shall be 1 and 2 shall be established within three months of the establishment of the staff of the sixth staff.

Paragraph 4. The Financial supervision may, in exceptional cases, where the Financial supervision estimates that it will be pointless to establish a scheme, dispensers from the requirement referred to in paragraph 1. 1.

$75 b. A financial undertaking shall not defer to the employee of intransient treatment or non-intransient consequences resulting from the reporting of the company ' s infringement or potential violation of financial regulation to the Financial supervision ; or to a scheme in the company.

Paragraph 2. Attack whose rights have been violated in violation of paragraph 1. It may be awarded a compensation in accordance with the principles of the law on equal treatment of men and women in respect of employment, etc. The compensation shall be determined taking account of the employment and circumstances of the employee's employment rate and the circumstances.

Paragraph 3. Paraguation 1 and 2 shall not be permitted to be waisted for the unfavorable of the staff.

SECTION 76. A Director shall not, without the consent of the Management Board, conclude an agreement between the financial undertaking and himself or the agreement between the financial undertaking and the third party, in which the director has a significant interest in conflict with it ; financial business.

§ 77. People who are employed by the management board of a financial undertaking and staff in respect of which there is a significant risk of conflict between its own and the financial interests of the financial undertaking, shall not, on its own account, be taken from its own account ; by means of companies 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) transferable holdings other than shares of Danish UCITS, capital associations and foreign UCITS covered by Section 143 (4) ; 1, no. 2 and 3, in the law of 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, insurance undertakings, real credit institutions or fund brokers, and shares in Danish UCITS, capital associations and foreign UCITS covered by Section 143 (4). 1, no. 2 and 3, in the law on investment associations, etc.

Paragraph 3. The Management Board shall adopt a position on which employees are a major risk of conflict between its own and the interests of the financial undertaking, which must therefore be covered by the ban. The Management Board shall ensure that the persons concerned are aware. The penalty clause in Section 373 (1). 2, shall apply from the date on which the person concerned has received information on this subject.

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 shall examine the guidelines of the financial undertaking in accordance with paragraph 1 of this year. 4 and, in the audit protocol, concerning the annual report, indicate whether the guidelines are assessed to be reassuring and have operated appropriately, and whether the company ' s control procedures have given rise to comments.

Paragraph 6. An account institution has at the request of the Management Board in the financial undertaking to provide the external audit of the financial undertaking with information on bank accounts and deposits and to extradite the transcripts from there for persons ; by paragraph. 1.

Paragraph 7. The prohibition in paragraph 1. 1, no. 2, does not include financial instruments deriving from shares in the financial undertaking or a company that is related to it and which 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.

§ 77 a. In the case of financial undertakings, financial holding companies and insurance undertakings, the management of the management board, management and other staff whose activities have a significant impact on the company ' s risk profile must be ensured ; say that the following are met :

1) The variable salary parts of a member of the management board or the management board shall not exceed 50%. of the honoraret and the flat-rate basic salary, including the pension, cf. however, section 77 b (b), 1.

2) The variable salary parts of other staff whose activities have a significant impact on the company ' s risk profile may, at the time of the calculation of the variable salary at the most, shall constitute a hundred per hour. of the flat-rate basic salary, including pensions.

3) However, the top body of the company may decide that the variable salary parts of other staff whose activities have a significant impact on the company ' s risk profile, cf. no. 2 may amount to up to 200%. of the flat-rate basic salary, including the pension, provided that the following requirements are met :

a) The company shall inform the establishment at the latest by summons to the assembly of the supreme body that the position of a higher maximum ceiling is required.

b) The top body must make the decision on the use of a higher maximum ceiling on the basis of a detailed recommendation from the undertaking, which is gracied to the effect, including the number of employees concerned, their workspaces, the new one ; the maximum ceiling proposed and the anticipated impact on the company ' s ability to maintain a sound capital basis. The capital owners shall receive the recommendation not later than at the time of the call to the assembly of the supreme body.

c) At the same time, the company must, as well as the dissemination of the recommendation to the capital owners, see point (b), inform the SEC of the recommendation to the capital owners, including the proposed higher maximum ceiling and the justification for the recommendation. The company must demonstrate, at the request of the Financial Directive, that the proposed higher maximum ceiling is not in breach of the undertaking ' s obligations under the law, notices in accordance with section 71 (2). 2, and section 77 (a) (a), Regulation (EC) No 8 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, including in particular the basic requirements of the capital.

d) The decision to use a higher maximum ceiling shall be made by the establishment ' s top body by at least 66%. by the votes cast, provided that a minimum of 50% is made. the participation of the voting shares shall be represented on the assembly. Is less than 50%. in the presence of the voting share of the voting shares at the assembly, the decision shall be taken by a minimum of 75%. of the votes cast. An employee capital owner must not participate in the vote on this at the Assembly of the Supreme Council if employees have a significant interest in the resolution, which may be in conflict with the company's interests.

(e) The company shall inform the SEC of the decision of the Supreme body within eight days of the meeting of the Supreme body, including the size of a possible higher maximum ceiling.

4) At least 50%. a variable salary part of the management board, management and other staff whose activities have a significant impact on the company ' s risk profile, must be at the time of the calculation of the variable salary equilibrium of equilibrium, equivalent ownership shares ; depending on your company's legal structure, asset-based instruments or, if it is a company whose capital shares are not available for trade in a regulated market, of equivalent instruments that reflect the company ' s Credit rating. Financial institutes, real-estate credit institutions, brokerly intermediaries, in and fund-brokerers who are authorised to carry out orders and discretionary portfolios, cf. in Annex 4, section A, no. The provisions of Articles 52 and 63 of the European Parliament and of the Council (EC) No 2 must be used as laid down in Articles 52 and 63 of the European Parliament and of the Council (EC) No 4. 575/2013 of 26. June 2013 on prudential requirements for credit institutions and investment firms or other instruments which may be converted to actual core capital instruments or be written down and which reflect the creditworthiness of the business as a activities whose activity is assumed to continue. Instruments can be issued in the company or its parent company that owns the company fully. For insurance undertakings, at least 50%. of the variable salary of the management board, the management and other staff whose activities have a significant impact on the company ' s risk profile, comprise a debt of indebbt in the insurance undertaking.

5) The company ' s payment of at least 40%. of a variable salary part of at least 60 pct;, over a period of at least three years of commencement one year after the calculation, but for the Management Board and the board at least four years, with a balanced distribution of the years or with a growing share ; at the end of the period.

6) The undertaking shall not be able to pay a variable in full or in part if the establishment at the time of the payment of the variable salary does not comply with the capital requirement or the solvency requirement in section 124 (4). One-four, paragraph 125, paragraph 1. 1-6 and 8, section 126 a, paragraph 1. 1-3, 5 and 7, and sections 127, 170 and 170 a, and Article 11 (1). 1 and 2, Article 92 (2). Regulation (EC) No 1, and Articles 93, 97 and 500 of Regulation (EC) No 2 of the European Parliament and Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, or if the Financial supervision considers that there is a nearby risk of it.

7) The company shall not pay a variable salary to the Management Board and the Executive Board, provided that the firm is concerned during the period during which the agreement on the variable salary relates, and until the time of the calculation of it, a time limit from the Financial supervision shall be given in accordance with section 225 (5). 1 or 4 on the fulfilment of the solvency requirement or the Financial supervision in accordance with section 248 (4). 1, requires the establishment to prepare a plan for restoring the company ' s financial position.

Paragraph 2. For the management board and the management of financial undertakings, financial holding companies and insurance companies, stock options or similar instruments shall not be more than 12,5%. of the fee and the flat-rate basic salary, including the pension at the time of the calculation of this.

Paragraph 3. The financial undertaking, the financial holding company or insurance company must ensure that shares and instruments are entrusted to the management board, the management or other staff whose activities have a significant effect on the management of the board, on the company ' s risk profile, as part of the variable salary referred to in paragraph 1. 1, no. 4 shall not be disposed of by these persons during an appropriate period and that such persons shall not be able to take any coverage of the risk associated with these shares and instruments, etc.

Paragraph 4. The financial undertaking, the financial holding company or the insurance holding company shall ensure that the payment of the person referred to in paragraph 1 shall be ensured. 1, no. 5, deferred variable pay for the management board, management and other staff whose activities have a significant impact on the company ' s risk profile is subject to the fact that the criteria which have formed the basis for the calculation of the variable salary continue to be determined ; are satisfied at the time of payment, subject to the fact that the person in question has not participated or been responsible for any behaviour resulting in significant loss to the establishment or has not complied with appropriate requirements for suitability and integrity, and subject to the fact that the economic situation of the undertaking is not significantly dephoned ; proportion to the date of calculation of the variable salary.

Paragraph 5. The financial undertaking, the financial holding company or the insurance holding company shall ensure that the management board, management and other staff whose activities have a significant impact on the risk profile of the company and which receive it ; a variable salary shall pay the variable salary in full or in part if the variable salary is paid on the basis of data on results which can be documented to be incorrect and if the consignee is in malicious belief.

Paragraph 6. The financial undertaking, the financial holding company or the insurance holding company shall ensure that, if the management board, management and other staff whose activities have a significant impact on the company ' s risk profile, are assigned to them ; pension allowance which may be equated to in whole or in part with variable pay parts, cf. Section 5 (5). 1, no. 42, if the consignee leaves the establishment before retirement, this part of the pension allowance shall be retained for five years in the form of instruments referred to in paragraph 1. 1, no. 4 and 5 shall apply mutatis muctis to the provisions of 1. Act. the case mentioned. Where the beneficiary is a member of the Management Board or an employee at the retirement age, the establishment must pay the variable part of the pension allowance to the recipient in the form of the persons referred to in paragraph 1. 1, no. 4, mentioned without possibility of disposable or utilisation for a period of five years. Paragraph 5 shall apply mutatis muctis to those in 3. Act. the case mentioned.

Paragraph 7. Salary policy must distinguish between criteria for determining the fixed wages respectively, which must primarily reflect relevant business experience and organizational responsibilities, and the variable wages to reflect renewable and risk-adjusted results ; and results in addition to what can be expected according to the relevant professional experience and organisational responsibility of the staff concerned. A variable salary part that is dependent must be determined on the basis of an assessment of the results of the recipient concerned, the results of the results in its department and the undertaking ' s performance.

Paragraph 8. The financial supervision may lay down detailed rules on the rules laid down in paragraph 1. 1-7 conditions.

Niner. 9. The Minister for the Industry and Growth Minister may lay down detailed rules on the definition of other staff whose activities have a significant impact on the company ' s risk profile.

Paragraph 10. in the case of persons in the employment relationship covered by a collective agreement, paragraph 1 shall apply to the provisions of paragraph 1. 1-7 only apply to non-variable-wage agreements if the contracts for variable wages are not set out in the agreement.

§ 77 B. For financial undertakings, financial holding companies and insurance providers receiving State aid or received a commitment to State aid, including state capital deposits, cf. the law of capital deposits, or individual State guarantee, cf. Chapter 4 a of the law on financial stability, or subsidiaries of Financial Stability A/S shall constitute the percentage referred to in section 77 (a) (1). 1, no. 1, 20 pct;, however, having to be allocated and paid on a variable salary to the Management Board and the Board of Directors, if that is justified.

Paragraph 2. No new stock options or similar arrangements for the management board and the management of the management board shall be initiated in the cases referred to in paragraph 1. 1 mentioned undertakings.

Paragraph 3. The people in paragraph 3. 1 the undertakings referred to in their payroll policy shall set a specific limit specified in relation to the revenue of the company, for the overall allocation of variable pay to the management board, the management and other staff whose activities are essential ; influence the risk profile of the company.

§ 77 c. Financial undertakings, financial holding companies and insurance companies whose capital shares are engaged in trade in a regulated market, or, as in the two preceding financial years on average, have had a thousand or several full-time workers shall be required to establish a remuneration committee, cf. however, paragraph 1 2.

Paragraph 2. In groups, with several companies, which are under paragraph 1. Paragraph 21 (1) or 9. However, as regards the law on alternative investment funds and so on, the Committee on the Administrative Board may, in the first place, set up a remuneration committee, a Joint Committee on Compensation for these undertakings may be set up in the group or part thereof. The remuneration committee shall be organizationally placed in a company under the supervision of the SEC, except in a financial holding company or an insurance holding company, and shall be set up in a business that is the parent undertaking of the other ; establishments set up by the Committee.

Paragraph 3. The chairman and the members of the remuneration committee shall be members of the management board of the undertaking which shall set up the remuneration committee, or by the management boards of undertakings which, pursuant to paragraph 1, shall be that of the Management Board. 2 has a common remuneration committee. The Compensation Committee shall be groused in such a way as to enable the members to make a qualified and independent assessment of whether the company's remuneration, including wage policy and related business practices, are in accordance with section 71 (3). 1, no. 9, section 77 a and 77 b.

Paragraph 4. The remuneration committee shall be required to carry out the preparatory work on the decisions taken by the Management Board for remuneration, including wage policy and other decisions on this subject, which may affect the risk management of the company. The Committee shall be capable of carrying out other duties relating to remuneration. The Committee must, in the preparatory work, protect the long-term interests of the company, including in relation to shareholders and other investors, as well as the public interest.

Paragraph 5. In undertakings covered by paragraph 1. 1 and where there is employee representation on the management board pursuant to the rules of Chapter 8 of the company law, at least one of these representatives shall be a member of the remuneration committee set up pursuant to paragraph 1. One or two.

§ 77 d. The establishment's upper body must approve the company ' s pay policy, cf. Paragraph 71, paragraph 1. 1, no. 9, including guidelines for the allocation of variable pay and guidelines for severance payments.

Paragraph 2. In a financial undertaking, a financial holding company or an insurance holding company, the Chairman of the Management Board shall explain the remuneration of the company ' s management board and management board in its report to the company ' s chief executive agency. The statement shall contain information on the remuneration in the preceding financial year and on the expected remuneration for the current and the following financial year.

Paragraph 3. Financial undertakings, financial holding companies and insurance undertakings shall publish in the annual report the total remuneration for each member of the Management Board and the Governing Board, as part of this task, have earned ; from the undertaking in the financial year in question and as a member of the Management Board or the Board of Directors of a company within the same group.

Paragraph 4. Financial undertakings shall lay down rules for financial undertakings, the obligation of the financial holding companies and the insurance providers to publish information on their compensation of the Administrative Board, the Governing Board and other servants, if : activities have a significant impact on the company ' s risk profile.

§ 77 e. In the case of a securities dealer who, by direct contact, sells or adviser to financial instruments, covered by Annex 5 and instruments and contracts covered by rules issued under Section 17 may not be subject to the variable pay part that is dependent on the achievement of a sales target for the employee who designating a sales volume of financial instruments that must be achieved in relation to customers that are not professional customers or approved counterparts.

Paragraph 2. The requirement of paragraph 1. 1 shall include the securities traders carrying out the following in Annex 4 (A) (s), One, two and five, mentioned services.

Paragraph 3. in the case of persons in the employment relationship covered by a collective agreement, paragraph 1 shall apply to the provisions of paragraph 1. 1 only application of variable-wage agreements if the contracts for variable wages are not set out in the agreement.

§ 78. Without the approval of the Management Board, which shall be entered into the board of the board's negotiating protocol, a financial undertaking shall not grant exposure to or receive security from

1) members and directors of the financial undertaking ; or

2) establishments in which it is referred to in point 1 mentioned persons are directly or indirectly in the possession of a qualified share, board member or manager.

Paragraph 2. The people in paragraph 3. 1 Exposure shall be granted in accordance with the usual business conditions of the financial undertaking and on market-based conditions. The external auditor of the financial undertaking shall be issued in the audit protocol on the annual report on the question of whether or not the requirements of 1. Act. are met.

Paragraph 3. The Executive Board and the Administrative Board shall in particular monitor the defence and the conduct of the proceedings referred to in paragraph 1. 1 said exposure.

Paragraph 4. The rules of paragraph 1. 1-3 also applies to exposure to persons associated with directors of a marriage, at least two years or a relative, in a dish or a descending line or as siblings, and with undertakings for which such persons are directors.

Paragraph 5. A financial undertaking or undertakings within the same group shall not grant exposure to or receive securities from an external auditor or the internal auditing or temporary-agency director. This does not apply to the loan granted by a life assurance undertaking in the re-purchase value of one of the life insurance undertakings issued insurance policy.

§ 79. The rules on company law corporate representation do not apply to employees in companies through which a financial undertaking temporarily operates the second company under this law.

§ 79 a. In financial firms, financial holding companies and insurance companies that have securities admitted to trading in a regulated market in an EU/EEA country, or a balance sheet of 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. For establishments covered by paragraph 1, 1 that produces group accounts, it is sufficient to set out 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.

Paragraph 6. In undertakings which have set up a nominating committee pursuant to Article 80 (a), the obligation to do so shall be incumberated in paragraph 1. 1, no. 1, the nomination committee.

General rules on the other duties of the management

$80. Persons who are employed by the Administrative Board of the Management Board in a financial undertaking cannot own or operate independently of the governing board or as a member of the governing board or as a member of the governing board or in any other way, in the management or operation of the second business activity other than the financial undertaking, cf. however, section 199 (4). 10 and 11.

Paragraph 2. Other staff of a financial undertaking for which there is a material risk of conflict between its own and the financial market, cannot without the permission of the Executive or to operate independently of the business or to operate independently of the management of the financial market ; board member, functionary, or otherwise involved in the management or operation of the other business business other than the financial establishment. 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 its own and the financial interests of the financial undertaking, which must therefore be given the approval of the Executive Board, cf. paragraph 2. The Management Board shall ensure that the persons concerned are aware of this. The penalty clause in Section 373 (1). 2, shall apply from the date on which the person concerned has received information on this subject.

Paragraph 4. The one in paragraph 1. The activities of 1 and 2 may be disputed only if the financial undertaking or undertakings involved in the group or management community with the financial undertaking do not have or undertake exposures against those referred to in paragraph 1. 1 and 2 the business operators or undertakings which are included in the group with these undertakings. Exemptions in the form of capital shares, exposure to the conditions laid down in paragraph 1 shall be that of the Member 5 and 6 undertakings, as well as exposure to business enterprises, which are included in the corporate or business business sector, where financial undertakings jointly or jointly with funds and associations established in accordance with sections 207 and 214 belong to more than 4/5 of the capital shares.

Paragraph 5. The one in paragraph 1. 4 Exhibit of exposure shall not apply to the participation of the Board of Denmark, Banker and Sparekassers Youth Contact, LR Realcredits A/S, Bornholm's Commercial Foundation, Greenland Bank A/S, regulated markets, clearing centres, value paper centres, NASDAQ OMX Stockholm AB, NASDAQ OMX Helsinki Oy, IFU Investment Fund for Developing Countries, the Investment Fund for Eastern Countries, Landbrugets Financing Bank A/S, Bankers Contant/S, Fundying A/S, Fundconnect A/S and DLR Kredit A/S.

Paragraph 6. The one in paragraph 1. 4 Exhibit of exposure shall not apply to the participation of the Board of Directors of a business temporarily operated by a financial institution, a mortgage or insurance undertaking under Section 25 to ensure or conduct ; prior to imputed exposure.

Paragraph 7. All permits granted by the Administrative Board pursuant to paragraph 1. 1 shall appear on the board of the board's negotiating protocol.

Paragraph 8. The financial undertaking shall publish at least once an annual information on the functions approved by the Management Board in accordance with paragraph 1. In addition, the external audit of the audit protocol laughter concerning the annual report shall be issued on the question of whether the financial company has exposure to commercial undertakings covered by paragraph 1. One and two.

Niner. 9. The financial supervision may be dispensers from paragraph 1. 4 in special cases.

Special rules for financial institutions, real credit institutions and fund-brokerers

§ 80 a. A financial institution, a credit institution and a fund-broiler company that shares capital shares on trade in a regulated market, or, as in the two preceding financial years on average, have had a thousand or more full-time workers, must : set up a nominal committee.

Paragraph 2. The chairman and the members of the nominal committee shall be members of the Board of Directors of the financial institution in question, the real credit institution or the fund-broiler company I shall be a member.

Paragraph 3. The nomination committee shall be required to :

1) Propose candidates for election to the board.

2) Set up target figures for the proportion of the underrepresented gender in the Management Board and formulate a policy on how to achieve the target number.

3) Establishment a policy of diversity on the board, which promotes sufficient diversity of skills and skills among the members of the Management Board.

4) Ongoing and at least once a yearly evaluation of the size, structure, composition and performance of the management board in relation to the tasks to be handled and report and make recommendations to any amendments thereto to the overall management board.

5) Ongoing and at least once a yearly review whether the total board of directors has the necessary combination of knowledge, expertise, diversity and experience, and whether the individual complies with the requirements of section 64 and report and make recommendations to any amendments thereto to the overall management board.

6) Continuously review the Management Board's policy of selection and appointment of members of the Executive Board if such a policy is drawn up and make recommendations to the Administrative Board accordingly.

Paragraph 4. When the nomination committee proposes candidates selected for the management board pursuant to paragraph 1. 3, no. 1, the nomination committee shall draw up a description of the functions and qualifications required for the particular item and indicate the time expected to be set aside for this purpose.

Paragraph 5. The nomination committee shall regularly ensure that the Management Board ' s decision-making is not dominated by a single person or by a small group of individuals in a manner that harms the interests of the undertaking as a whole.

Paragraph 6. The nomination committee shall have the opportunity to use all the resources required by the Committee, including external advice, and the institution of credit institution, the real credit institution or the fund-broiler company you shall ensure that the nomination committee has : adequate financial resources for this purpose.

$80 b. A financial institution, a credit institution and a fund-broiler company that shares capital shares on trade in a regulated market, or, as in the two preceding financial years on average, have had a thousand or more full-time workers, must : set up a risk selection.

Paragraph 2. The Chairman and the members of the risk selection shall be members of the Board of the Board of the institution in question, the real credit institution or the fund-broiler company I and shall have the necessary knowledge and skills and skills to understand and monitor your risk.

Paragraph 3. The risk of the Risk of Risk must be :

1) Advise the management board of the company's overall current and future risk profile and strategy.

2) Conserve the Board of Directors to ensure that the Board's Risk Strategy is properly implemented in the organisation.

3) Assess whether the financial products and services provided by the financial institution, the real credit institution or the fund broker you act are in accordance with the business model and risk profile of the company, including the revenue of the products and services reflect the risks involved and prepare proposals for remediation if the products or services are not in line with the company ' s business model and risk profile.

4) Assess whether the incentives to the company's payroll structure take account of your risk, capital, and cash flow, and the probability of profit and time.

Paragraph 4. The risk of the Risk of Risk must be accessible to the risk, including at risk management, and, to the extent that is necessary and relevant, the possibility of using remote counselling.

Paragraph 5. The Risk of Risk must be regularly assessed and decided on the type, the quantity and frequency of information from the company that is to be added to the committee.

Publication

§ 80 c. A financial undertaking that has a website must publish information about how the company meets the requirements of section 70 (s). 1, no. 4, and paragraph 1. 4, section 71, paragraph 1. 1, no. 10, section 77 (a) (1). 1-7, section 77 b, paragraph. Paragraph 1 and 3, section 77 c and section 80 (a), Paragraph 1 and paragraph 1. 3, no. 3, to the extent that the relevant requirements are applied to the establishment.

Paragraph 2. A financial institution, a credit institution and a fund-broiler company that have a website shall publish information on how the company establishes, implementing and supervising the management arrangements of the establishment, which shall ensure efficient and efficient ; prudent management of the undertaking, including the separation of tasks in the organization and prevention of conflicts of interest.

Paragraph 3. Publication under paragraph 1. 1 and 2 must take place at the establishment ' s website where it is natural that it should be at home.

Special rules for savings savings

§ 81. The cabinet is the top authority of the savings bank.

Paragraph 2. The representative must have at least 21 members. Representatives are selected for a period of four years. If the representative on departure becomes less than 21 members, the alteration of the alteration shall take place.

Paragraph 3. The voting rights of representatives shall be the depositors and guarantors of the savings of the right to vote. Each intake can only give 100 votes. A garant has from 0 to 100 votes for every 1,000 kroner. the amount of the guaranteed guarantee, but not more than 2000 votes. Rules on the electoral system, voting rights and the implementation of elections must be included in the memorandum.

Paragraph 4. The depositors and guarantors who vote in elections to the representative shall select a part of this to correspond to the ratio between the votes cast and the total number of votes to the depositors of the savings and the guarantors, however : at least 1/3 of the representatives. The other Members will be elected only by the voting guarantors and in the savings of savings income without voting guarantors of the outgoing representative. It should be pursued that the representative should be combined with alsica, both in geographical terms and in commercial terms.

Paragraph 5. If any depositor in the austerity box has the right to enter as a guarantor and the number of votes that may be provided by the guarantors shall be at least 100 000, it may, irrespective of the provisions laid down in paragraph 1. The representatives of the guardians shall be determined by the guardians of the savings and in the savings of the savings bill. A garant has from 0 to 100 votes for every 1,000 kroner. the amount of the guaranteed guarantee, but not more than 2000 votes.

§ 81 a. Expict that part of the own funds, which are not guaranteed capital, in a savings box less than 20%. by the bank ' s own funds, the statutory voting rights of the savings bank shall be subject to the provisions of Section 81 (2). 3, 3. pkt., and section 81 (3). FIVE, TWO. Act. The statutory right to vote for the Sparekassen in section 81 (4). 3, 3. pkt., and section 81 (3). FIVE, TWO. a rectangle shall not reinstate even if the part of the own funds that is not guaranteed capital shall be equal to 20%. Or more of the own funds.

Paragraph 2. For savings covered by paragraph 1 1 shall, at the latest, at the earliest, after the savings bank has been covered by paragraph 1. 1, a review of the Staff Regulations shall be implemented so that it is clearly stated in the Staff Regulations of the savings made by the savings bank which are not covered by statutory suffragetic restrictions. A savings fund may, however, notwithstanding paragraph Paragraph 1 shall lay down the limits of the right to vote in the instruments of the savings bank.

Paragraph 3. The assessment of whether the share of the own funds, which is not guaranteed capital, amounts to less than 20%. in the case of the funds ' own funds, shall be carried out on the basis of the latest revised annual report, the most recently revised partial annual report or the most recently revised quarterly accounts.

$82. Board members shall be selected by the Board of Representatives for a maximum of four years at a time.

§ 83. The statutes of the savings are to contain provisions concerning :

1) the name and potential binnames of the bank,

2) the amount, business and distribution of guarantee capital,

3) the guarantors and the obligations incumlient to them ;

4) the board and board of directors, management and management,

5) the call for representative meetings and the choice of representative, cf. § 81, paragraph. 3,

6) the time and place of the regular representative meeting ;

7) issues to be addressed at the regular representative meeting ;

8) the clearance of accounts and the use of surpluses,

9) amendment of statutes ; and

10) voluntary termination of the establishment.

§ 83 a. Contains the statutes of a fund or a ceiling on profit and payment of the guarantee capital shall not preclude the fact that capital may be included in the actual core capital of the savings bank.

Section 83 b. The proprietors of guarantors shall not be entitled to inlet.

§ 84. Articles 87 and 88 of the Corporate Act, Section 89 (8). 1 and 3, section 90 (3). 1 and 2, sections 91 and 93, section 94 (3). Paragraph 1, section 96, paragraph. 2, section 97, paragraph. 3, section 100 a, 101, 102, 105, 108 and 109, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, § § 112-115, § 117, paragraph 1 1, sections 118, 119, 121, 124, 127, 131 and 134, section 135, paragraph 1. Articles 1, 2 and 5, and § 136-138 and 140-143 shall be made with the necessary adjustments and with the derogations provided for in the provisions of this legislation, equivalent use of savings savings.

Paragraph 2. The certificate of guarantee without prejudice may take place in accordance with the rules in section 66 (1). 3, in the company law, on the same notice as by the mortification of asset mail, which are not a carcase certificate.

Special rules for andelskasser

§ 85. The General Assembly is the supreme authority of the Andelassis and the Andelassens ' cooperative seas are being made.

Paragraph 2. Every Andelshaver has a right to a meeting of the General Assembly and take the floor there. Every other shaver has one vote. Andelors in the Andelskans covered by § 85 a shall be weighted in accordance with the shares of the andelshaver, unless otherwise provided by the Statute of the Andelaset, unless otherwise provided by the other.

§ 85 a. Explainus the part of the own funds, which are not cooperative capital, in an Andelmolasses less than 20%. on the own funds of the Andelassis, the statutory right to vote of the Andelskassen shall be determined in section 85 (3). TWO, TWO. Act. The laws of the Andelskassen in section 85, paragraph 1. TWO, TWO. a rectangle shall not reinstate even if the portion of the own funds which are not cooperative capital shall be equal to 20%. Or more of the own funds.

Paragraph 2. For the subject of paragraph 1, 1, after the sandbox box has been covered by paragraph 1, no later than the first-General Assembly. Paragraph 1 shall be subject to a change of status, in such a way that it is clearly stated in the statutes of the Andelasstatutes that the Andelskbox is not subject to the legal right to vote. There may be an andmolasses, no matter what the other Paragraph 1 shall lay down the limits of the voting rights in the statute ' s Staff Regulations.

Paragraph 3. The assessment of whether the part of the own funds, which is not cooperative capital, amounts to less than 20%. on the basis of the own funds of the Andelasses, shall be carried out on the basis of the latest revised annual report, the most recently revised part-year report, or the latest revised quarterly accounts.

§ 86. Board members shall be selected by the general meeting, cf. However, section 69.

§ 87. An Andelskcode bylaws shall include provisions concerning :

1) the name of the andelskassis and any binary names,

2) the proportion of the cooperative capsule and the share of the shares in the equity capital of the Andelass;

3) the conditions for membership, including the right to admission and access to exit,

4) the obligations of the Andelshaves,

5) General Assembly, Board of Directors, Governing Board, and auditing.

6) the invocation of the General Assembly,

7) the time and place of the ordinary general assembly,

8) issues to be addressed at the general meeting of the General Assembly,

9) the clearance of accounts and the use of surpluses,

10) the adoption of proposals at the general assembly, including amendments to the Staff Regulations,

11) voluntary cessation of the undertaking and

12) provisions for the settlement of the second capital chapter.

§ 87 a. In the absence of a ceiling for or limiting the payment of yield and the repayment of the second chapter, this shall not preclude the fact that capital may be included in the actual core capital of the andelskas;.

§ 87 b. The holders of cooperative capital must not be entitled to sanctuation.

§ 88. The Danish Act of Title 80 (3). 1-4, section 81, 87 and 88, section 89, paragraph. 1 and 3, section 90 (3). 1 and 2, sections 91 and 93, section 94 (3). Paragraph 1, section 96, paragraph. 2, section 97, paragraph. 3, section 100 a, 101, 102, 105, 108 and 109, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, § § 112-115, § 117, paragraph 1 1, sections 118, 119, 121, 124, 127, 131 and 134, section 135, paragraph 1. Articles 1, 2 and 5, and § 136-138 and 140-143 shall be made with the necessary adjustments and with the deviations laid down in the provisions of this law, mutatis mutandis, on andelskasser.

Paragraph 2. Without prejudice to the rules in section 66 (3), 3, in the company law, on the same notice as by the mortification of asset letters, which are not a carcase certificate,

§ § 89-97. (Aphat)

Special rules for investment management companies

-98. Investors in the UCITS and the capital associations as an investment management company manages, and investors, with whom the investment management company has concluded an agreement on discretionary portfolio management, cf. in Annex 4, section A, no. 4, cf. ~ 10 (1)) 2, is entitled through an investor forum, to select a member of the Management Board of the investment management company. Investor and consumer organisations have access to the investor forum to propose candidates to the board. The elections shall be conducted in an election meeting or by electronic voting in accordance with the rules laid down in the investment management company ' s statutes. The investors are able to represent themselves at the full power of attorney.

Paragraph 2. The investment management company ' s statutes shall determine whether investors can vote in relation to their relative share of the wealth the investment management company manages for UCITS, capital associations and investors, with whom : the investment management company has concluded an agreement on the portfolio of portfolios, cf. in Annex 4, section A, no. 4, cf. ~ 10 (1)) 2, or whether each investor has one vote, regardless of the amount invested. If the investors are voting for their relative share of the assets, the number of votes on the basis of the internal value shall be calculated according to the internal value after the last published exchange rate or exchange rate on a predetermined date.

Paragraph 3. When an investment management company alone manages investment associations, SIKAVs and capital associations, which owns the company, cf. Section 26 (1). The company shall be exempt from the requirement referred to in paragraph 1 in the law on investment associations and so on. 1 to establish an investor forum if at least one member of the Management Board or the Governing Board of the Management Board shall be chosen as a member of the management board of the investment management company.

§ 99. An investment management company ' s management board or management may only grant authorisation in accordance with section 80, paragraph 1. 1 and 2 that a director or an employee may be a member of the management board or participate in the management or operation of an investment association if the investment union is not managed by the investment management company, and where there is no a person-coinciding between the majority of the members of the Management Board of the Investment Association concerned and the management board of the investment management company. The person concerned shall not be responsible for the management of the chairman.

Paragraph 2. An investment management board or management board cannot grant permission pursuant to section 80 (3). 1 and 2, to enable directors and other executives to be members of the management board or to participate in the management or operation of the debit or other company, as one of the investment firms such as the investment management company ; manage, have concluded significant agreements or in a company that is affiliated with these companies.

Paragraph 3. The Management Board or the Governing Board may, however, be 2, however, permit a director or staff to be members of the investment management company ' s subsidiaries or group-linked companies that would be subsidiaries, cf. § 28.

§ 100. An investment management company shall have a sufficiently qualified staffing and the necessary technical expertise to :

1) carry out the management of the type of UCITS which the investment management company administers,

2) assess the performance of the tasks assigned to the investment management company, cf. § § 102-105,

3) can make investment decisions for the managed UCITS and

4) assess the investments made and the results obtained when an investment management board or an investment management company management board of a SIKAV or securities fund has entered into agreement on the portfolio ' s portfolio for the person concerned ; UCITS or a departmental fortune.

§ 101. Investment management companies shall act independently and exclusively in the interest of the UCITS in question.

Paragraph 2. In the day-to-day administration, investment management companies shall take care of the interests of the UCITS they manage, as best as possible.

Paragraph 3. The management board of the investment management companies shall :

1) establish a policy of conflicts of interest between UCITS, departments and other classes, as well as between them and the investment management company and other companies it forms part of, and other contractual partners ; the other customers of the investment management company, including capital associations, on the other ;

2) could detect conflicts of interest that may harm a UCITS ' investors,

3) restrict interest conflicts as much as possible and,

4) if the organizational or administrative arrangements implemented in order to control conflicts of interest are not sufficient to guarantee, with reasonable certainty, that the risk of injury to a UCITS, or capital association or investor is avoided in it ; the specific case shall inform the relevant UCITS, capital association or investor of the general content of the conflicts of interest, before the parties enter into agreement or, if the conflict of interests has been concluded, the parties involved agree to the agreement or the investor.

Paragraph 4. When an investment management company also has authorisation to perform discretionary portfolio management, it must maintain a clear separation between this portfolio management and management of UCITS. The investment management company is in relation to the management of investment associations, subject to the instruction authority of each investment management board, and in relation to other UCITS, the board of directors of the company, the power of instruction unless other rules apply in a foreign UCITS country of origin.

Paragraph 5. The financial supervision may lay down detailed rules on how to detect and limit conflicts of interest by investment management companies.

Access by the investment management companies to delegate tasks related to the management of SIKAVs, securities funds and foreign UCITS

§ 102. The Management Board of an investment management company may delegate tasks forming part of the management of a SIKAV, securities fund or foreign UCITS, to a company authorized to perform the tasks in question.

Paragraph 2. The Management Board may conclude contracts for portfolio management with a company that satisfies the conditions of section 103 (s). 1 and which are not depots for the SIKAV, the securities fund or the foreign UCITS or any other company whose interests may conflict with the interests of the SIKAV, securities or foreign UCITS or of its investors.

Paragraph 3. When the management board of the investment management company makes a decision on delegation, cf. paragraph 1 and 2, the Delegation shall result in a more efficient operation of the investment management company ' s operations and a more efficient administration of the SIKAV, securities fund or foreign UCITS to which the delegation relates and comply with the conditions which : is specified in section 103-105.

Paragraph 4. The commitment of the investment management company and the debit company, cf. Section 106 and 107 shall not be affected by the management board of delegated tasks to third parties.

Paragraph 5. The Management Board shall ensure the monitoring of the performance of the delegated tasks, cf. § § 103-105.

Paragraph 6. The Management Board shall not delegate such a large proportion of the administrative tasks that the investment management company will be an empty undertaking in the case of tasks related to the management of a SIKAV, securities fund or foreign UCITS.

§ 103. An investment management company shall ensure that the undertakings to which the company delegates tasks are qualified and capable of carrying out the tasks in question. In cases where the delegation relates to investment management, the Management Board may only delegate to undertakings authorised or registered for the management of assets, cf. however, section 102 (2). 2, subject to supervision.

Paragraph 2. The undertaking to which the investment management company has delegated tasks may only be authorised in the individual case of the UCITS shall delegate the delegated tasks or a portion thereof to another ; business, and only if this delegation leads to a more efficient administration of the SAKAVs, securities funds or foreign UCITS.

Paragraph 3. The delegation of tasks of the Administrative Board must not prevent effective supervision of the investment management company and its managed SIKAVs, securities funds or foreign UCITS, and must not prevent the investment management company in to operate or prevent the SIKAV, the securities fund or the foreign UCITS in being managed in the interests of investors.

Paragraph 4. The Management Board may delegate tasks only in relation to investment management to undertakings located in a country outside the European Union or countries which the Union has agreed to in the financial sphere when the Financial Authority may be subject to financial supervision, cooperate with the supervisory authorities of the country concerned.

§ 104. In the event of a delegation of tasks, an investment management company shall ensure that the delegation agreement gives the investment management company the opportunity to effectively monitor the activities carried out by it, company that the task is delegated to.

Paragraph 2. The Agreement on Delegation shall not prevent the investment management undertaking at any time to give further instructions to the undertaking delegated to, and to terminate the agreement with immediate effect, if it is ; in the interest of the SIKAV, security fund or of foreign UCITS.

§ 105. The investment management company shall no later than eight working days after the conclusion of an agreement on delegation, cf. ~ 102, paragraph 1) 1 and 2, and section 103 (3). 2, notify the Financial supervision of the content and conditions of the agreement.

Paragraph 2. The SEC shall lay down detailed rules for :

1) the conditions set out in paragraph 1 Paragraph 1, section 102 (1). 1-3 and 5, and sections 103 and 104 have been met,

2) when an investment management company is deemed to have delegated tasks to such an extent that the undertaking shall be regarded as an empty undertaking after Article 102 (3). 6 and no longer can be considered to administer the SIKAV, the securities fund or the foreign UCITS, and

3) the tasks relating to the delegation to be regarded as essential.

Special rules for the Danish UCITS debit companies

§ 106. A debit company shall manage and keep a Danish UCITS financial assets (assets) separately for the departments of the Danish UCITS. The deposits must be able to provide adequate financial and professional security in order to be able effectively to apply the Danish UCITS to the task of the Danish UCITS.

Paragraph 2. The DepotCorporation shall ensure that :

1) the emission and identification of a Danish UCITS and the identification of members ' share shall be carried out in accordance with the rules laid down in the Law on investment associations and so on and the regulations or the fund rules,

2) financial instruments, cf. § 2, nr. 1, in the law of investment associations, etc., which are sold for the account of the Danish UCITS account, only the price of the sale (mohoning) is paid to the debit party,

3) Payment for financial instruments, cf. § 2, nr. 1, in the law of investment associations, etc. purchased for the account of the Danish UCITS bill, only taking place against the delivery of the financial instruments to the debtor network,

4) assets belonging to the Danish UCITS provided for security of their obligations shall be returned to the debit party when the insured claim has been recovered ;

5) the payment of dividends or withdrawal of profits to increase the wealth takes place in accordance with the Staff Regulations or Fund Regulations (Danish UCITS) ;

6) the value of a Danish UCITS ' s occupation of panthemail shall be set in accordance with the rules thereof ;

7) a Danish UCITS purchase and sale of financial instruments, cf. § 2, nr. 1, in the law of investment associations, etc., shall be done in accordance with section 70 of the law on investment associations and so on and

8) the purchase and sale of other assets, including pawn mail, are made at prices that are not less advantageous than the value of the day.

Paragraph 3. When the debit company is a debit company for a Danish UCITS administered by an administration company based in a country within the European Union or in a country concluded by the Union in the area of the financial sphere, the debit company shall, a written agreement on the exchange of information needed to perform its duties under this law, on investment associations and so on, and the management company, shall enter into a written agreement on the exchange of information necessary to enable the debit party to perform its duties under this law. rules issued in accordance with the laws.

Paragraph 4. If the debit company is a debit company for a Danish UCITS that is a master institution or a feeder institution, but not the depots of both entities or institutes (UCITS) in the master-feeder structure, it shall, cf. Section 5 (5). 4, no. Secondly, on the law of investment associations, an agreement with the other party to exchange information to ensure that both depots can carry out their duties.

Paragraph 5. The Depot for a Danish UCITS, which is the master institution, shall immediately notify the Financial supervision if it is informed of any irregularities in relation to the master department. If the irregularities, cf. 1. pkt., may be considered having adverse effects on a feeder institution, it shall also inform this or its investment management company or its management company and its depots company.

Paragraph 6. The SEC may issue detailed rules for :

1) the duties of the debit company to the Danish UCITS, it is a debit party,

2) its duties to a Danish UCITS administered by an administration undertaking located in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere,

3) the obligation to inform a feeder institution and its depotcompany, cf. the duty of the carrier to inform a feeder institution and its depot company paragraph 5,

4) the duty of depotit to inform the Finance-SEC of the conditions relating to Danish UCITS, that is the depots for, and whether :

5) the content of the content of paragraph 1, 3 said agreement.

§ 107. The Depot is in the face of the Danish UCITS responsible for any damage that the Danish UCITS had to suffer as a result of failure or failure to comply with its obligations. The debit company is responsible, even though the debit company leaves the wealth of the Danish UCITS fortune or a part of it to another debit. The deposits cannot agree to this responsibility.

Special rules for insurance undertakings

§ 108. The Executive Board shall ensure that an insurance undertaking has sufficient expertise to calculate technical provisions.

Paragraph 2. If the insurance undertaking has permission to run life-insurance operations, the Management Board shall appoint a responsible actua to carry out the necessary insurance engineering functions, including calculations and studies. The position of actuarial cannot be reconctored with the position of a member of the management board or the management board of the insurance undertaking.

Paragraph 3. Where a responsible actuar is made redundant or severed, the Management Board and the actuarial shall send each statement to the Financial supervision of the background to the Financial supervision of the reasons.

Paragraph 4. The responsible actuar shall ensure that the company complies with its technical bases and so on in this context to review the actuarial content of its activities and the material and ensure that the technical basis and so on, cf. section 20, at all times, in accordance with the provisions of section 21 (3). 1 6, said requirements.

Paragraph 5. The responsible actuar must immediately report any breach of the provisions laid down in paragraph 1. 4 mentioned in relation to the Financial supervision. The actuarial shall have the right of management to demand all information necessary for the performance of the profession. The financial supervision may require the information of the actuary which are necessary for the assessment of the company ' s financial position.

Paragraph 6. The responsible actuar must submit an annual report to the Financial supervision.

Paragraph 7. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 2-6 conditions of reference, including the requirements for which a person is to be met to be a responsible actuarial employee.

-109. sections 73 and 74 shall apply mutatis muted to the rep of the insurance undertaking.

§ 110. Section 199 of corporate law does not apply to the acquisition of own shares by insurance companies.

Special rules for mutual insurance undertakings

§ 111. The right of Members and guarantors to decide in a reciprocal insurance company shall be exercised at the general assembly. Every member must have at least 1 voice.

Paragraph 2. In the bylaws, no matter where paragraph is mentioned, 1 is determined that the General Assembly shall consist of delegates elected by members and the guarantors or delegates to them.

§ 112. The bylaws of the insurer ' s statutes must, in addition to the provisions laid down in section 28 and 29 of the company law, contain provisions concerning :

1) the responsibilities of the members and the guarantors of the undertaking ' s obligations, as well as members and guarantors ' liability, cf. Section 284 (4). 2,

2) whether the company should be able to take over reinsurance without mutual responsibility, and

3) whether or not the guarantee capital shall be brackets and, where appropriate, by the rules.

§ 113. Decision amending the statutes shall be taken at the meeting of the general meeting, cf. however, sections 23 and 114, cf. Section 159 in corporate law. The decision shall be valid only if it is attracted by at least two thirds of the votes cast. In any case, the decision shall comply with the additional requirements laid down by the statutes.

Paragraph 2. Essential changes in a company ' s purpose may, unless otherwise specified in the statutes, be adopted only when the agreement is obtained from three quarters of the guarantors and three-quarters of the members or, where the general assembly consists of : delegates, as of three-quarters of these. Notification to the guarantors of such changes shall be made no later than eight days after the decision of the General Assembly. Any guarantors who oppose such amendments may, at the latest one month after the meeting of the General Assembly, demand that the other guarantors be taken over their guarantee shares.

§ 114. section 77 and 86-88, section 89 (8). 1 and 3, sections 92 and 93, section 94 (3). Paragraph 1, section 95, section 96, paragraph. 1, sections 100 and 100 a, § 101 (3). 1-4 and 8, section 102, paragraph 1. 1-3, section 105, section 111, paragraph 1. 1, no. Paragraph 1 and paragraph 1. 2 and 4, § § 112-115, § 117, paragraph 1 1, sections 118-122, 124-128, 131, 133 and 134, section 135, paragraph 1. Articles 1 to 3 and 1 to 5, 141 and 143 shall apply mutatis mutandis to the necessary adjustments and the deviations set out in the provisions of this law applicable to mutual insurance undertakings.

Paragraph 2. In the paragraphs in paragraph 1. Paragraph 1 shall apply to shareholders ' shareholders ' shall apply to the guarantors and provisions relating to share capital and shares in the stock of guarantee capital and guarantees shares with the necessary relief measures.

Paragraph 3. The section 76, paragraph, of the company. 2, 3 and 5, section 80 (3). 1-4, section 81, section 90, paragraph. 1 and 2, sections 91, 98 and 99, section 101 (3). 1, 2 and 4, section 102, paragraph 1. 1 3, and § § 108, 109, 125 and 126 shall also be made with the necessary adjustments and with the derogations provided for in the provisions of this law applicable to mutual insurance undertakings.

Paragraph 4. In the paragraphs in paragraph 1. The provisions of this Article shall apply to shareholders ' provisions on all the voting rights of the mutual assurance undertaking ' s general assembly.

Paragraph 5. § 180, paragraph 1. 1, and Section 194, in the company law on the payment of shareholders, shall apply by analogous interest to the guarantee and payment of members in mutual insurance undertakings.

Special rules for cross-boarding pension funds

§ 115. In the case of a different composition of the Management Board, unless the profession and growth minister is allowed to have a different composition of the Administrative Board, this shall consist of a chairman and a number of members of the board, of which at least half of which are to be chosen ; and the members of the pension fund.

Paragraph 2. In the bylaws, it may be laid down that the choice of the governing board and the amendment of the statutes shall be made by members of the members of the pension as members of the Pension Party

§ 116. The provisions for mutual societies in sections 23 and 114 shall apply mutatis mutias to cross-retirement funds, cf. however, paragraph 1 2 and section 284 (4). Two and three.

Paragraph 2. § 120, paragraph 1. 1 and 3, in the corporate law, do not apply to cross-pension funds.

Chapter 9

Disclosure of confidential information

§ 117. Board members, members of local directors and similar members, members of the representative in a financial undertaking that are not an austerity crate, accountants and auditors, and their alternates, founders, valuers, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators, liquidators CEOs, dismissaries, agents and administrators of an insurance undertaking and other staff shall not unduly disclose or exploit confidential information which they are aware of during the performance of their duties. This provision shall apply by analoging to financial holding companies and insurance companies.

Paragraph 2. The person receiving information in accordance with paragraph 1. Paragraph 1 shall be subject to the provisions of paragraph 1. Paragraph 1 referred to the obligation to secrecy.

§ 117 a. A financial institution may disclose information on the name and address of the person who transferred funds to an customer's account as a result of the transfer of funds to the customer's account, so that the person concerned may pursue any claim ; against the customer in connection with the transaction. A financial institution may disclose information on a customer's name and address to a payment consignee when the Customer has used a means of payment to pay for goods or services in the payment consignee ; and an erroneous error has occurred ; transaction.

Paragraph 2. The Pension Foundation must alert the customer to the customer, before information about your name and address may be disclosed.

Paragraph 3. If a customer has the name and address protection under the Central Person Registry, the monetary Institute may not disclose information about the person concerned, cf. paragraph 1.

§ 118. Normal customer relationship information can be disclosed to the use of administrative tasks.

Paragraph 2. For the purposes of using administrative tasks, disclosure may be disclosed to a company owned by the occupational pension to the occupational pension and to the occupational pension for the occupational market, cf. law on the Labor Market's Supplementary Pension Section 26 b (3). 3, and section 23 (4). 4, as well as to the company management company in an insurance management community.

Paragraph 3. Insurance companies and pension funds may require advice on life insurance and pension schemes as well as insurance schemes that are included in these schemes, provide information on customer relations with insurance undertakings as insurance undertakings ; or the pension fund, the group is connected to the company in an insurance management community, to a stock company owned by the occupational pension for the occupational pension and to the occupational pension for the occupational pension, cf. Section 23, paragraph 1. 4, and section 26 b (b), 3, in the Act of the Labor Market Supplementary Pension. Information on health conditions and other sensitive information may be disclosed only if the information on which the information is communicated has given consent.

Paragraph 4. Information relating to a pension or pension scheme set up in a financial institution as part of a labour market pension scheme may be used to provide advice on the system will be disclosed from the financial institution to an insurance management community that is Concern with the money department.

Paragraph 5. The person receiving information in accordance with paragraph 1. 1-4, the subject is covered by paragraph 117 (1). 1, the obligation of professional secrecy.

Paragraph 6. The SEC shall lay down detailed rules on the information available to you in accordance with paragraph 1. 1.

§ 119. Information on purely personal matters may not be disclosed without your consent, unless the disclosure is justified after paragraph 117 (2). 1, or § 118 (1). 2.

§ 120. Information can be passed on to the parent company of the financial undertaking for the risk management of companies in the group, provided that the parent company is a financial undertaking, a financial holding company or an insurance reorganization. However, this does not apply to purely private matters.

Paragraph 2. Information about private customers cannot be disclosed to risk management, cf. stk.1, except for the specific cases where the information about a private customer relates to obligations that have or will be able to have significant size.

§ 120 a. Information on commercial customer can be exchanged between financial institutions and real-life credit institutions, which are affiliated, for risk management, including credit rating and credit management. The same applies to the exchange of information with the financial holding companies of such undertakings, insurance trading establishments and subsidiaries. Information exchange may only be carried out with subsidiaries providing lending or operating leased-out.

Paragraph 2. The provision in stk.1 shall also apply to the exchange of information between common-owned and real credit institutions and holders of capital holdings in the money or to the real credit institution when the holders referred to are money-or mortgage credit institutions and collectively possesses more than 4/5 of the capital shares. Similarly, the exchange of information shall be exchanged with the subsidiaries of the joint owned undertakings providing the lending or the driver ' s leasing company.

Paragraph 3. The surrender in accordance with paragraphs 1 and 2 shall not cover information as referred to in section 119.

Paragraph 4. The person receiving information in accordance with paragraph 1. 1 and 2 shall be subject to the covered by the section 117 (1). 1, the obligation of professional secrecy.

§ 120 b. A borrowing financial institution or a credit institution may disclose information relating to a borrower to the issuing financial institution or a credit institution if a loan agreement has been concluded, stating that the loan may be financed by another ; the issuance of a financial institution or a mortgage credit institution in particular covered by debt securities or in particular covered mortgage bonds. Exchange of information between the financial institution or a credit institution and the financial institution or mortgage credit institution issuing the special covered debt securities or in particular covered mortgage bonds with which the loan is financed, may occur to the extent that it is necessary to take risks of risk management and portfolio management in the Register or the portfolio in a series or group of series with a series of reserves with a series of reserves.

§ 121. Information about a private customer may not be disclosed for use in the marketing or advice of any person unless the Customer has given consent, cf. however, section 118 (1). 3 and 4.

Paragraph 2. For corporate companies subject to the obligation of professional secrecy, as referred to in paragraph 117 (1), 1, as well as undertakings in which more financial undertakings or Danish UCITS in association owns a company operating in business that the financial undertaking must operate through a subsidiary, or a company that is ancillary to it ; financial activities subject to the obligation of professional secrecy, as referred to in paragraph 117 (1). 1 may discontinue in accordance with paragraph 1. 1 without consent, if general customer information is available to form the basis for division into customer categories and if the disclosure is necessary for the business to be disclosed to the business of the information to be pursued by the information, and the private customer shall not exceed that interest.

Paragraph 3. Usual information on business conditions may be disclosed for the marketing and advice of a financial undertaking subject to the obligation of professional secrecy, as referred to in paragraph 117 (1). 1.

§ 122. The financial undertaking shall establish guidelines for the extent to which information is passed on from the company. Guidelines must be publicly available.

§ 123. Consent to the disclosure of information shall be made in writing.

Paragraph 2. However, when an insurance contract is concluded on the basis of telephone inquiries, consent to the disclosure of information for use may be made orally. In such cases, the insurance undertaking shall inform the Customer in writing no later than 14 days after the contract of the contract, the type of information forwarded to the Customer's oral consent, for which purpose the disclosure is made, and who is receiving it ; information on the basis of the Customer's oral agreement.

Paragraph 3. Upon your request, the financial company will inform the Customer of the types of information which may be disclosed by the Customer's consent to the purpose of the disclosure and who may receive information on the basis of the Customer's consent.

Paragraph 4. The financial undertaking shall inform the customers of the possibility of the possibility of the following in question in writing. 3 to obtain information on the range of consent.

Section V

Capital business capital conditions

Chapter 10

Solvency

General rules on solvency

§ 124. The Management Board and Executive Board of the European Foundation shall ensure that the Foundation has a sufficient capital base and has internal procedures for risk management and risk management to carry out an ongoing assessment and maintenance of one ; the capital base of a size, type and distribution appropriate to cover the risks of the institution. These procedures shall be subject to regular internal checks to ensure that they remain adequate and proportionate to the nature, extent and complexity of the institution ' s activities.

Paragraph 2. The Management Board and Executive Board of the mortgage and of a mortgage shall be based on the assessment provided for in paragraph 1. 1 shall set up the individual solvency requirements of the institution ; the need for solvent needs shall be made up as the sufficient capital base as a percentage of the overall risk exposure. The solvency requirement cannot be less than the basic requirement for the requirement for capital in accordance with Article 92 (2). Paragraph 1 (c) and the minimum capital requirement laid down in Article 93 of the European Parliament and of the Council (EU) No 2. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 3. The financial supervision may individually lay down a higher requirement on the capital base in the form of an addition to the base capital requirement laid down in Article 92 (2). Regulation (EC) No 1 (c) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. This individual solvency requirement is the assessment of the Finance-synet assessment of the institution ' s sufficient capital base as a percentage of the overall risk exposure. The Financial supervision may also require the type of capital to be used for the fulfilment of the individual solvency requirement.

Paragraph 4. The financial supervision may lay down a further capital requirement for a group of financial institutions or real credit institutions with similar risk profiles taking into account special risks in this group of institutions.

Paragraph 5. The SEC may require the financial institution or the mortgage credit institution to depreciate assets and so on for the purposes of the inventory of the capital base.

Paragraph 6. In the case of mortgage credit institutions, Article 92 (2) shall be set Paragraph 1 (c) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms must be met in the individual series of series funds and in the institute, by the way.

Paragraph 7. The financial supervision may lay down detailed rules on the publication of the individual solvency requirements of the financial institutions and the real credit institutions, cf. paragraph 2, and the individual solvency requirement, cf. paragraph 3.

§ 125. The Management Board and Executive Board of the Fund shall ensure that the company has a sufficient capital base and has internal procedures for risk management and risk management for continuous assessment and maintaining a capital base of a size, the type and distribution appropriate to cover the risks of the company. These procedures shall be subject to regular internal checks to ensure that they remain complete and proportionate to the nature, extent and complexity of the company ' s company.

Paragraph 2. The capital base of a fund-broiler company that is not a fund-brokerage group I shall be at least equal

1) 1 million. the euro (minimum capital requirement) of a foundsbroiler company authorised to carry out it in Annex 4 (B) (s) ; 2, mentioned service, and

2) .3 million. Euro (minimum capital requirement) for other fund brokers.

Paragraph 3. A fund broiler company authorised to carry out the activities referred to in Annex 4 (A) no. 3 and 6-9 which do not comply with the conditions laid down in Article 96 (6). Regulation (EC) No 1 (a) and (b) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on prudential requirements for credit institutions and investment firms, and fund brokers, which are allowed to carry out the activities referred to in Annex 4 (A) no. Paragels 1 and 5, which do not retain any means or securities belonging to their customers and who are not at any time in debt to their customers, shall, notwithstanding the requirements set out in paragraph 1, shall not be required. 2 have a capital base equal to at least one quarter of the previous year ' s fixed costs. The SEC may adapt this requirement in the event of a substantial change in the company ' s company since the previous year. If a company has not been operational for 1 year, it shall have a capital base equal to at least one quarter of the fixed costs that are apparent from the budget for the first year of operation unless this budget is required to be amended by the Financial supervision.

Paragraph 4. The Management Board and the Governing Board of a Fund Agency shall be based on the assessment in accordance with paragraph 1. 1 upstate the individual solvency requirements of the company.

Paragraph 5. The solvency requirement of a fund brokering company covered by the requirement laid down in Article 92 (2). Article 95 (1) or Article 95 (1). (EC) No 2 (a) of the European Parliament and of the Council (EU) No, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, cannot be less than each of the following :

1) The requirement laid down in Article 92 (2). Paragraph 1 (c) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

2) The minimum capital requirement laid down in paragraph 1. Regulation 2 or Article 93 of the European Parliament and Council Regulation (EU) No. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

3) The requirement to have a capital base of at least one-quarter of the previous year ' s fixed costs, cf. paragraph Regulation 3 or Article 97 of Regulation (EU) of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 6. The solvency requirement of a fund broiler company which alone is authorised to carry out the activities referred to in Annex 4 (A) no. 1 and 5, which do not retain the funds or securities belonging to their customers and who are not at any time in debt to their customers, may not be less than the minimum capital requirement laid down in paragraph 1. Paragraph 2 or the requirement of capital base in paragraph 1. 3.

Paragraph 7. The need for a fund-broiler company covered by paragraph 1 shall be required. 5 shall be made up as the sufficient capital base as a percentage of the overall risk exposure. The solvency requirement for the fund-brokers referred to in paragraph 1. 6, shall be provided as the adequate capital base.

Paragraph 8. The financial supervision may individually lay down a higher requirement on the capital base in the form of an addition to the base capital requirement laid down in Article 92 (2). Regulation (EC) No 1 (c) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. This individual solvency requirement is the assessment of the Finance-synet assessment of the institution ' s sufficient capital base as a percentage of the overall risk exposure. The Financial supervision may also require the type of capital to be used for the fulfilment of the individual solvency requirement.

Niner. 9. The financial supervision may lay down a further capital requirement for a group of phonebroker carriers, with similar risk profiles taking into account special risks in this group of phone-brokerers.

Paragraph 10. The financial supervision may require the debtor's company to make depreciation of assets and so on for the purposes of the inventory of the capital base.

§ 125 a. 4) A financial institution, a credit institution and a fund brokering company in whose fund-brokerers are authorised to carry out the activities listed in Annex 4 (A) No, 3 and 6 must comply with a combined capital buffer requirement, cf. however, paragraph 1 2.

Paragraph 2. A fund brokered company you are exempt from meeting the capital conservation buffer and the company-specific countercyclic capital buffer, provided that :

1) the company employs 250 people ; and

2) The company has an annual turnover of not more than 50 million. The euro or an annual balance of not more than 43 million. Euro.

Paragraph 3. The capital conservation buffer in a business referred to in paragraph 1. 1 shall be a minimum of 2,5%. the overall risk exposure of the undertaking calculated in accordance with Article 92 (2) ; Regulation (EC) No 3, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 4. The business-specific countercyclic capital buffer in a business as referred to in paragraph 1. 1 shall comprise at least the overall risk exposure of the undertaking calculated in accordance with Article 92 (1). Regulation (EC) No 3, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms shall be multiplied by the company-specific contract capital buffer rate.

Paragraph 5. The G-SIFI buffer in a global systemic important financial institution (G-SIFI), cf. Section 310, on a consolidated basis, must be at least the global systemic major financial institution (G-SIFI) overall risk exposure calculated in accordance with Article 92 (2). Regulation (EC) No 3, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall be multiplied by the G-SIFI buffer rate.

Paragraph 6. A systemic buffer in a business as referred to in paragraph 1. 1 shall constitute at least the overall risk exposure of the undertaking on the basis of the expendable use of the systemic buffer in accordance with section 125 h, calculated in accordance with Article 92 (2). Regulation (EC) No 3, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall be multiplied by the systemic buffer rate.

Paragraph 7. The combined capital buffer requirements must be met with real core capital in addition to core core capital to be maintained to meet the capital requirement in Article 92 of the Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and in addition to core capital which is maintained in order to comply with the individual solvency requirement laid down in section 124 (4). Article 125 (3) or Article 125 (1). 8, or individual solvency requirements laid down in accordance with section 124 (4). Article 125 (2), or § 125 (1) 4.

Paragraph 8. The SEC shall lay down detailed rules for the calculation of the combined capital buffer requirements.

§ 125 b. A financial institution, a credit institution and a fund brokering company in whose fund-brokerers are authorised to carry out the activities listed in Annex 4 (A) No, 3 and 6 conforming to the combined capital buffer requirements, cf. § 125 a, paragraph 1 1, may not make an encoding which relates to core capital, cf. paragraph 5, to a degree that reduces the actual seed capital to a level in which the combined capital buffer requirements are no longer met, cf. however, paragraph 1 7.

Paragraph 2. A business as referred to in paragraph 1. 1 which do not comply with the combined capital buffer requirements shall make up the maximum amount of encoding and immediately inform the Finance-sighted thereof.

Paragraph 3. A business as referred to in paragraph 1. 1 which do not comply with the combined capital buffer requirements may not perform the following actions before the establishment has made up the maximum amount of the encoding amount and notified the Financial supervision in accordance with section 125 d :

1) Pretake issue relating to core capital, cf. paragraph 5.

2) Inserting an obligation to pay variable pay or estimated pension benefits or pay a variable salary if the obligation to pay has been imported at a time when the company did not meet the combined the capital buffer requirements.

3) Make payments that relate to the hybrid nuclear capital instruments.

Paragraph 4. A business as referred to in paragraph 1. 1 may not extract more than the maximum amount of encoding by actions covered by paragraph 1. 3, no. 1-3, cf. however, paragraph 1 7.

Paragraph 5. In the field of expenditure relating to core capital, cf. paragraph 1 and 3 means :

1) Payment of cash benefits.

2) Epidation of wholly or partly paid stock assets or other capital instruments referred to in Article 26 (1). Paragraph 1 (a) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

3) The solution or withdrawal operations carried out by a company by its own shares or other capital instruments referred to in Article 26 (1). Paragraph 1 (a) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

4) Repayment of amounts paid for the capital instruments referred to in Article 26 (1). Paragraph 1 (a) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

5) Extraction of items referred to in Article 26 (1). Paragraph 1 (b) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 6. A business as referred to in paragraph 1. 1 shall take the necessary measures to ensure that the amount of the profits that can be discharged and the maximum amount of the encoding shall be accurately determined. The company must be able to document this accuracy in the face of the Financial supervision.

Paragraph 7. Paragrics 1 and 4 shall apply only to payments resulting in a reduction in actual seed capital or a reduction in the surplus and where the suspension of payment or a non-payment does not constitute non-compliance or will lead to : the initiation of insolvency proceedings.

Paragraph 8. The SEC shall lay down rules for the statement and the reporting of the maximum amount of encoding.

§ 125 c. A financial institution, a credit institution and a fund brokering company in whose fund-broker you are authorized to the activities referred to in Annex 4 (A) (i). 3 and 6 that do not meet the combined capital buffer requirements, cf. § 125 a, paragraph 1 1, prepare and submit a capital conservation plan to the Financial supervision within five working days after the establishment should have found that it does not meet the requirement, cf. however, paragraph 1 2.

Paragraph 2. The financial supervision may, at the request of the undertaking, extend the period referred to in paragraph 1 with up to 5 business days on the basis of a company's individual situation and taking into account the scope and complexity of the undertaking ' s activities.

Paragraph 3. The Financial supervision approves a capital conservation plan if it can reasonably be expected that the company with the capital conservation plan can retain or raise sufficient capital to enable it to meet the combined the capital buffer requirements, cf. § 125 a, paragraph 1 1, within the time limit laid down by the Financial Financial Authority.

Paragraph 4. Approknow the Financial supervision does not approve the Capital Container plan, cf. paragraph 3, the Financial supervision undertaking shall provide the undertaking to increase the capital base within the time limit set by the Financial Financial Authority. The SEC may also introduce more stringent restrictions on outloads other than what is under Article 125 (b), provided that it is required.

Paragraph 5. The SEC shall lay down detailed rules on the content of a capital conservation plan.

§ 125 d. A financial institution, a credit institution and a fund brokering company in whose fund-broker you are authorized to the activities referred to in Annex 4 (A) (i). 3 and 6 that do not meet the combined capital buffer requirements, cf. § 125 a, paragraph 1 1 and which intend to take action which is covered by Article 125 (b) (b). 3, no. 1 3, shall give the Financial supervision notification forthwith to the Financial Commission and inform the following information :

1) The amount of the capital that the firm maintains is distributed on

a) real seed capital,

b) hybrid core capital ; and

c) additional capital.

2) The amount of the provisional surplus and the proceeds at the end of the year.

3) Maximum encoding amount.

4) The size of the profits that the company intends to set aside for

a) yield payments,

b) purchases of own shares,

c) payments relating to hybrid nuclear capital instruments ; and

d) payment of variable pay or estimated pension benefits either by introducing a new obligation to pay or pay according to a commitment to pay the establishment at a time when the company did not meet the combined effort, the capital buffer requirements.

Paragraph 2. In groups, in which a financial institution, a credit institution or a fund-broker company, in the case of which you are authorized to the activities referred to in Annex 4 (A) no, the financial institution shall be in the group. 3 and 6 shall be included in paragraph 1. 1 accordingly applicable to the Danish group or group (s). The top of the financial institution, the real credit institution or the fund-broiler company I, the Fund for which you are authorized for the activities referred to in Annex 4 (A) No, 3 and 6, in the group or the group, ensure compliance with this provision.

§ 125 e. In groups that include a financial institution, a credit institution or a fund-broiler company, if the Foundation ' s Party (s) are authorised to carry out the activities listed in Annex 4 (A) No, 3 and 6, section 125 a-125 c shall apply to the Danish group or group (s). The top of the financial institution, the real credit institution or the fund-broiler company I, the Fund for which you are authorized to carry out the activities referred to in Annex 4 (A) no. The Group of the European Union (3) and (6) of the group or the group shall ensure compliance with these provisions.

Paragraph 2. Concerns that include a global systemic (G-SIFI) financial institution, cf. § 310, and where on consolidated basis both a G-SIFI buffer and a systemic buffer, alone the highest of the two buffers shall be applied, cf. however, paragraph 1 3.

Paragraph 3. If a systemic buffer is used solely for Danish exposure to meet macro-farting hazards in Denmark, both the systemic buffer and the G-SIFI buffer are used.

§ 125 f. On a quarterly basis, the business and growth Minister shall lay down a contracyclical buffer rate relating to credit exposure in Denmark, taking into account, inter alia, the credit cycle, the risks resulting from excessive lending and special conditions in the national level ; economy. The Minister for the Industry and Growth Pact shall decide on the date on which financial institutions, real credit institutions and fund-brokerers shall be given in the case of the Fund for which you are authorized to the activities referred to in Annex 4 (A) (i). 3 and 6 shall use the contracyclical buffer rate to account for the specification of their company-specific contract capital buffer, cf. § 125 a, paragraph 1 4. The Minister for the Industry and Growth Minister will publish a communication on the quarterly determination of the countercyclical buffer rate on the Home Affairs and Liquid Ministry's website.

Paragraph 2. A contracyclical buffer rate between 0 and 2,5%. provided in another country the use of financial institutions, real credit institutions and fund-brokerers shall be used in the case of the Foundation ' s Party to which the activities referred to in Annex 4 (A) are authorized for the Fund. 3 and 6, for the upsetting of their business-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 4, in relation to the credit exposure in the country concerned, cf. however, paragraph 1 6.

Paragraph 3. The Minister for the Industry and Growth Pact may decide that a contracyclical buffer rate is more than 2,5%. provided in another country the use of financial institutions, real credit institutions and fund-brokerers shall be used in the case of the Foundation ' s Party to which the activities referred to in Annex 4 (A) are authorized for the Fund. 3 and 6, for the upsetting of their business-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 4, in relation to credit exposure to the location of the country concerned. Has the Acquire and Growth Minister has decided to apply a buffer rate to more than 2,5%. pursuant to 1. Whereas, moreover, the business and growth Minister shall also decide on the date on which the undertakings are to use the buffer rate to account for the inventory of their company-specific contract capital buffer, cf. § 125 a, paragraph 1 4. The Minister for the Acquire and Growth Minister shall publish a notification of a buffer rate established in accordance with 1. Act. on the Enterprise website of the Erk and VD. The Minister for the Enterprise and the Growth and Growth Pact has not been decided on the use of a counter-cyclical buffer rate over 2,5%. pursuant to 1. pkton, financial institutions, real credit institutions and fund-brokerers shall be in the case of the Foundation ' s Party to which you are authorized for the activities listed in Annex 4 (A) (i). 3 and 6, use a buffer rate of 2,5%. to account for their business-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 4, in relation to credit exposure to the location of the country concerned.

Paragraph 4. A contracyclical buffer rate of between 0 and 2,5%. in the case of another country within the European Union or in a country concluded by the Union in the area of the financial area, as laid down in paragraph 1. 2 or 3 shall apply from the date specified on the home page of the competent authority for the country in question, cf. however, paragraph 1 9. A contracyclical buffer rate of between 0 and 2,5%. in the case of a country outside the European Union, which the Union has not contracted in the financial sphere, determined pursuant to paragraph 1. 2 or 3 shall apply 12 months after the date when a change in the buffer rate has been published by the competent authority of that country in accordance with the national rules of the country in question, in accordance with the national rules of the country concerned. however, paragraph 1 9.

Paragraph 5. If no countercyclical buffer rate has been established in a country outside the European Union which the Union has not contracted in the financial field, the business and growth minister may lay down a countercyclical buffer rate to be used by financial institutions. a credit institution and a fund-broker-estate company, in the case of the Foundation ' s Party to which the activities referred to in Annex 4 (A) are authorized for the Fund. 3 and 6 shall apply to the specification of their company-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 4, in relation to credit exposure to the location of the country concerned. The Minister for the Industry and Growth Pact may set a buffer rate in accordance with 1. pkt., if it is reasonably admissible, that a buffer rate should be set to protect establishments covered by § 125 (a) (a). 1, against the risk of excessive lending in the country concerned.

Paragraph 6. Where a countercyclical buffer rate has been established in a country outside the European Union, which the Union has not concluded in the financial sphere, the business and growth Minister may provide a different buffer rate for the use of financial institutions, a credit institution and the fund-brokerly-brokerly-brokerly-brokerly-brokerly-brokerly-brokerly-brokerly-brokerly-brokerly-broker-estate company, whose fund 3 and 6, specification of their company-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 4, in relation to credit exposure to the location of the country concerned. The Minister for the Industry and Growth Pact may set a buffer rate in accordance with 1. pkton, where it can reasonably be assumed that the buffer rate established by the country concerned does not adequately protect establishments covered by § 125 (a) (a). 1, against the risk of excessive lending in the country concerned.

Paragraph 7. Establishment the business and growth minister shall be a buffer rate in accordance with paragraph 1. 5 or 6, which increase the applicable counter-cyclic buffer rate, the business and growth Minister shall decide on the date on which financial institutions, real credit institutions and fund-brokerers shall be decided by the Fund for which they are authorized by the intermediary of the Fund ; activities referred to in Annex 4, point A, no. The buffer rate in question shall be used for the specification of their company-specific countercyclic capital buffer.

Paragraph 8. The Minister for the Industry and Growth Minister shall make any arrangements pursuant to paragraph 1. 5 and 6 of a contracyclical buffer zone for a country outside the European Union, which the Union has not signed up to in the financial sphere, on the Home Affairs and Growth Ministry.

Niner. 9. A financial institution, a credit institution and a fund brokering company in whose fund-broker you are authorized to the activities referred to in Annex 4 (A) (i). 3 and 6 may use a reduced contracyclical buffer rate to account for the specification of their company-specific countercyclic capital buffer, cf. § 125 a, paragraph 1 The fourth, from the day on which a reduced contracyclic buffer rate has been made public.

§ 125 g. The G-SIFI buffer rate depends on which subcategory the global systemic major financial institution (G-SIFI) is placed in, cf. rules issued pursuant to section 310 (1). 3.

Paragraph 2. The Minister for the Industry and Growth Pact provides for G-SIFI-buffer rates for the individual sub-categories of globally systemic financial institutions (G-SIFI).

§ 125 h. Whereas the Minister for the Industry and Growth Minister may establish a systemic buffer rate to be used for the calculation of a systemic buffer, taking into account the prevention and restriction of long-term non-climatic systemic or macro-based hazards which are not covered by Regulation (EC) No 2 of the European Parliament and of 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. Furthermore, the Minister for the Industry and Growth Minister shall determine the exposure of the buffer rate to which financial institutions, real credit institutions and fund-brokerers shall be applied to you if the intermediary of the Fund for which you are authorized to carry out, activities referred to in Annex 4, point A, no. 3 and 6, which must be covered by the buffer rate and from which date the buffer is to be used for the assessment of their systemic buffer, cf. § 125 a, paragraph 1 6. The Minister for the Industry and Growth Minister may lay down various rates for different groups of the companies involved. The Minister for the Industry and Growth Minister will publish a communication setting out a systemic buffer rate on the website of the Errecruitment and Growth Department.

Paragraph 2. The Minister for the Industry and Growth can decide that a systemic buffer rate established in another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere is to be used by financial institutions. a credit institution and a fund-broker-estate company, in the case of the Fund for which you are authorised to carry out the activities referred to in Annex 4 (A) (i). 3 and 6, for the assessment of their systemic buffer, cf. § 125 a, paragraph 1 6, in the case of exposure in the country concerned. Furthermore, the Minister for the Industry and Growth Pact shall decide on the date on which the undertakings shall apply the buffer rate to the inventory of their systemic buffer, cf. § 125 a, paragraph 1 6. The Minister for the Acquisient and Growth Minister shall publish a communication on a buffer zone under 1. Act. on the Enterprise website of the Erk and VD.

Paragraph 3. The Minister for the Acquiec and Growth Minister has in accordance with paragraph 1. 1 established a systemic buffer rate applicable to all exposure and, furthermore, pursuant to paragraph 1. 2 decided to apply another country ' s buffer rate for exposure to that country, the Minister shall decide which of the buffer rates referred to shall be used for the establishment of their systemic buffer for the purpose of the establishment of their systemic buffer. § 125 a, paragraph 1 6, in the case of exposure in the country concerned.

Paragraph 4. The Minister for the Industry and Growth Minister is assessing annually the systemic buffer rate set out in paragraph 1. 1 or 2. The Minister for the Acting and Growth Minister shall publish a communication on the restoration of a systemic buffer rate on the home page of the Errecruitment and Growth Ministry ;

§ 126. The management board and management of the insurance companies and the board and management of the board shall ensure that the establishment has a sufficient base capital and has internal procedures for risk management and risk management for continuous assessment and maintenance of one ; base capital of a size, type and distribution appropriate to cover the undertaking ' s risks.

Paragraph 2. The base chapter of insurance undertakings and transverse pension funds shall be at least :

1) 4%. of the risk-weighted items for life assurance provision added 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class I-IV and VI, where the company has an investment risk ;

2) 1%. of the risk-weighted items for life assurance provision added 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class V and in classes III, where the company does not have an investment risk and the amount to cover the insurance policies laid down in the insurance policy ; operating costs shall be fixed for a period of more than five years ;

3) 25%. of the insurance administrative costs of the latest financial year, due to 0,3%. of the risk-weighted items for the life assurance undertaking in the insurance class III, where the company does not have an investment risk and where the amount to cover the operating costs provided for in the insurance contract is not fixed ; for a period of more than five years,

4) 25%. of the insurance administrative costs of the latest financial year for the separate SP accounts ;

5) the largest amount in the harmful insurance undertaking,

a) 18%. of the risk-weighted lines for the maximum gross premiums and gross premiums up to EUR 61,3 million ; Euro tiled 16%. the amount, moreover, and

b) the annual average of 26%. of the risk-weighted items for the gross compensation costs of up to 42.9 million ; Euro and 23%. of the amounts in addition to the last three financial years,

6) 3.7 million. the euro for insurance undertakings and transverse pension funds which run life-assurance activities ;

7) 2.5 million. EUR 1 to 9 and 16 to 18 of the insurance classes of insurance undertakings and transverse pension funds ;

8) 3.7 million. the euro for insurance undertakings operating the classes of 10 15 ;

9) 3.6 million. the euro for insurance undertakings engaged in reinsurance activities ; and

10) 1.2 million. EUR for the captivegenre insurance companies.

Paragraph 3. The solvency requirement shall constitute the sum of the items referred to in paragraph 1. 2, no. 1-5, said amount.

Paragraph 4. The minimum capital requirement shall be the main of the amounts referred to in paragraph 1. 2, no. 6-10.

Paragraph 5. In the case of mutual insurance undertakings covered by paragraph 1. 2, no. 7 or 8, the minimum capital requirement may be reduced in accordance with the conditions laid down.

Paragraph 6. For mutual insurance undertakings covered by paragraph 1. 2, no. 7 or 8, which satisfy the conditions laid down in paragraph 1. 5 and 7, the minimum capital requirement has been reduced to the largest amount of

1) .225 million. EUR 1 8, 16 and 18 of the authorisation for insurance classes 1-8,

2) .15 million. EUR 9 and 17 for authorisation for insurance classes 9 and 17.

Paragraph 7. In order to be covered by the reduced capital requirement laid down in paragraph 1, 6 shall have a mutual assurance undertaking in addition to the rules referred to in paragraph 1. The conditions laid down shall also meet the following conditions :

1) These revenues must allow for the collection of additional contributions or reductions in services ;

2) the gross premiums for the most recent financial year shall not exceed 5 million ; Euro,

3) the company must not be allowed to have an insurance class 10-15 ; and

4) at least half of the gross premiums of the last financial year shall be taken from insurance where the policyholders are natural persons who are members of the company.

Paragraph 8. The Management Board and Governing Board of the Pensions and the Governing Board of the Pensions shall be based on the evaluation in accordance with paragraph 1. 1 upstate the individual solvency requirements of the establishment.

Niner. 9. The financial supervision may lay down a higher level of solvency requirements other than those laid down in paragraph 1. 3.

§ 126 a. The management board and management of an investment management company shall ensure that the company has a sufficient capital base and has internal procedures for risk management and risk management for the ongoing assessment and maintenance of a capital base of a size, type and distribution appropriate to cover the risks of the company. On the basis of the assessment after 1. Act. the management board and the Governing Board shall set up the individual solvency requirements of the company, the need to be set up as the adequate capital base. The solvency requirement cannot be less than the minimum capital requirement laid down in paragraph 1. 2 or the requirements of the capital base in paragraph 1. 5.

Paragraph 2. The capital base of an investment management company shall be at least equal to :

1) EUR 730 000 (minimum capital requirement) for investment management companies that are a member of a regulated market or authorised to store and manage the listed in Annex 5 (s). 3, mentioned instruments, including being connected to a securities central or clearing centre, where the party particips in clearing and settlement, cf. however, paragraph 1 3, and

2) EUR 125,000 (the minimum capital requirement) for other investment management companies, cf. however, paragraph 1 3.

Paragraph 3. An investment management company shall, notwithstanding the requirement set out in paragraph 1 2 included an addendum to the minimum capital requirement of 0,02%. of the part of the company portfolio, cf. paragraph Six that exceed 250 million. Euro. The minimum capital requirement and the supplement to the maximum amount shall be 10 million in the maximum amount of time. Euro. Investment management companies shall adjust the additional capital annually on the basis of the revised annual report. The adjustment shall be made before 1. June the following year.

Paragraph 4. The financial supervision may allow up to 50%. by the supplement in accordance with paragraph 1. 3 may be covered by a guarantee from a credit institution or an insurance undertaking. The credit institution or the insurance undertaking shall have its registered office in a country within the European Union in a country with which the Union has concluded an agreement in the financial sphere or in a country with which the Union has not concluded such an agreement ; Agreement with, but as has supervisory rules, similar to the rules in the European Union.

Paragraph 5. An investment management company shall, notwithstanding the requirements of paragraph 1, be 2 and 3 shall have a capital base equal to at least one quarter of the previous year ' s fixed costs. The SEC may adapt this requirement if the company ' s company ' s company ' s company ' s company ' s company ' s company ' s company ' s company ' s company ' s company ' s financial interest. If a company has not been in operation for 1 year, it shall have a capital base equal to at least one quarter of the fixed costs that are specified in the operational plan for the first year of operation unless this plan is required to be amended by the Financial supervision.

Paragraph 6. For the investment management company portfolio, cf. paragraph 3, the asset ' s assets shall be counted in UCITS to which the investment management company is approved to manage and the assets of alternative investment funds which the investment management company is authorized to manage. Portfolio, which the investment management company has been granted to manage by the delegation rules, shall not be included in the company ' s portfolio, cf. paragraph 3.

Paragraph 7. The SEC may lay down requirements for a higher capital base than the requirements set out in paragraph 1. One-three and five.

Paragraph 8. The financial supervision company may offer the investment management company to make depreciation of assets and so on for the purposes of the inventory of capital bases.

Niner. 9. The capital base for investment management companies shall be set up in accordance with Articles 25 to 88 of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 127. The capital requirement for insurance undertakings is the largest of the solvency requirement and the minimum capital requirement in section 126.

§ 128. The basic capital of insurance undertakings and insurance holding companies shall comprise the additional capital of deductible capital.

Paragraph 2. The SEC shall lay down rules for the calculation of the base capital, including core capital and additional capital for insurance undertakings and insurance companies.

Paragraph 3. The SEC shall lay down rules for the calculation of the capital base, including, in fact, core capital, hybrid core capital and additional capital for the supreme parent undertaking in Denmark and the group, to the extent that these are covered by Section 170 (3). 1, 2, 4 and 5, and for fund brokers, which have sole authorization of investment services in accordance with Annex 4 (A) no. 1 and 5, and which do not retain customer resources or securities for customers.

Paragraph 4. Financial institutions may, for financial institutions, real credit institutions, fund brokers and brokerers ' companies, which are authorised for the activities referred to in Annex 4 (A) (i). 2 or 4, and for financial holding companies in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on the regulatory requirements for credit institutions and investment firms, lay down rules for the calculation of the capital base, including core capital, hybrid core capital and additional capital, in compliance with the possibilities for such capital ; Article 49 of Regulation (EU) of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 128 a. The SEC may lay down rules on the issuance of debt relief letters by financial undertakings with terms of conversion to stock, warranty or equity capital, including to the extent to which the Chapter 10 of the company law applies.

§ 128 b. The capital share of a financial institution for powders, where customers bear the risk, are not included in the deduction of the capital base. The capital share of a financial institution for pool resources where customers do not bear the risk shall be deductible from the inventory of capital according to rules on the deduction of capital units in 2. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ § 129-139. (Aphat)

§ 140. In the form of a credit institution, the requirement for capital bases in series with the obligation to refund shall be opened before the 1. In January 1973, the portion of the reserves of the real credit institutions shall be fulfilled in series with the obligation to refund that the requirement in section 124 (4) is to be met. 6.

Paragraph 2. In a series of remittance obligations that have been opened before the first 1. In January 1973, serial reserves may be used in a series of real-world credit institutions where there is no refund to the borrowers, as well as the share of the series of series funds in series of Remittance obligations, cf. Section 25 of the Act on mortgages and mortgage bonds, etc., which are not available for payment and which do not include the requirements of the base capital capital, are included in the fulfilment of the basic capital for mortgage credit institutions, by the way.

§ 141. (Aphat)

§ 142. The SEC may lay down rules for the aggregation of the overall risk exposure to the senior parent undertaking in Denmark and the group, to the extent that these are covered by the requirements of section 170, paragraph 1. One, two, four and five.

Paragraph 2. For the risk-weighted outlines for insurance undertakings and horizontal pension funds, items corrected for insurance, maturity, special circumstances in reinsurance, average premium bases, administrative costs and the cost of compensation and other items of the risk sum.

§ 143. Financial supervision shall lay down rules for :

1) the assessment of the risk-weighted outlines for insurance undertakings and insurance undertakings,

2) statements in accordance with section 124 (4). One and two, paragraph 125, paragraph 1. One and four, section 126, paragraph 1. Paraguate 1 and 8, section 126 (a), 1,

3) the reporting of the solvency requirements for financial undertakings and groups covered by section 171-174, the reporting of the risk-weighted items, capital requirement and the base capital for insurance undertakings and insurance holding firms, reporting of the overall risk exposure, the capital base requirement and the capital base of the senior parent undertaking in Denmark and the group, to the extent that these are covered by Section 170 (3). 1, 2, 4 and 5, and reporting of the capital base for fund-brokerers, whose activities alone are authorized for the activities listed in Annex 4, paragraph A, no. 1 and 5, which do not retain the funds or securities belonging to their customers, to investment management companies and to the top parent company in Denmark and the group, to the extent that these are covered by Section 170 (3). 3,

4) stocktaking of stock-and stock business, etc.,

5) the fixing of fixed costs and the fixed costs of the senior parent undertaking of Denmark and the group, to the extent that these are covered by Section 170 (2), 3 and 4,

6) the conditions for the reduction of the minimum capital requirement, cf. § 126, paragraph 1. 5,

7) the transitional rules for groups where the senior parent undertaking in Denmark and the group, to the extent that they are covered by Article 170 (2), shall be subject to the rules of the group. 1, 2, 4 and 5, an internal method of aggregation of the overall risk exposure to credit risk and operational risk, cf. § 143, paragraph 1. 3, and

8) benchmarking for establishments authorised to use internal methods for the calculation of risk-weighted exposures or capital requirements, with the exception of operational risk.

Paragraph 2. The SEC may lay down detailed rules for financial institutions, real credit institutions, fund brokers and investment management companies to inform customers of their rating agencies.

Paragraph 3. For the supreme parent undertaking in Denmark and the group, to the extent that these are covered by Section 170 (3). 1, 2, 4 and 5, risk-weighted items, cf. paragraph 1, no. 1, shall also be done by using internal methods for the assessment of risk-weighted items. The use of internal methods requires the authorisation of the Financial supervision. The SEC shall lay down detailed rules for the authorisation to use internal methods.

§ 143 a. The SEC may decide publication of the information in 8. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms more frequently than once a year. The Financial supervision may set a time limit for publication and to make a requirement for the use of a different medium for the publication than the annual report.

Paragraph 2. The financial supervision may require parent undertakings or institutes in a group to publish a description of the group's legal and organisational structure and management. The publication may be published by reference to already published material.

Special rules concerning the coercion for monetary institutions

§ 144. In a financial institution that does not meet the capital requirement in section 127 and where the Financial supervision has set a time limit after paragraph 225 (3). 1 and 4, the board may, at the request of a shareholder, who owns 70%. or more of the shares of the monetary institution, decide by universal majority to incorporate the shares of the other shareholders into the monetary institution. The same applies to cases where the request is made by a shareholder, which, following a transfer of capital, which is part of a redesign plan, will own 70%. or more of the shares in the financial institution, even though the financial institution as a result of the capital supply is once again meeting the capital requirement in section 127. The shares of capital and subsidiaries in the parent undertaking shall not be included in the decision to be taken into account by the voting and ownership share. The Management Decision on the coercion of stocks must be approved by the Financial Protection Agency. Restock solution must be made within 30 days of the request after 1. Act.

Paragraph 2. At the same time, the Management Board shall invite the shareholders to an informational meeting concerning the compulsive solution. This meeting shall be held within eight days of the decision and shall be borne by the costs incurred by it after the application of the coercion shall be carried out.

Paragraph 3. The minority shareholders who are covered by a resolution on the settlement of shares, cf. paragraph 1, in writing no later than three days after receipt of the request, their shares shall be transferred to the shareholder referred to in paragraph 1. 1. The request must contain information about the conditions of the solution and assessment basis for the solution rate. The value of the stock of the financial institution shall be based on the commercial value of the shareholdings of the auditor elected by the general assembly of the financial institution.

Paragraph 4. The buying-in shall be either laid down or deposited within three days of the submission of the solution in force to shareholders. This also applies to the purchase price of shares referred to by the IT system in the Commercial Management System, cf. the provisions of this Directive on company law.

Paragraph 5. The solution and transfer of shares shall be deemed to be final at the time of the buying-in or deposit of the buying-in, cf. paragraph 4. In the event of a disagreement on the price fixing of shares, it is decided subsequently on one of the parties ' request of two of the United States Revisors appointed accountants. The decision may be brought to justice within two weeks of receipt of the decision of the auditors.

Chapter 11

Temporary placement and liquidity

Rules for the money and real credit institutions as well as fund brokers and investment management companies on the allocation and liquidity of the funds ;

§ 145. (Aphat)

§ 146. The capital shares of the pension institutions, real credit institutions and investment management companies in other undertakings shall not exceed 100%. of the capital base. The capital shares acquired for powders are not part of the calculation after 1. Act.

Paragraph 2. Asset-sale and stock sales must be included in the balance of the limit laid down in paragraph 1. 1.

Paragraph 3. The capital units to be deduct in the capital base, and shareholdings in undertakings forming part of the consolidation shall not be included in the limit of paragraph 1. 1.

Paragraph 4. The financial supervision may be dispensers from the border in paragraph 1. 1.

§ 146 a. The securities and financial instruments obtained for powders can be considered to be covered by the amount of the cash loan contract concluded by the Customer, unless the monetary institution knows. the location of the carpool means has taken on a set of positions. The risk associated with an encased position shall be included in the inventory of the capital requirement in Article 92 of the Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, in accordance with the rules governing the trading book, of the rules on the rules of trade. At the same time, the commitments that correspond to the position of the capital shall be included in the calculation of the capital requirement in Article 92 of the Regulation of the European Parliament and of the Council (EU) No. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, in accordance with the rules governing entries outside the trading book in Regulation (EU) of the European Parliament and of the Council (EU) No 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

147. Penalty institutes, real-estate credit institutions, fund brokers and investment management companies must not own property or have equity holdings in property companies for more than 20%. of the capital base. The flat-rate property of the financial institutions and the real estate of real credit institutions shall be taken into account and guarantees to subsidiaries which are property companies. However, the property of a financial institution, a credit institution, a fund-broiler company or an investment management company has acquired the industry to operate or ancillary activities, is not covered by the provision.

Paragraph 2. The financial supervision may be dispensers from the provision in paragraph 1. ONE, ONE. Act.

Section 147 a. The Minister for the Industry and Growth Pact may lay down rules on the liquidity of liquidity covering financial institutions and mortgage credit institutions.

148. (Aphat)

Special rules applicable to financial institutions on the placement and liquidity of the funds

§ 149. A financial institution must not have a restriction on lease agreements, cf. paragraph 2, the value of which is fixed with real estate and shareholdings of section 147 represents more than 25%. of the capital base.

Paragraph 2. In the restriction of a lease agreement, the difference between the purchase price of the lease asset and the present value of the leasing ' s obligation to the financial institution after the lease agreement is the present value.

Paragraph 3. If a third party is liable for part of the restriction, this part may be deduct from the decision to be taken by the restriction of the restriction. The obligation of third parties shall be attributed to the exposure of the person in accordance with Article 395 (3). Regulation (EC) No 1, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 4. The financial supervision may be dispensers from paragraph 1. 1.

§ 150. The loans for the drawing of stock, shares or guarantee capital of a financial institution other than 5%. the total share of shares in shares, shares or guarantees of guarantee may be granted only if the excess amount is guaranteed. The minimum security shall be of the same nature as particularly safe parts, cf. Article 400 of Regulation (EU) of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 151. A savings bank may not acquire or as a pant to receive their own guarantee certificates.

Paragraph 2. An Andelmolasses shall not acquire or as a pant to receive own cooperatives.

§ 152. A financial institution shall have a responsible liquidity, cf. paragraph 2. Liquidity shall not be less than :

1) 15%. of the debt obligations which, regardless of the payment of payment, the institution of the financial institution shall be responsible for the payment of claims or on a shorter notice than one month ; and

2) 10%. by the total debt and guarantee obligations of the financial institution, deducted from the capital deposits which may be included in the calculation of the base capital.

Paragraph 2. The cash flow can be counted as follows :

1) Point of mass.

2) Completed safe and liquid claims receivable by credit institutions and insurance undertakings.

3) Degraviing of secure, easily saluted, unbelated securities and credit funds.

Paragraph 3. Are the requirements of paragraph 1, 1 may not be fulfilled and will not be taken in order no later than eight days after the institution of the Financial Institute fails to comply with the requirements, the institution of the financial institution shall immediately report this to the Financial supervision. The SEC shall set a time limit for the fulfilment of the requirements.

Paragraph 4. The financial supervision may, in addition to the requirements of paragraph 1, 1 establishing a specific liquidity requirement for a financial institution or group of financial institutions with similar risk profiles taking into account the special liquidity risks in the financial institution or groups of financial institutions, and systemic liquidity risks.

Paragraph 5. The financial supervision may lay down detailed rules on the rules laid down in paragraph 1. 1-4 matters.

§ 152 A. Penal institutions authorised to issue in particular covered bonds shall establish and maintain a group of assets to be kept separate from the other assets of the financial institution. The value of the shares shall correspond to the value of the special covered bonds issued, and the mortgage security of each loan must comply with the loan limit for that.

Paragraph 2. Where the value of the assets referred to in paragraph 1 shall be : 1, no longer correspond to the value of the issued special covered debt securities or is not complying with the loan limits that were in force at the time the loan has been granted, the institution shall provide additional security to meet the requirement and give the Financial supervision of the Commission accordingly. The obligation to provide additional security as well as the costs for that loan may not be imposed on borrowers in Denmark, where the decreasing property values have triggered the additional collateral.

Paragraph 3. Where the financial institution does not provide additional security in accordance with paragraph 1. 2, shall lose all securities issued in the register in question, cf. section 152 g, paragraph 1. 1, the description of the special covered debt securities. If the debt securities subsequently meet the requirements for specially covered bonds, the Financial supervision may allow the bonds to be redeemed special debt securities.

Paragraph 4. Safety has been lodged in accordance with paragraph 1. 2 cannot be reversed after § 70 or § 72 in the bankruptcy slop. However, this may be carried out in accordance with the provisions laid down in the said provisions, where the security has specifically not been presented as ordinary ordinary.

§ 152 b. Pengeinstitutes authorised to issue in particular covered bonds may make loans necessary to comply with the obligation to provide additional security, cf. § 152 A, paragraph 2, or to increase the overcover in a register.

Paragraph 2. It must be stated in the loan agreement, which register, cf. section 152 g, paragraph 1. The loans referred to in paragraph 1 shall be 1. 1 may be carried out.

Paragraph 3. Loans recorded in accordance with paragraph 1. 1 shall be placed in the stock-types referred to in Article 129 (1). Regulation (EC) No 1, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. The assets shall be placed on a separate account at the time when the loan is recorded, in a separate depot, or in any other way, in the case of the loan concerned.

Stc. 4-6. (Udelades) 5)

Paragraph 7. The time required for special covered debt securities shall be over 24 months at the time of the issue.

Stk. 8-9. (Udelades) 6)

§ 152 c. A special covered bond must not be issued with security in both regular property and ships.

§ 152 d. In the case of loans secured by way of immovable property and provided on the basis of the issue of special covered bonds, the maturity and drainage profiles laid down in sections 3 and 4 in the Act on mortgages and mortgage bonds and so on, cf. however, paragraph 1 2.

Paragraph 2. In the case of loans secured by way of immovable property and provided on the basis of the issue of special covered bonds for property covered by Section 5 (5). 1, on mortgages and mortgage bonds etc., section 3 and 4 of the mortgage and mortgage bonds are applicable, and so on not if the loan limit does not exceed 75%. 7)

Paragraph 3. Accessories covered by Section 38 of the sound Act may be included in the valuation of the real estate.

Paragraph 4. Insertions in a commercial voyage to use for their operations may form part of the valuation of the valuation. In the case of agricultural land, the herd belonging to the property may, in the extent to which the crew is included in the continuous production, are also included in the valuation of the valuation. In the case of agricultural restoities, the value of the herd which is part of the continuous production of a maximum of 30% shall be the maximum amount of the herd. of the value of land and buildings.

§ 152 e. loans with furant fixed on the basis of the issue of special covered debt securities must be guaranteed by separate pawn letters and may not be granted against the securities in the form of owning letters and indemtees in accordance with the rules of the non-free-free-free-free card. however, paragraph 1 Two and three. It must be stated in the mortgage letter that it may be safe for a loan financed by the issue of special covered bonds.

Paragraph 2. Mortgage letters in real estate, which are things that are things before 1. In July 2007, loans may be guaranteed for loans financed by the issue of special covered bonds.

Paragraph 3. The financial supervision may be dispensers from paragraph 1. 1 on loans granted to immovable property located outside Denmark, the Faroe Islands and Greenland.

§ 152 f. For loans covered by Article 129 (4), ONE, ONE. Paragraph (g) of Regulation (EC) No (g) of the European Parliament and of the Council 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms may not exceed 15 years on the date of payment of the loan.

§ 152 g. In financial institutions, registers of assets shall be subject to section 152 (a) and 152 (b) and over financial instruments which satisfy the conditions laid down in paragraph 1. 4. A financial institution may carry one or more registers. A register must not contain assets that have security in both regular property and ships.

Paragraph 2. For loans covered by § 152 e (3). 1 to be included in a register shall be that the loan limit must be complied with at the time the loan is subject to registration, or at the time the loan has been paid. If the loan limit has been complied with at the time of payment of the loan and has been exceeded at the time of entry, the loan limit shall be lodged with the loan limit for the loan concerned. The security cannot be lodged in the form of other loans where the loan limit has been exceeded.

Paragraph 3. Additional security shall be recorded separately and individualized in relation to the other assets that serve to the safety of the special covered bonds.

Paragraph 4. Financial instruments must be included in a register of assets only if they are used to cover risks between assets in the register on the one hand and the special covered bonds on the other side, and where the financial instrument was covered by the agreement on the financial year ; the instrument is intended for the institution of the financial institution to redesign, bankruptcy or non-compliance with the obligation to provide additional security after Article 152 (a) (1). 2 is not default.

Paragraph 5. Assets, including financial instruments, in a register serve to the satisfaction of the holders of the special covered bonds and the counterparts with whom the financial instruments have been concluded, and then the loans granted after they have been taken, § 152 b, paragraph. 1.

Paragraph 6. The Financial Institute shall report to the Financial supervision, which assets, etc., are included in the Register. The SEC or the Financial supervision authoritages this, control the presence of these assets.

Paragraph 7. Security shall be lodged against a register belonging to a financial institution which is authorized to issue a special covered debt securities and which has been submitted by a financial counterpart to cover financial instruments, the Register shall be added. The same applies to the security lodged by another part of the financial institution as a counterpart to the register, even though the register at the time of the security is part of the company concerned. Guarantee after 1. and 2. Act. may not be used by the register as the basis for the issue of special covered bonds.

§ 152 h. Financial supervision shall lay down rules for :

1) the valuation of the special covered debt securities and the continuous inventory of the assets of the assets in relation to the debt securities,

2) the valuation of assets located to the safety of the issuance of special debt securities,

3) under which conditions may be provided for the new or restructure of ships,

4) the listing, registration and control of the presence of assets in the registers, cf. § 152 g,

5) the granting of loans financed by the financial institutions by issuing a special covered debt securities, in cases where there is no definitive pantheon, as well as to the extent to which alternative security should be provided ; and security shall be provided in the form of a guarantee from a financial institution, to which extent this should not be included in the 15% limit,

6) the restriction of the risks associated with the issue of special covered debt securities, including the interest-rate risks, valuesici and risks ; and

7) the reporting of additional security for special covered bonds.

Refinancing Registry

§ 152 in. The financial supervision may permit the establishment of a refinancing register by financial institutions.

Paragraph 2. An application for authorisation shall include the information necessary for the assessment of the Finance-synet assessment of whether the monetary institution has a sufficient organisation and resources to carry out the task of conducting and maintaining one ; refinancing register. The following documents shall be attached to the application :

1) The management tool for the management of the tasks and distribution of responsibilities for the operation of the refinancing register.

2) Dire-approved business operation for the operation of the refinancing registry.

3) Operating plan for the refinancing register.

4) Business progress for IT, security and control functions to support the operation of the refinance registry.

5) Statement by the independent auditor of the financial institution that this is not on the basis of a review of the planned organisation and business process planned by the financial institution, including the documents in paragraph 1. 1 4, has reason to believe that the organisation of the financial institution, staff and IT resources is not enough to lead and maintain the refinancing register in accordance with the requirements for this.

Paragraph 3. The SEC shall establish and conduct a public register of financial institutions with a permit to establish a refinancing register. The register shall contain information about the financial institution, the individual refinancing operations, cf. § 152 j, the overseer that is associated with each refinancing operations, cf. § 152 r, and representatives associated with bonds issued in connection with the individual refinancing operations, cf. § 4 A, in the Act of securities trading, etc., may be able to verify that the information contained in the register is correct and up to date, cooperated and compose information from the Register with information from the other registers of the Financial Supply.

Paragraph 4. The SEC may lay down detailed rules on the reporting of information to be used for the implementation of the register of the refinancing registers, cf. paragraph 3, and detailed conditions of the application for authorization to create refinancing registers, cf. paragraph 2.

§ 152 j. A financial institution which has been granted permission to establish a refinancing register shall in the register register the assets sold by the money department to the eligible entity referred to in the refinancing register, cf. § 152 k, paragraph 1. The refinancing register must contain a separate section for each refinancing transaction.

Paragraph 2. The refinancing register must include information that makes it possible to clearly and unambiguously identify the registered assets, including the priority status of the related security and the legitimate unit. The register shall also include, for each asset, information on the date of importation of the asset and a possible date for deletion of the asset.

Paragraph 3. A financial institution may outsource the establishment of whole or part of the refinancing register.

Paragraph 4. Control of the presence of the assets in the refinancing register of a supervisors shall be kept in accordance with the rules of the refinancing register. § § 152 r and 152 s.

Paragraph 5. The SEC may lay down detailed rules concerning the procedure for the introduction, registration and control of the presence of the assets in the refinancing register.

§ 152 k. The Pension Institute may be able to sell assets to a eligible entity, which is a particular company, another financial institution, a joint enterprise, an insurance undertaking or a company pension fund.

Paragraph 2. A financial institution may only sell assets to a eligible entity if the institution or companies which are affiliated with the financial institution shall not exercise a significant influence over the justified entity. The situation referred to in the financial institution shall be understood to be the situation in accordance with the following conditions : however, paragraph 1 3 where :

1) the financial institution or companies which are affiliated with the monetary institution, either :

a) directly or indirectly owns more than 20%. of the voting rights,

b) has been cruder than 20% of the raw materials. of the voting rights in force of an agreement ; or

c) may replace the majority of the members in the supreme executive body of the justified entity ; or

2) one or more members of the Management Board or the Executive Board of the financial institution or of companies which are affiliated with the monetary institution, with the exception of the justified entity, is a member of the Management Board or the Management Board or equivalent management bodies ; for the justified entity.

Paragraph 3. The requirement of paragraph 1. 2 that companies affiliate with the financial institution must not exercise a significant influence over the justified entity shall not precluse the institution of the institution concerned with the justified unit as a result of financial consolidation. The Financial supervision may, in particular cases, dispensers from paragraph 1. TWO, ONE. Act.

Paragraph 4. The financial supervision of the financial institution may, within a time limit, be required to carry out the necessary measures to comply with paragraph 1. Paragraph 1 and paragraph. TWO, ONE. Act.

Paragraph 5. The issuance of securities from the eligible unit issued with the safety of assets in a refinancing register shall be of a minimum size of a minimum of EUR 100 000.

§ 152 l. If the financial institution is selling assets to an eligible entity granting securities securities with security in the assets, the financial institution shall be responsible for the parts of the listing particulars or equivalent tender documents describing those assets ; assets.

§ 152 m. Has the legitimate unit issued 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 in respect of which a request for admission to trade in a market is to be made, the monetary institution administering the assets of the refinancing register as soon as possible, shall provide significant knowledge of the assets in the refinancing register ; the justified entity.

Paragraph 2. The SEC may lay down detailed rules on the transfer of substantial knowledge by the financial institution in accordance with paragraph 1. 1.

§ 152 n. An agreement on the sale of assets covered by section 152 p, paragraph 1. 1, concluded between a financial institution as a seller and a entitled entity, which purchases where the assets are entered in a refinancing register, shall constitute a transfer to owning.

Paragraph 2. The sale of assets from a financial institution to the justified entity shall have a legal effect on the creditors of the financial institution from the time of entry into the refinancing register.

Paragraph 3. Assets from a financial institution that has been entered in a refinancing register, cf. paragraph 1 belongs to the eligible entity at all times and shall be kept separate from the other assets of the financial institution.

Paragraph 4. After the sale of assets introduced in a refinancing register, the financial institution remains for the administration of the assets in the refinancing register in relation to loans and leases and other third parties, including fiscal authorities. The Penis Institute shall be entitled to receive payments relating to assets and to make claims arising out of the assets.

Paragraph 5. The access of the Lånta and other third parties to the assets of the refinancing register or at the expense of the financial institution shall not be affected by the importation of an asset in the refinancing register. Inter-holders and other third parties may also in the different conditions of the deviation conditions, cf. § 152 w, paragraph 1, set off against the justified entity as well as to the monetary institution.

Paragraph 6. The PengeInstitute will be able to make a counterbill against borrowers, even if the asset is in a refinancing register.

Paragraph 7. If it is not possible to identify an asset in the refinancing register, the asset is not deemed to have been entered in the Register.

Paragraph 8. Assets may be deleted only from the refinancing register with the consent of the entitled entity.

§ 152 o. A eligible unit may only sell or pawn assets acquired by a refinancing transaction to a third party collectively, cf. however, paragraph 1 2 and § 152 w, paragraph 10. The assets may be sold exclusively for a company that meets the requirements for a entitled unit in section 152 k (1). 1, provided that the money institute which imported the assets in question in a refinancing register does not make a significant impact on the new justified entity, cf. § 152 k, paragraph 2.

Paragraph 2. However, a eligible entity may sell the assets acquired through a refinancing register individually to the financial institution that originally introduced the asset in a refinancing register.

Paragraph 3. An eligible unit's total sales or pantstatement of the assets, cf. paragraph 1 shall not have a legal effect on the creditors of the justified unit, unless the institution of the monetary institution has been informed of the transfer. The Pension Institute shall record such transfer in the refinancing register as soon as possible. The notification loses its effect if the monetary institution does not, within 7 days of notification, have recorded the right of the transferee in the refinancing register.

Paragraph 4. Has a eligible unit enlisted the transfer of assets, cf. paragraph 1, for several different professors, a later acquiring has acquired the assets in the Register, prior to the notification of the transfer to this and the later acquiring at the time of the notification was obtained ; in good faith.

§ 152 p. The following asset types can be entered in a refinancing register, cf. however, paragraph 1 2 :

1) The granting of loans and credits granted by financial institutions to commercial undertakings or the use of commercial activities shall be granted.

2) Privileges, declarations and guarantees for loans and credits covered by item (s). 1.

3) Derived loans and credits covered by item (s). 1.

4) Leases entered into between financial institutions and business undertakings or for the use of business and assets linked to these contracts.

Paragraph 2. Where a written agreement has been reached, an active subject of paragraph 1 shall be made. 1 may not be sold, the asset cannot be entered in a refinancing register. A loan that is part of a register of assets located to the safety of the issuance of special covered debt securities, cf. However, section 152 g of the law of financial activities cannot be registered at the same time in a refinancing register.

§ 152 q. Confidential information relating to the assets introduced in the refinancing register may be disclosed or used to the extent necessary for the taking of tasks relating to the refinancing operation, administration of : the assets or refinancing records.

Paragraph 2. Dissemination in accordance with paragraph 1. 1 may occur solely to the following persons or legal entities :

1) The Penitus Foundation which has granted the loans or leased the asset and its potential data processors ;

2) a supplier holding the refinancing register on behalf of the original institution, cf. § 152 j, paragraph. 3,

3) the supervisors at the register, cf. § 152 r, paragraph 4,

4) a third party acting on behalf of the vendating financial institution,

5) a third party acting on behalf of the legitimate unit or its creditors,

6) Financial Stability A/S or other administrator in case the institution of the financial institution is filed or declared bankrupt, cf. Section 152 w, liquidate, cf. § 152 u, or loses its permission to conduct a refinancing register, cf. § 152 i,

7) the transferee of the assets, cf. § 152 y, paragraph 1, or

8) the eligible unit and a financial institution on behalf of the legitimate unit, in the event of the assets being taken out of the refinancing register and the general security measures.

Paragraph 3. The person receiving information in accordance with paragraph 1. Paragraph 1 shall be subject to professional secrecy.

§ 152 r. The eligible unit shall designate an independent supervisory body for the refinancing transaction. The supervisors must be registered with the Financial Supervisory Authority.

Paragraph 2. The SEC shall decide on the registration of a supervisors for a particular refinancing transaction when the supervisors meet the following conditions :

1) The supervisors must be competent to continuously check that the financial institution records the assets correctly in the Register,

2) the supervisors must be competent to check whether credit, credit and lease contracts exist and that the relevant security points have been made,

3) the supervisors must be able to handle sensitive personal data and confidential information, including internal knowledge, and

4) the supervisors must have drawn up a liability insurance covering the activities described in section 152 s.

Paragraph 3. The supervisors shall be liable solely to the monetary institution and the legitimate unit or its creditors in the event of loss due to gross negligence or presets.

Paragraph 4. The SEC may lay down detailed rules on proof of fulfilment of the conditions laid down in paragraph 1. 2.

§ 152 s. The supervisors must ensure that the refinancing register is carried out in accordance with section 152 j, paragraph 1. 1-3, and rules issued pursuant to section 152 j, paragraph 1. 5, section 152 k, paragraph 1-3, and section 152 p, paragraph 1. 1.

Paragraph 2. The supervisors must, inter alia, check that :

1) the refinancing register contains the necessary information on the assets, cf. § 152 j, paragraph. 1 and 2, and rules issued in accordance with section 152 j, paragraph 1. 5,

2) the import of the assets has been carried out correctly and

3) loans, credits and leasing contracts exist, and that the relevant security points have been made.

Paragraph 3. The supervisors must inform the legitimate unit and the Financial Supervisory Authority of the circumstances indicating that :

1) the refinancing register shall not be conducted in accordance with section 152 j, paragraph 1. 1-3, and rules issued pursuant to section 152 j, paragraph 1. 5, section 152 k, paragraph 1-3, and section 152 p, paragraph 1. 1, or

2) the financial institution administering the assets of the refinancing register shall not communicate to the legitimate unit the assets of the refinancing register, in accordance with the territory of the refinancing register, as defined in the refinancing register. § 152 m (1) 1.

Paragraph 4. The supervisors shall have access to the information provided by the financial institution for the assets of the refinancing register, cf. § 152 q, paragraph. 2, no. 3.

§ 152 t. If the eligible units and any other rights under the assets of the refinancing register are granted, the refinancing registers may be closed down. Notification of abandoncation must be given to the Financial supervision.

§ 152 u. Convines a financial institution which has created a refinancing register in accordance with section 152 of paragraph 1. 1, all of its assets and unwanted passives into another financial institution which is not a subsidiary of Financial Stability A/S shall be the subject of the financial institution of the Finance-synet authorisation, cf. section 152, to take over the execution of the refinancing register and the transferable financial institution ' s obligations to the justified entity.

§ 152 v. Participate in Financial Stability A/S in the execution of an emergency financial institution which has created a refinancing register in accordance with section 152 of paragraph 1. 1, except in cases covered by paragraph 152 u, a subsidiary of Financial Stability A/S shall be taken over in 2. Act. the obligations concerning the management of assets in respect of the eligible entity which has acquired the assets, provided that the contract concluded between the monetary institution and the legitimate unit have not been specified a secondary administrator ; the assets. Commitments of Financial Stability A/S or a subsidiary of Financial Stability A/S shall include obligations in relation to management of assets, including the dissemination of payments relating to the benefits of the individual borrowers on assets the eligible entity, which has acquired the assets, and the management of the agreed agreements for the settlement of assets and agreements between the monetary institution and the justified unit.

Paragraph 2. Contains the concluded agreement between the financial institution and the eligible unit not a description of the conditions governing the settlement of assets in the register if the monetary institution becomes an emergency, the assets are liquidated in the following manner :

1) The assets in the Register shall be administered in accordance with applicable agreements for six months ; and

2) After six months, the assets of the assets in the register shall be carried out as far as possible over a period of five years if they were not to be granted within this period in accordance with the terms of the agreed conditions and the interest rate on the assets maintained during the period of the deviation period, on the same basis ; level as in the applicable loan agreement.

§ 152 w. The SEC shall take a decision that the assets of the financial institution ' s refinancing register are taken under administration and, in this context, an administrator of the register should be made, if any,

1) The financial supervision shall include the grant of the financial institution in accordance with section 224, paragraph 1. 1, no. 1 or 2,

2) The financial supervision shall include the financial institution ' s permit to conduct a refinancing register in accordance with section 224, paragraph 1. 4,

3) an application for bankruptcy of the Financial Regulation shall be filed pursuant to section 234 (3). 1, or after own motion,

4) the institution of the financial institution shall declare bankruptcy at the request of others ;

5) Financial Stability A/S will take part in the execution of an emergency financial institution.

Paragraph 2. Where the contract concluded between the financial institution and the legitimate unit specified a secondary administrator of the assets in a section of the refinancing register, the Administrative Board shall, for the Register of the Register, have to use this ; administrator of the assets registered in this section of the Register.

Paragraph 3. Keep the money institution its permit to operate a financial institution, but shall lose the authorization to keep a refinance register, the institution of the financial institution shall have the opportunity to withdraw all the assets of the refinancing register from those of the Member States ; entitled units, where this is stated in the Agreement between the financial institution and the legitimate units. In such cases, there is no such reference to an administrator for the register.

Paragraph 4. When the assets of the financial institution ' s refinancing register are taken under administration, the Financial supervision must ensure that decisions relating to the implementation of the administration and the administrator of the nomination of the refinancing register are registered or, the other way shall be published by the Danish Business Authority. The Administrator of the Register must also inform the borrowers and other third parties that future payments relating to the assets can only be made to the administrator, an administrator of the assets or subsidiary of Financial Stability A/S, cf. § 152 v (3) 1.

Paragraph 5. The Administrator of the Register must meet the requirements of habilitation equivalent to the requirements imposed on the curator and others in the bankruptcy court's section 238 (4). 1 and 2. The Administrator of the Register and any co-administrators may not be one and the same person as the curator in a bankruptcy court after the monetary institution. Administrator and any co-administrators may not be employed in the same company as the curator of a bankruptcy estate after the financial institution.

Paragraph 6. Administrator of the Register may designate one or more administrators with insight into matters relevant to the administration.

Paragraph 7. The fees for administrators and other expenses incurred in connection with the administration shall be made on the basis of payments on the assets in the refinancing register, cf. § 152 x, paragraph 4.

Paragraph 8. The SEC shall supervise the controller of the register as referred to in paragraph 1. 1.

Niner. 9. Administrator of the register and any administrators shall, at the appointment of the appointment, have a liability insurance or, immediately after the appointment, to draw such a.

Paragraph 10. In the paragraphs in paragraph 1. 1 cases may also be sold separately in the Register.

Paragraph 11. In the paragraphs in paragraph 1. 1 cases may be transferred to the administration of the assets in a register by other financial institutions, Financial Stability A/S or a subsidiary of Financial Stability A/S.

§ 152 x. At the beginning of the administration, assets in the refinancing register shall be immediately entrusted to the administrator of the register. The Administrator is entitled to have the assets in the refinancing register. The same applies to assets that have entered the site of assets in the refinancing register.

Paragraph 2. In the case of overlapping, the security area relevant to each of the assets shall be subject to the purpose of the security.

Paragraph 3. The dispositions of the Penal Foundation and the bankruptcy of the assets in a refinancing register after the Financial Authority ' s decision to take the assets under administration shall be without a legal effect.

Paragraph 4. All payments to the assets in the refinancing register have been discharged after deduction of the expenses incurred by the administrator to the eligible units or to their panthavers.

Paragraph 5. The administration of the assets cannot be completed before the assets or administration of the assets has been transferred or there are no further payments on the assets.

Paragraph 6. The Pensation Institute or its bankruptcies shall assist the administrator of the register with the administration of the assets in the refinancing register.

Paragraph 7. The Administrator of the Register shall manage the assets in the refinancing register and may, if necessary in an immediate foal store, be managed by the cash department or in the case of an immediate fostering store, requiring all to the administration necessary material.

§ 152 y. The Administrator of the Register shall ensure, on behalf of the person or the legitimate entities, that the assets of the refinancing register are sold to another financial institution that the management of the assets in the refinancing register is transferred ; to a new third party in the form of a different financial institution, or alternatively, that the assets are executed so that the justified unit can reimburse the requirements of the investors resulting from the securities issued.

Paragraph 2. In the administration of the assets, the administrator of the register shall carry out the interests of the legitimate sole holders.

Paragraph 3. The sale of whole or part of the assets or hand over the management of the assets in the refinancing register must be approved by the relevant legitimate unit and its creditors, provided that creditors have acquired assets in assets. Where assets are transferred to other than a credit institution authorised in a country within the European Union or in a country concluded by the Union in the area of the financial sphere, the transfer of assets shall be subject to the approval of the assets of the assets of the Community ; Financial supervision.

Special rules applicable to mortgage-credit institutions concerning the placement and liquidity of the funds

§ 153. A mortgage credit institution shall be at least positioned in the following assets, corresponding to 60%. the basic capital of the mortgage credit institution with a supplement to the amount of the repayment obligations which are not included in the base capital :

1) Deposits in central banks in Zone A.

2) bonds and debt securities issued by or guaranteed by governments or regional authorities in Zone A.

3) Credit credits and other bonds issued by a credit institution in a country within the European Union or a country with which the Union has concluded an agreement in the financial field, which shall provide equivalent security.

4) Obligations engaged in trade in a regulated market issued by international organisations which, as a Member, have at least one of the Member States of the European Union.

Paragraph 2. The Financial supervision may, in particular cases, permit the limit as referred to in paragraph 1. 1 may be devised if the mortgage credit institution is related to another mortgage credit institution.

Paragraph 3. The financial supervision may, in addition to the requirements of paragraph 1, 1 establishing a specific liquidity requirement for a real credit institution or a group of real credit institutions with similar risk profiles taking into account the special liquidity risks in the real credit institution or groups of mortgage credit institutions and of systemic liquidity risks.

§ 154. In the other series or in the real credit institution, the funds in series must not be deposited as hybrid core or responsible pawn capital.

Paragraph 2. Remedies in the real credit institution shall not, incidentally, be deposited in series such as hybrid core capital or responsible loan capital unless at least included hybrid core capital or responsible loan capital for a corresponding amount in the mortgage credit institution ; By the way

§ 155. (Aphat)

Special rules for fund brokers and investment management companies on the allocation and liquidity of funds

§ 156. The SEC may provide a specific liquidity requirement for a fund-broker company I or a group of phonebroker companies with similar risk profiles taking into account the special liquidity risks in the Fund Broker or groups of fund-brokering companies in and for systemic liquidity risks.

§ 157. Fund Brokerers who do not have permission to perform acts on their own account, cf. in Annex 4, section A, no. 3, and may place the company's capital base in the instruments listed in Annex 5. Investment management companies may place the company ' s capital base in shares and bonds which are engaged in trade in a regulated market, and shares in UCITS and capital associations meeting the conditions laid down in section 162 (2). 1, no. 8.

Special rules for insurance undertakings and pension funds for the placement and liquidity of the funds

§ 158. The funds available to an insurance undertaking or a pension fund must be invested in an appropriate and insured manner so that there is reassuring certainty that the company may, at all times, meet its obligations.

§ 159. The insurance companies and pension funds must have a group of assets whose total value at all times corresponds to the value of the total amount of the undertaking ' s total technical provisions.

Paragraph 2. The assets covered by paragraph 1. Paragraph 1 shall be chosen in such a way as to ensure that, in terms of safety, return and liquidity, they are such that they are suitable for ensuring that the insured can be made safe. There must not be a disproportionate dependency on a particular category of assets, a particular investment market or a particular investment.

§ 160. In accordance with the provisions of this Chapter, the assets shall be remade according to the following rules :

1) The assets shall be made up and regulated continuously in accordance with the rules laid down for annual reports after Article 196.

2) Deduction must be deductible for any adhesion part, and loans can only be made to a value that will be obtained after deduction of commitments which may be offset by the borrower.

3) Financial contracts which reduce the risk that the assets cannot cover the insurance obligations should be included in the value of such contracts in the value of assets.

4) Accounts owed unpaid interest on assets covered by Section 162 (1). 1, no. 1-4, 6, 7, 9 and 11-14, are included in the value of the assets.

§ 161. In accordance with the provisions of this Chapter, the technical provisions shall be subject to the following rules :

1) The provisions shall be made up and regulated continuously in accordance with the rules laid down for annual reports after paragraph 196.

2) Determination shall be gross for direct-subscribed insurance.

3) The proportion of insurance provisions for indirect insurance which are matched by reinsurance deposits with disclosing insurance undertakings shall be deducted.

4) Until half of the debunted premiums are dedushunted.

§ 162. The following stock types may be included among the assets covered by section 159 (4). 1 :

1) The bonds or debt securities issued by or guaranteed by governments or regional authorities in Zone A.

2) securities admitted to trade in a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries, which have been issued by international law ; organisations which have at least one member of the Member States of the European Union.

3) Realaccreditation bonds, in particular covered mortgage bonds and in particular covered bonds issued by mortgage institutions, financial institutions or the shipping finance institute and other bonds issued in a country within the European Union or a country with which the Union has concluded an agreement in the area of the financial sphere offering equivalent security.

4) Accounts receivable, however, not receivable claims other creditors are left with credit institutions and insurance undertakings under public supervision in countries covered by Zone A and other loans guaranteed by credit institutions, or other, guaranteed by credit institutions ; insurance undertakings under public supervision in countries covered by Zone A.

5) Round, housing, office and business end, and other properties whose value is independent of a special vocational training.

6) Loans secured at the end of the pawn in estates which are covered by no. 5, for an amount of up to 80%. of the most recent real estate assessment for housing and 60%. for other properties.

7) Loans to security in their own life insurance policies in the field of their re-purchase value.

8) Parts of offices of UCITS, capital associations and foreign UCITS, which are equivalent to capital associations where the association of capital or of the foreign investment institution contains it in § 162 a and § 162 b, limitations.

9) Other bonds and loans admitted to trading in a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries covered by Zone A.

10) Chapter shares recorded in the territory of a regulated market within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries covered by Zone A.

11) Property that is not covered by No 2 5, and loans secured by way of the pawn in estates which are not covered by No 1. 6.

12) Chapters and other securities admitted to trade in a market in non-Zone A markets where the market is equivalent to a regulated market within the European Union, as well as other securities admitted to trade in a regulated market in a country before in the case of the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries covered by Zone A.

13) Other loans and securities which are not covered by no. 1-12.

14) Reinsurance contracts and receifts of reinsurance undertakings and special risk-covering establishments in public surveillance in countries covered by Zone A or reinsurance undertakings under public supervision which has obtained a rating of a recognized rating company corresponding to at least one of the investment grade.

Paragraph 2. In a subsidiary whose activity is limited to performing and managing investments in assets covered by paragraph 1. 1, the subsidiary of the subsidiary of the value of the capital shares in and any loans to the subsidiary may be treated as assets under paragraph 1. 1. the subsidiary is not a proprieable asset, its assets to a proportionate value equal to the share of the own funds.

Paragraph 3. If the insurance undertaking has a subsidiary undertaking a direct life assurance undertaking with a permit under this law, the subsidiary of the subsidiary may be treated as assets under paragraph 1. 1. the part of the subsidiary assets that do not cover the subsidiary provisions of its subsidiary provisions, and an amount corresponding to the subsidiary capital requirements, must, in such cases, be of such a nature and composition that they may be included, the parent undertaking ' s assets to cover technical provisions in accordance with the provisions of this Chapter. The data company ' s assets may add up to a maximum of the assets covering technical provisions, to a value corresponding to the value of the parent company ' s shares and any loans to the subsidiary undertaking, with deduction of the subsidiary the subsidiary company is not wholly owned, its assets to the proportionate value equivalent to the owned share of the own funds.

Paragraph 4. The provisions of paragraph 3 may be applied to other subsidiaries which are insurance undertakings authorised under this law ; however, such subsidiary assets may be included among the assets of a value equivalent to 5%. of the parent undertaking's technical provisions.

§ 162 A. The Staff Regulations of a Capital Association or a foreign investment institution covered by Section 162 (1). 1, no. 8, shall include provisions concerning,

1) that the capital union or the foreign investment institute shall, on an international basis, be able to cash in the investor's share of the assets resulting from the assets ;

2) the departments of the capital association or of the foreign investment institution shall not offer any guarantees for third parties or grant or accept loans, except for the entry of a short-term loan of 10% of the credit. of the assets to cash investors in order to exploit the right of drawing rights or to the temporary financing of the conclusion of the contract ;

3) the capital union or the foreign investment institution may invest its assets in cash, including currency, or in the financial instruments referred to in Annex 5, in accordance with the requirements laid down for instruments and their ; issuers in Chapter 14 of the law on investment associations and so on, and

4) risk dispersal, cf. § 162 b.

§ 162 b. A capital union or a foreign investment institution covered by Section 162 (1). 1, no. 8, in its Staff Regulations, for each department determine that the assets are either :

1) may be placed in accordance with the rules laid down in Chapter 14 of the law on investment associations, etc.,

2) may be invested in such a way as to not exceed 10%. of the assets invested in financial instruments issued by the same emittent or emittent emittents in the same group,

3) they may be fully invested in debt securities issued by a country or an international institution of a public nature, as a country of the European Union or a country with which the Union has concluded agreement in the financial sphere,

4) may be invested in

a) bonds issued by Denmark's Skibswritten A/S, mortgage credit bonds issued by Danish mortgage credit institutions and similar mortgage bonds issued by credit institutions approved by a country within the European Union or by a country to which it is subject ; The Union has agreed to the financial area when a competent authority has notified the bonds of debt securities and the issuers to the European Commission, although it may not exceed 30%. the assets are placed in debt securities issued by a single emittent or emittent emittent or other, or

b) in particular covered mortgage bonds (SDRO) and in particular covered debt securities issued by Danish financial institutions or real credit institutions or Danmarks Skibwritten A/S or equivalent, in particular covered securities issued by the same type of debt securities issued by the Danish financial institutions or in particular covered securities issued by the Danish financial institutions or other such covered securities credit institutions approved by a country within the European Union or by a country concluded by the Union in the financial sphere where a competent authority has notified the issue of the debt securities and the issuers to the European Commission, however ; maximum of 30%. the assets shall be placed in debt securities issued by a single emittent or emittent emittent,

5) can only be invested in cash archangel instruments, with a maximum of 30%. the assets may be placed in the cash-arding instruments issued by the same emittent or emittent emitters in the same group, so that the assets can be fully invested in cash-archanting instruments issued by a country or an international institution ; of a public character in which one or more Member States participate, and which are approved by the Financial supervision, cf. section 147, paragraph 1. 1, no. 4, in the law on investment associations, etc., or

6) may be invested in shares in departments of UCITS, capital associations or foreign investment undertakings whose statutes contain the limitations set out in section 162 a maximum of 75%. the wealth must be placed in units issued by a single department of UCITS, capital associations or UCITS.

§ 163. The following limits with regard to technical provisions are applicable to the co-expense of assets covered by section 159 (4). 1 :

1) Assets covered by Section 162 (1). 1, no. 8-14, must be at a maximum of 70%.

2) Assets covered by Section 162 (1). 1, no. 12, may not exceed 10%.

3) Borrow covered by Section 162 (1). 1, no. 13, may not aggregate up to 2%.

4) Assets covered by Section 162 (1). 1, no. 4, 6, 8, 10, 12 and 13, issued or guaranteed by money and mortgage institutions, insurance undertakings, departments of UCITS, capital associations or foreign UCITS covered by Section 162 (4). 1, no. 8, for each company and department of a association or a foreign investment institution, are more than 5%. the maximum amount of the technical provisions shall comprise a maximum of 40%.

Paragraph 2. Other loans and securities covered by Section 162 (1). 1, no. 13 may not exceed 10%. for the technical provisions. In the case of reinsurance operations, the limit is 30%.

§ 164. Assets which present a risk to a single undertaking or a group of interconnected undertakings may be included in the sections of section 159 (3). 1, mentioned assets within the following limits established in relation to the technical provisions :

1) Assets covered by Section 162 (1). 1, no. 3 shall not exceed 40%.

2) Assets covered by Section 162 (1). 1, no. 4 shall not exceed 10%.

3) Assets covered by Section 162 (1). 1, no. 8, cf. however, paragraph 1 4 shall not exceed 10%.

4) Assets covered by Section 162 (1). 1, no. 14 shall not exceed 10%.

5) Assets covered by Section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 must not be more than 4%. in insurance undertakings which do not run the direct life assurance business, cf. however, paragraph 1 2.

6) Assets covered by Section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 must not be less than 2%. in pension funds and insurance undertakings which operate directly life-assurance business, cf. however, paragraph 1 2. The limit is 3 pct;, if the own funds in the company relating to the asset exceed 250 million. when the establishment is resident in a country covered by Zone A and the asset is included in trade in a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere ; or equivalent markets in other countries covered by Zone A.

7) Assets covered by Section 162 (1). 1, no. 5 to 7 and 9 to 13 may not exceed 5%.

8) Borrow covered by Section 162 (1). 1, no. 13 may not exceed 1%.

Paragraph 2. Investment in capital and loans to a company or group of interconnected undertakings whose activities alone consist of investing in assets covered by section 162 (s). 1, no. 5 and 11, the total investment may not exceed 5%. for the technical provisions, cf. section 159 (4). 1.

Paragraph 3. Paragraph 1, no. 3 and 5-7, and paragraph 1. 2 and 5 shall not apply to investments in a subsidiary which is subject to section 162 (1). 2-4.

Paragraph 4. Paragraph 1, no. 3 and 5-7, and paragraph 1. Paraguations 2 and 5 shall not apply to investments in undertakings, UCITS, capital associations and foreign UCITS covered by Section 162 (2). 1, no. 8 if the activity of the statutes is limited to investment in assets covered by section 162 (1). 1, no. 1-3. Such investments may, in relation to the limits, set out in paragraph 1. 1, no. 5-8, and paragraph. 2 as well as section 163 (3). 1, no. 1 3, shall be regarded as assets covered by Section 162 (1). 1, no. 1-3.

Paragraph 5. For assets covered by section 162 (1). 1, no. 6, 7, 9, 10, 12 and 13 are the limit 5%. for investments in a single undertaking and 10%. for investment in a group of interconnected undertakings in relation to an insurance undertaking to cover its reinsurance business.

§ 165. In the assets covered by section 159 (4), 1, a sum of at least 80%. be denominated in the currency of congruent currencies. For reinsurance operations, the limit shall constitute a minimum of 70%.

Paragraph 2. Assets denominated in euro may be used to meet half of the requirement laid down in paragraph 1. 1 for the technical provisions of a currency other than the euro.

Paragraph 3. The requirement of paragraph 1. Paragraph 1 shall not apply where the technical provisions of the currency in question comprise less than 7%. the technical provisions of other currencies.

§ 166. For technical provisions in insurance class III, where the insurance undertaking or the pension fund has not taken on any investment risk, section 159 (4). 2, and section 163, 164 and 165 shall not apply.

Paragraph 2. For funds which have been taken over as separate SP accounts, where each account holder has an influence on the choice of investment pool or investment risk, section 159 (4). 2, and section 163-165 not applicable.

Paragraph 3. Funds taken over as separate SP accounts, where each account holder does not have an impact on the choice of investment pool or investment risk, must be affixed in accordance with section 158-169, cf. however, paragraph 1 4 and 5.

Paragraph 4. § 163 (4) 1, no. 4, and section 164 (4). 1, no. 4, shall not apply to funds located in units of UCITS, capital associations and foreign UCITS covered by Section 162 (2). 1, no. 8.

Paragraph 5. § 163 (4) 1, no. Paragraph 1 shall not apply to funds located in units of UCITS, capital associations or any foreign investment undertakings covered by Section 162 (1). 1, no. 8, provided that the inventory of the funds covered by paragraph shall be included in the inventory of the assets of the UCITS or of the foreign investment institutions or the foreign investment institutions. 3, and that the provisions of section 158-169 with those referred to in paragraph 1 shall be 169. 4 mentioned exceptions in this inventory have been complied with.

§ 167. In the insurance undertakings and the pension funds, a register must be kept on the assets covered by section 159 (4). 1, as well as financial contracts after paragraph 160 (1). 1, no. 3. In addition, in the case of injury undertakings, a register containing assets corresponding to the award of premiums where the period of insurance is first started at the end of the accounting year shall be kept. The registered assets and contracts shall serve solely to the satisfaction of the insured.

Paragraph 2. The requirement for registration shall not apply to the provisions of section 162 (1). 1, no. Seven, mentioned policeline.

Paragraph 3. If property is entered into the assets of the assets, a tingly-note-mail is recorded.

Paragraph 4. For subsidiaries covered by Section 162 (1). 2, and subsidiaries covered by Section 162 (1). The participation of the subsidiary shall be recorded in the subsidiary undertaking and, where appropriate, to the subsidiary undertaking.

Paragraph 5. The insurance undertaking and the pension fund shall provide the Finance-SEC notification of the assets included in the Register. The SEC or the Financial Control Authority shall authorize such assets to control the presence of these assets in accordance with the procedure laid down by the Financial supervision.

Paragraph 6. The SEC may require the register to be deposited if the supervision decides to restrict or prohibit the company's disposal of its assets. Where the register of the register is to be deposited, the SEC of the Financial Authority shall be registered as eligible in a securities centre in terms of securities. With regard to the other assets and contracts which serve to cover the technical provisions, these hand-panels shall be to the benefit of the Financial supervision.

Paragraph 7. Any change in a landfill register must be approved by the Financial supervision and notes in the register.

§ 168. The Financial supervision may, for a time-limited period, dispensers from section 162-162 b, section 163, paragraph 1. 1, no. 4, and paragraph 1. TWO, ONE. pkt., and section 164 (3). 1, no. 2-8, and paragraph 1. 2-5.

§ 169. Financial supervision shall lay down rules for :

1) the demarcation of transferable securities covered by several of the securities referred to in section 162 (1). 1, mentioned asset groups ;

2) the localization and congruent currencies of the assets in respect of the technical provisions,

3) coverage of technical provisions for insurance covered by Section 166, and

4) the reporting, recording and checking of the presence of assets in the registers after paragraph 167.

Chapter 12

Corporate rules, consolidation, etc.

Corporate Rules

§ 170. In groups where the senior parent undertaking in Denmark is a financial holding company, the rules for the size of the capital base in Article 92 (3) shall apply. Paragraph 1 (c) and paragraph 1. 2 (c) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall apply to both the top financial holding company and the group, cf. however, paragraph 1 Two and three. The parent company is observance of these provisions. For the purposes of the inventory of the group's capital base, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. The rules on capital base in Article 95 (3). (b) 2 (a) and Article 92 (2). 2 (c) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms in groups where the senior parent undertaking in Denmark is a phonebroker or a fund-broker, shall apply to both the highest financial level ; the holding company and the group. 1. Act. applies only to fund-brokerers ' holding companies which do not have a subsidiary, a financial institution, a mortgage or a fund-broiler company I. 1. Act. apply only to fund brokers, which are not a fund-brokering company, and which do not have a subsidiary, which is a fund-brokering company in which the parent company is observance of these provisions. For the purposes of the inventory of the group's capital base, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 3. The capital requirements rules for investment management companies in section 126 (a) (1). 2-6, at group, where the senior parent undertaking in Denmark is an investment management establishment or an investment management company shall apply to the top financial holding company and the group. 1. Act. it shall apply only to investment management establishments which do not have a subsidiary, a financial institution, a credit institution or a fund-broiler company in which the parent undertaking fulfils these provisions. For the purposes of the inventory of the group's capital base, cf. § 126 A (3) (a) 9, deduction of capital paid by companies in the group not included in the consolidated statement for the group.

Paragraph 4. Paraguation 1-3 shall not apply to the senior parent undertaking in Denmark, which is part of a group in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 5. For groups where the top parent company in Denmark is a financial institution-a real credit institution-a fund broker-a hedge broker-an investment management company or other financial holding company where consolidation is carried out under Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, the rule shall apply to Article 92 (1). Paragraph 1 (c) and paragraph 1. 2 (c) of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall apply to the parent undertaking. 1. Act. apply only to fund intermediaries-and investment management establishments which have a subsidiary, a financial institution, a real credit institution or a fund-broiler company I.

§ 170 a. In the group where the parent company is an insurance holding company or an insurance undertaking, section 126 shall apply mutatis mums to the insurance holding company and the group. The parent company is observance of these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

§ 171. In group, where the parent company is a financial institution or a financial institution, section 124 (4) shall be found. 1-5, and section 146, 147, 149, 150, 152 and 182 use to the group. The calculation of capital requirements in section 124 (4). One-five, one in accordance with two. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and to the extent and in the manner prescribed in 1. Section 2, Chapter 2, Sections 2 and 3, of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. The parent company is observance of these provisions. The capital base of the group is deducigated from the capital paid by companies in the group not included in the consolidated statement for the group.

§ 172. In groups where the parent company is a real credit institution or a real credit institution holding company, section 124 (4) shall be found. 1 5, and sections 146-147 and 182 apply to the group. The calculation of capital requirements in section 124 (4). One-five, one in accordance with two. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and to the extent and in the manner prescribed in 1. Section 2, Chapter 2, Sections 2 and 3, of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. The parent company is observance of these provisions. The capital base of the group is deducigated from the capital paid by companies in the group not included in the consolidated statement for the group.

§ 173. In groups where the top parent company in Denmark is a foundation broker company or a fund-brokering company, section 125 (5) shall be found. 1, 4, 5 and 7-9, and sections 146, 147, 156 and 182 use on the group. The calculation of capital requirements in section 125 (5). 1, 4, 5 and 7-9, shall be carried out in accordance with 2. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and to the extent and in the manner prescribed in 1. Section 2, Chapter 2, Sections 2 and 3, of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. 1. Act. apply only to phonebroker holding companies, which have at least a subsidiary, a financial institution, a real credit institution, or a fund-broiler company I, 1. Act. it shall apply only to the brokers ' brokerage companies, which are either a fund-brokerage party I or at least have a subsidiary, which is a fund-brokerage undertaking ; in the case of the uptake of capital base, capital has been deducated ; companies in the group not included in the consolidated inventory for the group.

Paragraph 2. In groups where the top parent company in Denmark is a foundation broker company or a fund-brokering company, section 125 (5) shall be found. Amendments Nos 1, 4, 5 and 7-9, section 146, 147, 156 and 182 and Article 395 of Regulation (EC) No 2 of the European Parliament and of the Council (EC) No 2. 575/2013 of 26. In addition, June 2013 on supervisory requirements for credit institutions and investment firms shall also be applied to the group. 1. Act. apply only to fund-brokerers who do not have a subsidiary, which is a financial institution, a credit institution or a fund-broiler company I. 1. Act. apply only to fund brokers, which are not a fund-brokering company, and which do not have a subsidiary, which is a fund-brokering company in which the parent company is observance of these provisions. The capital base of the group is deducigated from the capital paid by companies in the group not included in the consolidated statement for the group.

Paragraph 3. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 2 and section 170 (5). 2, between a fund-broiler company, which is a subsidiary of a financial institution, a real credit institution, a fund-broiler company or a financial holding company, and the subsidiary of the fund-broker undertaking, which is not an investment firm which is not : have been subject to the law of a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 4. The financial supervision may decide that paragraph shall be set. Paragraph 2 and section 170 (5). 2, applicable in other cases where the fund intermediaries by themselves or jointly have such a direct or indirect association with a company that it must be deemed necessary to apply the said rules.

Paragraph 5. Paragraph 2-4 shall not apply to groups where the senior parent undertaking in Denmark is a fund-brokerage party or a fund-brokerage holding company in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 174. In groups where the senior parent undertaking in Denmark is an investment management company or an investment management company, section 126 (a) is found. Amendments Nos 1, 7 and 8, section 146, 147, 156 and 182, and Article 395 of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall apply to the group. 1. Act. it shall apply only to investment management establishments which do not have a subsidiary, a financial institution, a credit institution or a fund-broiler company in which the parent undertaking fulfils these provisions. In the calculation of the basic capital of the group, cf. § 128, capital of deduction paid by companies in the group which are not included in the consolidated statement for the group.

Paragraph 2. A consolidated statement shall be made in accordance with the rules laid down in paragraph 1. Paragraph 1 and 170 (1). 3, between an investment management company which is itself a subsidiary of a financial institution, a real credit institution, an investment management company or a financial holding company, and the subsidiary undertaking of the investment management undertaking, which : is a management company which has not been subject to the law of a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 3. The financial supervision may decide that paragraph shall be set. Paragraph 1 and 170 (1). 3, applicable in other cases where the investment management companies alone or jointly have such a direct or indirect association with a company that it must be deemed necessary to apply the said rules.

§ 175. The financial supervision can be determined that Article 395 of Regulation (EU) of the European Parliament and of the Council (EU) No 575/2013 of 26. June 2013 on the supervisory requirements for credit institutions and investment firms shall apply to groups where the senior parent undertaking in Denmark is a financial holding company which is not a fund-broker, or investment management activities, which are not part of a group in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 175 a. Concerns where the senior parent company in Denmark is a financial holding company or a financial undertaking or where the parent company is an insurance holding company must once annually report all exposure, cf.. Section 5 (5). 1, no. 18, which accounts for more than 10%. the capital base of the group, respectively, is based on basic capital.

Paragraph 2. The SEC shall lay down detailed rules for reporting in accordance with paragraph 1. 1.

Paragraph 3. Paragraph 1 and rules issued in accordance with paragraph 1. Paragraph 2 shall not apply to the supreme parent undertaking in Denmark, which forms part of a group in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Consolidation

§ 176. consists of a fund-broiler company, an investment management company or a financial holding company, on its own or with other undertakings in the group ' s corporate interests in a credit or financial institution which is not a subsidiary ; and where the credit or financial institution is operated jointly with other undertakings not included in the group, a pro rata consolidation must be carried out in accordance with section 170, section 173 (4). 2 5, and § 174, as regards the shareholder ' s share of own funds and the result of the undertaking in which the capital interest is held.

Paragraph 2. If the responsibility of the phonebroker, the investment management company or the financial holding company ' s liability for the company is not limited to the owner's share or the voting rights, a full consolidation is to be carried out in accordance with section 170, section 173, paragraph 1. 2-5, and section 174.

Paragraph 3. Paraguation 1 and 2 shall not apply to the supreme parent undertaking in Denmark, which forms part of a group in which consolidation is carried out in accordance with Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

SECTION 177. The subsidiary undertakings and undertakings temporarily powered by insurance undertakings and undertakings temporarily operated by financial undertakings shall not be included in the consolidation pursuant to section 170, section 173 (1). 2-5, and section 174. The Financial supervision may, however, provide for these undertakings to be included.

Paragraph 2. Pension institutes, mortgage institutions or financial institutions which are subsidiary undertakings of insurance undertakings must be included in the consolidation according to section 170 if the senior parent undertaking in Denmark is a phonebroker holding company ; the management of investment management.

§ 177 a. For a financial institution, a credit institution and a fund broiler company that is under consolidated supervision of the Financial supervision, cf. Chapter 12, section 71 a on recovery plans shall apply. They're in 1. Act. whereas institutions must draw up a recovery plan for the group or the partial group and an individual recovery plan for the financial institution, the real credit institution and the fund brokerhead, in and any subsidiary of its subsidiaries in the group.

Exemption provisions

§ 178. The Financial supervision may, in exceptional cases, exempt from the requirements of section 170, section 173, paragraph 1. 2-5, and section 174.

Disposal, Disposal and Corporate Transactions

§ 179. The financial supervision of a parent undertaking which owns the capital shares in financial undertakings is to separate the financial undertakings and financial institutions of a financial holding company during a financial holding company or to a financial institution ; the insurance holding business, if :

1) The group is structured in such a way that the parent undertaking should not comply with the solvency requirement of § 170, § 170 or Article 92 (2). 1, cf. Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms,

2) a member of the parent undertaking ' s management board or management shall be subject to one of the conditions laid down in section 64 (4). 3, no. 1, 2 and 4, or

3) the structure, moreover, hinders the taking of the tasks of the intended service.

§ 180. The SEC may provide that a financial holding company or an insurance holding company shall dispose of capital shares in a financial undertaking, provided that :

1) the parent undertaking or the group shall not comply with the solvency requirement of § 170, § 170 or Article 92 (1). 1, cf. Article 11 (1). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms,

2) a member of the management board of the holding or management board does not have adequate experience to exercise the profession or the position or is covered by one of the conditions in section 64 (4). 3, no. 1, 2 and 4, or

3) the parent undertaking contradies a sound and sound management of the financial undertaking.

§ 181. The SEC shall lay down detailed rules for transactions concluded between a financial undertaking and

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

2) undertakings or persons connected with the financial undertaking through close connections, cf. Section 5 (5). 1, no. 19, or

3) undertakings which are not covered by no. 1 and 2, 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 2. Corporate internal transactions carried out in breach of the provisions laid down in paragraph 1. The rules shall be repealed in such a way as to allow the services to be returned, including the termination of a possible guarantee of collateral. Deposits from the financial undertaking that has been carried out in the context of intra-group transactions in breach of the provisions of paragraph 1. The rules laid down shall be returned, together with an annual interest rate of interest rate equivalent to the rate laid down in section 5 (5). 1 and 2, in the interest of interest in late payment, etc.

§ 182. A financial undertaking must not, without authorisation from the Financial Authority, have exposure to other companies within the same group, with the exception of exposure to subsidiary undertakings.

Paragraph 2. Furthermore, a financial undertaking must not have an exposure to undertakings or persons directly or indirectly having a decisive influence on the financial undertaking or which are dominated by undertakings or persons with such a influence.

Paragraph 3. The financial supervision may exempt from paragraph 1. 2.

Paragraph 4. In the case of undertakings with a national capital deposit pursuant to the law on sovereign capital deposits in credit institutions, authorisation shall be subject to authorisation pursuant to paragraph 1. 1 that the company can prove that exposure is not a consequence of the state capital intake and is not in breach of Article 8 (3). 2, no. 7, in the law of state capital deposits in credit institutions.

§ 182 a. For credit institutions which fulfil the criteria set out in Article 10 of Regulation (EC) No (EC) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms shall apply to Article 124 solely after a consolidated statement.

TITLE VI

Annual report, revision and use of the annual profit

Chapter 13

Annual report, revision and use of the annual profit

General rules for annual report and review

§ 183. Financial companies, financial holding companies and insurance firms must prepare an annual report consisting of a management report, a management drawing and a balance of a balance sheet, a profit and loss account ; total income, notes, including the statement of the accounting practice, and an overview of the movements in the own funds. When an annual accounts are audited, the audit shall be included in the annual report.

Paragraph 2. The annual report shall be drawn up in accordance with the rules laid down in this Chapter and rules laid down in accordance with section 196, cf. however, paragraph 1 3-6.

Paragraph 3. Where provisions of this Chapter or rules adopted pursuant to this Regulation govern the same conditions as the Council Regulation applicable to the application of international accounting standards regulating, cf. The provisions of this Chapter or the rules laid down in Article 4 of the Regulation shall not be valid for the corporate accounts of the Regulation to be covered by the provisions of Article 4 of the Regulation.

Paragraph 4. Financial companies, financial holding companies and insurance companies whose securities are not included in trade in a regulated market in this country, in another country within the European Union or in a country with which the Union is to : by way of derogation from paragraph 1, no agreement may be made in the financial sphere. 2 choosing to apply the standards referred to in paragraph 1. Three, on their corporate accounts.

Paragraph 5. Financial undertakings which, pursuant to paragraph 1, 4 shall be followed in paragraph 1. 3 the standards referred to shall apply to all approved standards in their group accounts. Where provisions of this Act or provisions adopted pursuant to section 196 govern the same conditions as the standards, establishments which, pursuant to paragraph 1, shall apply. 4 apply the standards, applying the standards instead of the relevant provisions.

Paragraph 6. The financial supervision may lay down information requirements for undertakings which comply with the requirements referred to in paragraph 1. 3 mentioned standards.

§ 184. The Management Board and the Governing Board shall report to the undertaking an annual report.

Paragraph 2. Each Member State shall have the responsibility for the annual report to be drawn up in accordance with the legislation and any additional requirements to be laid down in the statutes or agreements. Furthermore, each Member shall be responsible for reviewing the annual accounts and a possible group accounting account in time and for the annual report to be approved in good time. Finally, each Member of the Board shall be responsible for the annual report to be submitted to the Financial supervision within the time limits laid down in legislation.

§ 185. When the annual report is drawn up, all members of the Management Board and the Governing Board shall sign it and date the signature. They must give their signature in relation to a leaflet drawing where each member's name and function in relation to the company is clearly indicated and in which they declare whether :

1) the annual report shall be made in accordance with the requirements of the legislation and any requirements of the statutes or agreements,

2) the annual accounts and any group accounts provide a true image of the company ' s and, where there are group accounts, assets and liabilities, financial position and the outcome and

3) the management report provides a true explanation of the developments in the establishment and, where the group accounts, the activities and the economic conditions of the group, together with a description of the principal risks and non-safety factors, the company must be affected by the group.

Paragraph 2. If management has added additional reports to the annual report, the members of the Management Board and the Governing Board of the Management Board shall declare whether the report gives a true statement within the framework of generally accepted guidelines ; for such reports.

Paragraph 3. Although a management member is wholly or partly in disagreement with the annual report or objections to the approval of the content decided by the Member, the Member may not fail to sign the report. However, the Executive member may express his objections with a specific and comprehensive justification in relation to its signature and the drawing-up of the Leadership.

§ 186. The annual accounts and any group accounts shall give a true image of the assets and liabilities, financial position of the company and the group, as well as the result. The Management Report shall provide a true explanation of the conditions in which the report relates.

Paragraph 2. If the application of the provisions of this Act or the rules issued in accordance with section 196 is not sufficient to give a true picture as referred to in paragraph 1. 1, further information shall be provided in the annual accounts respectively of the group ' s accounts.

Paragraph 3. If the application of the provisions of this Chapter or rules issued in accordance with section 196 in exceptional cases will be stride against the requirement set out in paragraph 1. ONE, ONE. and must be deviated from this requirement in such a way that this requirement is met. Such a derogation shall be informed in the notes on the notes on the accounts and the precise and conclusive evidence of which, where possible, the amount of the monetary impact of the group, respectively, of the group ' s activities, assets and liabilities, financial position and the outcome.

§ 187. The annual accounts and the group accounts can give a true picture and that the management report may contain a true and fair statement, cf. Section 186 must be required in paragraph 1. 2 and 3 are fulfilled.

Paragraph 2. The annual report must be drawn up in such a way as to support the accounts of the accounts users in their economic decisions. Accounting users referred to as persons, undertakings, organisations and public authorities, etc., whose economic decisions are normally expected to be influenced by an annual report, including current or future undertakings, creditors, employees, customers, alliances, and forgiving and fiscal authorities. The decisions referred to shall, at least, relate to :

1) the location of the accounts ' s own resources,

2) management of the management of the undertaking, and

3) distribution of company resources.

Paragraph 3. The annual report shall be drawn up in such a way that it shall indicate conditions normally relevant to the accounting users, cf. paragraph 2. The information must also be reliable in relation to what the accounting users usually expect.

§ 188. The annual report shall be drawn up in accordance with the following basic conditions :

1) It must be prepared in a clear and overly way (clarity).

2) The facts must be taken into account and not for formalities without real substance (substance).

3) All relevant matters must be included in the annual report, unless they are insignificant (materiality). However, to be considerable, they must be considered to be significant.

4) The operation of an activity is assumed to continue (going-concern) unless it is not intended to continue or not be assumed to continue. If any activity is to be carried out, classification and setting up and the calculation and measurement shall be adapted to this phasing.

5) Any value change is to be displayed, regardless of the impact on own funds and profit and loss account (neutrality).

6) Transactions, events and value changes must be taken into account when they occur, regardless of the time of payment (accrual).

7) Conversion methods and measuring base shall be applied uniformly to the same category of conditions (consistency).

8) Each transaction, event and value change shall be calculated and measured separately, as well as individual conditions must not be contradict each other (the gross value).

9) The balance of prices for the accounting year shall correspond to the balance of the previous financial year (formal continuity).

Paragraph 2. The setting and classification, consolidation method, method of administration and measuring base and the monetary unit used must not be changed from year to year (real continuity). However, change can be achieved if a true-fair picture is obtained, or if the change is necessary as a result of legislative change or new rules issued in accordance with section 196.

Paragraph 3. The financial supervision may, however, be provided for 1, no. 8, lay down rules on duty to set-off.

Paragraph 4. The provisions of paragraph 1. 1, no. 6-9, and paragraph 3. 2 may be deviated in exceptional cases. In that case, section 186 (4) shall be found. THREE, TWO. ptangle, equivalent use.

§ 189. The assets and obligations of financial undertakings shall, unless otherwise specified in accordance with section 196, shall be measured to a daily value. Assets and Obligations and Depreciation in accordance with this, and up and down-writing shall be included in the profit and loss account unless otherwise specified in accordance with section 196.

§ 190. Supplementary reports, such as reports on knowledge and employee relations (knowledge accounting), environmental conditions (green accounts), the social responsibility of the company (social accounts) and the ethical objectives and follow-up of the company ; (ethical accounts) must give a true statement within the framework of generally accepted guidelines for such reports. They have to meet the quality requirements in section 187 (4). 3, and with the relaxations resulting from the nature of the forum, the basic conditions laid down in section 188 (3). One and two.

Paragraph 2. The additional reports shall show the methods and measurement basis according to which the reports have been drawn up.

§ 191. The financial year shall follow the calendar year.

Paragraph 2. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Paragraph 3. Companies and subsidiaries shall ensure that the subsidiary undertaking has the same financial year as the parent undertaking, unless it is not possible because of the circumstances that are out of the control of the parent undertaking and its subsidiaries.

Paragraph 4. The Financial supervision may, in specific cases, dispense from the requirement laid down in paragraph 1. 1.

§ 192. The calculation, measurement and information in monetary units shall be carried out in Danish kroner or in euros. In accordance with section 196, the Financial supervision may stipulate that the amounts are stated in other foreign currencies that are relevant to the company ' s corporate group.

§ 193. The annual report must be reviewed by the company's external auditors, cf. § 199. The review does not include the management report and the additional reports that are included in the annual report, cf. § 190. However, the auditor shall give an opinion on the conformity of the information in the Management Report in accordance with the annual accounts and any group accounting.

§ 194. The annual report shall, in the form in which it is submitted and approved by the Administrative Board, shall be submitted in two copies to the Financial supervision without any undue delay after the board meeting in which the annual report is finally approved.

Paragraph 2. The audit records of the auditor audit protocol relating to the annual report, as well as for companies with an internal auditor, shall also include the audit record of the annual report on the annual report, at the same time as the submission of the annual report ; by paragraph 1.

§ 195. The revised and approved annual report shall be submitted to the Financial surveillance in triplicate, without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. The submitted annual report must at least contain the mandatory components as well as the full review of the certificate of auditing. If the company wishes to have additional reports published as mentioned in paragraph 190, these shall be submitted together with the mandatory components of the annual report, so that the compulsory components and the additional accounts combined shall be submitted as : one document the "annual report" document.

Paragraph 3. A copy of the annual report for all the subsidiaries of the undertaking which are not financial undertakings subject to the supervision of the Financial supervision shall be submitted to the Financial supervision at the same time as the submission of the annual report pursuant to paragraph 1. 1.

Paragraph 4. The financial supervision shall transmit one of the copies referred to in paragraph 1. 1 to the Corporate Authority, the annual report shall be publicly available in accordance with the rules laid down by the Management Board.

§ 196. The SEC shall lay down detailed rules for the annual report, including rules on the calculation of assets, commitments, revenue and costs, balancing of results and balance, and notes and notes and management reports.

Paragraph 2. The SEC also lays down rules for group accounts, including rules governing when a year's annual report is to include a group count and the companies involved in it.

Paragraph 3. The Financial supervision may lay down rules for the completion and publication of accounting reports covering shorter periods than the annual report.

Paragraph 4. In the case of the use of digital communication, the requirement for submission of annual reports may be submitted in several copies, cf. Section 194 (4). Paragraph 1, and section 195 (5). 1 shall be deviated.

SECTION 197. In order to ensure that financial undertakings, financial holding companies and insurance undertakings annual reports are in accordance with the rules laid down in this Chapter and the rules adopted pursuant to Section 196 and that financial Whereas, in accordance with the provisions of Article 4 of the Council Regulation on the application of international accounting standards, companies covered by Article 4 of the Council concerning the application of international accounting standards may be subject to the Financial supervision,

1) providing guidance ;

2) to address infringements and

3) ensure that errors are to be corrected and that infringements must be brought to an end.

§ 198. Financial companies, financial holding companies and insurance companies must carry out regular accounting reports for the Financial supervision in accordance with schemas and guides to this purpose by the Financial supervision. The reports are to be submitted to the Financial supervision in electronic form.

Paragraph 2. The financial supervision can be dispensers from Section 198 (1). ONE, TWO. Act.

§ 199. Financial undertakings, financial holding companies and insurance holding establishments must have at least one state-owned auditor and this shall, where there is a question of the auditing of financial institutions, mortgage institutions, or insurance undertakings, also certified by the Financial Authority. Select more than one auditor or a member of the auditor shall be appointed after 3. pkton, the additional selected or designated auditors shall be a state sautorised and, in the case of a review of financial institutions, credit institutions or insurance undertakings, the auditors must also be certified as well as : of the Financial supervision. The Financial supervision may, in exceptional cases, appoint an additional auditor. This auditor shall act on the same terms and in accordance with the same rules as the auditors elected by the general assembly.

Paragraph 2. The auditors of a financial undertaking, in a financial holding company or in an insurance holding company, must also be accountants in the undertaking ' s subsidiaries. If a financial undertaking, a financial holding company or an insurance holding company has a subsidiary, a financial institution, a real credit institution or an insurance company, the signatories selected must be subject to such a financial institution ; certified by the Financial Authority to review these types of financial activities, cf. paragraph However, it is enough that the combined are certified to review the individual types of financial activities in the group.

Paragraph 3. Paragraph 2 shall not apply to parent undertakings or subsidiaries that are not indigenous to Denmark.

Paragraph 4. The SEC may deprive an accountant of his certification, cf. paragraph ONE, ONE. a point and thus the right to review the specific type of financial undertaking and, instead, appoint another auditor, cf. paragraph ONE, THREE. pkt. until new choice has been made if :

1) not within the time limit of one of the Financial supervision may prove that this meets the requirements for certification, or

2) The financial supervision considers that auditor in whole or in part has not worked satisfactorily and where there is reason to assume that he does not intend to carry out the audit in a responsible manner.

Paragraph 5. Accountants, pursuant to paragraph 1. 4 are being taken away from certification, may require the decision of the financial system to be brought before the courts. Request to this effect must be submitted to the SEC, within four weeks of the decision to be notified to the person concerned. The request shall not have any effect, but the court may decide by ruling that the person concerned may, at the time of the proceedings, maintain his duties as an accountant for the specific type of financial undertaking. 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. In the case of auditors, the establishment and the outgoing auditor shall no later than 1 month after the departure of the Financial Regulation, each of its accounts, if the change is due to special circumstances.

Paragraph 7. Financial supervision may impose an auditor on auditor and internal auditor for the internal auditor ' s internal audit manager, in a financial holding company, in a financial holding company, in an insurance holding company or in such financial services ; subsidiaries of undertakings.

Paragraph 8. The SEC may arrange an exceptional audit in a financial undertaking, in a financial holding company, in an insurance holding company or by subsidiary undertakings of such undertakings. The financial undertaking may be charged to pay for the performance of the audit. The SEC approves the size of the honorarel.

Niner. 9. Section 144-149 of the review company law applicable to the appropriate adjustments shall apply mutatis mutandis to financial undertakings, financial holding companies and insurance companies that are not limited to limited liability companies.

Paragraph 10. The Management Board may not allow it, cf. § 80, paragraph. 1 that internal auditing and vicerevic efers perform auditing tasks within companies outside the group. The Management Board shall also not allow internal audit and temporary agency managers to perform other work than audit tasks within the group or in companies within the same management community. The SEC may, in specific cases, dispose from 1. Act.

Paragraph 11. The Management Board may not allow it, cf. § 80, paragraph. 1 that the internal audit and visa-producer group assumes that they are in breach of habilitability equivalent to those applicable to external auditors under the auditor law.

Nock. 12. The SEC shall lay down rules on the implementation of the audit in financial undertakings, in financial holding companies, in insurance undertakings and in the subsidiary of such undertakings. The Financial Control Board may lay down provisions for internal audit and on the implementation of the system audit in joint data centers.

Paragraph 13. The SEC shall lay down detailed rules for the certification of auditors, cf. paragraph One and four.

$200. An external auditor and an internal audit manager shall immediately notify to the Financial supervision of matters of vital importance to the company ' s continued activity, including conditions to which auditors may have been made aware of the operation of the undertaking ; as an auditor in companies with which the company has tight connections.

Special rules for the use of the year ' s surplus in financial institutions

§ 201. A financial institution shall make the provisions necessary for the financial position of the institution. The revenues may require a duty to be committed.

202. The annual surpluses shall be added to own funds aside from sums conferred on the staff of the bank ' s staff as part of contracts for profit-sharing.

Paragraph 2. However, the representative may decide that amounts are to be used for non-profit or charitable purposes. Such amounts may, where appropriate, be added to a special fund for subsequent payment.

Paragraph 3. Defer the solvency rate of the savings, cf. Section 124, less than 15 pct;, for non-profit or charitable purposes may not be more than 10% or more charitable purposes. of the proceeds.

Paragraph 4. The transfer to guarantee capital of the other own funds of the savings bank is prohibited.

§ 203. Decision on the allocation of the surplus amount, an Andelmolasses at the disposal of the annual accounts, shall be taken by the general assembly. The General Assembly must not decide on the distribution of higher returns than proposed or acceding to the Administrative Board.

Paragraph 2. The General Assembly may decide that, as regards the purpose of the present, the economic position of the andelassis shall be given to the financial position of the andelskas, and shall also be considered to be considered as intended for the purpose of the present, the economic position of the financial position and the circumstances. too reasonable. The Management Board may, for the purposes referred to in 1, of the Commission. ..............

TITLE VII

Inclu-or Termination of the Financial Company

Chapter 14

Conversion of conversion

Aggregation

204. A financial undertaking shall not be combined with another financial undertaking or a business part of another financial undertaking without the consent of the acquiring and growth minister. The same applies when the continuation of the business is a foreign business.

Paragraph 2. Decision pursuant to paragraph 1. 1 shall be notified to the applicant within two months of receipt of the application. Where the application is incomplete, the decision shall be notified within two months of the applicant ' s submission of the information required to make the decision. In any case, a decision shall be taken within six months of receipt of the application. The time limit shall be extended by 3 months, when the decision shall await notification of objections, cf. paragraph Six and seven.

Paragraph 3. Authorisation pursuant to paragraph 1. One may be refused, among other things, if the merger conflicts with major social reasons.

Paragraph 4. Section 238 (4) 2, section 239 (4). 2, SECTION 242, 2. pkt., paragraph 256 (3). 2, section 257 (4). 2, § 260, 2. Pkt., section 277, 2. pkt., section 294 (4). 2, and § 297, 2. ............... 1.

Paragraph 5. An insurance undertaking which conforms a whole or part of its insurer to another insurance undertaking, without the association falling within the scope of Chapter 15 or 16 of the company law, shall be released in accordance with paragraph 1. 1 for liability in the policyholders.

Paragraph 6. Unless the acquiring and growth minister considers that the transfer of an insurer should be refused, the SEC shall publish a statement on the proposed transfer in Statewide and in a national daily basis. The deposition must include an appeal to the policyholders whose assurances were entrusted to the insurance, no later than three months after the publication of its publication, in writing to the Financial supervision, provided they have objections to the transfer. The company must at the same time send a notice of the transfer and the financial statement of the financial services to the policyholders whose address is familiar to the company.

Paragraph 7. After the end of the item in paragraph 1. The period referred to in paragraph 6 shall take the profession and growth minister concerned, taking into account the objections raised by the decision on whether the insurance stock may be transferred in accordance with the proposed proposal. The transfer may not be invoked as a basis for raising the insurance contract.

Paragraph 8. If the transfer of an insurer in the context of a merger of insurance undertakings, the merger of any section 27 of the law on insurance contracts may not be invoked by the policyholders as a basis for lifting the insurance contract.

Niner. 9. In the case of life assurance undertakings, such changes may only be made in the case of the transferable undertaking ' s insurance terms, including the bonus rules, which are deemed necessary by the Financial supervision to be a necessary consequence of : the handover.

Paragraph 10. Fusion plans, division plans and the statement by the rating men under section 242 and 243 of the company law shall be sent for insurance undertakings within four weeks of the signature of the Financial supervision which shall publish the receipt of the merger plan ; the division plan and the statement of the judgment by the judgment.

205. Whereas the Minister for the Industry and Growth Minister may lay down rules that the provisions relating to merger in Chapter 15 and 16 of the company law with the necessary adjustments shall apply to :

1) merger of mutual insurance undertakings,

2) fusion of donots and savings ;

3) merger of mutual insurance undertakings and savings and shareholdings, with a capital undertaking.

206. (Aphat)

Transitions of the Sparekases and Andelskassers to limited liability companies

207. In austerity crates, which have been running the company since the 1 1. January 1989, and in the Andelskasser who have been running the company since the first one. In January 1995, the representative or the general assembly may decide, in accordance with the rules laid down in this chapter, that the savings or the sands box shall be dissolved without winding-up proceedings by handing over the assets and debt of the savings and debt as a whole to one of the following : the savings bank or the shareholder, owned or created, limited to the undertaking to operate a financial institution (savings cash stock companies / andelskasseaktieselcompany). shares corresponding to the value of the assets deposited after deduction of the savings of the savings or debt debt, cf. however, section 208 (3). 2, transferred in savings funds to a fund, in the Andelskasser to a fund or association. The fund shall be regarded as economic operators. The associations are subject to the law of certain economic operators, and members of the associations must be shareholders of the company.

Paragraph 2. Decision pursuant to paragraph 1. 1 shall be taken by the majority required for the dissolution of the savings bank or of the sands.

Paragraph 3. In the case of a dissolution of one in accordance with paragraph 1. 1 established association, which owns shares in an shareholder company, self-capital may not be endubbed to the members of the association.

208. section 236-251 and 271-290 in corporate law shall make use of the necessary changes to the merger, cf. § 207, paragraph 1. 1, between the stock company as the consecutive company and the savings bank or the sands box as the related company. § 327, paragraph. 2, section 328 (3). 2, and § 331, 2. Pkton, in the corporate law does not apply.

Paragraph 2. The guardians of the savings bank and the Andelshaves in the shareholder shall be offered by their choice, either exchange rates for the market of their guarantee and cooperatives to shares in shares in the public or in cash.

Paragraph 3. The one in section 237, paragraph 1. In the case of a merger plan, 1, 3 and 4, the company law referred to above shall include information and provision relating to the rights conferred on the guarantors and the Andelshaves.

Paragraph 4. The Minister for the Industry and Growth Pact must approve the merger in accordance with section 204 (4). 1.

209. You, in accordance with paragraph 207, paragraph 1. 1, created funds or associations which own shares in an austerity, or an shareholder company, are led by a board of at least 3 members. The styliations for the 1. Act. the funds and associations referred to shall be the interests of the fund or association.

Paragraph 2. The following figures shall not be either together or individually identified by a majority of the Management Board for the person referred to in paragraph 1. The said Fund or association :

1) Members of the Administrative Board, the representative or similar representative bodies and staff of the austerity, or the andelskasseaktiliability company, cf. § 207, paragraph 1. 1.

2) Members of the Administrative Board, the representative or similar representative bodies and staff of the subsidiary or association of the fund or association of the fund or association of the Fund.

3) shareholders in the cash register or the andelskasset liability company whose voting rights or indirect, at least 5%, are the right to be used. the voting rights of the shareholders, or the right or indirect of which is directly or indirectly at least 5%. Of the stock record.

Paragraph 3. The chairman of the management board of the austerity, or the andelskasseaktieselcompany shall not at the same time be a member of the Board of Directors of the members of the Administrative Board. Paragraph 1 mentioned funds or associations.

Paragraph 4. For the management board of the provisions of paragraph 1 Paragraph 1 of the Funds or associations shall be designated a member of, and among the austerity, the company ' s employee representatives, unless the rules on corporate representation in the law on operators shall apply. The rules of company law on group representation shall apply by analogs to the member concerned.

Paragraph 5. Merger and associations covered by paragraph 1. 1 shall provide the Financial supervision of the information required for the activities of the acidity. § 347, paragraph. 2 shall apply mutatis mutis.

Paragraph 6. The provisions of paragraph 1. 1-5 shall not apply if the cash register or the andelskasset stock company is settled according to section 226 and 227 and the austerity, or the Andelskasseliability company, shall not be considered to be continued. When the cash register or the cooperative asset is settled and cannot be deemed to be continued, the Fund shall continue to be considered as an entrepreneur fund, cf. § 207, paragraph 1. 1. The Danish Agency for the Management Board shall permit the amendments to the Fund ' s statutes which are necessary in accordance with the law of commercial operators. The same applies to associations, cf. § 207, paragraph 1. 1, where the Danish Board of Directers shall allow the changes to the association ' s statutes, which are necessary in accordance with the law of certain operators.

-210. (Aphat)

§ 211. In austerity crates, which have been running the company since the 1 1. In January 1989, the Board of Representatives may decide that the savings fund will be dissolved without winding-up proceedings by handing over the assets and liabilities of the savings bank as a whole to one of the savings or created limited liability company, which is authorised to operate ; the institution of financial institution and the establishment of a bottling reserve corresponding to the value of the assets deposited after deduction of the debt savings debt.

Paragraph 2. Section 7 (2). 7, section 207 and 208 shall apply mutatis mutis.

§ 212. The bottomless savings reserve, cf. Section 211 may be used to cover deficits that are not covered by sums available for profit in the stock company.

Paragraph 2. In the case of termination of the financial institution, 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 concentration of a second financial institution, the consecutive company shall reserve the savings reserve on the same terms as until the merger was in effect.

Paragraph 4. In the event of an end of the financial institution, the savings reserve shall be used for non-profit or charitable purposes, in accordance with detailed rules laid down in the decision after Article 211.

§ 213. In addition to the provisions laid down in paragraph 201, the provisions of the year of the year which do not include the deficit of previous years shall be added 10%. to the bottomless savings reserve, cf. § 211. If the execution of the money is to be exceeded, the reserve shall be the equivalent of the one which corresponds to the one after paragraph 1. However, two fixed interest rates fixed by a proportionate share of the tax of the year shall be subject to an amount equal to this instalment.

Paragraph 2. The SEC shall lay down rules for the calculation of interest rates which are applicable in accordance with paragraph 1. 1.

Credit funds and mortgage-credit associations which have been mortgage credit institutions

§ 214. Evil that has been real credit institutions, and funds created in the context of conversion of real credit institutions to limited liability companies, are subject to the rule of law on operators.

Paragraph 2. Without prejudice to section 226 and 227 a mortgage company, the Fund shall be deemed to be maintained as provided for in Article 226 and 227. paragraph 1, continued to be an entrepreneur fund. Changes to the Fund ' s statutes, which are necessary in accordance with the law of economic operators, must be approved in the Corporate Authority, which is the Fund authority.

§ 214 a. Simplifications which have been mortgage credit institutions are subject to the law of certain traders, cf. Act 1 a.

§ 215. (Aphat)

§ 216. A fund or association which has been a real credit institution and a fund created in the context of conversion of a real credit institution to a company should be led by a board of at least five members whose fund or association owns the mortgage-credit company.

Paragraph 2. The members of the association or borrowers in the mortgage credit company, respectively, the proprietors of mortgage bonds and other securities issued by the mortgage company (s), each one or more of the members of the Board of the Fund or the association referred to in paragraph 1 1. These members shall comprise more than half of the Management Board. Members elected by the proprietor of mortgage bonds and other securities cannot be more than half of the board.

Paragraph 3. The following person groupings shall not be either together or individually identified or shall constitute a majority of the Management Board for the person referred to in paragraph 1. The said Fund or association :

1) Members of the management board, representative or similar representative bodies and staff of the mortgage credit company.

2) Members of the Administrative Board, the representative or similar representative bodies and staff of the subsidiary or association of the fund or association of the fund or association of the Fund.

3) AP shareholders, if the right or indirect, of which is a minimum of 5%, shall be shareholders. of the voting rights of the shareholder or whose share ownership in the mortgage credit company has an impecciting value, directly or indirectly, of at least 5%. Of the stock record.

Paragraph 4. The chairman of the Governing Board of the Realms of Credit shall not at the same time be a member of the Management Board for the Administrative Board 1 mentioned fund or association.

Paragraph 5. Keep it in paragraph 1. 1 the said Fund or association no other assets other than mortgage bonds and similar areas. or capital instruments issued by financial undertakings or financial holding companies in the group which, at the time of acquisition, are included in the own funds or basic capital of that company, shall apply to paragraph 1. 3 and 4 do not. In such cases, at the same time, at the same time, at the same time, at the same time, at the same time, at the same time, at the same time, at the same time, at least 1 member of the board

§ § 217-218. (Aphat)

§ 219. In the case of the dismantling of an association which has been a credit institution, the own funds may not be endubbed to the members of the association.

§ 220. Real-credit institutions which have been converted into limited liability companies after the encapsulate model may use the bottom-up fund reserve to cover deficits that are not covered by amounts to be used for profit in the stock company.

Paragraph 2. In the refurbation of the mortgage credit institution, after section 204, the consecutive company reserve shall take over the same terms and conditions as applicable until the merge.

Paragraph 3. In the case of termination of the mortgage credit institution, the fund reserve shall be used for non-profit or non-profit-making purposes, in accordance with the procedure laid down in the conversion decision. The encoding for shareholders may only take place where the obligations of 1 are the obligations of the obligations. Act. are met.

§ 221. Real-credit institutions which have been converted into limited liability companies in accordance with the encapsulation model shall be required to recommend 10%. of the year's surplus which does not include the deficit of losses from previous years, to the fund reserve. If the execution of the fund shall be greater than the interest reserve corresponding to the interest rate shall be determined by the Financial supervision in accordance with section 213 (2). However, in the case of deduction of a proportionate share of the tax rate of the year, however, an amount equal to this instalment shall be subject to the payment of a proportionate share.

Transformation of insurance undertakings

§ 222. Shape, content and implementation of a transformation of an insurance undertaking shall be subject to the approval of the Financial supervision. The devatory insurance undertaking shall enter into the rights and obligations of the related insurance undertaking.

Chapter 15

Termination

Withdrawal of authorisation

§ 223. The SEC may suspend the authorisation to operate as a financial institution, a credit institution, a fund-broiler company, investment management company and insurance companies, and securities trading, if requested by the undertaking.

§ 224. The financial supervision may also involve the authorisation to operate as a financial institution, a credit institution, a fund-broiler company, investment management company and insurance company,

1) if the financial undertaking is guilty of crude or repeated infringements of this law, the law on securities trading, etc., or the law on mortgage lending and mortgage bonds, etc., rules issued under these laws, Parliament and Council Regulation (EU) No 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, regulations and rules adopted pursuant to Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms or regulations issued in accordance with Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on access to the business of credit institutions and supervision of credit institutions and investment firms,

2) if the financial establishment fails to satisfy the requirements for a permit, including the requirements of Chapter 3, cf. however, paragraph 125 (1). 2, no. 1 and 2, section 126 (a), 2, no. Paragraph 1 and Article 93 (2) and Article 93 (2). Regulation (EC) No 1 and 2 of the Regulation of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms,

3) where an undertaking such as a financial undertaking is not commended within 12 months of the granting of the Financial supervision, the undertaking has issued a licence, or

4) where financial activities are not carried out for a period of over six months.

Paragraph 2. Has a financial institution, a credit institution or an investment management company an authorization such as securities trades in accordance with section 9 (4). 1, the authorisation of securities trades may be withdrawn if the conditions laid down in paragraph 1 are concerned. 1, no. 1-4, have been met.

Paragraph 3. If a credit institution or a credit institution has permission to issue a special covered debt securities, the permission may be withdrawn where :

1) the financial institution shall be responsible for serious or repeated infringements of section 152 a-152 g or rules laid down in accordance with section 16 (a) (1). 4, or § 152 h,

2) The mortgage credit institution shall be responsible for serious or repeated infringements of section 33 a-33 e in the Act on mortgage and mortgage bonds, etc. or rules laid down in accordance with section 16 (a) (1). 4, in this Act or Section 33 f in the Act on mortgage and mortgage credit bonds, etc., or

3) the issue of special covered debt securities has not been initiated within 12 months of the granting of the Financial supervision granted to the Foundation ' s authorisation.

Paragraph 4. Where a financial institution has the authority to conduct a refinance register, the Financial Authority may withdraw the authorization if the monetary institution is guilty of gross or repeated infringements of section 152 j (1). ONE, TWO. pktor, or paragraph, 2, section 152 k, paragraph 1. 1, 2, 4 or 5, section 152 l, section 152 m (1). 1, or rules laid down pursuant to section 152 j, paragraph, 5, or § 152 m (1). 2.

Paragraph 5. Has a financial institution or a credit institution ' s licence as securities trades in accordance with section 9 (4). Paragraph 1 may be withdrawn if the conditions set out in paragraph 1 are to be used for the financial institution or to the credit institution. 1, no. 1-4, have been met.

Paragraph 6. If an insurance undertaking does not have the time limits laid down by the Financial Protection Agency, the measures identified in the recovery plans referred to in Section 248 (2) shall be implemented. 1 and 2, the permission of the insurance undertaking may be withdrawn.

§ 225. Populating a financial institution, the real credit institution, the fund-brokerage or investment management company, shall not be the capital requirements of Article 92 (5). Regulation (EC) No 1, and Articles 93, 97 and 500 of Regulation (EC) No 2 of the European Parliament and Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, section 124 (4). 3 and 6, section 125, paragraph 1. 4 and 5, section 126 (a), 2-7, and has not provided for the prescribed capital within one of the Financial Providence, the Financial Persifior must withdraw the authorisation, cf. however, paragraph 1 Two, five and six.

Paragraph 2. A financial institution or a credit institution which complies with the basic requirement of the capital requirement in accordance with Article 92 (2). 1, and the minimum capital requirement laid down in Article 93 of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, but not complying with the individual solvency requirement laid down in section 124 (1). Regulation 3, or Article 500, in Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. Whereas, in June 2013, regulatory requirements for credit institutions and investment firms must take the necessary measures to comply with this solvency requirement ; the Financial Supervisors may provide the Foundation with the necessary measures in the field of such solvency ; a period of financial supervision which may be extended. The Financial supervision may continue to provide further measures, provided that it is required. The financial supervision may fix a period after paragraph 1. 1 to comply with the individual solvency requirement laid down pursuant to section 124 (4). Regulation 3, or Article 500, in Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, after which the authorisation shall be withdrawn under paragraph 1. 1, if the Foundation does not carry out the necessary measures after 2. and 3. Act.

Paragraph 3. If the provision of capital requires that the financial institution, the institution of the real credit institution, the Fund or the investment management company is convened, the Financial Control may decide that summons may be reduced by a shorter period than provided in the statutes.

Paragraph 4. In the case of a group covered by Section 171-174 not the solvency requirement of the relevant provisions and has not provided the amount of capital required within the time limit for one of the Financial Regulations, the Financial Authority may include the financial institution, the permission of the real credit institution, the Foundation for the Fund or the investment management undertaking, in accordance with. however, paragraph 1 Five and six.

Paragraph 5. The SEC shall set the time limit for paragraph 1. 1, 2 and 4, having regard to the nature of the case and the specific circumstances. The time limit may be extended if the Financial supervision is deemed necessary.

Paragraph 6. The financial supervision of the financial supervision may not include the authorisation of paragraph 1. This is the case. 1, 2 and 4, where the concern of an appropriate crisis management or handling of the crisis is to be used.

Redevelopment

§ 226. When the Financial supervision involves a financial institution, real credit institution, fund-broker or investment management company ' s permit in accordance with section 223, section 224, paragraph 1. 1, 2, 5 and 6, and section 225, you must run, and the business must not commence until the execution is complete.

Paragraph 2. When the Financial supervision includes the permission in accordance with section 224 (4), 2 and 5, the institution of the financial institution, the real credit institution, the fund broker or the investment management company, shall no longer be authorized to be liquidating. The SEC may fix a time limit within which the execution must be carried out.

Paragraph 3. When the Financial supervision involves an insurance undertaking, the Financial Decision shall decide whether the insurance undertaking should seek the insurance stock from one or more insurance undertakings operating in the insurance undertaking here in : the country, or whether the company shall in any other way apply to the recovery of the insurer. In the case of life assurance undertakings, the Finance Board may decide that the insurance stock is taken under administration in accordance with section 253-258.

Paragraph 4. In the context of the withdrawal of an insurance undertaking, the assurance undertaking may prohibit the insurance undertaking from the disposal of its assets or limiting its availability. Section 167 (4). 6 and 7 shall apply mutatis mutis.

§ 227. Redevelopment, cf. Section 226 shall be carried out by winding-up proceedings or bankruptcy or by aggregation under section 204. If the conduct is carried out in the other way, the SEC must approve the form, content and implementation of the deviation.

§ 228. The SEC may set a time limit for the adoption of a decision on winding-up proceedings, in accordance with section 217 of the company law. If the deadline has been overextended, the Financial Authority may decide that the financial business must enter liquidation.

Paragraph 2. The decision to conduct a financial undertaking must be notified immediately to the Financial supervision.

§ 229. A company that operates life assurance cannot without the consent of each insurance claim unless it has transferred the entire insurance stock to another company in accordance with the rules laid down in Article 204, or its insurer has been taken under administration.

§ 230. An insurance undertaking operating at work accident insurance cannot be dissolved unless it has transferred the entire occupational accident insurer to another company in accordance with the rules laid down in Article 204 or its own occupational accident insurer has been taken under the management of the Agency for Health and Safety Management in Section 54 of the Work Management Board.

Specific rules on winding-up proceedings and bankruptcy

§ 231. A financial institution, a credit institution, a fund-broiler company or investment management company shall be liquidated by one or more liquidators appointed by the business and growth minister. One of the liquidators has to be a lawyer.

Paragraph 2. Therefore, in the case of the winding-up of an insurance undertaking, the acquiring of the insured shareholders, guarantors, guarantors or creditors shall therefore be subject to the extracts from the Financial Authority to appoint a liquidator, together with those of : The General Assembly chose to make the liquidation.

Paragraph 3. Trees the Financial supervision pursuant to section 249 or 250 provision for an insurance undertaking to enter winding-up proceedings, by means of negotiation with the Finance-sighted one or more liquidators of which a law must be a lawyer.

§ 232. The SEC may suspend a financial undertaking ' s statutes during the liquidation.

Paragraph 2. Accounts drawn up in connection with winding-up proceedings shall be submitted to the Finance-SEC.

§ 233. Motion for bankruptcy of a financial undertaking which is under winding-up may be submitted only by the liquidators or the Financial supervision.

§ 234. The financial supervision may submit bankruptcy proceedings when a financial company becomes insolvent. The decision of the financial system for the filing of bankruptcy proceedings shall not be claimed after Section 372.

Paragraph 2. Notwithstanding Section 17, paragraph 1. 2, in the bankruptcy box, financial institutions, real credit institutions or fund-brokers shall be deemed to have not fulfilled their obligations in relation to post-capital capital as hybrid seed capital or as additional capital instruments, not to ensure that : be insolvent. The same applies to other financial establishments covered by this law, provided that they do not fulfil their obligations in relation to post-capital capital as hybrid seed capital or as responsible pawn capital.

Paragraph 3. After the signing of the bankruptcy decree, the disc shall be discarding after negotiation with the Finance-sighted one or more couriers. One of the curators must be a lawyer.

Paragraph 4. In the case of an insurance undertaking which does not run life assurance business, Section 253 shall apply mutatis mutias.

Paragraph 5. If a life assurance company is bankrupted, the insurance stock shall be taken under the administration under section 253-258.

§ 235. The financial supervision shall be entitled to participate in meetings of the creditor committees and in a change of assemblies. Draft final accounts and final claims in the estate of the bankruptcy estate shall be submitted by the curator of the Financial supervision to the opinion before the curator submit it to the probate.

§ 236. Declare a savings bank, an Andelmolasses or a mutual insurance company bankrupt, gives the curator message to the Danish Business Authority and the Financial supervision of the beginning and end of the bankruptcy.

SECTION 237. The Minister for the Industry and Growth Minister may decide that the liquidator or the liquidator of the settlement should inform the insurance-holders of the settlement of the insurance undertaking and the consequences for them.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the form and content of the notification.

Reconstruction processing

§ 238. The SEC may lodge an application for redesign processing by financial undertakings, where the interests of depositors, debt securities, investors or insurance holders ' interests are attributed to it.

Paragraph 2. Motion for redesign processing in accordance with paragraph 1. 1 shall be accompanied by the Financial Sets proposal, who shall be appointed as a reconstructor and trust man during the redesign examination, and a declaration by the person concerned that they are willing to do so and fulfil the conditions of the bankruptcy of the bankruptcy slots.

§ 239. The rules on redesign shall be applied to insurance undertakings with the exception of life assurance undertakings by the Danish Board of Accures with the authorization of the Financial Authority.

Paragraph 2. For the status summary that is to be sent together with a redesign proposal, cf. Bankrup Section 13 (b), paragraph 1. 1, no. 2, may the shifter at the redesign process of reinsurance undertakings, after consulting the Financial Authority, designate an unwilling actuar to carry out an inventory of the value of the claims that have been notified.

§ 240. The provisions of this Act on the powers of the profession and of the financial undertakings in respect of the duties and financial undertakings of the financial undertakings in respect of the business and growth minister and the Finance-Board shall apply, with the necessary adjustments, for such adaptations, establishments which are under redesign or dissolution.

§ 241. Chapter 14 of the corporate law shall consider the necessary restraints to be applied to savings boxes, other customs crates and mutual insurance undertakings.

§ 242. The Minister for the Industry and Growth Pact lays down rules for the fulfilment of EU legal rules concerning the reorganisation and winding-up of credit institutions and insurance undertakings.

§ 243. The Financial supervision may, in accordance with the procedures laid down in Community law, prohibit a foreign credit institution, financial institution, investment company, investment management company or insurance company subject to section 30 (5). Paragraph 1, and section 31 (1). 1, based in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sphere, to carry out operations in this country through a branch or by providing services in this country. Financial supervision may be prohibited in 1. Act. shall be as referred to in 1 by the undertakings referred to in 1. pkton, if the company grossly or repeatedly infringes provisions of this law, rules issued under the law or other legislation which is directed against the credit institution, the financial institution, the investment firm, the investment management company or the insurance undertaking, and it shall not be possible to terminate the infringement or any sanction at the end of the proceedings or any sanctions under the conditions of this law.

Chapter 16

Crisis Management

Special rules for financial institutions

§ 244. The Minister for the Employment and Growth Minister is to set up a value-hire name, cf. Article 245, which, in the case of a tax-free merger or the transfer of assets between financial institutions as a result of the fact that a financial institution no longer meets the capital requirement in section 127 or is in the near-risk of it, fix the tax value, on the date of the loans and guarantees, etc., in the emergency financial institution. Similarly, in the case of a grant of a taxable transfer, the granting of a decision on the fiscal value of loans and guarantees, etc., may be decided at the time of transfer, where the transfer takes place as part of the dismantling of an emergency financial institution. The Board shall be able to take a decision only at the request of one of the financial institutions involved.

§ 245. The function board shall consist of 3 members. The Minister for the Industry and Growth Pact appoints the members and alternates to the tax minister. The members and the alternates shall be appointed for four years.

Paragraph 2. The chairman shall represent a legal, economic or accounting expertise, and the other members shall have a special expertise in the valuation of assets and liabilities.

Paragraph 3. The Minister for the Industry and Growth Pact lays down detailed rules for payment for the decisions of the jury.

Paragraph 4. The Board shall take a decision within five days of the fact that the Board has received an adequate basis for a position.

Paragraph 5. The decisions of the jury may not be brought to a higher administrative authority and shall be subject to the equation of the tax authorities.

Paragraph 6. In agreement with the tax minister, the business and growth Minister may lay down rules for the activity of the jury.

§ 245 A. Financial institutions must ensure that they have effective procedures and systems that ensure that the individual financial institution is prepared and within 24 hours can provide necessary views and information on the financial institution's deposits and lending accounts, pension deposits and so on when the Financial Control Board has set a time limit for the institution of the financial institution after paragraph 225 (5). 1.

Paragraph 2. The SEC shall lay down detailed rules on the measures and systems necessary to ensure that the financial institution may take the necessary steps when the Financial supervision has set a deadline for the institution of the financial institution after paragraph 225 (3). 1.

§ 246. In section 124 (4), the institution of a financial institution shall not be provided for. Articles 3 and 6, and Article 92 (2). Paragraph 1, Articles 93 and 500 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and a time limit of the financial supervision of the capital recovery has been set, cf. § 225, paragraph 1. 1, the Management Board shall convene the highest authority of the financial institution with three days ' notice of the necessary measures to comply with the requirements of the law in accordance with section 124 (4). Articles 3 and 6, and Article 92 (2). Paragraph 1, Articles 93 and 500 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms. However, for financial institutions which are limited to limited liability companies, and whose shares are available for trade in a regulated market, the call shall, however, be made subject to the provisions of the Staff Regulations, subject to at least three weeks notice.

Paragraph 2. The Board of the Pension Foundation may in the Management Board in the first paragraph. the situation referred to in the case of the financial institution shall be handed over, or partly to, to another financial institution, cf. however, section 204 (4). 1, on the approval of the business and growth minister. The agreement on the transfer must be subject to this approval. At the same time, the Administrative Board shall convene the top authority of the financial institution, cf. paragraph 1. The Management Board shall, at the meeting of the general or in a bank of savings, account for the situation of the financial institution, as well as the agreement reached. If, in the case of the general assembly or in savings boxes in the representative, other measures shall be taken, which shall mean that the financial institution meets the capital requirement in section 124 (4). Articles 3 and 6, and Article 92 (2). Paragraph 1, Articles 93 and 500 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, or whether winding-up proceedings on conditions which the Financial Supervisors can accept, it shall be cancelled by 2. Act. referred to the transfer of the contract.

Paragraph 3. Invocation shall be forwarded to all known shareholders, cooperatives or, in saving cases, of the members of the representative. At the same time, public call for public call in accordance with section 67 shall be made.

Paragraph 4. No later than 24 hours prior to the holding of the meeting of the General Assembly or in the austerity coffers meeting the agenda and the complete proposals shall be submitted for review of shareholders, the shares or in the bank of representative members of the representative ; the head office of the financial institution. In the case of concision to the general assembly of financial institutions, which are limited to limited liability companies, and whose shares are available for trade in a regulated market, cf. paragraph ONE, TWO. pkt., section 95-98 of corporate law will apply.

Paragraph 5. Decisions on measures pursuant to paragraph 1. 1 may always be taken by two thirds of section 106 and 107 in the corporate law. If half of the share capital is represented at the General Assembly, decision on measures shall be taken by a simple majority. In savings boxes and andelskboxes, decisions may be taken in accordance with paragraph 1. 1 shall always be taken by two thirds of the attunners, in austerity crates of rep, and in andelass; andi andelass; andeldelsmergers

Paragraph 6. The people in paragraph 3. The procedures referred to in 1-5 shall apply regardless of the provisions of the Staff Regulations.

§ 247. If the financial institution has lost the own funds, or is the insolvent, or may it be insolvent, the Board may delegate the institution of the financial institution in whole or in part to a different financial institution, cf. however, section 204 (4). 1, on the approval of the business and growth minister.

Paragraph 2. At the same time, the Management Board shall invite the shareholders, the Andelshaves or in austerity cases, representatives of the members of the Board of Representatives to an informational meeting on the enacting arrangements. This meeting must be held no later than eight days after the decision, and the necessary costs shall be borne by the acquiring financial institution entitled to participate in the meeting.

Paragraph 3. The people in paragraph 3. The procedures laid down by 1 and 2 shall apply regardless of the provisions of the Staff Regulations.

§ 247 a. Inserts the Financial supervision of a financial institution as referred to in section 224 (2). 1, no. 1 or 2, the Financial supervision referred to in section 234 (2) shall be submitted. 1, or at the request of the financial institution for bankruptcy, or declare the financial institution at the request of other bankruptcy, the Financial Decision shall take the decision that the financial institution's repayment to the holders of special covered securities issued by the financial institution shall be taken under administration. The financial supervision of the financial supervision may be subject to section 224 (2). 3, no. Paragraph 1 shall also decide that the financial institution's repayment to the holders of the special covered securities issued by the financial institution shall be taken under administration. At the same time, the SEC is appointed by an administrator, together with any administrators, to manage the administration of the repayment to the holders of special covered bonds.

Paragraph 2. When a financial institution's repayment to the holders of special covered bonds issued by the financial institution is taken under administration, the Financial supervision must be given that the decisions on the implementation and administration of the administration shall be required, the appointment shall be published or otherwise published in the Danish Business Authority. The administration estate shall also inform the borrowers that future payments relating to the loan benefits of the individual borrowers can only be made to the administration estate with a free-making effect.

Paragraph 3. The administration estate is an independent legal person.

Paragraph 4. Administrator must meet urgency requirements similar to requirements for curator and so on in the bankruptcy slots section 238 (4). 1 and 2. Administrator and any co-administrators must not be one and the same person as the curator in a bankruptcy nest after the monetary institution. Administrator and any co-administrators may not be employed in the same company as a curator.

Paragraph 5. Administrator can designate one or more co-administrators with insight into matters that are relevant to the administration.

Paragraph 6. The fees for administrators and other expenses related to the administration shall be made by the administration estate. The fees are fixed after negotiation with the Financial supervision.

Paragraph 7. The Administrative Board shall be subject to the supervision of the Finance Supply. § 152 h, nr. 4 and 6 shall apply to the administration estate.

Paragraph 8. The provisions of this Act on the powers of the profession and of the financial undertakings in respect of the duties and financial undertakings of the financial undertakings vis-vis the professional and growth minister and the Finance-Board shall apply with the necessary adjustments to the administration estate.

Niner. 9. Have administrator and potential co-administrators do not already have a liability insurance that may be considered sufficient to cover the Administration Boat's responsibility for errors and omissions during administration of the estate shall be required immediately after : the designation shall draw such insurance.

Paragraph 10. The administrator must immediately after the appointment of drawing of the usual guarantee insurance or other similar way to ensure the intake of losses. The amount of security shall be equal to 1% in any time. of the value of the assets, however, the maximum of 100 million. DKK During the period until an assessment of the value of the registered capital has been carried out after paragraph 247 b (b), 3, the security must be calculated from one of the administrator's estimated value. The cost of causational insurance shall be borne by a stock exchange rate.

§ 247 b. At the beginning of the administration, the registered assets must, cf. section 152 g, paragraph 1. 1, immediately left to the administration estate. The administrative estate of the administrator must be entitled to possess these assets. In the case of fondors, this shall be recorded in a securities centre in respect of rights of immovable property, this thing in the register and, as far as ships are concerned, this must be recorded in a register register.

Paragraph 2. If a financial institution is bankrupted, the liquidator shall immediately leave the assets referred to in paragraph 1. 1, to Administrator.

Paragraph 3. The Administrator must allow the registered assets to assess in accordance with rules laid down in section 152 h, nr. 2.

Paragraph 4. The Penalty Institute shall continue to be liable for the necessary assets in the register, unagendability that this is under administration. Where it is assessed by the evaluation provided for in paragraph 1, 3 that the value of the registered stock does not correspond to the value of the bonds, financial instruments and loans, in accordance with section 152 b, paragraph. 1, as the assets are to be safe, the administrator must travel requirements against the financial institution for the fulfillment of the register, so that the value of assets corresponds to the value of bonds, financial instruments and loans. Similarly, the administrator must travel requirements against the financial institution for the fulfillment of the register, if at any time during the administration, it is established that the register is under-cover. If any delegate or part of the register is delegated, the purchaser will not be able to raise any new requirements against the financial institution if further subcontracting is incurred after the transfer. If only parts of the register are transferred, the financial institution shall continue to be liable for any subcontracting in the reaper of the register. If the financial institution declared bankruptcy, the provisions of section 247 shall apply.

Paragraph 5. Where it is placed in the assessment of the registered assets that the administration insolvent is insolvent, the administrator must file bankruptcy request. The Administrator must also file bankruptcy request if the administration has subsequently ascertains that the administration insolvent is insolvent. The administration's estate is insolvent if it cannot fulfil its obligations as they fall, unless the ability to pay is just to be transient.

Paragraph 6. The administration estate may not be completed before the duties of the boating under section 247 a and the registered assets covered by this Section have been transferred, cf. Section 247 g, submitted for bankruptcy and bankruptcy proceedings, or all the bonds that the assets in the register are for, are free and the financial instruments have been dismantalised. If there are any surplus funds in the estate at the end of the day, they shall be returned to the financial institution or the financial institution under bankruptcy, cf. § 247 d, paragraph 4.

Paragraph 7. Addressing a financial institution, after the administration has begun, will not have any effect on the administration estate.

Paragraph 8. Administrator must manage the assets received from the financial institution and may, where appropriate by the financial institution, if necessary, require all for the administration, necessary material.

§ 247 c. Declaring a financial institution or does not comply with a financial institution the obligation to provide additional security after Article 152 (a) (1). 2, this may not be by the holders of the special covered debt securities or lenders of section 152 b (b). 1, shall apply as a cause of early payment of payment obligations. It shall not be deprived of the borrowers whose loans have been granted on the basis of the special covered bonds, their right to make complete or partial release of the loan in accordance with the conditions laid down in respect of the loan.

§ 247 d. Addressing a financial institution, the assets in the register, including financial instruments, discharged after deduction of expenditure for the custodian, to the payment of claims by the holders of the special covered bonds and counterparts of the parties concerned ; financial instruments to which the registered assets and contracts are located. The loans provided for by the financial institution shall be covered by the financial institution in accordance with section 152 b (s). 1. Overshading means are included in the bankruptcy case, cf. Section 32 of the bankruptcy slop.

Paragraph 2. The individual holders of special covered bonds, counterparts of the financial instruments, and lenders of section 152 b (b). 1, may not claim the estate. On the other hand, the administrator of the Administration residence may, on behalf of the administration, lodge a claim to the estate on what, after the assessment is missing, to make the holders of the special covered bonds, counterparties on the financial instruments and lenders of Article 152 ; b, as well as the claims of interest which have been imposed on the claims referred to in the bankruptcy decree, to the debt holders, counterparts of the financial instruments, and lenders of section 152 b may be done in the hands of the debt holders.

Paragraph 3. Are the funds in the register insufficient for the satisfaction of the holders of the special covered bonds and counterparts on the registered financial instruments as well as to cover debt owed by the financial institution in accordance with Section 152 b (1). 1, the administrator at the administration booth ' s closure, may notify the unclaimed residual requirements of the financial institution ' s bankruptcy as simple requirements.

Paragraph 4. Any excess funds in a register cannot be transferred to other registers, but must be transferred to the bankruptcy estate.

Paragraph 5. The receipt from a creditor as referred to in Section 42 of the bankruptcy law may not take place for a claim which is attributable to the monetary institution and which relates to loans granted on the basis of particularly covered securities issued by the financial institution.

§ 247 e. The loan from loans granted by financial institutions pursuant to section 152 b (s). 1 and not included in a register, in the case of the bankrupt institution of the financial institution, serve to cover the holders of the special covered bonds and counterparts of the financial instruments of the register to which the loans are occupied. Any surplus funds must be paid out to the lender.

§ 247 f. The proprietors of debt securities which have lost the description of the description of the debt securities, cf. § 152 A, paragraph THREE, ONE. and counterparty to the registered agreements on financial instruments to which the registered assets and agreements lie for the purpose of maintaining the bankruptcy law, which is assigned to holders of special covered bonds and financial counterparts ; cf. § 247 d, paragraph ONE, ONE. Act. The same applies to loans granted by the financial institution in accordance with section 152 b (b). 1.

Paragraph 2. Any residual claims are reported by the administrator in the institution ' s bankruptcy estate as simple requirements.

Paragraph 3. The rules in section 152 (a) (1). ONE, ONE. pkt., section 152 b-152 h and § § 247 a-247 e shall apply mutatis muthisis to debt securities which have lost the description of special covered debt securities, cf. § 152 A, paragraph 3, as well as financial instruments associated with it.

§ 247 g. The Administrator must, after the registered assets are assessed, cf. § 247 b, paragraph. 3, work to make it available to a credit institution authorized in a country within the European Union or in a country to which the Union has concluded an agreement in section 247 (a) and registered assets under Section 247 b. in the financial field and authorised to issue a special covered debt securities as defined in Annex VI, Part 1, section 68-71, of the Directive on the admission and pursuit of the business as a credit institution.

Paragraph 2. Unable to assign the asset ' s obligations under section 247 a and the registered assets covered by section 247 b, the administrator must operate the administration estate in accordance with the terms of section 247 h, unless the conditions for request for bankruptcy shall be present, cf. § 247 b, paragraph. 5. The Administrator shall, however, continue to work for the transfer of the following paragraph. 1.

Paragraph 3. The transfer of whole or part of the duties of the boss in accordance with section 247 a and registered assets covered by section 247 b to another credit institution, cf. paragraph 1, must be approved by the Minister for Acquireion and Growth. However, this shall not apply if individual assets are disposed of in accordance with section 247 h (1). 3.

Paragraph 4. In the absence of the business and growth minister, on the basis of the current basis, the transfer should not be approved, the SEC shall publish a statement on the proposed transfer in Statewide and in national newspapers. The deposition must include a call to the affected holders ' holders ' holders before one of the FGs, which shall not be less than 1 month, in writing to inform the Finance Board that they have objections to the transfer. The administrator must at the same time send notice of the proposed transfer and account to the bond owners that administrator knows the address of.

Paragraph 5. After the deadline referred to in paragraph 1, 4 takes account of the objections raised by the Acquisition and Growth Minister, taking into account the objections raised by the decision to the transferee in accordance with the proposed proposal.

Paragraph 6. The transfer may not be invoked as the reason for early release of payment obligations by the owners of the special covered bonds.

§ 247 h. The administrator can issue bonds for refinancing, in particular, covered bonds that expire. The bonds shall be referred to as refinancing bonds and shall not be referred to as a special covered debt securities. The financing will be given in the same way as the special covered bonds that they replace, security of the asset in the administration estate. The Administrator must not issue refinancing options if, after the issue, it is not possible to be sufficient funds in the estate for the payment of interest and payments to holders of special covered debt securities, if any ; financial instruments and counterparts on financial instruments. The administrator may also conclude contracts for financial instruments for the purpose of risk-covering.

Paragraph 2. Administrator can record short-term loans to cover the temporary liquidity deficit in the administration estate due to a lack of time-related coinciding between payments to the inhabited from borrowers and payments from the estate to bond owners. The application of such loans must be used solely for the payment of interest and payment to the owners of the special covered bonds and any refinancing bonds.

Paragraph 3. Administrator can sell assets from the estate to use to cover the temporary liquidity deficit in the administration estate due to a lack of time-related digesting between payments to the estate from borrowers and payments from the estate to bond owners. The sale of assets can only be reduced to a limited extent and at a minimum price fixed in advance.

§ 247 i. In the case of the management estate during bankruptcy proceedings, the estate shall be treated in accordance with the rules of the bankruptcy law, cf. however, paragraph 1 2.

Paragraph 2. The assets of the management estate, including financial instruments, discharged after deduction of the administrator ' s expenditure shall be used in the same proportion to the payment of claims by the holders of the special covered bonds, counterparts of the financial resources instruments for which the registered assets and agreements are situated for the purpose of holders of any refinancing bonds issued by the administrator pursuant to section 247 h (1). 1 and the coverage of loans which the administration estate has recorded pursuant to section 247 h (2) ; 2. Overshading means are included in the bankruptcy case, cf. Section 32 of the bankruptcy slop.

Special rules for insurance undertakings on re-establishment other measures

§ 248. If the basic capital of an insurance undertaking is less than the capital requirement, cf. Section 127 shall require the company to draw up a plan for the restoration of its economic position and submit the plan of the Financial supervision plan to assess whether the plan contains the measures necessary.

Paragraph 2. The SEC shall lay down detailed rules on the information provided for in the re-establishment plan and the period from which the plan is to be drawn up.

Paragraph 3. The Community ' s plan must provide for the restoration of its economic position over a shorter period of time fixed by the Financial supervision, when :

1) the base capitale of an insurance undertaking is less than one third of the solvency requirement ; or

2) the base capitale of an insurance undertaking is less than the minimum capital requirement.

Paragraph 4. Where, under the law, the company has submitted an operational plan for the Financial supervision, the supervision in the event of a deterioration of the company ' s economic position in relation to this plan shall determine the necessary measures and can be used ; in particular, require a new operating schedule to be drawn up for the three following financial years.

§ 249. Whereas the SEC is required to carry out a life assurance undertaking within a time limit to take the measures necessary if :

1) The company is not complying with this law,

2) the company differs from it for its business ;

3) the one in number 2 the basis or the manner in which the company ' s funds are located is not reassuring ;

4) it appears that the provision of the funds provided for in the non-reassuring provisions is not reassuring or

5) The economic position of the company has thus been abated, that the interests of the safe are exposed to danger.

Paragraph 2. Are the measures required to be taken not prior to the provisions laid down in paragraph 1. The time limit laid down by 1 and estimated to be a hazard to the insured may be taken under the management of the insurance undertaking under section 253-258.

Paragraph 3. An insurer shall be taken in the administration, provided that it proves that within the meaning of paragraph 1, it shall be carried out ; The time limit laid down shall not be obtained to cover the technical provisions necessary for the provision of insurance.

Paragraph 4. If there is a company in winding-up proceedings, the Financial supervision may take the decision that the company ' s insurer is taken under administration.

Paragraph 5. If the Financial supervision is found that, when the insurer has been taken under administration, the company will also be required to dissolve the company, make the decision on the subject.

$250. The SEC shall offer an insurance undertaking which does not carry out life assurance within the time limit for one of the Financial supervision to take the measures necessary if :

1) the company does not have sufficient amount to cover insurance obligations,

2) The financial supervision does not find the way in which the company ' s funds are stowed, reassuring, or

3) The company is not complying with this law.

Paragraph 2. If the necessary measures have not been taken before the time limit set and the failure to present a danger to the insured, the Danish Financial Authority may decide that the company should enter winding-up proceedings. If the company operates the occupational accident insurance undertaking, the SEC may revoke the undertaking ' s licence to operate the occupational accident insurance undertaking, after which the insurance stock is taken under the management of the Management Board of the Management Board ; According to section 54, in the law on work-keeping.

§ 251. As part of the section 248 (4). 3, section 249 (4). 1, and § 250 (3). Paragraph 1, the Financial Regulation may prohibit the company from having its assets or limited availability over. Section 167 shall apply mutatis mutis.

§ 252. The SEC must, as soon as possible, after winding-up proceedings under Clause 250 have entered, in consultation with the liquidators, whether it would be appropriate to apply to one or more of the insurance stocks in whole or in part, insurance undertakings. If such takeovers are made available, the Financial supervision of the Financial Authority shall, where appropriate, submit a statement on the transfer and a proposal for a contract with the person concerned.

Paragraph 2. The statement and the proposal are to be published in the Statessings and in the newspapers. The decision must include an invitation to the policyholders before one of the Financial supervision stipulates that no less than 1 month, in writing, if they have objections to the transfer, they shall grant the Financial supervision of the Financial Authority. The company must, at the same time, to the policyholders whose address is familiar, the statement and the proposal.

Paragraph 3. After the end of the item in paragraph 1. The period referred to in paragraph 2 shall take, taking into account the objections raised by the acquiring, the acquiring and growth minister shall take account of the objections raised in relation to the submission of the insurance stock in accordance with the proposed proposal

Paragraph 4. The financial supervision of the Commission may, in the context of the presentation of the debate with the acquiring company, decide that assurances which have been drawn for a period of more than one year of both parties may be terminated in accordance with the rules laid down in that Regulation, the insurance agreement is in force if the multiannual period of the agreement contained in the Agreement was expired. The rules on this access to termination shall be rendered in the financial statement of the Financial Authority.

Paragraph 5. § 27, paragraph. Paragraph 2 of the Law on Insurance Agreements shall apply by analogi; until the business and growth Minister has made a decision pursuant to paragraph 1. 3. Finding a transfer in accordance with the decision of the business and growth ministers, may the liquidation and transfer, regardless of the law of insurance contracts, section 26 and 27 are not invoked as a basis for the withdrawal of the insurance contract.

Special rules for insurance undertakings for the management of a life assurance undertaking

§ 253. Trees Finance-sighted decision that a life assurance insurer is taken under administration under section 224, paragraph 1. 1, no. Paragraph 1 and 2, and paragraph 1. 6, section 226, paragraph. 3 and 4, section 234 (4). At the same time, 5 or section 249, the Finance Board names an administrator to join together with any administrators to manage the administration of the insurance.

Paragraph 2. Where an insurer is taken in administration, the SEC must revoke the life assurance undertaking ' s permit and the decisions concerning the administration ' s implementation, the administration shall be appointed and the withdrawal of the authorization ; registered in the Corporate Authority.

Paragraph 3. In order to ensure the management of the administration, the administrator can appoint one or more co-administrators with insight into the administration's relevant conditions. section 108 shall apply mutatis muties to the administration boes.

Paragraph 4. Expenditure payable by the management inhabited by the management inhabited by the administrator shall be the expenditure of the management inhabited by the management inhabited.

Paragraph 5. Honorars for administrators and other expenses related to the administration have been appointed by the administration estate. The fees are fixed after negotiating with the Financial supervision.

Paragraph 6. The Administrative Board shall be subject to the supervision of the Finance Supply.

§ 254. At the beginning of the administration, they must in section 167 (4). 1, the registered registered assets are immediately left to the administration estate. The administrative estate of the administrator must be entitled to possess these assets. In the case of stock assets, this must be recorded in a security-central and, in the case of real estate, in the register.

Paragraph 2. If a life insurance company is bankrupted, the court will immediately send the court immediately to the first paragraph. 1 mentioned assets to administrator.

Paragraph 3. The Administrator must allow the registered assets to assess in accordance with the applicable value employment rules.

Paragraph 4. Each insured person may not claim any claim against the company. On behalf of the administration, the administrator may, however, call on the company as to the assessment of the inherited assets in accordance with the assessment of the assets. paragraph 3, deficiencies to the technical provisions and reported and overdue insurance claims after the calculation referred to in Section 256 is covered. On behalf of the administration, the administrator may require an amount corresponding to the company ' s capital requirements, at the beginning of the administration.

Paragraph 5. Addressing a life assurance undertaking after the administration has begun will not have any effect on the administration estate.

Paragraph 6. The administrator must manage the assets received from the company and may, where appropriate by the assistance of the feed, require all necessary material to the administration.

Paragraph 7. Administrator must respect netting agreements on slush-off, cf. § 58 h i lov om securities trading, etc., of financial contracts that can be included in the group of assets pursuant to section 159 (5). 1.

§ 255. When the insurance stock has been taken under administration, repurchasing of assurances cannot take place. However, the repurchase value may be used in whole or in part to cover the sections 162 (2). 1, no. Seven, mentioned policeline.

§ 256. The Administrator must calculate the technical provisions and make the size of the notified and overdue claim by the insurance agreements at the beginning of the administration.

Paragraph 2. Insurance requirements, which prior to the beginning of the administration were due or reported, must be determined in accordance with the rules in force before this point. The benefits which are due later are to be paid for the time being paid only with such a large amount of money which the administrator considers shall be responsible. Lists the final determination of the insurance amounts, cf. paragraph 4, that too much has been paid out, and the refund may not be required.

Paragraph 3. The technical provisions shall be calculated taking into account the calculation basis for the company, cf. Article 20, unless an administrator considers it necessary to lay down another calculation basis to be notified to the Financial supervision.

Paragraph 4. Determination of the insurance amounts, including any reduction in the amount of the insurance, cf. Section 257 (4). ONE, FOUR. pkt., or § 258 (4) ONE, ONE. pkt., shall be carried out in accordance with the provisions of paragraph 1. 3 applicable calculation basis and after a distribution of the company ' s assets, which in the individual case may be considered reasonable in the case of the situation in the insurance population, including the content of the insurance agreements.

§ 257. Administrator must as soon as possible follow that assessment and calculation in accordance with section 254 (4). 3, and paragraph 256 has taken place, the whole of the insurance stock taken over by one or more insurance undertakings. If such takeovers are made available, the applicant must apply for the transfer of the transferee and the growth minister. The application for the transfer shall be accompanied by the agreement concluded between the management estate and the acquiring company, and such information on the company acquired by the business and growth Minister necessary in order to be able to assess, whether the transfer is justifiable to the policyholders. If the contractual reduction of the insurance amounts or modification of the insurance terms and conditions, including of the bonus rules, must be stated.

Paragraph 2. In the case of the acquisition and growth minister on the basis on which the transfer should be refused, the SEC shall publish a statement on the proposed transfer in Stateof State and in the newspapers. The deposition must include an invitation to the policyholders before one of the Financial supervision stipulates that no less than 1 month, in writing to grant the Financial supervision, if they have objections to the transfer. The company must, at the same time, to the policyholders whose address is familiar, the statement and the proposal.

Paragraph 3. After the end of the item in paragraph 1. The period referred to in paragraph 2 shall take, taking into account the objections raised by the acquiring, the acquiring and growth minister shall take account of the objections raised, in accordance with the proposed proposal. The transfer may not be invoked as a basis for raising the insurance contract.

Paragraph 4. Where the transfer has been made in such a way that not all the asset ' s assets have been co-conferred, the administrator shall submit the excess amount to the company or its estate.

§ 258. If the insurance stock cannot be transferred under section 257, the administrator must make the final determination of the insurance amounts in accordance with the statement made as well as possible changes to the insurance terms, including the bonus rules, and convene a general assembly of the policyholders for the foundation of a mutual company with the administration estate as the founder, cf. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 24 and 25 ~ ~ ~ The General Assembly shall be given two months ' notice. The summons and a statement of the content of the instrument document and the amount of the insurance payments calculated shall be made known on the content of the document in section 257 (4). 2, specified mode.

Paragraph 2. Upon registration, the reciprocal party in the section shall be entered in section 254 (4). 4, mentioned rights to the former company.

Paragraph 3. If a new company is not established, the administration will continue, and the administrator takes a position on whether further attempts to transfer the insurance to a new or other company must be carried out.

Chapter 17

(lifted)

TITLE VIII

Special rules for insurance undertakings

Chapter 18

Special rules for insurance undertakings

The members of the reinsurance undertakings and their liability for the undertaking ' s obligations

§ 284. Members of a reciprocal insurance company shall be the company ' s policyholders and only these.

Paragraph 2. If the members are to be liable for the company ' s obligations, the extent of this shall be laid down in the Staff Regulations.

Paragraph 3. The liability of the members of the company ' s obligations may be applied only by the company.

Paragraph 4. The company ' s claim against members to fulfill the liability of the company ' s obligations may not be transferable or pawdered.

§ 285. The SEC may lay down rules for the mutual insurance undertakings for liability for members and guarantors, the repayment of guarantee capital and the conditions for distribution to the members of the company ' s funds.

§ 286. If an insurance undertaking is to be an insurance undertaking in a mutual company of reinsurance, it may be agreed to be exempted from membership of the Staff Regulations. However, the total amount of such reassurance for their own account may not exceed 10% of life insurance. of the total amount of the undertaking ' s overall insurance. In the case of life interest insurance, this calculation shall be considered to be equal to 10 times the annual interest rate. In the case of damage insurance, the premium of such reinsurance shall not exceed 10% of the financial system without the consent of the financial system. of the company ' s total premium income.

Payment of guarantees and other guarantees in mutual insurance undertakings

§ 287. A mutual assurance undertaking shall not be free from remuneration to own or to acquire its own guarantee shares.

Paragraph 2. The subsidiaries of a reciprocal insurance undertaking shall not be free from remuneration for ownership or deposit of guarantee shares in the parent company.

§ 288. In the case of mutual insurance undertakings, a book shall be provided on the guarantees of guarantees.

Paragraph 2. The guarantee shares shall be recorded in the book, stating the name, position and place of the guarantee.

Paragraph 3. The company shall provide the guarantee share for the listing, cf. paragraph 2.

General Assembly of mutual insurance undertakings

§ 289. The subject of a general assembly decision, which has not been legally in legal or contrary to this law or the company ' s statutes, may be considered by a voting man, a member of the Management Board or by a director.

Paragraph 2. The Case must be laid down no later than three months after the decision. Otherwise, the decision shall be deemed valid.

Paragraph 3. The period after paragraph shall be : 2 shall not apply where :

1) the decision shall not be legally allowed to be taken even with the consent of all the voting warrants,

2) which, according to the company ' s statutes, require consent to the decision of all or some members, the guarantors or voting parties, and that consent is not provided,

3) the invocation of the general meeting has not been achieved or, for the company, the rules in force for call for invocation are significantly overridor ;

4) the one who has raised the matter at the end of the date referred to in paragraph 1. However, two specified time, but no later than two years after the decision, the reasons for the delay and the right of their due date and, taking into account the circumstances, consider that the application of the provisions of paragraph 1 shall apply. Two would lead to a blunty unbeetle.

Paragraph 4. If the court finds that the General Assembly resolution has not become legally or is warring against this law or company's statutes, cf. paragraph 1, the judgment shall be known to be invalid or altered. However, a change to the General Assembly Decision can only be made if the assertion and the right are in a position to determine the substance of which the decision should have been. The decision of the court shall be valid for all members and guarantors ;

Exhater distribution, security fund, etc.

§ 290. As a result of shareholders, interest rates for guarantors or disbursements to members in mutual companies, only the result of the year (profit) in accordance with the approved annual report for the last financial year, transferred profits from previous years and others reserves which are not tied under the law or company ' s statutes, on the one hand, by deductible deficits, and on the one hand, by the amounts due under the law or company ' s statutes to be subject to a security fund or for other purposes.

Paragraph 2. The amount of money which is subject to paragraph 1 shall be eligible for use. 1 and surpluses during the current financial year above the balance sheet date, cf. § 183, paragraph 1. 2, in company law, if the amount is not distributed, used or bound. Free reserves, which have arisen or been released during the current financial year, may also be used for extraordinarily dividend.

§ 291. As long as the basic capital of the company does not comply with the capital requirements pursuant to that law, yield or extraordinarily dividendment may not be paid to shareholders, interest to the guarantee or amount of members in mutual companies.

§ 292. In insurance companies, the distribution of the company ' s funds to the shareholders in addition to sections 290 and 291 can only take place as a result of the reduction in the stock market or the solution of the company, including by winding-up proceedings. In the case of mutual companies, the distribution of members may, in addition, be carried out in accordance with the rules laid down in the Staff Regulations.

Paragraph 2. The yield or special yield to shareholders, interest to the guarantee or payment to members of mutual undertakings shall not exceed what is justifiable in the interests of the company and in the parent companies ' s economic position.

§ 293. An insurance undertaking may, provided that the statutes contain provisions, make provision for a security fund.

Paragraph 2. Funds placed on the security fund cannot be dropped on this. No amendment may be made with the effect of the means by which the funds referred to in paragraph 1 shall not be made. 1 already has been placed on the security fund, it may be dropped on this. However, the resources of the security fund may be used to cover losses in the dismantling of insurance commitments or in other ways to the benefit of the insured.

Special rules for mutual insurance undertakings with limited uses

§ 294. The provisions of section 295-303 include mutual claims for insurance undertakings whose statutes contain an indication of :

1) that the company ' s purpose is limited to design insurance against accident and disease, so as to ensure that they are also insured by policyholders, or to provide insurance for livestock,

2) the company is operating only here in the country,

3) that the company does not draw insurance for longer than one year at a time ;

4) the company only draws direct assurances,

5) the maximum amount to which the company without reinsurance may take over on a single risk, or to determine that rules on this subject are laid down by the Financial supervision in connection with the granting of authorisation, and

6) the possibility of collection of additional contributions or reductions in services.

Paragraph 2. A mutual non-insurer company shall not be subject to the provisions of this Chapter, if :

1) the annual premium income exceeds one of the financial supervision provided for, or

2) less than half of the annual premium income stems from natural persons with-limbs of the company.

§ 295. The provisions of section 112, no. 2, section 126 (4). 2 shall not apply to the formation of companies covered by this chapter.

Paragraph 2. In the bylaws, it may be decided that no management is to be put into question.

§ 296. The drawing of members or guarantors may not take place before draft statutes are drawn up. The draft must be presented at the drawing-up.

§ § 297-298. (Aphat)

$299. If the company has no management, the duties which may or are to be taken into consideration by the Board of Governing Board shall be performed by the Management Board.

$300. (Aphat)

§ 301. Mutual damage insurance undertakings covered by Article 294 (4). 1 and which operate only within a restricted area of land only operate within the scope of this law, without prejudice to the provisions of this law. however, paragraph 1 2 and 3, provided that the insurance combined does not exceed 3 million. DKK

Paragraph 2. Companies which are covered by paragraph 1. One must, however, describe as reciprocal. Section 11 (1). 4, shall apply mutatis mutis.

Paragraph 3. Where a reciprocal insurance undertaking is subject to the supervision pursuant to this law, the company shall remain under supervision, even if it satisfies the conditions for exemption under paragraph 1. 1. The SEC may, however, exempt the company from oversight, provided that the company makes a request to this effect pursuant to a general-assembly decision.

§ 302. The SEC may exempt a reciprocal insurance undertaking which is covered by Article 294 (4). 1, from the provisions of this law, if :

1) the reassured reassurance does not exceed 6 million. DKK and the company's risk of a single insurance does not exceed 3%. of the total annual premium income of the company, or

2) The company only draws assurances within a limited land area and only for a single insurance branch.

Paragraph 2. For the application of paragraph 1. 1, no. Paragraph 1 shall not be taken into account in the extent to which the company has uncovered its risk in reinsurance.

Paragraph 3. The financial supervision may apply the provision in paragraph 1. 1, no. 2, even though the company draws assurances which are not covered by Article 294 (4). 1, no. 1, when the company does not, however, draw up liability insurance, health insurance, motor insurance, insurance, insurance or credit insurance.

Paragraph 4. A company ' s request for exemption pursuant to paragraph 1. 1 shall be approved by the general assembly.

§ 303. If a reciprocal insurance undertaking is subject to the rules laid down in this Chapter in accordance with the General Assembly Decision, the Finance Board may decide that the company must be subject to this law. However, the provisions of this chapter may be re-used if the Financial supervision allows it.

Special rules for cross-boarding pension funds

§ 304. Interdisciplinary pension funds shall mean associations or associations,

1) whose members are either trained in specific fields of training or are employed in companies of a particular species and which have the purpose of the conditions of employment or as part of another association with a company to ensure pensions ; uniform rules for all members, or

2) whose members are self-employed in the same business and which are intended to ensure pensions according to uniform rules for all members.

§ 305. The provisions for reciprocal life assurance undertakings shall be subject to the provisions of paragraph 1. The above derogation shall apply mutatis mucous to the transverse pension funds.

Paragraph 2. Section 284 (4). Two-four, does not apply to cross-retirement funds.

§ 306. The SEC may lay down detailed rules for the demarcation of the members and activities of the cross-party pension funds.

Specific rules concerning labor-related life insurance companies

§ 307. In the case of a labor-related life insurance company, a life assurance undertaking, which

1) directly or indirectly owned by the professional organizations of the policyholders, including, where appropriate, jointly with the employers ' organizations ' employers ' organizations ;

2) is established as a result of a contractual agreement and

3) According to the bylaws, they don't pay dividends to owners.

Paragraph 2. The Staff Regulations must, in addition to the provisions of paragraph 1 of this paragraph, 1, no. The third paragraph is indicated that the company is a 'occupational life insurance company'.

Paragraph 3. Confession of shares in the company to others other than the one in paragraph 1. 1, no. 1, the circle or amendment of the company ' s statutes relating to the rules referred to in paragraph 1. 1, no. 3, and paragraph 1. 2 the said conditions cannot be carried out without the approval of the financial system. The approval of the financial system may be granted only if, in the interests of the foresiding, the amendment is deemed to be in the interests of the foresiding.

Paragraph 4. The company ' s statutes shall also show how it is to be kept on the company ' s assets when there is no longer insurance claims against the company. The rule of law must show that the tax-free-made part of the own funds must be used for non-profit or charitable purposes.

Paragraph 5. If the company relies on its insurer, the company shall use the tax-free-made part of the own funds for the benefit of the insured. In the case of a transfer of a certain proportion of the insurer, it is solely the proportional share of the tax-free-made part of the own funds to be used for the benefit of the insured.

TITLE IX

Specific rules for systemic financial institutions and globally systemic financial institutions

Chapter 19

Identification of systemic important financial institutions (SIFI)

§ 308. The SEC shall appoint an annual systemic major financial institutions (SIFI) in Denmark, cf. paragraph Two and three. Penal institutes, mortgage institutions and fund-brokers I, whose fund-broker you are authorized to carry out the activities referred to in Annex 4 (A) no. Regulation 3 and 6 covered by Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms may be designated as systemic major financial institutions (SIFI) on an individual, consolidated or consolidated basis. The calculation of systemic important financial institutions (SIFI) in Denmark shall be carried out at the latest by the 30. June each year and the first time no later than 30. June 2014.

Paragraph 2. A financial institution, a credit institution and a fund brokering company in whose fund-brokerers are authorised to carry out the activities listed in Annex 4 (A) No, Regulation 3 and 6 covered by Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms shall be designated as a systemic financial institution (SIFI) in two consecutive years, cf. however, paragraph 1 4 if it exceeds one or more of the following indicators :

1) The balance of the Institute represents more than 6.5%. of Denmark's gross national product.

2) The institution ' s lending in Denmark amounts to more than 5%. the total loans of the Danish money and mortgages in Denmark.

3) The institution ' s deposits in Denmark constitute more than 5%. of the total deposits of the Danish financial institutions in Denmark.

Paragraph 3. The Minister for the Industry and Growth Pact may appoint an institution as referred to in paragraph 1. 1 as a systemic financial institution (SIFI), which is significantly exceeding one or more of the indicators referred to in paragraph 1. 2, no. One-three, unagraged the indicators in accordance with paragraph 1. 2 has not been exceeded in 2 consecuyears the following years.

Paragraph 4. A systemic important financial institution (SIFI) must be under the indicators, cf. paragraph 2, for 3 consecures the following years in order to stop being a systemic financial institution (SIFI), cf. however, paragraph 1 5.

Paragraph 5. Notwithstanding paragraph 1 4 may, at the request of the Institute, decide, at the request of the Institute, that a systemic financial institution (SIFI) is no longer systemic if the systemic financial institution (SIFI) is significantly below the indicators referred to in paragraph 1. 2, no. 1-3.

Paragraph 6. The SEC must calculate the systemic nature of a systemic financial institution (SIFI) at an average of the balance of the institution as a percentage of the Danish money and mortgage broker and fund-brokerage companies in the case of the Fund Broker you have ; permit to carry out the activities referred to in Annex 4, point A, no. 3 and 6, overall balance, the institution ' s lending in Denmark, in the percentage of the Danish financial institutions and the institution ' s deposits in Denmark, as a percentage of the total deposits of the Danish financial institutions, in Denmark, as a percentage of the Danish financial institutions, in Denmark, and the institution of the institution ' s deposits in Denmark. The system unit must be calculated in parallel with the designation of systemic major financial institutions (SIFI), cf. paragraph 1, and shall be discharged in the light of the latest annual accounts.

Paragraph 7. In the light of the calculation, systemic important financial institutions (SIFI) are placed in one of five categories of systemic value :

1) Category 1 : Systemic major financial institution with a system unit under 5.

2) Category 2 : Systemic major financial institution with a system unit of 5 and up to 15.

3) Category 3 : Systemic major financial institution with a system unit of 15 and up to 25.

4) Category 4 : Systemic financial institution with a systemic value of 25 and up to 35.

5) Category 5 : Systemic major financial institution with a system unit of 35 and above.

Paragraph 8. The SEC shall lay down detailed rules for the calculation of indicators and whether the inventory is to be carried out on an individual, consolidated or consolidated basis in accordance with paragraph 1. 2.

Niner. 9. The SEC shall lay down detailed rules for the calculation of the individual factors that are included in the calculation of the system unit, cf. paragraph 6, and whether or not the inventory is to be carried out on an individual, consolidated or consolidated basis.

Paragraph 10. The SEC may lay down rules for the systematic disclosure of the systemic financial institutions of the systemic financial institution's indicators, factors and systemic standards.

$309. A financial institution, a credit institution and a fund brokering company in whose fund-brokerers are authorised to carry out the activities listed in Annex 4 (A) No, 3 and 6 that are designated as a systemic important financial institution (SIFI) pursuant to section 308 must comply with the SIFI-Buffer requirements, cf. § 125 h, cf. § 125 a, paragraph 1 6, not later than the end of the following year.

Paragraph 2. Where a credit institution is a credit institution or a fund-broker undertaking, if the foundation broker you are authorised to carry out the activities referred to in Annex 4 (A) No, 3 and 6, designated as systemic important financial institution (SIFI) on a consolidated or consolidated basis, cf. section 308, the SIFIK buffer requirement applies, cf. § 125 e, cf. § 125 a, paragraph 1 6, cf. § 125 h, with the same percentage of consolidated-level requirements for the group and at an individual level for each financial institution and a mortgage credit institution that is part of the group.

Paragraph 3. A systemic important financial institution (SIFI), cf. Section 308 must comply with the SIFIM buffer requirements resulting from changes in its system value, cf. § 125 h, cf. § 125 a, paragraph 1 6, at the end of the year in which there are changes in its system unit.

Paragraph 4. Paraganes 1 and 3 shall apply mutatis muted to the financial institutions and the real credit institutions pursuant to paragraph 1. 2 is required to apply the same level of SIFI-Buffer requirements to the individual level as applicable on a consolidated basis for the designated systemic financial institution (SIFI).

Identification of global systemic financial institutions (G-SIFI)

§ 310. The SEC shall designate annually globally systemic financial institutes in Denmark (G-SIFI). A financial institution, a credit institution, a fund-broiler company I, whose Fund (s) authorised to carry out the activities referred to in Annex 4 (A), no. Regulation 3 and 6, and a financial holding company covered by Regulation (EC) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms may be designated as a global systemic financial institution (G-SIFI) at group level.

Paragraph 2. The monitoring of globally systemic financial institutes (G-SIFI) and the five subcategories of global systemic financial institutions (G-SIFI) are taking place at the earliest. 1. January 2016 and, on the basis of at least one of the following indicators :

1) Size.

2) Federation detensity with the financial system.

3) The institution ' s assets or financial infrastructure shall be provided by the Foundation for the establishment of the Foundation.

4) Complexity.

5) Cross-border activities.

Paragraph 3. The Minister for the Industry and Growth Pact may lay down detailed rules on the calculation of the rules laid down in paragraph 1. 2 mentioned indicators and the calculation of the systemic nature of global systemic financial institutions.

Publication of the identification of systemic important financial institutions (SIFI) and globally systemic financial institutions (G-SIFI)

§ 311. The SEC shall publish on its website annually, which systemic major financial institutions (SIFI) and globally systemic financial institutes (G-SIFI) designated under sections 308 and 310, and their location in categories and subcategories of systemility respectively.

Management and establishment of the undertaking

§ 312. section 77 c, 80 a and 80 b shall apply mutatis mutinous financial institutions (SIFI) and globally systemic financial institutions (G-SIFI), if capital shares are not available for trading in a regulated market, and not in the 2 most recent financial years on average have had a thousand or more full-time employees.

Number of Leadership Items Limit

§ 313. A member of the Management Board of a System-important financial institution (SIFI) and in a global systemic-important financial institution (G-SIFI), including the post of the relevant financial institution, the real credit institution, the fund-broiler company I or financial institutions, may be : the holding business covered by Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms alone shall be one of the following combinations of Director-and Management Board items, cf. however, paragraph 1 2-8 :

1) 1 Directors of Directors, combined with two board items.

2) Four trustees.

Paragraph 2. Paragraph 1 shall not apply to members of the Management Board in systemic financial institutions (SIFI) and globally systemic financial institutes (G-SIFI), if the member is inserted into the Management Board of the relevant systemic importance ; financial institute (SIFI) or globally systemic financial institution (G-SIFI) by the Danish State or a company owned by the Danish State.

Paragraph 3. The following leagings shall not be taken into account when the number of Director-and Management Board records shall be taken in accordance with paragraph 1. 1 :

1) Business director and executive board of directors of establishments and organisations which do not pursue predominance for commercial purposes.

2) The Director and Board of Directors of the Companies covered by Section 80 (3). 5, and similar sector companies.

3) Management items in companies where the Member is inserted into the Danish State or a company owned by the Danish State or owned by the Danish state.

Paragraph 4. The following Director-and Management Board items shall be considered as a total item by the inventory of the Director-and Management Board items as referred to in paragraph 1. 1 :

1) Business director and executive board items in companies that are affiliate.

2) The Director and Management Board of Directors of undertakings in which the systemic major financial institution (SIFI) or the global systemic major financial institute in Denmark (G-SIFI) owns a qualified ownership share, cf. Section 5 (5). 3.

Paragraph 5. The financial supervision may allow a member of the governing board to have additional one management record other than those referred to in paragraph 1. 1, if this is justifiable to the members ' other management positions and the work associated with it, this is subject to a defensive end.

Paragraph 6. In exceptional cases where a CEO or a trustee is subject to a very modest resource consumption, the financial supervision may not be taken into account when the number of Director and Management Board records shall not be taken into account in accordance with paragraph 1. 1.

Paragraph 7. A member of the management board of a company designated as a systemic financial institution (SIFI) in accordance with section 308 (3). 1, or a global systemic major financial institution in Denmark (G-SIFI) in accordance with section 310 (3). 1, as at the time of the designation, several Director-or Management Board items may be given more than authorized in accordance with paragraph 1. 1, may continue to occupy these Director-and Management Board items until the end of the electoral period for the governing board, which means that the board member should be covered by paragraph 1. 1.

Paragraph 8. the management alternates, which shall enter the management board of a company designated or designated as a systemic financial institution (SIFI) in accordance with section 308 (3). 1, or a global systemic major financial institution in Denmark (G-SIFI) in accordance with section 310 (3). 1 and, at the time when the person enters the board, several Director-or Management Board items shall be subject to the following paragraph (s). 1, may continue to occupy these Director-and Management Board items up to the end of the electoral period for the relevant trustee in the systemic financial institution (SIFI) or the global systemic major financial institution in Denmark (G-SIFI).

Specific rules for liquidity in systemic important financial institutions (SIFI) and globally systemic financial institutions (G-SIFI)

§ 314. The Minister for the Industry and Growth Pact may lay down rules on the liquidity of liquidity requirements for systemic financial institutions (SIFI) and for global systemic financial institutions (G-SIFI).

§ § 315 -333. (Aphat)

TITLE IX a

Money and Pension panel

Chapter 19 a

Money and Pension panel

§ 333 a. The Minister for the Industry and Growth Pact sets out the money and Pension panel, which consists of a President and 8 members. The President must have particular knowledge of consumer behaviour.

Paragraph 2. The panel shall be designated by the following setting :

1) 1 member shall be set by the Finance Council and the Realtor Society in Denmark.

2) 1 member is set by Insurance & Pension.

3) 1 member is set by the Realcreditn and RealCredit Association, or each for himself.

4) 1 member is nominated by the Investment Association Council.

5) 1 member shall be set by the country organisation in Denmark, the Central Organization of the Akademics and the Joint Council of the Functions and Services of the Functions of the Akademics, or separately.

6) 1 member is nominated by the Danish Actionary Association.

7) Two members are nominated by the Consumer Council.

Paragraph 3. The Minister for the Industry and Growth Pact will appoint the members of the Money and Pensioners for up to four years at a time. The chairman of the panel and the members of the panel may be reappointed.

Paragraph 4. A suppleant shall be appointed for each member. In the case of a member's decline, the alternate shall participate in the Member's behalf.

Paragraph 5. The Minister for the Industry and Growth Pact lays down the Rules of Procedure of the Pensioners and Pensioners.

§ 333 b. The purpose of the money and Pension panel is to promote the interests of consumers in an objective way of and knowledge of financial products and services.

Paragraph 2. The panel must be

1) develop objective consumer information on financial products and services ;

2) make and publish the test of financial products and services, including testing by the use of anonymous information collection, and

3) initiate and publish studies on consumer relations in the financial sphere.

Paragraph 3. The secretarial assistance of the Pensionary and Pensioners shall be made available by the Ministry of Acquisists and the Ministry of Growth.

TITLE X

Spareenterprises

Chapter 20

Spareenterprises

Allowance for savings

§ 334. Entities operating on a business which is made up in business or as a significant part of their operation to receive deposits or other funds to be repaid from the public and thus put the funds received in a different way to when pasting in a financial institution, the undertaking must be allowed to be austerity if the undertaking is not ;

1) covered by section 7 (4). 1,

2) covered by Section 8 (3). 1,

3) covered by Section 11 (3). 1, or

4) created under special law, or if the establishment has not been approved under special law.

Paragraph 2. Companies searching for the authorisation of paragraph 1. 1, shall have an equity capital, which shall at least amount to EUR 1 million ; Euro.

$335. sections 13 and 14 shall apply mutatis mutis to savings undertakings.

§ 336. Section 15 shall apply mutatis muth to savings to savings.

Paragraph 2. For austerity companies which are not limited to limited liability companies, company law shall apply to notification and registration of the company law accordingly.

Leadership

$337. sections 70, 71 and 75 shall apply mutatis mutis to savings undertakings.

Paragraph 2. Section 5 (5). 1, no. 24 and 26-28, and section 72 a on the outsourcing of financial undertakings shall apply by analogy to austerity undertakings.

§ 338. These revenues must indicate the rights and obligations of the deposits and contain rules concerning the organisation and the management of the establishment and the means of retailer.

Capital

§ 339. Sparefirms must have own funds, which are at least equivalent to one million. Euro.

Accounting

§ 340. The financial year shall follow the calendar year. The initial financial period may cover a shorter or longer period of time, however, not more than 18 months.

§ 341. The auditee ' s audited and approved annual report shall be submitted to the Financial supervision in two copies without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. Spareenterprises must have at least one state-owned auditor.

Paragraph 3. A copy of the audit records of the external auditor on the annual report shall be submitted to the Financial supervision at the same time as the submission of the annual report pursuant to paragraph 1. 1.

Paragraph 4. The financial supervision may lay down detailed rules for savings accounts and audits.

Paragraph 5. 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.

Withdrawal of authorisation and termination

$342. Where the Financial supervision is concerned, the continuation of one of the austerity measures on the basis of this law will be undue to the interests of depositors, the financial supervision of the Financial Authority may include the authorisation.

Paragraph 2. The relevant provisions concerning withdrawal of authorisation and termination shall apply with the necessary adaptations to austerity undertakings.

Other provisions

§ 343. sections 6, 6 a and 6 b, Chapter 21 on supervision, Chapter 22 on the levies and chapters of Chapter 23 on the provisions of the delegation and of the provisions of Chapter 23 of the delegation shall consider the necessary adjustments to be applied to austerity.

Paragraph 2. The SEC shall lay down detailed rules for the minimum requirements for the content of contracts for special risk-covering establishments.

TITLE X a

Investment advisers

Chapter 20 a

Investment advisers

Scope of application

§ 343 a. Businesses providing investment advice, cf. Section 343 b, must be given permission as an investment banker.

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

1) Financial enterprises, cf. Section 5 (5). 1, no. 1.

2) Collective investment schemes are regulated by the law on investment associations, etc. and investment institutions and pension funds, whether coordinated at EU level or not, and depositaries and managers of such institutes.

3) Consulting services provided to a parent undertaking, a subsidiary or one of the subsidiary undertakings of the parent undertaking.

4) Consulting only occasional in the case of commercial activities where this other undertaking is regulated by law or other professional provisions and these provisions do not exclude the provision of advice.

5) Consulting that only relates to employee schemes.

6) Counseling that is not paid separately.

7) The Managing Company in an Insurance Management Community.

Paragraph 3. Investment advice in accordance with paragraph 1 1 may be exercised by companies, partners, partners, companies, partnerships, interested parties, and individual undertakings.

§ 343 b. For investment advice, personal references to a customer either on request or on the investment advisever's own initiative of one or more transactions relating to financial instruments, cf. in Annex 4, section A, no. 5.

Permission

§ 343 c. The SEC must permit the training of investment advice when :

1) members of the company ' s management board and management comply with the requirements of section 64,

2) the undertaking has designated a liability insurance covering the whole of the Union, or the other equivalent guarantee against damages arising out of duty failure to cover at least 1 million. However, the euro for each compensation claim shall be at least 1.5 million. In total a year for all requirements,

3) the business and administrative matters of the establishment are defensiable ;

4) the establishment has head office and registered office in Denmark,

5) the owners of eligible units meet the requirements of section 61-62 and

6) the conditions of section 14 (1). 1, no. 4 and 5 are fulfilled.

Paragraph 2. An application for authorization pursuant to paragraph 1. 1 shall include :

1) all information necessary for the assessment of the financial system of the conditions laid down in paragraph 1. 1 have been met

2) information on which Member States within the European Union or countries concluded by the Union in the area of the financial area are to be practising the activity ; and

3) information on the size of the qualifying units and the organization of the undertaking.

Paragraph 3. Section 14, paragraph 14. 3, shall apply mutatis mutis.

Paragraph 4. Where the Financial supervision has been granted in accordance with paragraph 1, 1, the Corporate Board shall conduct the registrations necessary.

Paragraph 5. The SEC may lay down detailed rules on the rules laid down in paragraph 1. 1, no. 2, mentioned liability insurance.

§ 343 d. Investment advisers can exercise investment advice and business that is ancillary to this, cf. in Annex 4, section B, no. THREE, ONE. joints.

Paragraph 2. Investment advisers can also provide advice on financial products for consumers under the law of financial advisers.

Foreign investment advisers

§ 343 e. ~ 30 (5)) 1, 4 and 10, and section 31 (1). Paragraph 1 shall apply by analoging to investment advisers from another country within the European Union or from a country to which the Union has concluded an agreement in the financial sphere.

Danske investment advisers abroad

§ 343 f. § 38, paragraph. 1, no. 1-4, paragraph 1. 2, 4, 5 and 6, and section 39 (4). The same applies to investment advisers in this country, which seek to exercise investment advice in another country within the European Union, or in a country with which the Union has agreed to the financial area.

Paragraph 2. At the same time as the transmission of information pursuant to section 38 (3). 2, the Financial supervision of the Financial Authority shall be informed that the investment advisory giver is not covered by a guarantee scheme here in the country and the background to this.

Paragraph 3. An investment banker is obliged to grant the Financial supervision and the host country any amendment to the in section 39, paragraph 1. 1 and 2, mentioned within 1 month before the change is made. If the Financial Regulation is not able to notify the Financial Regulation, no later than 1 month before the change is made, the notification shall be made as soon as possible.

Good practice.

§ 343 g. § 43, paragraph. 1, 2 and 4 shall apply mutatis mutants to investment advisers.

Leadership and Ownership

§ 343 h. Section 61 to 63 shall apply mutatis muctis to investment advisers.

§ 343 in. ~ 64, paragraph. 1-5, the corresponding use of investment advisers shall apply.

Paragraph 2. Paragraph 1 shall apply mutatis muctis when investment advice is not operated in company form.

§ 343 j. An investment manager must organise and decorate in a way that ensures that the risk of conflicts of interest between the advisor and the customer is limited as far as possible.

Withdrawal of authorisation

§ 343 k. § 223 and § 224 (4) 1, no. The same applies to investment advisers. 1, 3 and 4.

Paragraph 2. The SEC must withdraw the authorization if no liability insurance has been drawn up, cf. § 343 c (3) 1, no. 2.

§ 343 l. An investment adviser ' s authorisation shall lapse when the investment adviser is declared bankrupt or the investment business ends in a different way.

Paragraph 2. Drives investment advice in single-man activities, the authorisation shall lapse when the investment manager dies.

Supervision

§ 343 m. § 344, paragraph. 1, section 345, § 346, § 348 (3). 2, and § § 351, 352 and 354-356 shall apply mutatis mutants to investment advisers.

Paragraph 2. The Board of Finance shall be included in the supervision of paragraph 1. 1 with the competence of the management board pursuant to section 345 (3). 7.

Paragraph 3. sections 6, 6 a and 6 b on digital communication shall apply mutatis mums to investment advisers.

§ 343 n. Businesses providing investment advice shall, once a year submit a statement that the establishment complies with the conditions for the authorisation of section 343 c.

Paragraph 2. The one in paragraph 1. 1 the declaration referred to shall be signed by the company ' s management board and management board. If the company is not operating in company form, the declaration must be signed by the day-to-day administration.

TITLE X B

Credit rating agencies

Chapter 20 b

Credit rating agencies

§ 343 o. By means of a credit rating agency, this Act is a credit rating agency as defined in Article 3 of the regulation of the European Parliament and of the Council on credit rating agencies.

§ 343 p. The SEC is carrying out the supervisory tasks of the European Securities and Markets Authority to delegate to the Financial Supervisory Authority, pursuant to the regulation of the European Parliament and of the Council on credit rating agencies. In addition, the Financial Supervisory Authority shall assist the European Securities and Markets Authority to carry out its tasks in the context of the investigations of credit rating agencies and on-the-spot checks.

TITLE X C

Data Center Rooms

Chapter 20 c

Data Center Rooms

§ 343 q. For the purposes of joint data centres, this law is understood to be undertakings whose main activities include IT operational or development tasks for several financial undertakings, financial holding companies, insurance reinsurance establishments or those of them ; subsidiaries of undertakings, which are mainly owned by :

1) one or more financial undertakings, financial holding companies, insurance holding undertakings or subsidiaries of such undertakings in association or

2) one or more associations, whose members are mainly financial undertakings, financial holding companies, insurance companies or subsidiary undertakings of such undertakings.

Paragraph 2. The rules for common data centres in this law also apply to data centers, which perform both essential IT operations and IT development for the common payment infrastructure.

Paragraph 3. The Financial supervision may, exceptionally, where special reasons are applied, dispensers from paragraph 1. 1 and 2. Exemptions shall be limited, but may be renewed.

§ 343 r. The rules on reassuring control and security measures in the IT area issued under this statutory section 71 (3). 2 shall apply mutatis muctis to common data centers.

Paragraph 2. The rules on outsourcing issued in accordance with section 72 a shall apply mutatis muthisis to common data centers if the common data centres outsource essential IT tasks performed for enterprises covered by the Act 5 (5). 1.

Paragraph 3. sections 6, 6 a and 6 b on digital communication shall apply mutatis mums to common data centers.

TITLE X d

The Systemic Risk Boat

Chapter 20 d

The Systemic Risk Boat

§ 343 s. The Minister for the Industry and Growth Pact sets out the Systemic Risk Council, which consists of ten members. The Council shall :

1) 2 members are nominated by Denmark's National Bank, one of which must be the chairman of Denmark's National Bank Executive Board. The chairman of the Governing Board of the Danish National Bank shall be chairing the Council.

2) 2 members will be set by the Financial supervision.

3) 1 shall be suspended by the Ministry of Finance and the Ministry of Finance, the Ministry of Finance and the Ministry of Economic and Interior.

4) 3 members are nominated by the Ministry of the Vocational and Growth and the Ministry of Industry, after consulting the Danish National Bank. The members must be independent experts with knowledge of financial matters.

Paragraph 2. The Minister for Industry and Growth will appoint members of the Systemic Risk Council and the suppleant of this. The members shall be designated for up to four years at a time and may be re-appointed.

Paragraph 3. The Systemic Risk Board is an advisory council which is responsible for the task of

1) identify and monitor systemic financial risks in Denmark ;

2) express their views through observations on systemic financial risks ;

3) come with warnings about the construction of systemic financial risks,

4) come forward with recommendations on the financial measures to reduce or prevent the building of systemic financial risks ; and

5) be consulted on the warnings and recommendations of the European Systemic Risk Board (ESRB).

Paragraph 4. The warnings and recommendations of the Systemic Risky Council have been issued in accordance with paragraph 1. 3, no. As a starting point, the Financial Authority and, if it relates to legislation, will be able to be directed against the government.

Paragraph 5. The Systemic Risk Boat will decide to give sightings, warnings and recommendations by a simple majority. In voting, the President's voice is crucial. Representatives of the Ministry of Acquisitions, the Ministry of Finance, the Ministry of Economic and Home Affairs and the Ministry of Economic Affairs do not have the right to vote in respect of observations, warnings and recommendations which are directed against the government. When the Council emits observations, warnings and recommendations addressed to the government, these must include a statement by the representatives of the ministries.

Paragraph 6. Observations, warnings and recommendations made pursuant to paragraph 5. 3, no. Two-four, shall be made public. The Systemic Risk Council, for example, can, for example, take a decision, for example, of the fact that this is a confidential warning or a recommendation that is not to be made public.

Paragraph 7. The SEC, relevant ministries and Denmark's National Bank are required to provide relevant information, including information on specific institutes and so on and extraditing relevant documents and so on at the request of the Council, if the Council considers that : the information is necessary for the Council to perform its tasks. Confidential statistical information obtained by the Danish National Bank in accordance with section 14 (a) (1). 1 and 2, in the Act of the National Bank of Denmark, including information at the level of the individual, where it is possible directly or indirectly to identify individual dives or undertakings, the Danish National Bank may be disclosed to the Council by the Danish National Bank on the request of the Council, if any ; The advice is advised that the information is necessary for the Council to perform its tasks.

Paragraph 8. The National Bank of Denmark is the secretariat of the Systemic National Council. The Ministry of Economic Affairs, the Ministry of Finance, the Ministry of Economic and Home Affairs and the Ministry of Economic and Monetary Affairs will participate in the secretariat.

Niner. 9. The Minister for Industry and Growth has set out the Rules of Procedure for the Systemic Risk Board on the Council's recommendation.

TITLE X E

Establishment of reference center

Chapter 20 e

Establishment of reference center

§ 343 t. For the purpose of determining the reference centre, the measures shall ensure that the framework for the setting is reassuring for credit institutions and their customers.

Paragraph 2. In the case of reference establishments, credit institutions which, in the case of reports, contribute to the determination of the reference Centre ' s report.

Paragraph 3. The supervision of the financial supervision shall ensure that the framework for the establishment of reference interest is reassuring, cf. paragraph 1, including the availability of adequate guidelines and controls, etc.

Paragraph 4. The financial supervision may lay down detailed rules on the provisions of paragraph 1. 3 supervised surveillance, including requirements for documentation, the preparation of guidelines, the implementation of controls, and external audits etc.

Supervision

§ 343 u. The financial supervision may obtain information after Section 347 (3). 1-4, on the establishment of reference interest rates for the financial System of Central Banks, the European Banking Authority, the European Systemic Risk Board, the European Insurance and Supervisory Authority. The employment and European Securities and Markets Authority and the bodies established by the European Securities and Markets Authority shall be provided, provided that the information is required for the purposes of the taking of their duties.

TITLE X F

Carbon Carbon Quotes

Chapter 20 f

Carbon Carbon Quotes

Scope of application

§ 343 v. Companies offering direct auctions for greenhouse gas emission allowances for their own account or for business business operators shall be subject to the authorisation of the Financial supervision referred to in the case of the financial supervision referred to in the Financial Services. § 343 x, paragraph 1 as Carbon-Quota-Quotes.

Paragraph 2. Paragraph 1 shall not apply to :

1) Penal institutions with a permit in accordance with section 9 (4). 1, cf. Section 7 (2). 2.

2) Fund brokers with a permit as securities traders in accordance with section 9 (4). ONE, ONE. Act.

Paragraph 3. Authorisation pursuant to paragraph 1. 1 may be given only to undertakings acting on their own account by financial instruments or providing investment services with commodity derivatives or derivative contracts, cf. Annex 5, no. 10, for business business business operators, where this activity is an ancillary activity to corporate business at group level, where this business business is not investment services or business as a financial institution or the real credit institution under this law.

Paragraph 4. The activity of paragraph 1. 1 may be exercised by company companies, partners, partners, partners, partnerships, partnerships, partnerships and individual undertakings.

Permission

§ 343 x. The SEC shall notify an undertaking to bid auctions for greenhouse gas emission allowances when the undertaking

1) have a sufficiently good reputation and sufficient experience to ensure compliance with the rules of conduct referred to in Article 59 (1). Regulation 2 and 3, in Commission Regulation 1031/2010 of 12. November 2010 (Carbon auctioning Regulation) is assured,

2) has introduced processes and control procedures which handle conflicts of interest and satisfy the interests of their customers as best as possible ;

3) comply with the requirements of the Act of Preventive Measures against the laundering of the yield and financing of terrorism and the rules issued under this law and

4) comply with measures considered necessary for the nature of the provision of services offered, investor or trade profile, and risk-based assessments of the probability of money laundering ; the financing of terrorism and criminal acts.

Paragraph 2. An application for authorization pursuant to paragraph 1. 1 shall contain all the information necessary for the assessment of the financial system, whether the conditions set out in paragraph 1 shall be provided. One has been fulfilled.

Paragraph 3. Section 14, paragraph 14. 3, shall apply mutatis muth; to CO2 quota providers.

Withdrawal of authorisation

§ 343 y. § 223 and § 224 (4) 1, no. 1, 3 and 4 shall apply mutatis muth; to the Carbon Quota. Make a Carbon Quota Quota guilty of gross or repeated infringements of Article 59 (1). Regulation No 2 and 3 of Commission Regulation No 2, 1031/2010 of 12. In November 2010 (Carbon dioxide Regulation), the Financial Regulation may also involve the Carbon Quotation Provider's permission.

§ 343 z. Permission to be taken as a CO2 quota, when the town is declared bankrupt or otherwise terminated in a different way.

Paragraph 2. Drives the company that has the permission of a carbon-quota, as a single-man company, the authorisation will lapses when the holder dies.

Supervision

$343. § 344, paragraph. 1, section 345 (4). 2, 8 and 12, section 346, section 347 (3). 1, 2 and 5, and sections 352 and 354-356 shall apply mutatis muth; to Carbon Quota.

TITLE XI

Supervision and charges

Chapter 21

Supervision, etc.

General rules on supervision

§ 344. The financial supervision of the European Parliament and of the Council Regulation (EU) is observed. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, regulations and rules adopted pursuant to Regulation (EU) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, regulations issued under the Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on the establishment of a credit institution and supervision of credit institutions and investment firms and the law and the rules which have been issued under the law, except for § 75 (b) and 77 (2), of the credit institution and the supervision of credit institutions and investment firms and the law and the rules laid down in the Act of However, Article 15 (1) and (2) shall ensure compliance with Article 15 (1) and (2). One, two, and four, and section 83, 87, 91, and 112. The Financial supervision verifies that the rules of financial information in yearly reports and partial annual reports in section 183-193 and in rules issued under Section 196 have been complied with for financial undertakings which have issued securities which have been admitted to trade in a regulated market, cf. § 83, paragraph. Furthermore, Section 83 b of the securities trading and other financial supervision shall also ensure compliance with rules issued pursuant to section 31 (1). 8, in the Law on approved auditors and auditing companies.

Paragraph 2. In the case of branches of credit institutions authorised in another country within the European Union or in a country concluded by the Union in the financial sphere, the Financial Financial Authority shall comply with the provisions laid down in : Directives oversight of the liquidity of the branches.

Paragraph 3. The SEC must organise the usual supervisory office in order to promote financial stability and confidence in the financial undertakings and markets. The SEC must place the emphasis on the sustainability of the business model of the individual financial undertaking. The organisation of the supervisory plant must take place on a basis of significance in relation to the potential risks or the harmful effects of the supervisory activities. The SEC shall examine the solvency requirements of the money and mortgage institutions which have a working capital of more than EUR 250 million in the financial supervision of the financial institutions. DKK The monitoring of the Financial Regulation provides for the intensification of the financial supervision of the systemic major financial institutions (SIFI) and the global systemic financial institutions (G-SIFI). The Executive Board of the Financial Supervisory Board shall be responsible for organising the organization of the supervisory organization.

Paragraph 4. 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. For branches situated here in the country of foreign undertakings authorised to exercise it in section 7 to 11 a country referred to in a country within the European Union or a country concluded by the Union in the area of the financial area, the SEC must monitor the branches of the branch and assist the competent supervisory authorities in the supervision of the branches. The SEC must, for essential branches and subsidiaries of foreign companies authorised to exercise it in section 7 to 11, in a country of the European Union or a country with which the Union has concluded agreement, in the financial sphere, participate in any cooperative fora on the supervision of the overall group.

Paragraph 5. The SEC may conclude contracts to carry out certain types of tasks, possibly against payment, for public authorities, governmental institutions, etc., if the SEC assesses that the task of carrying out the task can contribute to securing the financial services ; stability.

Paragraph 6. In exceptional cases, financial supervision may use foreign aid.

Paragraph 7. The Minister for the Industry and Growth Pact may lay down detailed rules for the procedures of the Financial Regulations, in accordance with provisions laid down in Community law.

Paragraph 8. In certain cases, where a parent company in a group is a financial holding company or a financial undertaking, a derogation from groups may derogate from the rules laid down in this law or in accordance with the law in accordance with the law ; to the purpose of the relevant provisions and activities of the group.

Niner. 9. The Ministry of Acquiec and the Ministry of Industry may lay down detailed rules on the coordination of supervisory practices.

§ 344 a. (Udelades) 8)

§ 344 b. Is it likely that a financial institution, a credit institution or a fund-broiler company within the following 12 months will be breached under this law or by rules issued under the law or by the Regulation of the European Parliament and of the Council (EU) No 575/2013 of 26. In June 2013 on regulatory requirements for credit institutions and investment firms, the Financial Institute may offer the financial institution, the real credit institution or the fund-broiler company within the time limit set by the Financial Authority to carry out the necessary requirements ; measures.

§ 344 c. The SEC shall ensure compliance with a financial institution, a real credit institution or a fund-broiler company in compliance with the requirements for the use of internal methods for the calculation of risk-weighted exposure or capital requirement requirements ; compliance with 3. Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 2. No longer refills the requirements to use an internal method, cf. paragraph 1, replicate or limit the Financial supervision authorization to use the internal method or to the establishment of the undertaking to improve the internal method. The SEC may also offer an addition to the base capital requirement or other measures to limit the consequences of failure to comply with the requirements for using an internal method.

Paragraph 3. There are many overruns, cf. Article 366 of Regulation (EC) No 2 of the European Parliament and of the Council 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, for an internal market risk component indicating that the model is not or is no longer sufficiently precise, the Financial Persitive-Persifying authorisation to apply the model or the undertaking to take appropriate measures to ensure that the model is immediately improved.

$345. The Ministry of Acting and Growth will appoint a board of directors and a director of the Financial Affairs Board. The Director shall be appointed after consultation of the Administrative Board.

Paragraph 2. The Management Board shall comprise seven members, who shall have a total of legal, economic and financial insight. The Management Board is composite by

1) 3 members with a legal, economic and financial expertise ;

2) 2 members with a management background from the financial sector,

3) 1 member with a management background from the other business life and

4) 1 member from Denmark's National Bank.

Paragraph 3. The Minister for the Industry and Growth Pact will be appointed by Members 1 and 1 Vice-President of the Board of Directors.

Paragraph 4. The Minister for Industry and Growth will appoint one observer from the Ministry of Acquiesce and the Ministry of Growth.

Paragraph 5. The Minister for the Industry and Growth Pact shall appoint members of the board and the observer for up to two years at a time. The members and the observer may be re-appointed.

Paragraph 6. The members of the Management Board and the observer shall not be employed by or shall be a member of the financial undertaking in financial undertakings, cf. Section 5 (5). 1, no. 1, in establishments forming part of enterprise with financial undertakings, or in undertakings having the qualifying ownership of the holdings in accordance with the financial market. Section 5 (5). 3, in financial undertakings.

Paragraph 7. The Management Board

1) approve the organization of the supervisory organization ;

2) determine the strategic objectives of the supervisory activities of the Financial Supervisory Authority,

3) approve the annual report for the Financial supervision,

4) decide on reactions in matters of principle and in cases which have significant implications,

5) make decisions in cases of injunction pursuant to section 347 b (2) ; 1,

6) decide to surrender cases covered by item (s). 4 to police investigation and

7) authorize rules and instructions to be issued by the Financial supervision.

Paragraph 8. The Management Board shall set up a panel of experts in particular in the financial field, including financial institution, mortgage business, insurance and pension, fund-brokerage business, consumer relations, capital market conditions, securities trading and accounting. The Management Board may, on demand, request assistance from the panel of experts in the context of the handling of specific supervisory matters.

Niner. 9. The consumer ombudsman is called upon by the management of the management of supervisory matters of refine business practices, good practices and price information. The consumer ombudsman has in matters covered by 1. Act. the same powers as members of the board.

Paragraph 10. In the paragraphs in paragraph 1. 7, no. 4-6, mentioned cases, the party has the right to have a seat on the board. 1. Act. in cases of a particularly urgent nature, may be deviated from the decision of the President. In addition, the right to an audience falls if there are any post-research considerations that are being considered.

Paragraph 11. § 354 (4)) Paragraph 1 shall apply to members of the board, observer, members of the panel of experts and the Consumer Ombudsman.

Nock. 12. The Management Board shall take a decision by a simple majority voting. In voting, the President's voice is crucial.

Paragraph 13. The Management Board shall lay down its own rules of procedure, including rules concerning the rules governing the management board, cf. paragraph 10, and if the expert panel, cf. paragraph The Rules of Procedure are approved by the business and growth minister.

Paragraph 14. The Board of Directors may delegate its powers under paragraph 1. 7, no. 4 and 6, to the Govern Board of Finance.

Paragraph 15. The autonomy of the Ferries and Greenland autonomy points to each one, in particular, experts, who will be able to take part in the meetings of the Management Board of the Management Board without voting rights.

§ 345 a. The Minister for the Industry and Growth Minister approves the rates for fees, deposits and consecutive contribution to administration and reserve fund-building, etc. for loans financed with mortgage bonds, in particular covered mortgage bonds, or in particular covered debt securities and for which State aid is granted, except for loans in the area of land use.

§ 346. The financial supervision shall examine the conditions of financial undertakings, financial holding companies, insurance management and joint data centers, including in the case of reviews of ongoing reports and by inspections in the individual company. The financial supervision may also make inspection visits to austerity.

Paragraph 2. After inspection in a financial undertaking, a financial holding company or an insurance holding company, a meeting of the management board of directors, management of the company, the external auditor and the internal financial holding company, shall be conveneable ; audit manager, unless the inspection alone relates to defined areas of activity in the enterprise. In the meeting, the Finance Board must notify its conclusions concerning the inspection.

Paragraph 3. Signature of the conclusions shall be sent following an inspection visit in the form of a written report to the company ' s management board, management, the responsible actuarial, external auditor and the internal audit manager.

Paragraph 4. The supervisory authorities of another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere may be inspectorily inspecting these in the country at the time of the Financial Protection Agency ; branches of foreign financial undertakings established in the country in question. In addition, the Financial Authority may carry out inspections in branches of foreign credit institutions or investment firms situated in this country. In the case of insurance undertakings, the Financial supervision of the Commission shall participate in the one in 1. Act. the inspection or may, at the request of the supervisory authority in the Member State of the branch, on behalf of the branch in particular, to carry out inspection of the branch alone in particular. In the case of investment firms and management companies, the Financial Supervisory Authority may, at the request of the supervisory authority in the Member State of the branch, carry out the one in 1. Act. said inspection in the branch.

Paragraph 5. The supervisory authorities of another country within the European Union or in a country with which the Union has concluded agreements in the financial sphere may carry out verification of the information supplied by the Financial Authority in this country, the financial holding companies, insurance undertakings, financial undertakings, financial institutions or undertakings engaged in ancillary financial activities subject to the additional supervision of the person concerned ; the supervisory authority according to provisions laid down in directives in the financial sphere.

§ 346 a. The SEC may cooperate with other Danish authorities in order to ensure compliance with the law and rules issued under the Law of the UCITS administration of Danish UCITS and UCITS based in other countries ; for the European Union or countries with which the Union has concluded an agreement in the financial sphere, and the debit company for the UCITS mentioned. The Financial supervision may delegate tasks to other authorities that are Danish, bodies or persons.

§ 346 b. The financial supervision may ask the competent authorities of another Member State within the European Union or in a country to which the Union has concluded an agreement in the financial sphere to ensure compliance with the law and the rules laid down by the Union, it has been issued under the law, concerning the administration of UCITS by the investment management firms in other countries of the European Union or countries concluded by the Union in the area of the financial sphere, supervisory activities, inspections on the spot or inspections in the territory of another Member State.

§ 346 c. The financial supervision shall cooperate with the competent authorities of other countries of the European Union or in countries concluded by the Union in the financial sphere to contribute to supervisory activities, on-the-spot checks ; or inspections in this country in the case of investment management companies that are administering UCITS under the supervision of another country within the European Union or countries with which the Union has concluded an agreement in the financial sphere, or Danish UCITS subject to Danish supervision, but operates in other Member States.

Paragraph 2. Where a competent authority of another Member State in the European Union or in a country concluded by the Union in the financial sphere, asks the Financial supervision to contribute to an inspection or investigation of a foreign UCITS ; which are under the supervision of the competent authority, cf. paragraph 1 but managed by a Danish investment management company or a Danish UCITS, cf. paragraph 1, may the Financial supervision

1) complete the control or survey itself,

2) allow the requesting authority itself to carry out the checks or investigation, or

3) allow an auditor or other expert to carry out the checks or investigation.

Paragraph 3. Receiving a Danish investment management company with a compensatable foreign authority survey, cf. paragraph 2, the investigation may be carried out only with the complicity of the Financial Supply.

Paragraph 4. The SEC may lay down detailed rules for cooperation with the competent authorities of other countries within the European Union and in countries with which the Union has concluded an agreement in the financial sphere.

§ 347. Financial undertakings, financial holding companies, insurance management, joint data centers, suppliers and subcontractors shall provide the Financial supervision of the information necessary for the activities of the acidity. In accordance with the provisions laid down in Directives, this shall apply to foreign credit institutions, management societies and investment firms operating in this country through the establishment of branch or supply of goods ; financial services.

Paragraph 2. The SEC may, at any time, against appropriate credentials, without a court order of access to a financial undertaking and its branches, a financial holding company, an insurance holding company or a common data centre for the purpose of condensation of information, including inspection.

Paragraph 3. To the extent necessary to assess the financial position of a financial undertaking, a financial holding company or an insurance company ' s financial position, the Finance Board may obtain information and any time against appropriate identification without a court order for access to the undertakings with which the financial holding, the financial holding company or the insurance holding company, have a special direct or indirect connection.

Paragraph 4. The Financial supervision may require all information, including accounts and accounting documents, printout of books, other business documents and electronic stored data, which are deemed necessary for the Financial activities ' s activities or for determining whether or not a physical ; or legal person shall be subject to the provisions of this Act.

Paragraph 5. The SEC may, at any time, against appropriate credentials, without a court order, access a supplier or subcontractor for the purposes of the information on the output of outsourced activity.

Paragraph 6. The financial supervision may obtain information in accordance with paragraph 1. 1-4 for use in the section 354 (4). 6, no. 21-32, said authorities and bodies.

Paragraph 7. In cases where a group has a foreign subsidiary that is a credit institution or an investment firm, and this subsidiary is not included in consolidated supervision under Article 19 of Regulation (EU) of the European Parliament and of the Council (EU) No 2. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, the competent authority of the country of the European Union or in a country concluded by the Union in the financial sphere in which the credit institution is concluded, may be held by the competent authority of the Member State of the Union. or the investment firm is situated, request a financial institution, a real credit institution, a fund-broiler company, a financial holding company or a joint financial holding company as defined in Article 4 (2). 1, no. Regulation (EC) No 20 and 21 of the European Parliament and of the Council. 575/2013 of 26. June 2013 relating to regulatory requirements for credit institutions and investment firms which are parent business for the credit institution or investment firm, to provide information which makes it easier for the competent authority to carry out ; supervision of the credit institution or investment firm.

§ 347 a. Whereas the Minister for the Industry and Growth Minister may lay down rules on the financial undertakings ' obligation to publish information on the financial supervision of the Financial Authority and the possibility of publishing the information before the financial supervision of the Financial Authority ; the financial undertaking.

§ 347 b. The SEC may offer a financial undertaking, a financial holding company, an insurance holding company or a common data centre to conduct and conduct the cost of an unwilling investigation into one or more aspects of the financial market ; the company, the financial holding company, the insurance holding company or the common data centre, where the SEC assesses that this is of major importance for the supervision of the undertaking and is not subject to the Financial supervision, usual investigation. The result of the unwilling enquiry shall be submitted in a written report, which shall be available within the time of the Financial Authority. The financial supervision can determine that the experts are qualified, cf. paragraph 2-6, to continuously report to the Financial supervision of the survey.

Paragraph 2. The unwilling enquiry shall be carried out by one or more expert persons. The financial undertaking, the financial holding company, the insurance holding company or the common data centre shall designate the qualified persons within the time limit set by the Financial Financial Authority. The financial supervision must approve the proposed experts.

Paragraph 3. The financial undertaking, the financial holding company, the insurance holding company or the single data centre shall provide the experts with the information necessary for the conduct of the inferable investigation.

Paragraph 4. The experts shall provide a copy of the written report on the Financial Survey, at the latest, at the latest when the report is handed out to the financial undertaking, the financial holding company, the insurance holding company, or the common data center.

Paragraph 5. The experts shall give financial supervision to the SEC immediately in relation to the non-determined investigation where the information is essential to the company ' s risk profile or business model, that may not result in an insignificant risk that such conditions may develop in such a way that the undertaking will lose its permit.

Paragraph 6. If the qualified person is unable to pass on the information in accordance with paragraph 1, the expert person shall not be dissused. 4 and 5 to the Financial supervision may be subject to the financial supervision of the Financial Authority other than the qualified person, including the financial undertaking, the financial holding company, the insurance holding company or the common data centre.

§ 347 c. The SEC may provide additional information requirements for financial institutions, real credit institutions and the fund-brokerage companies.

§ 348. The consumer ombudsman may initiate proceedings relating to acts that are contrary to the conduct of business and good practice, cf. § 43, paragraph. 1 and 2, including the prohibition, injunction, compensation and restitution of unduly collected amounts. The consumer ombudsman may also deal with matters relating to the infringement of penalties laid down in rules issued under this Act of Article 43 (3). 3. Section 20 of the Marketing Code 20, section 22 (4). 2, section 23, paragraph. Paragraph 1, section 27, paragraph. Paragraph 28 shall apply mutatis mulitis to cases which the Consumer Ombudsman wishes to adopt after this provision. 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 2. The financial supervision may provide an injunction on the correction of conditions in violation of sections 43, 57 and 72. The SEC may, in this context, make inspection visits to branches of management companies and investment firms.

§ 348 a. The SEC shall inform the Consumer Ombudsman if the Financial supervision is known that a company ' s customers may have suffered losses caused by the undertaking to have infringed section 43 (2). 1 or provisions adopted pursuant to Article 43 (3). 2.

Paragraph 2. In any case, the consumer ombudsman shall have access to all information in the Financial Protection cases covered by paragraph 354. 1.

§ 349. The Financial Authority may provide a financial undertaking to draw up a statement of the undertaking ' s economic position and future prospects. The company ' s management board, management board, external auditor and the internal auditor shall be informed by the signature of the Provision of the FL, confirmant to be aware of the content of the communication.

Paragraph 2. The deposition must be

1) be accompanied by a statement from the company ' s external auditor, unless the statement as a whole is drawn up by this,

2) to be submitted to the company ' s management board

3) shall be submitted in copy to the Financial supervision.

$350. The financial supervision may provide for a financial undertaking within one of the Commission to take the necessary measures if necessary, if :

1) Whereas the economic position of the undertaking is thus abrogated that the interests of depositors, of the debt securities, the Danish UCITS or the other investors ' interests are at risk, or

2) there is not an insignificant risk that the company ' s economic position due to internal or external relations develops so that the company will lose its permit.

Paragraph 2. If the required measures have not been carried out within the time limit laid down, the Financial supervision may involve the undertaking ' s authorisation.

Paragraph 3. In addition, for insurance undertakings, section 248-252 is applicable.

Paragraph 4. Paragrol 1 and 2 shall apply mutatis mutable to a group where the parent undertaking is a financial holding company, an insurance holding company or a financial undertaking, if there is a significant risk of the financial position of the group, develops so that the group will not comply with the capital requirement for the group.

§ 350 a. The Minister for the Acting and Growth Pact is hereby empowered to lay down stricter national measures within the framework of Article 458 (2). in the European Parliament and of the Council Regulation (EC) No (2) (d), point i vii, i 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms in the event of changes in the intensity of the macro-prudential or systemic risk in the financial system with potentially serious adverse effects on it ; financial system and the real economy.

Paragraph 2. In the context of national measures, the Minister for the Acquireand Growth and Growth Minister is under way. 1 the acquisition and approval procedure provided for by Article 458 (2) shall be the subject of the professional and growth minister. Regulation (EC) No 3 to 9, in the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, cf. however, paragraph 1 3.

Paragraph 3. The Minister for the Industry and Growth Pact may, whatever the procedure laid down in Article 458 (2), may, Regulation (EC) No 3 to 9, in the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms

1) increase risk weights by up to 25%. for exposures resulting from Article 458 (2). in the European Parliament and of the Council Regulation (EC) No 2 (2) (d) and vii. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, and

2) Reducing the limit of up to 15%. for large exposure covered by Article 395 of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 4. The measures taken by the Commission and the Growth and Growth Pact shall be implemented in accordance with paragraph 1. 1 and 3 may apply for a period of up to two years, or until the macro-farting or systemic risk ceases to exist, subject to the conditions and conditions laid down in Article 458, provided that the conditions and notification requirements of Article 458 are to be taken ; paragraph 2, in Regulation (EC) No 2 of the European Parliament and Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms are fulfilled. The Minister for Industry and Growth may extend the use of national measures in accordance with paragraph 1. 2 up to 1 year at a time, cf. Article 458 (1). Regulation (EC) No 9, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms

§ 351. The SEC may provide a financial undertaking to allocate a financial undertaking to the financial undertaking within one of the Financial Business Act, if this is provided for in section 64 (4). 2 or 3, or § 64 a, cannot disputed the position.

Paragraph 2. The SEC may offer a member of the Management Board in a financial undertaking to lay down its duties within one of the Financial Commissions, if this is provided for in section 64 (1). 2 or 3, or § 64 a, cannot be disputed.

Paragraph 3. The Financial supervision may offer a member of the Management Board in a systemic financial institution (SIFI) or in a global systemic (G-SIFI) institution to lay down its office within a Financial Regulation, if the board member is not set out. comply with the requirements of section 313 (3). 1.

Paragraph 4. The SEC may provide a financial undertaking to set up a director in the case of an indictment against the Director of a criminal offence against the criminal code or financial legislation until the criminal proceedings are decided, where the conviction of the criminal proceedings will be determined ; means that they do not comply with the requirements of section 64 (4). 3, 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 financial undertaking to lay down its duties ; the financial supervision of the Financial Authority shall set a time limit for compliance with the tender.

Paragraph 5. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 64 (4). 2 or paragraph 1. 3, no. 2, 3 or 4, or in accordance with paragraph 1. 3 on the basis of section 313 (3). 1 shall be indicated on the supply.

Paragraph 6. Opens issued pursuant to paragraph 1. 1-4 of the financial undertaking and of the person to whom the tender relates are requested to be submitted 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 shall submit the matter to the courts within 4 weeks of receipt of the request. The case is being put in the form of the right of civil justice.

Paragraph 7. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2 and 3, and paragraph 1. FOUR, THREE. 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 be made only where the prohibition 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 8. If the financial undertaking does not have the Director under the limit set by the time limit, the Financial supervision may involve the undertaking ' s authorisation, cf. section 224, paragraph 1. 1, no. 2. Financial supervision may also involve the undertaking ' s permit, cf. section 224, paragraph 1. 1, no. 2 if a member of the board does not comply with an injunction in accordance with paragraph 1. 2-4.

§ 352. The Financial supervision may, independently or in cooperation with other authorities, carry out studies suitable to promote transparency in the financial market and to publish the results of these.

§ 352 a. Where a financial undertaking has been declared bankrupt, the majority of the operation of the financial undertaking has been discharged or transferred, or where an insurance insurer has been taken under administration, the Finance Board shall prepare a account of the reasons for this, if one of the following conditions has been met in connection with or in a shorter period prior to the business of the undertaking, etc. :

1) Financial Stability A/S has contributed to the transfer of the company, cf. section 7 or 8 of the law of financial stability, or the State has suffered losses on an individual State guarantee in accordance with section 16 a in the law of financial stability.

2) The State has suffered losses in capital deposits in the business under the law of state capital deposits in credit institutions or on ownership certificates acquired by the State as part of the conversion of such capital.

3) The State has, by the way, 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 354 shall not apply, unless the information relates to customer relations or third parties who are or have been involved in the attempt to save the financial undertaking 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.

Paragraph 4. The duty of the financial system to draw up a statement pursuant to paragraph 1. Paragraph 1 shall also include the financial undertakings which fulfilled the requirements of the destination after 1. March, 2009.

§ 353. The SEC and the Ministry of Consumer Protection shall submit a report on the status of rules on good practice and the rules on price information and on experience with the rules for the use of the rules in accordance with Competition and Growth and the experience of rules on price information and on the experience gained in the application of rules. § 43, paragraph. Two and three.

§ 354. 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 operations, as well as experts acting on behalf of the Office. 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). 2 and 3, in the Act on securities trading, etc.

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 relating to :

1) Good practice and price information, cf. section 43 and notices issued in accordance with this provision,

2) hybrid core capital or responsible loan capital in the form of mass debt letters, cf. § 45,

3) drawing of capital deposits, cf. § 46,

4) Consumer protection, cf. the amount of the cash pension and the placing of funds in transferable securities issued under section 50 (3). 2,

5) coverage of the Guarantee Fund for Ingunders and Investors, cf. § 51,

6) independence of depots, cf. § 52,

7) the reduction of mortgage credit granted in contravention of the law on mortgage and mortgage credit bonds, cf. Section 53 (3). 1,

8) agreement on the placement of customers ' portfolios, cf. Section 54 (1). 2,

9) prohibitions on the conclusion of certain life-insurance agreements, cf. § 55, paragraph 1. 1,

10) information on the conclusion of insurance contracts and under the current customer relationship, cf. notices issued in accordance with section 56 ;

11) notice notice for consumer insurance, cf. § 57, paragraph. 1,

12) the obligation to take over a building insurance, cf. § 59, paragraph. 1, and

13) prohibitions from the termination of a structural fire policy, cf. § 60, paragraph. 1.

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of the Financial supervision of its own operation in summary or aggregated form, where neither the individual company nor its customers can be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial when a financial undertaking is declared bankrupt or stepped into winding-up proceedings, and where the information does not relate to customer relations or third parties, or has been involved in attempts at to save the company.

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

3) The Minister for the future, as part of his supervised oversight, cf. however, paragraph 1 14.

4) Administrative authorities and courts, which deal with decisions taken by the Financial supervision.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament, as set out in the Committee. however, paragraph 1 13 and 14.

7) Examination commissions reduced by law or under the Act of Inquiry Commissions, cf. however, paragraph 1 13 and 14.

8) The Standing Committee of the People's Committee on the financial market of a financial undertaking, with regard to the crisis management of financial undertakings, where a decision is taken on whether or not the State should provide a guarantee or a means of making available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Stakeholders, including authorities, are involved in the attempt to save an emergency financial undertaking when the SEC has received a mandate from the business and growth minister, and provided that the recipients of the information are required to do so ; cf. however, paragraph 1 14.

11) Those of the Unionized Revisors appointed accountants in accordance with section 144 (4). FIVE, TWO. pkt., and after section 16 g (s), Nine, in the law of financial stability.

12) The skifter, cf. however, paragraph 1 13, other authorities involved in the winding-up proceedings of the financial undertaking, insolvency proceedings or similar procedures, and the liquidator and persons responsible for the statutory auditing of financial undertaking ' s accounts, provided that the recipients of information are required to carry out their duties.

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

14) Financial Stability A/S, provided that Financial Stability A/S requires this to be carried out by means of its tasks.

15) The Ministry of Acquidient and Growth in cases concerning the processing of applications for and cases of government capital deposits, as set out in the case of a State capital contribution. the law of capital deposits in credit institutions, cf. however, paragraph 1 14.

16) The Committee, the Groups and the Growth and Growth Minister, which are intended to discuss and coordinate efforts to ensure financial stability, are set up by the Committee, Groups and Growth and Growth.

17) The Danish Business Authority, in its capacity as regulator to comply with company law, when discontinued is made to strengthen the stability and integrity of the financial system, cf. however, paragraph 1 13, the Business Authority, the auditors and the auditors ' board in their capacity as regulator for the statutory auditing of financial undertakings ' accounts, cf. however, paragraph 1 13, and the Danish Business Authority, where the information relates to a fund or association covered by § § 207, 214, 214 a or 222. Disclosure after 1. Act. can only be made subject to the condition that the recipient has the need for the goods to be carried out.

18) Experts, who shall assist the SEC, the Danish Business Authority, the auditor inspection, the auditing board and institutions that administer the shooting, investor or insurance guarantee schemes, in the performance of their supervisory tasks, provided that the consignee is entitled to do so ; need the information to be taken into account for the operations of its operations, cf. however, paragraph 1 13 and 14.

(19) Denmark's National Bank, central banks in countries of the European Union or countries with which the Union has concluded agreements in the financial sphere, the European System of Central Banks and the European Central Bank as a monetary policy. the authority and public authorities which monitor payment systems in Denmark and other countries within the European Union or countries concluded by the Union in the area of the financial area provided that the information is provided ; necessary for them to be fulfilled by their statutory tasks, including the execution of : monetary policy, monitoring of payment and securities handling systems, and the handling of the stability of the financial system.

20) 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.

21) Financial regulators in other countries of the European Union or in countries with which the Union has agreed to the financial area responsible for the supervision of financial undertakings, financial institutions, UCITS, credit rating agencies or the financial markets, as well as authorities and bodies responsible for maintaining financial stability through macro-prudential regulation, authorities or bodies which have the purpose of ensuring the stability of the financial stability, contractual security arrangements ; or the institution security arrangements referred to in Article 113 (1) ; Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 relating to regulatory requirements for credit institutions and investment firms, institutions that manage deposits-, investor or insurance guarantee schemes, bodies that are involved in the winding-up proceedings of financial undertakings, bankruptcy proceedings ; or similar procedures, as well as persons responsible for the statutory auditing of the financial undertaking ' s accounts, provided that the recipients of information are required to carry out their duties.

(22) Organs in other countries of the European Union or in countries which the Union has concluded agreements in the financial field that are supervising bodies that are involved in the winding-up proceedings of financial undertakings, insolvency proceedings or the equivalent of other bodies ; procedures, authorities responsible for overseeing contractual security schemes or institutes of institution security referred to in Article 113 (1). Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, and authorities supervising persons responsible for the statutory auditing of the financial undertaking ' s accounts, provided that the consignee is entitled ; the information shall be required to carry out its duties, cf. however, paragraph 1 13.

23) Organs in other countries of the European Union or in countries with which the Union has concluded agreements in the financial sphere responsible for detectizing infringements of company law, provided that the recipient of the information has been committed, the need for this to be carried out in order to strengthen the stability and integrity of the financial system in accordance with the procedure for the purpose of the service. however, paragraph 1 13.

24) Experts, which assist authorities in other countries within the European Union or in countries concluded by the Union in the financial sphere, supervising bodies that are involved in the winding-up proceedings of the financial undertakings, insolvency proceedings or similar procedures, authorities responsible for overseeing contractual security schemes or institutes of institution security referred to in Article 113 (1). Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, and authorities supervising persons responsible for the statutory auditing of the financial undertaking ' s accounts, provided that the consignee is entitled ; the information shall be required to carry out its duties, cf. however, paragraph 1 13.

25) Authorities of other countries of the European Union or in countries which the Union has concluded agreements in the financial sphere responsible for the supervision of financial undertakings in an emergency referred to in Article 114 (1) ; 1, in Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on the subject of access to the business of credit institutions and supervision of credit institutions and investment firms, provided that the recipient of the information is required to carry out its duties in accordance with the said Regulation. however, paragraph 1 14.

26) 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.

27) Ministers responsible for financial legislation in other countries within the European Union or in countries concluded by the Union in the financial sphere are in the context of crisis management of a financial undertaking.

28) the European Banking Authority, the European Systemic Risk Board, the European Insurance and Occutency Pensions Authority and the European Securities and Markets Authority, as well as bodies established by them, subject to the need for the recipients of the information to be provided for the taking of their duties.

29) Financial supervisory authorities in countries outside the European Union which the Union has not agreed to in the financial area responsible for the supervision of financial undertakings, financial institutions, UCITS, credit rating agencies or with the financial markets and authorities and bodies responsible for maintaining financial stability through macro-prudential regulation, authorities or bodies intended to guarantee it ; financial stability, contractual security or institution security schemes ; as referred to in Article 113 (1). Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 relating to regulatory requirements for credit institutions and investment firms, institutions that administer the depositor, investor or insurance guarantee schemes, bodies involved in the winding-up proceedings of financial undertakings, bankruptcy proceedings ; or similar procedures, as well as persons responsible for the statutory auditing of the financial undertaking ' s accounts, cf. however, paragraph 1 12 and 13.

(30) Organs in countries outside the European Union, which the Union has not concluded in the financial sphere, supervising bodies that are involved in the winding-up proceedings of financial undertakings, insolvency proceedings or similar procedures ; authorities responsible for overseeing contractual security or institution security schemes as referred to in Article 113 (1). Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, and authorities supervising persons responsible for the statutory auditing of financial undertakings ' accounts, cf. however, paragraph 1 12 and 13.

31) Organs in countries outside the European Union or in countries that the Union has not agreed to in the financial area responsible for detectifying infringements of company law, provided that such communication is given in order to : strengthen the stability and integrity of the financial system, cf. however, paragraph 1 12 and 13.

32) Experts, which assist authorities in countries outside the European Union or in countries which the Union has not concluded in the financial sphere, overseeing bodies involved in the winding-up proceedings of the financial undertakings, insolvency proceedings or similar procedures, authorities responsible for overseeing contractual security schemes or institutes of institution security referred to in Article 113 (1). Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, and authorities supervising persons responsible for the statutory auditing of the financial undertaking ' s accounts, cf. however, paragraph 1 12 and 13.

33) Tax management and tax administration in cases covered by the tax control Act, Section 6 (1) (2). 2.

34) The Faroese regime for financial matters in the context of the financial stability of the Faroe Islands and for the need for crisis management of the Faroe Islands.

35) The Greenland National Labour Member and the Labour Market, as part of the responsibility for the economic stability of Greenland, and for the crisis management of financial companies in Greenland.

36) Farm Salvation's Standing Committee on the general economic conditions of a financial undertaking as regards the crisis management of the financial undertakings, where decisions are taken on whether or not to grant the country ' s country-regime contribution ; guarantee or make available means. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

37) Greenland Landsstand Committee on the general economic conditions of a Greenland financial undertaking, with regard to the crisis management of Greenland financial undertakings when deciding on the country of Greenland to : provide guarantees or make available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

38) Faroese supervisory authorities in the financial sphere provided that beneficiaries are subject to a statutory professional secrecy, which shall be at least equivalent to the confidentiality of the confidentiality of the conditions of confidentiality. 1 and that the recipients need the data to be provided for the purposes of their tasks, cf. however, paragraph 1 13.

Paragraph 7. The SEC may disclose confidential information to the European Banking Authority on the result of stress tests carried out by the Financial Supervisory Committee in accordance with Article 100 of the European Parliament and Council Directive 2013 /36/EU of 26. June 2013, on the establishment of a credit institution and supervision of credit institutions and investment firms or in accordance with Article 32 of Regulation (EU) of the European Parliament and of the Council. 1093/2010 of 24. In November 2010, the establishment of a European regulator.

Paragraph 8. All those in accordance with paragraph 1. The information provided for in paragraph 1 shall be subject to the information referred to in paragraph 1 (5) and (6) of the Financial supervision of the Financial Commission. This shall be subject to professional secrecy.

Niner. 9. Confidential information received pursuant to paragraph 1. 6, no. 28 may, irrespective of the confidentiality of the professional confidentiality referred to in paragraph 1. 8 shall be exchanged directly between on the one hand, the European Banking Authority, the European Supervisory Authority, and the European Securities and Markets Authority and bodies established by the European Securities and Markets Authority, and, on the other hand, the European Systemic Risk Board.

Paragraph 10. Confidential information received by the Financial Supervisors may only be used in respect of the surveillance authorities, to the imposition of sanctions, or if the decision of the acidity shall be subject to higher administrative authority or be brought before the courts.

Paragraph 11. 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. In the case of mortgage credit institutions, the limitation of documents in cases created in the Financial supervision of the 1. June 1995. Access to the handing over of confidential information to the Standing Committee of the Ferry Watch in accordance with paragraph 1. 6, no. 36, and the Standing Committee of Greenland Landstanding in accordance with paragraph 1. 6, no. 37 is limited to documents in cases created in the Financial supervision after the 1. January 2006.

Nock. 12. Dissemination in accordance with paragraph 1. 6, no. 29-32, can be done alone

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.

Paragraph 13. Dissemination in accordance with paragraph 1. 6, no. In addition, if the authorities which have concluded an agreement with the territory of the European Union or countries with which the Union has concluded an agreement in the financial sphere, the authorities of the European Union may or may not be informed by the competent authorities of countries within the European Union or countries which have been concluded by the Union ; the information supplied has given their express authorisation and shall be used exclusively for the purposes of which the authorisation is to be granted. For the disclosure of information in accordance with paragraph 1. 6, no. The competent authorities or bodies which have communicated the information to the competent authorities shall inform the competent authorities or bodies which have communicated the information to the competent authorities.

Paragraph 14. Disclosure of confidential information pursuant to paragraph 1. 6, no. 3, 6, 7, 10, 15, 18 and 25 may be effected only if the authorities or bodies which have supplied the information or the authorities of the Member State in which the inspection visit or inspection has been granted have given their express permission, where : the information has been received either from the European Banking Authority, the European Systemic Risk Board, the European Insurance and Occutency Pensions Authority or European Securities and Securities and Securities and Safety Board ; and Market surveillance authorities and bodies established under these conditions, as well as under this law, provisions pursuant to this law, other Directives relating to credit institutions, Regulations issued under the Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on the establishment of credit institutions and supervision of credit institutions and investment firms, Article 15 of the Regulation (EU) of credit institutions and investment firms, Article 15 of the European Parliament and of the Council. 1092/2010 of 24. November 2010 on EU-level macro-monitoring and the creation of a European Council for systemic risk, Articles 31, 35 and 36 of Regulation (EU) of the European Parliament and of the Council. 1093/2010 of 24. November 2010 establishing a European Supervisory Authority (European Banking Authority), as well as Articles 31 and 36 of Regulation (EU) No, 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) or from authorities responsible for the supervision of financial undertakings, financial institutions, UCITS ; credit rating agencies and financial markets, authorities and bodies responsible for maintaining the stability of the financial system through the use of macro-prudential rules, authorities or bodies designed to ensure it ; financial stability, contractual security arrangements ; or the institution security arrangements referred to in Article 113 (1) ; Regulation (EC) No 7 of the European Parliament and of the Council. 575/2013 of 26. June 2013 relating to regulatory requirements for credit institutions and investment firms, institutions that administer the depositor, investor or insurance guarantee schemes, bodies involved in the winding-up proceedings of financial undertakings, bankruptcy proceedings ; or similar procedures, and persons responsible for the statutory auditing of the accounts of the financial undertaking or where the information has been obtained by inspection visits or investigation after section 346 (6). 4.

Paragraph 15. If a debtor, bail bondsman or investor has significant commitments to a number of financial undertakings, the Financial Authority may be subject to information on this subject.

§ 354 a. Reactions granted in section 345 (3). 7, no. 4, or the Financial supervision following a delegation from the Financial Supply Board to a company under supervision shall be published with the name of the establishment, cf. however, paragraph 1 4. 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 reaction, or at the latest at the time of the date, publication required by law on securities trading, etc. At the same time as its publication, the company must insert a link that provides direct access to the response, on the front of the company's website, in a visible manner, and it must be linked and one any associated text clearly states that this is a reaction from the Financial supervision. If the company commenting on the reaction, this should be done by extension of this, and the comments must be clearly separated from the 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. Reactions granted in accordance with section 345 (4). 7, no. 6, and the GL decisions to surrender cases to police investigations must be published on the Financial stiltsynet website with an indication of the company name, cf. however, paragraph 1 4. Income the response that is published in accordance with 1. in the case of the Agency for the Commertives and the courts, this must appear in the publication of the Financial Directive, and the status and subsequent outcome of the decision of the Business Authority or the courts shall also be published on the financial system ' s website ; ASAP.

Paragraph 2. Reactions granted in accordance with section 345 (4). 7, no. 4 and 6, or the Financial supervision of the Finance-synet board of directors of a company that is not under supervision shall be published with the name of the establishment, cf. however, paragraph 1 4.

Paragraph 3. 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 4. If the judgment is not final or if it is anchorked or complained, this shall indicate the publication of the sentence. 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, After law on securities trading, etc. At the same time, the company must insert a link that provides direct access to the judgment, the ticket or the summary, on the front of the company's website, in a visible way, and it must be linked and a possible associated text will clearly indicate that it is a judgment ; or Adoption. 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. Publication after 1. and 2. in the light of establishments which are not subject to supervision, shall be carried out on the GL's website alone.

Paragraph 4. Publication under paragraph 1. However, 1-3 cannot be allowed if it would 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 30 of the public in the management of the public. 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 5. If publication is not in accordance with paragraph 1, FOUR, ONE. .. shall be published in accordance with paragraph 1. One-three when the omission of the omission is no longer valid. However, this only applies for up to two years after the reaction of the reaction ;

§ 354 b. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of relevance to the understanding of the following provisions :

1) Good practice and price information, cf. section 43 and notices issued in accordance with them,

2) hybrid core capital or responsible loan capital in the form of mass debt letters, cf. § 45,

3) drawing of capital deposits, cf. § 46,

4) Consumer protection, cf. the amount of the cash pension and the placing of funds in transferable securities issued under section 50 (3). 2,

5) coverage of the Guarantee Fund for Ingunders and Investors, cf. § 51,

6) independence of depots, cf. § 52,

7) the reduction of mortgage credit granted in contravention of the law on mortgage and mortgage credit bonds, cf. Section 53 (3). 1,

8) agreement on the placement of customers ' portfolios, cf. Section 54 (1). 2,

9) prohibitions on the conclusion of certain life-insurance agreements, cf. § 55, paragraph 1. 1,

10) information on the conclusion of insurance contracts and under the current customer relationship, cf. notices issued in accordance with section 56 ;

11) notice notice for consumer insurance, cf. § 57, paragraph. 1,

12) the obligation to take over a building insurance, cf. § 59, paragraph. 1, and

13) prohibitions from the termination of a structural fire policy, cf. § 60, paragraph. 1.

Paragraph 2. The financial supervision must also inform the public about the name of a company that violates the prohibition on the pursuit of financial activities without authorisation, cf. sections sections 7-11 and 334

§ 354 c. The financial supervision shall publish information on penalties imposed on a financial undertaking in accordance with Article 373 (1). 2, for the infringement of Article 4 (1). 1, in the regulation of the European Parliament and of the Council on credit rating agencies, 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.

§ 354 d. Where a financial undertaking has communicated information on the financial activities and these have been provided to the public, the Financial Authority may offer the undertaking to publish enriching information within one of the Financial supervision of the undertaking, fixed time limit, if :

1) the information provided for the Finance-synet assessment is misleading and

2) The SEC assesses that the information may have adverse effect on the company's customers, depositors, other creditors, financial markets on which the shares of the company or securities issued by the undertaking are traded, or financial ; stability in general.

Paragraph 2. If the undertaking does not rectify the information in accordance with the financial system's injunction and within the time limit laid down by the Financial Sets, the Financial Authority may publish the tender in accordance with paragraph 1. 1.

§ 354 e. The SEC shall publish on its website in the cases referred to in paragraph 1. 2, commencement or periodic penalty payments granted in accordance with section 344 (3). 1, and the name of the company or person. 1. Act. shall apply mutatis mutations, injunctions and periodic penalty payments made by the Finance-synet board in the management board of the financial services referred to in paragraph 1. 2 cases mentioned.

Paragraph 2. Publication, cf. paragraph Paragraph 1 shall be in cases of infringement of section 7 (4). Paragraph 1, section 61, paragraph. 1, Section 61 (b), § 61 c, section 64 (6). 1-3, section 64 a, section 71, paragraph 1. One and three, section 71 a, paragraph 1. One, paragraph 125 b, paragraph 1. 1-4 and 6, § 125 d, § 125 e (3), 1, cf. § 125 b, paragraph 1. 1-4 and 6, section 313 (3). 1, and Articles 28 and 51, cf. Articles 52, 63 and 92 (2). Paragraph 1, Article 99 (1). Paragraph 1, Article 101 (1). Paragraph 1 and 2, Article 394 (2). Paragraph 1, Article 395, Article 405 (4). Paragraph 1, Article 412 (1). Paragraph 1, Article 415 (1). Article 430 (1) and Article 430 (2). ONE, ONE. Paragraph 1. pkt., and 2. paragraph, Article 431 (1), 1-3, Article 435 and Article 451 (4). Regulation (EC) No 1, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Paragraph 3. Publication under paragraph 1. 1 shall be made in an anonymized form, the publication of which will result in a disproportionate amount of damage to the company or person whose compliance is subject to publication, if publication is to threaten financial stability ; or whose social considerations are to be published by a person's name shall not be proportionate to the person concerned.

Paragraph 4. Where the contract is referred to, the tender or periodic penalty referred to in paragraph 1 shall be made. 1, cf. paragraph 2, for the Commerlity Board or the courts, this shall appear on the occasion of its publication. The status and subsequent outcome of the decision of the Vocational or Courts shall also be published as soon as possible on the Financial Sets network.

Paragraph 5. Publication under paragraph 1. 1-4 shall be carried out as soon as possible after the person or the undertaking has been informed of the reference, the tender or the periodic penalty, and must appear on the Financial Regulation's website for at least five years from the publication. However, public opinion relating to persons shall appear only on the financial system ' s website for as long as the information is deemed necessary in relation to the social considerations of the publication ;

§ 354 f. The SEC may publish the results of the Financial Services ' s stress tests of a financial undertaking carried out in accordance with Article 100 of Directive 2013 /36/EU of 26. June 2013, on the activities of credit institutions and supervision of credit institutions and investment firms, and in accordance with Article 32 of Regulation (EU) of the European Parliament and of the Council. 1093/2010 of 24. November 2010 on the establishment of a European supervisory authority (European Banking Authority).

§ 354 g. The employee of the GL shall not disclose information on a person who has notified a company or a person to the Financial Regulation for any infringement or potential violation of the Financial Regulation, which the Financial Regulation is conducting ; overseeing, cf. however, paragraph 1 2.

Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of personal data in accordance with Article 354 (4). 6.

Paragraph 3. All those in accordance with paragraph 1. 2 receiving personal data shall be subject to the information provided for in paragraph 1 of this Article. This shall be subject to professional secrecy.

§ 355. As a party to the Financial supervision, the financial undertaking, the financial holding company, the insurance holding company, the financial holding company or the foreign financial holding company shall be considered to be the financial holding company or the foreign financial holding company to which the financial system is to be considered ; the decision by virtue of this law, pursuant to this law, shall comply with the provisions of Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms, regulations issued under the Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on the activities of credit institutions and the supervision of credit institutions and investment firms and regulations and rules adopted pursuant to Regulation (EC) No (EC) No (EC) No (EC) No (EC) No, 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of the following cases, another other than the undertaking shall also be considered as a Party to the Financial Decision of the Financial Regulation in respect of the part of the proceedings relating to the person concerned :

1) The parent company, where this is a financial holding company, an insurance holding company or a financial undertaking.

2) Companies with which a financial enterprise has a special direct or indirect connection and where the monitoring can obtain information and make inspection visits, cf. § 347, paragraph. 3.

3) A natural or legal person to whom the Financial supervision requires the information to be taken to decide whether this is subject to the provisions of this Act, cf. § 347, paragraph. 4.

4) A person such as the Financial supervision receives information about the approval pursuant to section 64 (4). 1-3.

5) The proposed acquiring or holder of a qualified share when the SEC is handling cases of approval of the acquisition in accordance with the Financial Authority. section 61, 61 a and 61 (b), and when the FL is reacting as a result of a lack of notification of a share or the right to the right to vote, which is linked to the share of the owner in question, cf. § 62 (2) 1-3.

6) Accountant in a financial undertaking when the SEC of Finance takes away this certification under Article 199 (4). 1, cf. Section 199 (4). 4, or offer to provide information on the company ' s premises, and in cases of prohibition of an auditor having loans and so on in the financial undertaking auditing, cf. Section 199 (4). 4-7 and 9.

7) Companies to which a financial institution, fund brokerage, investment management company or real credit institutions have such an association that the decision of the Financial Decision must be included in the consolidation in accordance with the Financial Decision. Section 177, paragraph 1. 1.

8) An undertaking applying for the authorisation to operate financial institution, fund brokerage, investment management, securities handlers, mortgage, insurance or life assurance business, cf. Section 7 (2). Paragraph 1, section 8, paragraph 8. Paragraph 1, paragraph 9, paragraph 9. Paragraph 1, section 10, paragraph 10. One and two, section 11, paragraph 1. 1, section 14 or if the application is suspended, cf. Section 14, paragraph 14. 4.

9) A member of a financial management board or board of directors or a capital owner, where the supervision refuses a financial undertaking or includes this whole or part of the undertaking, cf. Section 14, paragraph 14. 1, no. 1-3, and paragraph 1. 2, section 224 and § 225 (3). 1.

10) Undertakings which the supervision of the Commission considers tight connections to a financial undertaking when permission is refused or withdrawn in accordance with section 14 (4). 1, no. 4 and 5, and section 224.

11) The person who violates the law in the name or name of a company to use words covered by the exclusive name of the financial undertakings, cf. Section 7 (2). 5, section 8, paragraph. 5, section 9, paragraph. FIVE, TWO. pkt., and paragraph. SIX, TWO. pkt., and section 11 (3). 3.

12) The person who violates the law prohibiting the operation of Article 7 (2). 1, 3 and 4, section 8 (3). 1 and 3, section 9 (4). One and three, section 10, paragraph 10. 1 and 5, and section 11 (3). 1, without permission.

13) It shall decide on the question of whether the person concerned can offer investment services without authorisation, in accordance with the conditions laid down in the Financial Authority. Section 9 (1). 11.

14) UCITS when the Financial supervision takes a decision on a case concerning the investment management company that manages the UCITS in question.

15) The responsible actuar when this has not fulfilled its information obligation to the Financial supervision referred to in the case of the Financial Commission. § 108, paragraph. FIVE, ONE. Act.

Paragraph 3. By the way, as a party is considered a member of the board, an actuarial officer, an accountant, a CEO or other executive staff of a financial undertaking, a financial holding company, an insurance holding company, a foreign financial contribution ; a company or a foreign financial holding company, if the Decision of the financial system is directly directed towards that person. The same is true of a liquidator, an administrator of a life-insurer and an administrator in an administration estate for special covered bonds.

Paragraph 4. As a party to the decisions of the Financial Regulation, in the context of the supervision of accounts, in accordance with the rules laid down in Chapter 13 of this Act, in accordance with the rules laid down in section 196 and of the group accounts referred to in Article 4 of the Committee, Furthermore, the Regulation of the European Parliament and of the Council on the application of international accounting standards shall be considered to be any party to the Financial Authority as a party to the case.

Paragraph 5. Partsstatus and share powers in accordance with paragraph 1. 2 and 3 are limited to conditions in which the decisions taken by the seven are taken after the 8. However, in October 1998, mortgage credit institutions shall be subject to the 20th. October 1998. With regard to the disclosure of confidential information, cf. in Chapter 9, the Party ' s Party ' s Party ' s Party ' s Party ' s Party shall be limited to conditions in which the decisions taken pursuant to the January 2004. In the case of investment management companies, the share status and share powers are limited to conditions in which the decisions taken by the seven are taken after the 1. January 2004. Partsstatus and share powers in accordance with paragraph 1. 4 is limited to conditions in which the decision taken by the synet has been taken after the 1. July, 2009.

Paragraph 6. The SEC may, where the supervision takes up a case, on the disclosure of confidential information, cf. Chapter 9, grant certain parties powers to other natural or legal persons other than those referred to in paragraph 1. 2 and 3 mentioned. Parties may be granted only as far as the relevant part of the case is concerned with a direct and significant role for the person concerned. The rights of the Parties shall be given, taking into account the protection of confidential information concerning the undertakings under supervision. Parliament ' s powers shall be limited to conditions in which the decisions taken by the seven are taken after the 1. January 2004.

§ 356. Employees of the Financial Supervisors shall not be members of management, board or board members, or be employed in undertakings under the supervision of the SEC or in the organisations of the Financial Authority. They shall not, without authorisation from the Director of the Financial Authority, own or operate self-employment, or to participate in the management or operation of a business enterprise. However, they can own, drive and participate in the administration of real estate.

Paragraph 2. Employees in the Financial supervision must not, on their own account, perform or participate in speculative transactions, cf. § 77, paragraph. The President of the European Union for Finance, Vice-President, and thus the Minister for Economic Affairs, must draw up guidelines on the reporting of assets positions.

Paragraph 3. The Director of the Financial supervision may not, without the consent of the acquiring and growth minister, conclude agreements resulting from exposure, with or providing security to financial undertakings. For other employees in the Financial supervision, the professions and the Minister for Economic Affairs prepare guidelines for the approval of agreements that result in an exposure, with and security concerns over financial undertakings. The guidelines can prescribe different approval procedures for each employee category.

Deadlines

§ 357. 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 is true for the calculation of both the day and the week, the month and the year.

Paragraph 2. If the deadline is set in weeks, the deadline is out, cf. paragraph 1, on the day of the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 3. If the deadline is set in months, the deadline is due, cf. paragraph 1 on the month of the month for the day on which the event that triggered the deadline took place. 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 4. If the deadline is set this year, the deadline is out, cf. paragraph 1, on the anniversary of the day on which the event that triggered the deadline occurred.

Paragraph 5. Expires a deadline for a weekend or on a holiday, the day of Christmas, on Christmas Day or New Year's Day, the deadline for the next working day is extended

Special rules for the supervision of insurance undertakings

§ 358. Decision that new shares should be able to be paid in the conversion of debts pursuant to section 161 of the company law must be approved by the Financial supervision.

$359. Insurance companies, branches of foreign companies, which have been granted the financial supervision, and the pension funds included in this Act shall be registered in the Corporate Authority.

Chapter 22

Charges

$360. The Finance Bill appropriation in the Finance bill added the expected costs of lawyers and deduced sales of goods and services shall be levied as a tax from the establishments covered by the financial supervision of the financial system, cf. § § 361-370.

Paragraph 2. The grant of the financial system as set up in accordance with paragraph 1. 1 shall also be covered by taxes from the non-profit organisations, which are covered by Article 16 (3). 4, in the Act of Preventive Action against the laundering of the proceeds and the financing of terrorism, have asked for registration in the Finance-SEC, cf. Section 361 (1). 1, no. 19.

Paragraph 3. Tasks that the Financial supervision provides in accordance with section 344 (3). 5, against payment, will be billed separately and shall not be included in the tax collection after paragraph 1. 1.

§ 361. The following establishments shall pay annually a basic amount of the Financial supervision :

1) The occupational health insurance of the working market will pay a total of $510,000.

2) The ATP fund (supplementary pension, temporary pension savings and pension savings) pays 1,180,000 kr.

3) Operators of regulated markets and alternative market places pay a basic amount of 12 000 kr. per company whose transferable securities are included in trade at the end of the previous year.

4) The Guarantee Fund for Entrons and Investors will pay 95,000 kr.

5) Each financial holding company and insurance reinsurance will pay 5,000 kr.

6) Each issuer of the collateralized mortgage and similar establishments shall pay 10,000 kr. per series.

7) The Payback Payback Fund is paying $670 000.

8) VP Securities A/S pays $1,840,000.

9) The Guarantee Fund for non-insurance undertakings shall pay 50,000 kr.

10) Financial companies, financial holding companies and insurance companies whose transferable securities are included in trade in a regulated market and the market value of the securities traded is USD 1 billion. DKK or by the end of the year, 40 000 DKK. If the market value of the securities traded is 250 million. DKK and over there, but under 1 billion. by the end of the year, 20 000 cranes shall be paid, and the market value of the securities traded is less than 250 million. DKK At the end of the year, $10,000 will be paid. Departments of Danish UCITS and special associations which have issued securities which are engaged in trade in a regulated market shall pay 5,000 kr.

11) Reinsurance brokers pay $15,000.

12) Physical or legal persons requesting the approval of the financial system of a prospectus pursuant to Chapter 6 of the securities trade law, etc., shall pay 25 000 DKK. per charge per request.

13) Physical or legal persons requesting admission to a register of eligible investors, cf. Section 23, paragraph 1. 8, in the law on securities trading, etc., will pay 1000 kr. per request.

14) Companies and persons covered by Section 1 (1). 1, no. Twelve, in the Act of Preventive Preventive Action against the laundering of the yield and financing of terrorism, pay DKK 2 000.

15) Exaders that are required to send information to the Financial supervision in accordance with section 27 (a) (a). 2 and 3, in the Act on securities trading, etc., pays 6.800 kr.

16) Issuers requesting the official listing of shares, stock certificates or bonds, shall pay 12.400 kr. per charge per request. The issuers concerned shall pay 1 650 kr. annually, as long as the value paper is officially recorded.

17) Each operator of a regulated market authorised to operate multilateral trade facilities shall pay 12.400 kr.

18) Investment advisors will pay you $8.50.

(19) Organizations with an almenable purpose, requesting admission to a register of non-profit-making organisations, which may receive credit transfers of up to EUR 150 without providing information requirements for transfers of money, cf. law on preventive measures against the laundering of the yield and financing of terrorism, Section 16, paragraph 16. Four, pay 750 kroner. per request.

20) Value traders who are obliged to report transactions with securities admitted to trade in a regulated market for the Financial Supervising of Section 33 (3). 2, in the Act of securities trading, etc., pays

a) $1,650. in the case of up to 10,000 transactions,

b) $8.50. for between 10 000 and 100 000 transactions,

c) 53.750 kr. in the case of between 100 000 and 1 million transactions and

d) $227.500. for over a million transactions.

21) Paying institutions, cf. law on payment services and electronic money, DKK 40.900 kr.

(22) Businesses with limited permission to offer payment services, cf. the payment services and electronic money payment order shall pay 4 100 kr.

23) Mortgage cooperatives are covered by the Act on Panteing Companies pay $10,000.

24) E-financial institutions, cf. law on payment services and electronic money, DKK 60 000 DKK

25) Businesses with limited authorisation to issue electronic money, cf. the payment services and electronic money payment order shall pay 6,000 kr.

26) Foreign investment undertakings covered by Section 27 of the investment associations and so on pay 8,000 kr.

27) For each notification, notification or application for cross-border marketing of units in UCITS, cf. sections 27 and 28 of the law on investment associations, etc., pay 2,500 kr.

28) A single data center will pay 53,000 kr. If a single data center for a financial year has less than 25 full-time employees, the single data centre shall pay 1 000 DKK.

29) Central counterparts with permission, cf. Article 14 of Regulation (EU) of the European Parliament and of the Council 648/2012 of 4. July 2012 (EMIR-Regulation), cf. § 83, paragraph. 1, in the Act of securities trading, etc., pays 387,50 kr.

(30) Foreign operators of alternative investment funds from a country within the European Union or a country with which the Union has concluded an agreement in the financial sphere, and foreign managers of alternative investment funds from a third country, As Denmark is the reference country for which the management of Danish alternative investment funds is authorised, pays 20 000 kr.

31) Foreign operators of alternative investment funds authorised to market a foreign alternative investment fund in Denmark pay DKK DKK 2 000. per alternative investment fund plus 2 000 kr. per Department of the Fund.

32) Businesses providing advice on financial products for consumers, cf. The law of financial advisers will pay 12 000 kr.

33) Carbon-quota providers pay 8.50 kr.

34) Foreign operators of European social entrepreneurial funds or foreign managers of European qualified venture capital funds authorised to market European social entrepreneurial funds or European qualified persons venture capital funds in Denmark pay DKK 2 000. per That's a fund, plus 2,000 kroner. per Department of the Fund.

35) Approved foreign clearings, cf. § 8 A, in the Act of securities trading, etc., will pay 68.150 kr.

Paragraph 2. Basic amount, cf. paragraph 1, as specified in 2004-level and regulated annually corresponding to the development of the Finance-synet appropriation of the Finance Bill.

§ 362. Fund-broker companies pay annually 10.5% of their pay, commission and tantieme costs. There is always a minimum levy of DKK 15,000.

Paragraph 2. Investment management companies pay a year 10.5 per year of their pay, commission and tantieme costs. The management of alternative investment funds with registered registered offices in Denmark authorised to manage alternative investment funds shall pay annually 10.5 pro-mille of their salary, commissions and tantieme costs. There is always a minimum levy of 20 000 kr.

Paragraph 3. Insurance intermediaries pay annually 4.0 per year of their commissions and other charges. There is always a minimum levy of 2 000 kr.

Paragraph 4. Adopting registered registered offices in Denmark, which is registered by the Financial Entrepreneurship of European Social Entities or as Caretaker of eligible venture capital funds, pays a year 10.5 per year of their wages to pay, Commissions and tantees. There is always a minimum levy of DKK 5 000.

§ 363. Financial institutions, establishments covered by the law of a shipbuilding financial institution, other savings undertakings other than those referred to in section 361 (2). 1, no. 6, referred to and the Management Institute for Local Pension institutions pay annually 49.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 covered the total debt and guarantee obligations of undertakings. There is always a minimum levy of 2 000 kr.

§ 363 a. Filials in this country of foreign undertakings authorised to exercise it in section 7-11 that referred to in a country within the European Union or a country with which the Union has concluded agreement in the financial sphere, pays annually 15%. by what undertakings of the corresponding nature and the size of the Danish licence shall pay, cf. § § 363-366. However, if a parole legion is established, 20% shall be paid. of the undertakings of a similar nature and the size of Danish licence shall pay according to section 363 and 364-366. There is always a minimum levy of 2 000 kr.

§ 364. Realcredit institutions pay annually 13,2%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 the total book-held accounts of the undertakings concerned were accounted for. There is always a minimum levy of 2 000 kr.

§ 365. Insurance companies engaged in life-assurance, transverse pension funds and company pension funds annually pay 18.3% of the difference between the Finance allowance expenses and the tax paid after § § 361 and 362.

Paragraph 2. The tax will be divided into two equally large parts. One part of the levy shall be allocated to the individual company ' s share of the amount of the market in those of paragraph 1. 1 the total gross premiums and membership contributions of the undertakings concerned. The second part of the levy shall be allocated to the individual company ' s share of the amount of the products referred to in paragraph 1. 1 the total balance of the undertakings concerned has been reduced by base capital. There is always a minimum levy of 2 000 kr.

§ 366. Insurance companies that do not carry out life-assurance activities pay annually 14.7%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The levy shall be allocated according to the individual company ' s share of the provisions of paragraph 1. 1 covered undertakings ' total direct and indirect gross premiums, plus gross substitutes, disregarded from negative premium revenue. There is always a minimum levy of 2 000 kr. However, the insurance undertakings covered by Article 294 shall pay a minimum levy of 800 kr.

SECTION 367. Danske UCITS and alternative investment fund managers with the authorisation to manage alternative investment funds are paid annually 4.4%. of the difference between the expenses incurred by the financial system and the levy paid after ~ Clause 361 and 362.

Paragraph 2. The tax will be distributed by $10,000. per Danish UCITS plus 3000 kr. per Department. The remainder of the levy shall be allocated to each of the UCITS ' s share of the provisions of paragraph 1. 1 included Danish UCITS ' s total balance.

§ 368. Calculation of taxes from establishments covered by Section 362-367 shall be made on the basis of information in the annual report of the last financial year or in the absence of any such recently submitted accounting report. In the case of insurance brokers, the calculation shall be carried out on the basis of the latest revenue-making.

Paragraph 2. Full charge shall be borne by any undertaking which has been under the supervision of a part of the calendar year concerned. The charge payment is pending the total tax calculation.

Paragraph 3. If two or more undertakings under the supervision of the Financial Supplies are groused, the business of the undertaking shall be paid for the charge collected by the company.

Paragraph 4. If a company ceased to be under supervision in a different way than by aggregation, the levy shall be fixed for the calendar year in which the company terminates, as follows :

1) Companies covered by Section 361 pay the basic amount.

2) Businesses covered by Section 362 pay the specified blood alcohol level in relation to the tax base in the previous year's annual report or revenue specification. If the previous year ' s annual accounts or revenue specification has not been submitted to the Financial supervision at the time of termination, the levy shall be calculated in relation to the tax base in the latest accounting reporting or income specification.

3) Companies covered by Section 363-367 pay the percentage from the last tax collection in relation to the tax base in the last year's annual report. If the last year's annual report has not been submitted to the Financial supervision at the time of the hearing, the levy shall be calculated in relation to the tax base in the latest accounting report.

Paragraph 5. The financial supervision may, in particular cases, reduce the tax.

§ 369. The charges for the year in question are charged at the end of the year at the end of the year,

§ 370. Deposits and deficits are regulated over a savings account.

Paragraph 2. Any difference between the levy charged and the actual paid-up fee shall be transferred as a total amount for tax collection in the following financial year.

TITLE XII

Penalty, entry into force and transitional provisions, etc.

Chapter 23

Delegation and Clapping

§ 371. The Minister for Finance and the Minister for Finance, after the Danish Financial Authority, can lay down rules on the draft law, including the fact that complaints cannot be brought to the second administrative authority.

§ 372. Decisions taken by the Financial Authority or the Danish Agency for the Management Board pursuant to this Act and Regulations adopted pursuant to this Act and Regulation (EC) No 2 of the European Parliament and of the Council. 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms or rules issued under the terms of section 31 (3) of the auditor shall be granted. 8, Regulations issued in accordance with Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, on the establishment of a credit institution and supervision of credit institutions and investment firms, regulations and rules adopted pursuant to Regulation (EC) No (EC) of the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms may, by the decision of the Decision, be submitted to the Acquirets Board within four weeks of the notification.

Paragraph 2. Decisions taken in relation to the financial supervision of section 246 intended for appeal shall be submitted to the Board of Acquisities within 24 hours of the decision to be notified to the person concerned.

Paragraph 3. An assurance undertaking shall be subject to a decision making in the case of an insurance undertaking to enter winding-up proceedings, or that its life insurer be taken under administration, shall immediately register this. The SEC must, in the event that the company owns fixed properties, draw on-the need for such a thing.

General authorisation provisions

§ 372 (a) The Minister for Industry and Growth may lay down rules that are necessary to apply or implement the decisions or acts adopted by the European Commission pursuant to the Directive 2013 /36/EU of the European Parliament and of the Council of 26. Regulation (EC) No, June 2013, on access to the business of credit institutions and supervision of credit institutions and investment firms and the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

Chapter 24

Penalty provisions

§ 373. The withdrawal of section 7 (2). 1 and 3-6, section 8 (3). 1 and 3-6, section 9 (4). 1-3 and 5-7, section 10 (4). 1, 2, 5 and 6, section 11 (4). paragraphs 1, 3 and 4, section 16 (a) (1). 2, section 16 (b) (b). 2, section 24, paragraph ONE, TWO. Pkt., section 25, 2. pkt., sections 27 and 28, section 31 (1). 7, 8 and 10, section 33 (3). 1, section 36, section 38 (3). Paragraph 1 and 6, and paragraph 1. 7, 1. Pkt., section 39, paragraph. paragraphs 1, 3 and 4, sections 40 and 44-46, section 49 (4). 1 and 2, section 52, section 53 (3). 1 and 2, Section 61 (1). 1, section 61 (b) and 61 c, section 63, paragraph 1. 1, 2 and 4, section 64 (4). 5, cf. paragraph 3, no. One and two, section 64 a, section 65 (5). One, section 66, section 67, paragraph. Paragraph 1, section 74, paragraph 4. 1 and 3, sections 75, 76, 78 and 92, § 101 (3). 1, 2 and 4, section 102, paragraph 1. 2, and 3, sections 103-106 and 117, § 118 (3). 5, section 119, section 120 (4). ONE, TWO. pkt., and paragraph. 2, section 124 (4). 1, 2, and 5, section 125 (5). 1-6, paragraph 125 b, paragraph 1. 1-4 and 6, section 125 c (1). One, paragraph 125 d, section 125 e, paragraph 1. 1, cf. § 125 b, paragraph 1. 1-4 and 6, section 125 e (3), 1, cf. § 125 c (3) 1, section 126 (4). 1, 2 and 8, section 126 (a), 1-3, 5, 7, and 9, section 146, paragraph 1. Paragraph 1, section 147, paragraph 1. Paragraph 1, section 149, paragraph 1. 1 and 3, sections 150 and 151, section 152, paragraph 1-4, section 153, paragraph 3. 1 and 3, sections 154, 156 and 170-175 a, section 182, paragraph 1. 1 and 2, section 194, section 195 (5), 1-3, section 200 and 201, section 202, paragraph 1. paragraphs 1, 3 and 4, section 203 (4), Paragraph 1, section 204, paragraph 4. Paragraph 1, section 226, paragraph. 1 and 2, section 227 and 334, section 343 a (3). Paragraph 1, section 343 (f). 3, section 343 j, section 343 v (3). 1, and section 404 (4). Articles 1, 2, 4 and 5, Article 11 (2) and Article 26 (3) shall be : Article 31 (2). Paragraph 1 (h), Article 73 (h). Article 92 (1). Paragraph 1, Article 93 (1). 1-5, Article 97 (1). Paragraph 1, Article 394 (1). Paragraph 1, Articles 395 and 398 and Article 500 (5). Regulation (EC) No 1, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms shall be penalised up to four months until a maximum sentence is incurred in accordance with the other legislation.

Paragraph 2. Violation of section 16 c, section 16 d, paragraph 1. Paragraph 1, section 16 (f). 1-3, section 54, paragraph 4. 2, section 57, paragraph. 1, Section 57 (a) (a) Paragraph 1, section 70, paragraph 1. 1-5, section 71, paragraph 1. One and three, section 71 a, paragraph 1. 1, section 72, paragraph. Paragraph 1 and 2, and paragraph 1. 3, 3. Pkt., section 73, paragraph ONE, ONE. pkt., and paragraph. 2, section 75 a (a), Paragraph 1, section 77, paragraph. 1-6 and 10, section 77 (a), 1-7 and 10, section 77 b and 77 c, section 77 d, paragraph 1. One-three, paragraph 79 a, paragraph 1. 1, no. Paragraph 1, section 80, paragraph. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. 3, 7 and 8, § 80 a, § 80 b, paragraph. 1-3 and 5, and § 80 c (3), One and two, section 108, paragraph. 1-6, section 121, paragraph 1. 1, sections 122 and 123, section 152 (a) (1). ONE, ONE. pkt., section 152 c (3), Paragraph 1, section 152 d (1). Paragraph 1, section 152 e, paragraph 1. Paragraph 1, section 152 g, paragraph 1. ONE, ONE. and 3. pkt., paragraph 2 and paragraph 1. FOUR, ONE. pkt., section 152 j, paragraph ONE, TWO. pktor, or paragraph, 2, section 152 k, paragraph 1. 1, 2, or 5, section 152 m, paragraph 1. 1, section 158, 159 and 167, section 183, paragraph 1. ONE, ONE. pkt., and paragraph. 5, section 184, paragraph 1. Paragraph 1, section 185, paragraph 1. Paragraph 1 and 2, and paragraph 1. THREE, ONE. pkt., sections 186 and 187, section 188, paragraph 1. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. THREE, TWO. pkt., sections 189 and 190, section 191 (1). 1-3, SECTION 192, 1. pkt., section 193, 1. pkt., section 198, paragraph. Paragraph 1, section 199 (1). 2 and 6, section 247 (a), 9 and 10, section 312, § 343 t (3). Paragraph 1, section 347 b, paragraph. 3 and 6, section 354 (a), ONE, ONE, FIVE. pkt., and paragraph. 3, 1. -7. . as well as Article 4 of the Council Regulation on the application of international accounting standards and Article 4 (2). Paragraph 1, in the regulation of the European Parliament and of the Council on credit rating agencies and Article 28, Article 41 (1). Paragraph 1 (b), Article 49 (b), 1, point (c, 51, cf. Article 52, Article 54 (1). 5 (a) and (c) (c), 63, Article 73 (3), 6, Article 76 (2). Article 77 (2), Article 99 (3). Paragraph 1, Article 101 (1). 1 and 2, Article 113 (1). 7, 1. Paragraph, Article 129 (1). 3 and 7, Article 221 (1). 1 and 2, Article 256 (2). 7, 1. Paragraph, Article 259 (4) ; Paragraph 1 (b) and (e), Article 262 (1), TWO, TWO. Paragraph, Article 263 (3). TWO, ONE. Paragraph, Articles 393, Article 394 (1). Article 405 (2), Article 405. Paragraph 1, Article 412 (1). Rule 415 (1) and Article 415 (2). Article 430 (1) and Article 430 (2). ONE, ONE. Paragraph 1. pkt., and 2. paragraph, Article 431 (1), 1, cf. Articles 435 and 436, Article 437 (4), Paragraph 1, Articles 438 and 439, Article 440 (4). Paragraph 1, Article 441 (1). Paragraph 1, Articles 442 and 444-450, Article 451 (1). Paragraph 1, Article 431 (4). 3, Article 433, 1. 3. Paragraph, Articles 434, 1. section, 2. and 3. pkt., and sections 2, 2. point, Article 471 (1). Paragraph 1, Article 492 (2). 2-4, Article 499, paragraph. Paragraph 1 and Article 501 (1). Regulation (EC) No 3, in the European Parliament and of the Council, 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms shall be punished by fine. In the same way, violation of the notification requirement in section 152 (a) (1) shall be punished. TWO, ONE. Act.

Paragraph 3. The penalty shall be penalised, a financial holding company, a financial holding company or an insurance holding company which does not comply with an injunction given in accordance with section 152 k (1). 4, section 347 b, paragraph. ONE, ONE. pkt., section 348, paragraph 1. TWO, ONE. pkt., or § 350 (3). 1, and infringements of paragraph 112 (2). 1, in the corporate law. In addition, the penalty shall be penalised, which shall not comply with an injunction given in accordance with section 351 (1). 2 and 3, and paragraph 1. FOUR, THREE. Act.

Paragraph 4. Under the rules and rules adopted pursuant to Regulation (EC) No (EC) of the European Parliament and of the Council, 575/2013 of 26. June 2013 on regulatory requirements for credit institutions and investment firms may be subject to penalties of fine or imprisonment for four months in the case of infringements of the rules laid down in the rules.

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

Paragraph 6. Conducting a member of a financial undertaking, a financial holding company or a management board of directors or management to take the necessary measures in the event of any loss or imminent risk of loss of material ; shall be penalised by penalty of fine or maximum sentence until four months, in the case of insofar as a higher penalty is not due to the other legislation. Similarly, a member of the Management Board or the Executive Board of an austerity company or an administrator in an administration-estate establishment pursuant to section 247 a.

Paragraph 7. Persons associated with a financial undertaking providing false or misleading information about the company to public authorities to the public, to some company body or to depositors, insured or debt securities or other investors in the financial undertaking or are guilty of negligence or negligence of repeated negligence or negligence which may result in loss of the company or depositors, the assured or bond owners ; or other investors in the financial undertaking shall be punished by fine or The maximum sentence of four months until such time as a higher penalty is not inflited on the other legislation. The same applies to people associated with a piggy bank or an administrator in an administration-estate set up pursuant to section 247 a.

Paragraph 8. The limitation period for infringement of the law or rules issued under the law shall be five years.

Niner. 9. In accordance with paragraph 1, the penalty shall be determined. 1-3 shall be attached to the caverness of the infringement, and for how long the infringement has taken place.

Paragraph 10. The SEC may lay down rules for the penalty of penalties in violation of provisions contained in the European Union regulations, which are adopted by the European Commission pursuant to the European Parliament and Council Directive 2013 /36/EU of 26. Regulation (EC) No, June 2013, on access to the business of credit institutions and supervision of credit institutions and investment firms and the European Parliament and of the Council. 575/2013 of 26. June 2013 on supervisory requirements for credit institutions and investment firms.

§ 373 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.

§ 374. Avoiding a financial management board, management, external auditor, internal audit manager, financial controller, liquidator, general agent, branch manager or representative at the right time, to comply with the obligations which, in accordance with the law or the rules, In accordance with the law, they are incumdated to the SEC or the Danish Agency for Finance, the Danish Financial Authority may, as a means of force, impose on the daily or weekly fines of the relevant daily or weekly penalty.

Paragraph 2. Do not allow a natural or legal person to fulfil the duties of section 347 (3). 3 and 4, the Financial Control may, as a force, impose on the natural or legal person or persons responsible for daily or weekly fines of the person responsible for the person responsible for daily or weekly penalties.

Paragraph 3. Avoiying a financial undertaking to comply with an injunction pursuant to section 351 (1). Paragraph 1 and paragraph. FOUR, ONE. PC, the business may be subject to daily or weekly periodic penalty payments.

Paragraph 4. Where a financial undertaking, a financial holding company or an insurance holding company which has issued securities admitted to trade in a regulated market does not comply with its obligations under the provisions of section 183-193 or provisions laid down in accordance with Article 196, the Financial supervision may provide the undertaking concerned about alteration of the relationship, including the disclosure of the amended or supplementary information. If appropriate, the SEC may publish the information in question, publish or suspend or delete the transferable securities of the trade in a regulated market.

Paragraph 5. The financial undertaking, the financial holding company or the insurance holding company that does not comply with an injunction from the Financial supervision or giving out false or misleading information to the Financial supervision, in relation to the tasks of the grant. by paragraph The penalty shall be penalised for the payment of the sentence of 4, which shall be penalized for the penalties which are not due to any higher

Paragraph 6. The provisions of paragraph 1. 1-3 shall apply mutatis mutila to the supervision of the supervision of the supervision of the supervision after section 344 (3). ONE, THREE. Act.

Chapter 25

Entry into force, transitional provisions, changes to other legislation, the Faroe Islands and Greenland

Entry into force

$375. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Paragraph 2. Law of the law, section 167, section 169, paragraph 4. 1, no. 4, section 271, section 278 (8). 4, section 373, paragraph 1. 2, section 380 and § 425, nr. On 31, enter into force the day following the announcement in the law. The Section 57 of the Law shall enter into force on 1. July 2004.

Paragraph 3. The Minister for the Industry and Growth Pact provides for the time of entry into force of the Act of Title 183-198.

Paragraph 4. Regardless of section 199, paragraph 1. 1, and section 376 remains the requirement that certain financial establishments must have at least two accountants, cf. § 34, paragraph. 1, in the law of banks and savings boxes, etc., section 23, paragraph 1. 2, in the Law on Fund Broker Companies, Section 179 (1). 1, in the Act of Life Insurance, and Article 90 (1). 1, in the case of the mortgage credit law, in force for the financial year, commencing on 1. January 2004.

Paragraph 5. § 430, nr. 6, have effect on conversions which take place on 1. January 2004 or later.

§ 376. The following laws and regulations are hereby repealed :

1) Promise of financial undertaking, cf. Law Order no. 660 of seven. August 2002.

2) Law on banks and savings boxes, etc., cf. Law Order no. 214 of 25. March 2003, cf. However, sections 377 and 378.

3) Law on Fund Broker Companies, cf. Law Order no. 787 of 19. September 2002.

4) Insurance business law, cf. Law Order no. 147 by 7. March 2003, cf. However, sections 379 and 380.

5) Section 1 (1). 1-3, sections 2, 4-20, 46, 50, 51, 53-53 in, 60 to 95 and 98 a, section 100, paragraph 100. 1-3, section 100 a and 101 and § 102, paragraph 1. 1, in the mortgage credit law, cf. Law Order no. 57 of 20. January 2003, cf. however, section 381 and 382.

6) Promise of electronic money issuers, cf. Law Order no. 661 of 7. August 2002.

7) The promise of austerity, cf. Law Order no. 655 of 7. August 2002.

8) Section 6 of law no. 1090 of 17. In December 2002, the promotion of private rental-building.

Paragraph 2. statements issued pursuant to the provisions of paragraph 5 of this Article. Paragraph 1 shall remain in force until they are repealed or replaced by notices issued pursuant to that law.

Transitional provisions

§ § 377-383. (Udelades)

SECTION 384. Until the first one. In January 2006, section 123 applies only to customer relations established in accordance with the 1. of January 2002, or if the Customer concludes new agreements with the financial company.

§ 385. For customer relationships established before the 1. In January 2002, the usual information on customer relations is available until 1. January 2006 shall be forwarded to corporate financial undertakings, unless the Customer makes new agreements with the financial undertaking or the customer is subject to objections. The Client must be informed in connection with the release of the annual notifications of section 123 on the right to object to 1. Act.

SECTION 386. Section 7 (2). 5 and 6 shall not apply to the Finance Institute for Industry and Craft.

Paragraph 2. The Finance Institute for Industry and Craft shall be the first of 1. July 2004 shall comply with the liquidity requirement in section 152.

SECTION 387. Regardless of the provision in paragraph 13 (1). 1, if share capital of the entry into force of the law had been divided into shareholders with different voting rights, banks may retain the provisions of the Staff Regulations applicable in this respect.

SECTION 388. Banking and savings banks that have lawfully started business before the 28th. May 1980 may continue the operation without authorisation. Submission of the continuation of the business must be treated as equivalent to the withdrawal of consent under section 225.

SECTION 389. Companies that before 1. In May 1985, section 13 (3) was covered by paragraph 13. Two, in Law No 156 of 2. May 1934, which has driven business before 1. In January 1983, proceed without authorization, provided that they were notified to the Financial supervision before 1. October 1985 as

1) andelskasser, cf. § § 9-13, or

2) save and loan companies, cf. ~ § 17 and 18. ~

Paragraph 2. Regardless of section 341, paragraph 1. 2, undertakings which until the removal of the law is repealed. 156 of 2. In May 1934, with subsequent amendments, this law has at least one state sautorised or registered auditor.

§ 390. It's an andmolasses whose share capital is lower than 25 million. Cryer, unable to reduce the andeleel capital without a permit from the supervision.

§ 391. The provision of funds in assets not covered by sections 50 and 51 does not cause the assets to be disposed of if the assets were in the inventory of 31. December 1992.

§ 392. Regardless of section 26, financial institutions, which are 1. In June 2000, other business activities, together with financial institutions, insurance undertakings, fund-brokered companies or real credit institutions, are involved in the financial institution, shall continue this operation if the institution of the 30 is entered. June 2000 has informed the financial supervision of the Financial Authority.

$393. Section 234 (4) 2 clarifying that capital is not included in the assessment of whether a financial institution, a real credit institution, a fund-broiler company or an investment management company is insolvent, shall apply only to the capital issued after 1. July 2001.

$394. § 48, paragraph. Four-six, shall apply to guarantee contracts concluded on 1. July 2002 or later.

Paragraph 2. § 48, paragraph. 4-7, do not apply to guarantee contracts entered into before 1. July 2002. § 48, paragraph. 1 3, shall apply only if the services concerned are due to the entry into force of the law.

$395. Guidelines agreed under the Section 17 of the marketing law before the entry into force of this law shall continue to apply to financial undertakings until they are repealed or replaced by rules issued by the Acquisition and Growth Minister pursuant to Article 43, paragraph 2, in this Act

$396. The provisions of the provisions of the Staff Regulations, which are affixed or put into force before the 18. In December 1980, which deviates from the rules in section 111 or from § 59 (3). 1-3, in the company law, cf. Law Order no. 649 of 15. June 2006 preserves its validity.

§ 397. Mutual damage insurance undertakings covered by Article 294 (4). 1, but as 1. October 1981 was subject to supervision in accordance with section 120, paragraph 1. 1 and 3, in the Law on Insurance, cf. Law Order no. 544 of 27. October 1975 can only be exempable from supervision in accordance with the rules laid down in section 301 (1). 3.

$398. The provisions relating to the transferability of shares in force before 1. October 1981, retains their validity.

$399. This law's section 13, paragraph 1. 2 shall not apply to shares drawn by the 1. Oct 1981 and which at this point do not have an attachment to the vote.

Paragraph 2. This law's section 13, paragraph 1. 2, do not apply to shares drawn before the 1. Oct 1981 and if the voting value exceeds 10 times the voice value of any other share or amount of the same size.

$400. Insurance companies that are on the 1. In October 1981 did not have a fully-paid company capital, it can maintain this system.

Paragraph 2. in those of paragraph 1. 1 included insurers may a shareholder or guarantor shall not be liable for the payment of shares or guarantees shares for a greater total amount than 5%. of the stock or guarantee capital or of greater amounts than 50,000 krin; unless one of the Financial supervision has been granted for the security of amounts in addition to the same amount.

Paragraph 3. The financial supervision may exempt from the rule set out in paragraph 1. 2.

Paragraph 4. The transfer of a non-fully-paid share or guarantee shares in insurance undertakings covered by paragraph 1. One can only take place with the board's approval. Such approval shall not be granted unless it is assumed that the transferee will be able to provide the future payments or, unless reassuring security is lodged, the transferee shall be lodged. Any reassuring security may not be refused unless the requested transfer is contrary to other valid rules for the reduction of the transferability of the shares or guarantees.

Paragraph 5. Once the Management Board has approved the transfer and the transferee has issued a write-off for the amount unpaid, the transferee ' s obligations shall be discredit;.

Paragraph 6. Where a shareholder or guarantor is referred to in the insurance undertakings covered by paragraph 1. the shareholder or the guarantor shall not be in the right time for payment, the shareholder or the guarantor shall be the shareholder or the guarantor, provided that the statutes are not to determine otherwise, to pay an annual interest rate in respect of the amount due, corresponding to the interest rate, fixed in accordance with section 5 (5). 1 and 2, in the interest of late payment, etc.

Paragraph 7. The company shall, where payment in accordance with paragraph 1, 7 do not occur in due time without undue delay for the amount due, either by a lawsuit or by the shareholder or the guarantee of the shareholder and, as far as possible, after 4 weeks notice to the shareholder or the guarantor, to seek the stock ; or the guarantee ratio dispose of the obligation on the transferee to provide the missing payments with accrued interest. The incident must be carried out through a stockbroker, a credit institution that has a special permit, or a financial institution or by public auction. If the issue of Disposal is issued by a new stock letter or an interim certificate, the asset or an interim certificate must, in addition to its purpose, reproduce the contents of the old stock letter or the interim certificate and signed by the Administrative Board. However, the interim evidence may be signed by one of the Administrative Board.

Paragraph 8. If the amount of the amount due is not recovered in any of the ways listed, the amount of the share or the guarantee share shall be cancelled, and the capital shall be deemed to have been reduced by an equal amount of the share or warranty. The amount paid shall be added to a fund which is not to be reduced without the consent of the Finance-synet.

Niner. 9. The reduction in the capital of the Fund shall be notified to the Danish Business Authority. In addition, proof must be sent to the Financial Authority to show that the conditions for the cancellation of the share or the guarantee share have been present.

§ 401. Sponings and collateral, there's a 1. In January 1998, it was legally accepted or concluded between the audited audit or an internal audit or temporary agency or employee of the occupational pension fund or the Fund for the Fund and the insurance undertaking, financial institution, or a credit institution, the securities trader, the fund-brokerage party or the occupational pension where the person is employed may continue to the original agreed expiration date.

Paragraph 2. Internal auditing and vicerevider schefer can inemploy the ban in section 77, paragraph 1. 10, maintain and exploit economic interests which they own in the entry into force of the law ;

§ 402. Rules laid down in accordance with the provisions of Article 72 (2). 5 whether the placing on the customer's funds and the investment firms of customers on a particular account shall be equivalent to the resources received before the 1. June 2000.

Paragraph 2. The exchange rate rules for conversion shall apply by analoging to customers ' means by virtue of paragraph 1. 1 is transferred to a special account.

§ 403. Financial institutions and real credit institutions which, in the event of the entry into force of the law, carry out activities or expect to perform activities which require authorisation pursuant to Article 9 (1). 1, cf. Section 7 (2). Article 8 (2) and Article 8 (2). 2, may continue these activities if they are before 1. July 2004, the activities of the Financial Authority shall be notified. Financial supervision shall notify in accordance with section 9 (3). 1, permit the notified activities.

Paragraph 2. The institution may, during the period following the notification and, up to the fact that the Financial supervision has granted authorisation pursuant to Article 9 (1). 1, continue to carry out the reported activities.

Paragraph 3. Financial institutes covered by section 124 (4). 2, which shall be notified in accordance with paragraph 1. Paragraph 1 shall comply with the capital requirements applicable to the money department at the time of entry into force of the law.

§ 404. Administrative undertakings which, at the time of the entry into force of the law, have been approved for the management company of one or more investment associations and special associations must, within six months of the entry into force of the law, have submitted an application, on the authorisation to manage investment associations and special associations for the Financial supervision. The Administration Company may then continue to carry out its operations in this country without authorization until the Finance Board has decided on the application.

Paragraph 2. The people in paragraph 3. 1 mentioned management companies which, at the time of the entry into force of the law, do not comply with it in section 10 (4). 5, mentioned requirements for the share capital, shall not later than 13. February 2007 shall comply with the capital requirements as laid down in section 127.

Paragraph 3. The people in paragraph 3. 1 and 2 of these management companies shall have a basic capital, which shall always constitute an amount equal to the administration company at the time the law entered into force, but at least 500 000 kroner. or the amount that the management company should have had with respect to section 127 if this amount is less than the own funds of the administration undertaking at the time of the entry into force of the law. Fage the base capitle of these management companies to under it in 1. Act. the amount of the financial aid referred to may set a time limit to bring the base chapter up to the aforementioned minimum amount, or to withdraw the authorisation.

Paragraph 4. Take control of an investment management company covered by paragraph 1. 3, by a different natural or legal person, the base capital of the investment management company must comply with the capital requirement under section 127 by the date of acceptance of the investment management company.

Paragraph 5. In the concentration of the provisions referred to in paragraph In the case of investment management companies, the new investment management company shall, at all times, comply with the capital requirement equivalent to the sum of the equity capital of the investment management companies. The new investment management company shall be at the latest on 13. February 2007 shall comply with the capital requirement pursuant to section 127.

Paragraph 6. Administrative companies which only administer special associations at the entry into force of the law may continue to do so. The laws of the law relating to investment management companies shall, with the exception of section 10 (4), 2, corresponding application to the 1. Act. mentioned management companies. If an administration company wishes to manage investment associations, the company must be transformed into an investment management company.

§ 404 a. (Udelades)

§ 405. Entities authorised by the law to operate as a pre-paid payment card issuer and which comply with the provisions of this law may drive business as a issuer of electronic money.

§ 406. The capital requirements referred to in section 339 shall not apply to austerity establishments authorised before 1. January 2004, and whose own funds at this time do not meet the capital requirement in section 339.

Paragraph 2. If they are in paragraph 3. 1 the own funds of the savings bank shall fall below the amount reached on the first 1. In January 2004, the Financial Authority may either set a time limit to bring the own funds up to this minimum or to withdraw the authorisation immediately.

Paragraph 3. Consider the control of an austerity undertaking covered by paragraph 1. 1, by a different natural or legal person, selfused capital must, within three months of the date of acceptance, meet the capital requirement pursuant to section 339.

§ 407. For financial institutions which have issued capital pursuant to Article 22 (5) of the Bank and the savings bank. Two, before 1. In January 2004, the Financial Authority may, where the monetary institution does not comply with the solvency requirement in section 124 (4) ; 2, no. 1 and the capital requirement in section 125 (a) stipulate that the governing board within a specified period, regardless of the rule of association of the Staff Regulations, shall convene the top authority of the Staff Regulations and account for the financial conditions of the financial institution.

§ 408. For the classes of insurance which an insurance undertaking or a cross-cutting pension fund has received concessions at the time of the date of publication of the notice. 84 of 6. In February 2003 on the capital adequacy and operational plans for the entry into force of the insurance undertakings, the provision is entered in section 126 (2). 1, no. 6-8, on the minimum capital requirement for insurance undertakings and cross-pension funds first in force on 1. January, 2007.

Paragraph 2. Before the end of the period referred to in paragraph 1 may permit the Financial supervision of the period referred to in paragraph 1 to the Financial Commission. 1 shall be extended to 1. January, 2009.

Paragraph 3. Until the provision is in section 126 (4). 1, no. 6 8, enter into force, the minimum capital requirement shall be as follows :

1) for insurance undertakings which operate life-assurance activity : 0,8 million ; Euro for limited liability companies and EUR 0.6 million. Euro for mutual societies and transverse pension funds ; and

2) for insurance undertakings which operate the harmful insurance undertaking :

a) for insurance classes 14 and 15 : 1,4 million ; Euro for limited liability companies and EUR 1.05 million. Euro for mutual societies,

b) for insurance class 10-13 : 0,4 million. Euro for limited liability companies and EUR 0.3 million. Euro for mutual societies,

c) for insurance classes 1-8, 16 and 18 : 0,3 million. Euro for limited liability companies and EUR 0.225 million. Euro for mutual societies, and

d) for insurance class 9 and 17 : 0,2 million, Euro for limited liability companies and EUR 0.15 million. Euro for mutual societies.

§ 409. (Aphat)

§ 410. section 147, paragraph 1. 1, in this Act, shall not apply to fund brokers, if all the holdings and shares in property companies are acquired before the 8. October 1998.

Paragraph 2. Assets covered by paragraph 1. 1 cannot be rewritten to a higher book value than the value entered, the assets had the 8. October 1998.

§ 411. section 147, paragraph 1. Paragraph 1 of this law does not apply to investment management companies if all the holdings and shares of property companies are acquired before the date of the bill of the bill for the parliament of the 12-year statute. March 2003.

Paragraph 2. Assets covered by paragraph 1. 1 may not be written to a higher book value than the value entered on the date of the date of the bill to be submitted to the parliament of the 12. March 2003.

§ 412. Banks, as in the entry into force of the law, have schemes whereby shareholders exercise their right to vote at the General Assembly through the Delegates, pursuant to section 8 (a) in the law of banks and savings boxes, cf. Law Order no. 654 of 7. August 2002, may continue to

§ 413. (Udelades)

§ 414. Persons who, at the entry into force of the law, are not covered by the prohibition in section 19 (3). 1, in Law No 1. 660 of seven. In August 2002, however, paragraph 77 may be referred to in paragraph 77. 3, section 425, nr. 15, and section 426, no. 9, maintain the arrangements prior to 1. January 2004.

§ 415. Persons covered by Section 80 (3). Paragraph 1 of the entry into force of the law in accordance with section 24 of the Act of Law, 660 of seven. In August 2002, without authorization, the Board of Directors may continue, provided that the task in question is notified to the Financial supervision before 30 of the date of the financial year. June 2004. Has the financial company on 1. In January 2004, the company in which the industry is disputed may be contested. 1. In January 2004, exposure shall be imputed regardless of section 80 (5). 4, proceed to the originally agreed expiration date.

Paragraph 2. Persons covered by Section 80 (3). 2, as provided for in the entry into force of the law, the duties of section 24 of the Act of Title 660 of seven. August 2002, or as in the entry into force of the law, was not covered by Section 24 of Law No 2. 660 of seven. In August 2002, the authorisation of the Executive Board may continue, provided that the task in question is notified to the Financial supervision before the 30. June 2004. Has the financial company on 1. In January 2004, commitment to the company in which the industry is disputed can be made by 1. In January 2004, exposure shall be imputed regardless of section 80 (5). 4, proceed to the originally agreed expiration date.

Paragraph 3. With undertakings in which a person referred to in section 80 (5), 1 and 2, at the entry into force of the law, the duties of sections 28, 29, 34 and 35 of the Act of Law, had to be entered into. 660 of seven. August 2002, which is the financial undertaking on 1. In January 2004, it was able to do so. 1. In January 2004, exposure shall be imputed regardless of section 80 (5). 4, proceed to the originally agreed expiration date.

Paragraph 4. Paragraph 1-3 shall apply mutatis muth to persons covered by section 425. 5, section 426, no. 11

§ 416. In the case of assets acquired prior to the date of the proposal of the bill, the parliament of the 12-year-old. (March 2003), section 163 (1). 1, no. Four, not use.

§ 417. (Udelades)

Changes to other legislation

Faeroes and Greenland

§ § 418-437b. (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.

Paragraph 2. The law cannot be put into force for the Faroe Islands as regards the insurance business and mortgage business.

Paragraph 3. Similarly, section 420 and 421 are applicable.

Paragraph 4. Section 419 cannot be put into force for the Faeroe Islands and Greenland.

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Law No 903 of 17. November 2003 shall include the following entry into force :

§ 5

Paragraph 1. The law shall enter into force on the day following the announcement in the law. 9)

Strike two-three. (Udelades)

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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. (Udelades)

Paragraph 3. § 3, nr. 6, 20-23, 27 and 29, enter into force on 1. January 2005.

§ 7

(Udelades)

§ 8

(Udelades)

§ 9

Paragraph 1. The members of the Board of Directors who, at the entry into force of the law, shall have the duties or provisions covered by the prohibitions in section 98 as drawn up by the section 3 of this Act. 13 may proceed as the management board members of the investment management company until the end of the period in which they are selected, after which they cannot be re-elected.

Paragraph 2. The directors and other senior staff who, at the entry into force of the law, have board items covered by the prohibitions in section 99 (5). 2, as drawn up by the section 3 of this law. 15, may proceed as a trustees until the end of the period in which they are selected and cannot be re-elected.

Paragraph 3. The directors and other senior staff who, at the entry into force of the law, legally have an employment relationship which is subject to the prohibitionist provisions of section 99 (3). 2, as drawn up by the section 3 of this law. 15, following notification to the Financial supervision, continue to be employed.

§ 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. Section 3 cannot be put into effect on the Faroe Islands as regards the insurance business and mortgage business.

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Law No 365 of 19. In May 2004, the entry into force and transitional provisions shall include :

§ 6

Paragraph 1. The law shall enter into force on 1. July 2004, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 5, enter into force on the eighth. October 2004.

§ 7

(Udelades)

§ 8

Paragraph 1. The section 1 and 5 of the law shall not apply to the Faeroe Islands and Greenland but may, by means of a royal device, be applied in full or in part to these parts of the parts of the deviations which the special ferry and Greenland conditions are attributable to, cf. however, paragraph 1 2.

Paragraph 2. Section 1 cannot be put into effect on the Faroe Islands as regards the insurance business and mortgage business.

Paragraph 3. (Udelades)

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Law No 490 of 9. June 2004 includes the following entry into force and transitional provisions :

§ 6

Paragraph 1. The Act shall enter into force on the day following the announcement in the law. 10) , cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 7

(Udelades)

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Law No 491 of 9. June 2004 includes the following entry into force and transitional provisions :

§ 6

Paragraph 1. The law shall enter into force on 1. January 2005, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

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.

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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.

Paragraph 2. Regardless of section 1, no 17, could an insurance company until 1. July 2005, maintain insurance-intermediate agreements concluded before 1. January 2005.

Paragraph 3. Regardless of section 1, no 50, a person who, in the legal force of the law, is legally selected as an accountant for a financial undertaking and is not a state certified or registered auditor, may continue to be recruited as an auditor until the end of the period for which the person concerned is not : An auditor is selected.

Paragraph 4. (Udelades)

§ 18

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. However, in the case of Greenland and the Faroe Islands, sections 1, 3 and 4 may be implemented in full or in part to Greenland and the Faroe Islands with the deviations from which the special Greenland and ferry conditions are attributable.

Paragraph 3. (Udelades)

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Law No 1460 of 22. In December 2004, the following entry into force and transitional provisions shall include :

§ 3

Paragraph 1. (Udelades)

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.

Stk. 3-4. (Udelades)

§ 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.

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Law No 387 of 30. In May 2005, the following entry into force and transitional provisions shall include :

§ 6

The timing of the entry into force of the law is established by the professional and growth minister. The Minister may, in particular, provide for the entry into force of the law at different times. 11)

§ 7

The law does not apply to Greenland and Faroe Islands, but sections 1, 2 and 6 of this kind may be brought into force for these parts of the village, with the deviations from which the special Greenland and ferry conditions are attributable.

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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-three. (Udelades)

Paragraph 4. Number 2, number 2. Twelve, has effect from 1. January 2005.

§ 7

The law does not apply to the Faroe Islands and Greenland, but can

by means of a royal device, the power of these parts shall be applied to those parts of the aberrations which are used by the special ferry or Greenland conditions.

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Law No 431 of 6. In June 2005 the following entry into force and transitional provisions shall include :

§ 85

Paragraph 1. The law shall enter into force on 1. Nov 2005, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 85

(Udelades)

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Law No 1428 of 21. In December 2005 the following entry into force and transitional provisions shall include :

§ 6

Paragraph 1. The law shall enter into force on 1. January 2006.

§ 7

(Udelades)

§ 8

(Udelades)

§ 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.

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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.

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Law No 527 of 7. June 2006 has the following entry into force and transitional provisions :

§ 4

Paragraph 1. The law shall enter into force on 1. January, 2007, cf. however, paragraph 1 2.

Paragraph 2. § 1, no. 43, and § § 2 and 3 shall enter into force on 1. July 2006.

§ 5

Paragraph 1. The financial institutions, real credit institutions, fund brokers and investment management companies shall first be able to use the more advanced internal method of taking out risk-weighted outlines outside the trading book and the internal methods of inventory ; of operational risks, cf. § 1, no. 23, from 1. January 2008.

Paragraph 2. Financial institutes, real-estate credit institutions, fund brokers and investment management companies may be able to be made to the 1. In January 2008, instead of the standard method for making risk-weighted outsiders, the use of the risk-weighted outsiders shall apply the method of taking into account risk-weighted outlines which were permitted by the rules applicable to the 31 st. in December 2006, with the changes resulting from the rules laid down in accordance with paragraph 1. 4.

Paragraph 3. Financial institutes, real-estate credit institutions, brokers and investment management societies using internal methods for the taking up of risk-weighted items outside of trading book or internal methods of making operational risks, cf. § 1, no. In 2007, 2008, and 2009, in 2007, have a basic capital, which is at least 95 pct., 90%. and 80%. by the solvency requirement, in accordance with the rules applicable on 31 December. In December 2006, or rules laid down in pursuits of paragraph 1. 4.

Paragraph 4. The SEC shall lay down detailed rules for the procedure laid down in paragraph 1. 2 the inventory and the statement referred to in paragraph 1. 3 the inventory of the solvency requirement, respectively, of 95 pct;, 90%. and 80%.

Paragraph 5. Fund brokers authorised to the activities referred to in Annex 4 (A) no. 2-4, in the law of financial operations, may, upon approval from the Financial Authority, up to 31. In December 2011, risk-weighted risk-weighted risk-weighted items for operational risk, if the trading book does not exceed 50 million. the euro, and if the average number of employees does not exceed 100 during the financial year. Instead, the solvency requirement can be made up as the lowest value of :

1) the solvency requirement of an operational risk ; or

2) the highest of the following amounts :

a) The solvency requirement, cf. § 125, paragraph 1. 2, no. 1, excluding the solvency requirement of operational risk.

b) The solvency requirement, cf. § 125, paragraph 1. 5.

§ 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.

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Law No 108 of 7. February 2007 has the following entry into force and transitional provisions :

§ 21

Paragraph 1-2. (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

(Udelades)

§ 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)

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Law No 397 of 30. April 2007 has the following entry into force and transitional provisions :

§ 6

Paragraph 1. The law shall enter into force on 1. July 2007, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 7

Paragraph 1. In the case of the entry into force of the law, a general meeting may not later than 30 of the general assembly. June 2008 will decide to transform the Fog Society to an already set-up professional association. A decision on conversion shall be taken by the majority required for the amendment of the Staff Regulations.

Paragraph 2. When the transformation is transferred, the assets of the creatmen and the undertakings as a whole shall be assigned to the association of the professional association. The transfer may be carried out without the consent of the creditors.

Paragraph 3. The section 134-134 of the Asset Association Act 134, in the case of the necessary adjustments, shall apply mutatis mutandis when the annual meeting of the Joint Assembly has taken a decision on conversion to professional unification.

Paragraph 4. The transformation shall be deemed to have been changed once the statutes have been changed and the conversion is registered and announced in the computerised information system of the Commercial Management Agency.

§ 8

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 and 2 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 ferry and Greenland conditions are attributed.

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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.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 18, 20-24 and 42, section 6, nr. 1 and 6 8, section 7, no. One, six and seven, and eight, number. 5 and 6, enter into force on 1. November, 2007.

§ 13

Paragraph 1. § 126, paragraph 1. 1, no. 9, in the case of financial activities, as drawn up by this Act, section 1, no. 13, do not apply to insurance undertakings engaged in reinsurance activities and which are 1. July 2007 has been concluded to conclude new reinsurance contracts and only manage their existing portfolio for the purpose of setting their activities.

Paragraph 2. The provision of section 69 (b) of the limited liability company in section 4 of this law. 1, however, will only have an impact on the individual company from the next general assembly taking place after the entry into force of the law.

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. Section 1-4 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)

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Law No 577 of 6. June 2007 includes 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 2-4.

Strike two-four. (Udelades)

§ 13

For loans covered by section 152 d, paragraph 1. 2, in the Act of Finance, as drawn up by this law's section 1, no. 4, the loan limit is 70 pct., if the loan is offered before the 1. July, 2009.

§ 14

(Udelades)

§ 15

(Udelades)

§ 16

(Udelades)

§ 17

(Udelades)

§ 18

Paragraph 1. The sections 1 and 3-11 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Udelades)

Paragraph 3. sections 1, 3, 4 and 8 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 from which the special ferry or Greenland conditions are attributed.

Paragraph 4. (Udelades)

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Law No 219 of 5. April 2008 includes the following entry into force :

§ 5

The law shall enter into force on the seventh. April 2008.

§ 6

(Udelades)

---

Law No 515 of 17. June 2008 shall include 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. Number 2, number 2. 3 and 4, and section 6 shall enter into force on the day following the announcement in the Statthers of Law.

§ 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 following entry into force and transitional provisions shall include :

§ 13

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2-5.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 17 and 20-30, section 4, no. 3-12, section 6, no. 6-14, section 7, no. 3-11, section 8, no. 3-11, and section 9, no. 3 to 11 shall take effect for the financial year which begins on 1. January, 2009, or later.

Std. 4-5. (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. sections 4, 5 and 9 may, by means of a royal contraption, be fully or partially set in force for Greenland with the deviations from which the special Greenland conditions are attributed.

---

Law No 1336 of 19. In December 2008, the following entry into force and transitional provisions shall include :

§ 167

Paragraph 1. The law shall enter into force on 1. January, 2009, cf. however, paragraph 1 2. Section 11 shall apply only to decisions on the retention of pay, which shall be taken after the entry into force of the law.

Paragraph 2. (Udelades)

---

Law No 67 of 3. In February 2009, the following entry into force and transitional provisions shall include :

§ 14

Paragraph 1. 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. In February 2009, the following entry into force and transitional provisions shall include :

§ 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. In May 2009, the following entry into force and transitional provisions shall include :

§ 15

Paragraph 1. The law shall enter into force on 1. July 2009, cf. however, paragraph 1 2-7.

Paragraph 2. Section 1 of the law. 1, 2, 4, 30, 37-52, and § 3, nr. 7 and 8, enter into force on 1. January, 2010.

Stk. 3-7. (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. (Udelades)

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 385 of 25. In May 2009, the following entry into force and transitional provisions shall include :

§ 109

Paragraph 1. The law shall enter into force on 1. November, 2009.

Strike, 2-8. (Udelades)

§ 110

(Udelades)

§ 111

(Udelades)

§ 112

(Udelades)

§ 113

(Udelades)

§ 114

The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal contraption, be fully or partially put into force for these parts of the village, with the deviations that the special ferry and Greenlandic conditions are saying.

---

Law No 516 of 12. In June 2009, the following entry into force and transitional provisions shall include :

§ 25

Paragraph 1. The Minister for the Industry and Growth Pact sets the date of entry into force of the law.

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. Section 14 applies to the Faroe Islands and Greenland.

---

Law No 518 of 12. In June 2009, the following entry into force and transitional provisions shall include :

§ 3

The law shall enter into force on 1. January, 2010.

§ 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.

---

Law No 1273 of 16. In December 2009, the following entry into force and transitional provisions shall include :

§ 11

Paragraph 1. The law shall enter into force on 1. January, 2010, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 20, enter into force on 2. January, 2010.

Paragraph 3. (Udelades)

§ 12

(Udelades)

§ 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. In June 2010, the following entry into force and transitional provisions shall include :

§ 21

Paragraph 1. The law shall enter into force on 1. July, 2010, cf. however, paragraph 1 2-6.

Paragraph 2. § 1, no. 5, 26, 27, 51, 60, 62-64 and 85, section 5, nr. 1, 3-7 and 9, and Section 9 shall enter into force on 1. June 2010.

Paragraph 3. (excluded)

Paragraph 4. § 1, no. 12, 14 and 15, section 6, number Two, four, five and eight, eight, number eight, number eight. 1, 2, 4-6 and 9, section 10, nr. 1, 2, and 4 to 7, and section 11, no. 2-5, enter into force on 1. January, 2011.

Paragraph 5. § 1, no. 79, enter into force on 1. January, 2011.

Paragraph 6. The Minister for the Industry and Growth Pact provides for the entry into force of section 1 (2). 6, 19 and 61, section 3, no. 3 and 4, section 8, nr. 7, and section 14 (a) (a), 4, no. Amendment No 2, in the Act of Denmark's National Bank, as drawn up by this law's section 16, no. 1.

Paragraph 7. During the period from 1. July 2010 to the 31. In December 2010, this applies instead of the limit in Article 145 (3). 2, in the Act of financial undertaking, as drawn up by its law's section 1, no. 53, the sum of the exposures which are to be paid for in particular the requirements of certain requirements constituting 10%. or more of the base capitale, not collectively to exceed 800%. of the base capitale.

§ 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 697 of 25. In June 2010, the following entry into force and transitional provisions shall include :

§ 23

The law shall enter into force on 1. July, 2010.

§ 24

(Udelades)

§ 25

The law does not apply to the Faroe Islands and Greenland, but can, in the case of the Faroe Islands and Greenland, be able to do so in full or in part to the Faroes and Greenland, with the deviations that the ferries and Greenland conditions say.

---

Law No 721 of 25. In June 2010, the following entry into force and transitional provisions shall include :

§ 5

The law shall enter into force on 1. October 2010.

§ 6

Paragraph 1. section 2-4 does not apply to Greenland and Faroe Islands, cf. however, paragraph 1 2.

Paragraph 2. sections 2 and 3 may, in the case of Greenland and the Faroe Islands, set out in full or in part, in full or in part, in the case of Greenland and the Faroe Islands, with the deviations which Greenland and Ferry have said

---

Law No 724 of 25. In June 2010, the following entry into force and transitional provisions shall include :

§ 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 include :

§ 28

Paragraph 1. The law shall enter into force on 1. January, 2011, cf. however, paragraph 1 2-4.

Paragraph 2. § 1, no. 7, 10-15, 19, 24, 27, 28, 31, 32, 34-36, 39, 61, 65 and 66, shall enter into force on 1. July, 2011.

Stk. 3-6. (Udelades)

Paragraph 7. section 77 a and 77 b in the Act of Financial Company, as drawn up by the section 1 of this law. The 23 shall apply to the agreements concluded by financial undertakings and financial holding companies, which are made, and shall be renewed after the entry into force of the law.

Paragraph 8. section 77 c and section 77 d, paragraph 1. 1, as drawn up by this law's section 1, no. Twenty-five has only effect the individual company from the former general assembly or equivalent that is taking place after the law comes into force.

Niner. 9. (Udelades)

§ 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. (Udelades)

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 1382 of 28. February 2011 includes the following entry into force and transitional provisions :

§ 16

Paragraph 1. The law shall enter into force on 1. January 2012.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 1, 18 and 19 and § § 3, 9, 14 and 15 have effect on allocations that occur on 1. January 2012 or later. 1. Act. shall not apply to agreements between the employed and the company on the allocation of shares, the stock of the stock or the layout of shares if the contract is concluded before 21. November 2011 and the award shall be made no later than 31. December 2012. In the case of such agreements, the existing rules shall continue to apply.

Std. 4-13. (Udelades)

---

Law No 616 of 14. June 2011 includes the following entry into force and transitional provisions :

§ 3

Paragraph 1. The law shall enter into force on 1. January 2012, cf. however, paragraph 1 3.

Paragraph 2. Flow and associations covered by Section 209 of the Act of Finance, at the latest at the earliest meeting of the board meeting, general assembly or similar supreme assembly after the entry into force of this law, bring the composition of the Management Board in accordance with this law's § 2, nr. 9. The term designation periods are respected.

Paragraph 3. However, the FEvil and Associations covered by Section 209 of the Act of Finance may, from the day following the order of the law in law, bring the composition of the Administrative Board in accordance with the law in accordance with the Law of this Act, no. 9.

Paragraph 4. In the case of funds and associations which are submitted in accordance with section 218 of the financial undertaking, the requirement for the termination of the annual report pursuant to the annual accounts law shall take effect for the financial year beginning on 1. January 2012 or later. The financial undertaking shall apply for the financial year which will commence before 1. January 2012.

Paragraph 5. (Udelades)

§ 4

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. Section 1 and section 2 of the law. In the case of Greenland, 1, 3, 7 and 12-18, the congesting device can, in whole or in part, be brought into force with the changes that the Greenland conditions are saying.

Paragraph 3. Number 2, number 2. 1, 4, 7, 9-11 and 14-17 may, in full or in part, be in force for the Faeroe Islands, with the changes that the ferotable conditions are used.

---

Law No 155 of 28. February 2012 includes 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. (Udelades)

Paragraph 3. § 1, no. 15 and 16, enter into force on 1. March 2012 with effect for the 2012 financial year.

Std. 4-5. (Udelades)

§ 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.

Std. 4-5. (Udelades)

---

Law No 273 of 27. March 2012 includes 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.

Strike two-three. (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 557 of 18. June 2012 includes the following entry into force and transitional provisions :

§ 6

Paragraph 1. The law shall enter into force on 1. July 2012, cf. however, paragraph 1 2

Paragraph 2. § 2, nr. 9, enter into force on 1. January 2013.

§ 7

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. The Act of Section 1 and 2 may, by means of a king, be fully or in part in force for the Faeroe Islands and Greenland, with the changes made by the Ferry and Greenland conditions.

---

Law No 1231 of 18. In December 2012, the following entry into force and transitional provisions shall include :

§ 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. 1-10, 17, 18, 23, 29, 35,39, 41-44, 49, 50, 54, 58-63, 65 and 66 can be implemented in full or in part to Greenland, with the changes that the Greenland conditions are to say.

Paragraph 5. (Udelades)

---

Law No 1287 of 19. In December 2012, the following entry into force and transitional provisions shall include :

§ 17

Paragraph 1. The law shall enter into force on 1. January 2013, cf. however, paragraph 1 2-5.

Paragraph 2. § 1, no. 8, 9, 17 and 22-25, shall enter into force on 20. December 2012 at the beginning of the day of death.

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. The legislative proposal can be confirmed immediately after its adoption.

§ 18

Paragraph 1-3. (Udelades)

Paragraph 4. Until it is formally, cf. § 1, no. The President of the Financial Council, nominated and appointed members of and chairmanship of the Financial Council, has been nominated and appointed members of and chairmanship of the Financial 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. The Minister for the Industry and Growth Pact is empowered to conclude an agreement with the ferocious country rule that the Systemic Risk Council may also work in the insurance sector in the Faroe Islands.

---

Law No 1383 of 23. In December 2012, the following entry into force and transitional provisions shall include :

§ 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 378 of 17. April 2013 includes the following entry into force and transitional provisions :

§ 5

Paragraph 1. The law shall enter into force 1. May 2013.

§ 6

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 3 and 4 may, in full or in part, be given in full or in part to the Faeroe Islands and Greenland, with the changes made by the Ferry and Greenland conditions.

---

Law No 598 of 12. June 2013 includes the following entry into force and transitional provisions :

§ 192

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. The Minister for the Industry and Growth Pact provides for the entry into force of sections 97 to 108 and 111-129, section 181 (1). 6, and section 197, no. 8.

Std. 4-5. (Udelades)

---

Law No 599 of 12. June 2013 includes the following entry into force and transitional provisions :

§ 27

Paragraph 1. The law shall enter into force on 1. January 2014.

Strike two-three. (Udelades)

---

Law No 615 of 12. June 2013 includes 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. § 1, no. 1-41, 49-55 and 57. enter into force on the 22nd. July, 2014.

Paragraph 3. (Udelades)

§ 10

Paragraph 1. Insurance companies and pension funds which, at the entry into force of the law, invest in shares in specialized associations, approved sheep ' s associations, professional associations or non-approved sheep ' s associations may, however, any section 9 (1) of which is to be made. 1, proceed to the 22nd. July, 2014.

Paragraph 2. Firma-pension funds which, at the entry into force of the law, invest in shares in specialized associations, approved sheep ' s associations, professional associations or non-approved sheep ' s associations may, however, any section 9 (1) of which is to be made. 1, proceed to the 22nd. July, 2014.

Paragraph 3. Invests the occupational pensions of the labour market at the entry into force of the law in units in special associations, approved sheep's associations, professional associations or non-approved sheep ' s associations, the Additional Pension Pension (s) of the working market may be, regardless of section 9 (3). 1, proceed to the 22nd. July, 2014.

Paragraph 4. Investing the Fund for the Payroll of the Law into force of the law in shares in special associations, approved sheep's associations, professional associations, or non-approved sheep's associations, the Animal Health Fund may be eligible for the Fund for the Fund, notwithstanding the section 9 (2). 1, proceed to the 22nd. July, 2014.

Paragraph 5. Invests the occupational health insurance of the labour market at the entry into force of the law in shares in specialized associations, approved sheep ' s associations, professional associations or non-approved sheep ' s associations, the Business ' s Commercial Disecraments may be, however, whether or not, whether or not they are in section 9. paragraph 1, proceed to the 22nd. July, 2014.

§ 11

Paragraph 1. Investment management companies, cf. Section 10 of the Act of Finance, which, at the entry into force of this law, administers special associations, hedge funds, approved sheep's associations, professional associations, non-approved sheep ' s associations or other collective investment schemes in accordance with the rules of the law. Section 195 of the law on investment associations, etc., cf. Law Order no. 333 of 20. March 2013 can continue to administer these associations, etc., until the 21. In July 2014, regardless of whether the associations and so forth, the Financial Authority has informed the Financial Authority that they have decided to bring their business in accordance with Chapter 23 of the Act on alternative investment fund managers and so as to change their statutes. at a general assembly, while the investment management company has not yet applied for the authorisation of alternative investment funds and so on.

Paragraph 2. Investment management companies covered by paragraph 1. 1, until the specialised associations, hedge funds, approved sheep ' s associations and professional associations have changed the status of capital associations or have been consulted, to add the fortunes of the associations to the investment management company portfolio in accordance with section 141 (1). 1, in the law of financial activities, cf. § 1, no. In addition, the decision shall be taken in accordance with section 141 (1). 1, calculate the assets of capital associations which they administer, including non-approved sheep ' s associations and other collective investment schemes, cf. Section 195 of the law on investment associations, etc., cf. Law Order no. 333 of 20. March, 2013.

§ 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 617 of 12. June 2013 includes the following entry into force and transitional provisions :

§ 3

Paragraph 1. The law shall enter into force on 1. January 2014.

Paragraph 2. The auditors which, at the time of the entry into force of the law, are chosen as accountants at an organization ' s general assembly or representative meeting may act as accountants without certification under section 2, no. 6, cf. no. 12, until the next general assembly or the firstborn representative meeting after the entry into force of the law.

§ 4

(Udelades)

§ 5

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. Section 2 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 639 of 12. June 2013 includes the following entry into force and transitional provisions :

§ 31

The law shall enter into force on 1. January 2014.

§ 32

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2-5.

Paragraph 2. sections 8, 21, 23 to 25 and 27 to 30 may, by means of a royal contraption, be fully or partially set in force for the Faeroe Islands, with the changes that the ferotable conditions are used.

Paragraph 3. (Udelades)

Paragraph 4. sections 1, 3, 8, 21 and 23 to 30 may, in the case of Greenland, be implemented in full or in part to Greenland, with the changes which the Greenland conditions say.

Paragraph 5. (Udelades)

---

Law No 1367 of 10. In December 2013, the following entry into force and transitional provisions shall include :

§ 5

Paragraph 1. The law shall enter into force on 1. January 2014, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 6

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. The Act of Section 3 of the law may, by means of a royal appliance, fully or in part to the Faroe Islands, with the changes that the ferotable conditions are attributable.

Paragraph 3. In the case of Greenland, the law can, in full or in part, be put into force with the changes that the Greenland conditions say.

---

Law No 1613 of 26. In December 2013, the following entry into force and transitional provisions shall include :

§ 5

Paragraph 1. The law shall enter into force on 1. January 2014, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 16-20, however, enter into force on 1 1. April 2014.

Paragraph 4. If the entry into force of the law has been agreed that an asset cannot be sold, the asset may not be entered in a refinancing register, cf. § 1, no. 28, unless the Parties agree otherwise.

Paragraph 5. (Udelades)

§ 6

Paragraph 1. sections 1, 2 and 4 do not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 1 and 2 may, by means of a royal appliance, be fully or in part in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

---

Law No 244 of 19. In March 2014, the following entry into force and transitional provisions shall include :

§ 3

Paragraph 1. The law shall enter into force on 1. April 2014, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. 2, and section 2 shall enter into force on 1. January 2015.

Paragraph 3. § 152 b, paragraph. 7, in the Act of Finance, as drawn up by this law's § 2, nr. 2, enter into force on 1. April 2014.

Paragraph 4. § 1, no. 3, and § 2, nr. The first is for loans admitted after the entry into force of the law.

Paragraph 5. In the case of existing loans, the law is first applicable to first refinancing after the law comes into force.

Paragraph 6. For bonds issued to finance fixed property located outside Denmark, the law applies only to bonds to finance loans concerned after the entry into force of the law.

§ 4

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. In the case of Greenland, the law can, in whole or in part, be brought into force with the discrepancies that the Greenland conditions are saying.

Paragraph 3. Section 2 may, in full or in part, be set in force for the Faeroe Islands with the deviations which the ferotable conditions are attributable.

---

Law No 268 of 25. In March 2014, the following entry into force and transitional provisions shall include :

§ 22

Paragraph 1. The law shall enter into force on the 31. March, 2014, see. however, paragraph 1 2-6.

Paragraph 2. § 1, no. Thirty-four, enter into force on 1 1. April 2014.

Paragraph 3. § 1, no. 2, enter into force on the 22nd. July, 2014.

Paragraph 4. § 1, no. 65, enter into force on 1 1. January 2015.

Paragraph 5. The Minister for the Industry and Growth Pact provides for the entry into force of section 75 a of the law on financial activities, which is drawn up by the section 1 of this Act. 37, section 1, no. 133, Section 344 A, in the Act of Finance, as drawn up by this law's § 1, nr. 134, Section 11 a of the securities trading system, etc. as drawn up by the section 2 of this law. Paragraph 2, section 27 a, on alternative investment fund managers, etc. as drawn up by the section 4 of this law. Amendment No 22, section 24 b, on the supervision of company pension funds as written in section 5 of this Act. 1, Section 63 a of the law on investment associations, etc. as drawn up in section 7 of this law. Paragraph 1, Section 18, in the Act on Insurance, as drawn up by the section 10 of this law. Paragraph 18 (a) in the law on payment services and electronic money, as drawn up by the section 11 of this Act. Paragraph 10 (a) on financial advisers, as drawn up by this law's § 12, nr. 1, Section 5 a in the Act of Panteing Companies, as drawn up by the section 13 of this law. Paragraph 1, Section 5, of the Law of the Lønsuers Animal Fund, as drawn up by this law's section 14, no. 2, section 24 g of the Labor Market ' s Supplementary Pension, as drawn up by this Act, section 15, nr. 2, and for section 63 b in the law on labour damage, as drawn up by this law's § 16, nr. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times.

Paragraph 6. (Udelades)

Paragraph 7. § 77 a, paragraph. 1, no. 2 and 3, in the Act of Finance, as drawn up in section 1 of this law. EUR 38 shall apply solely to the agreements concluded by financial undertakings, the financial holding companies and insurance undertakings concluded, extended or renewed after the entry into force of the law.

Paragraph 8. (Udelades)

Niner. 9. Section 313, in the Act of Finance, as drawn up by this Act's § 1, nr. 129 has effect from 1. July, 2014.

Paragraph 10. The management board of the financial system, cf. § 1, no. 135, the first time the first time of the first one. July, 2014. Until the first one. July 2014, the existing rules on the Financial Council apply to date.

Paragraph 11. (Udelades)

§ 23

Paragraph 1. The capital conservation buffer, cf. § 125 a, paragraph 1 3, in the Act of Finance, as drawn up in section 1, no. Sixty-five shall be fixed in the period from 1. January 2015 to the 31 st. December 2015 to 0%. of the overall risk exposure. From the 1. January 2016 to the 31 st. December 2016 provides the capital retention buffer to 0,625%. of the overall risk exposure. From the 1. January 2017 to the 31 st. December 2017 lays down the buffer buffer to 1.25%. of the overall risk exposure. From the 1. January 2018 to the 31 st. In December 2018, the buffer buffer is set at 1.875%. Of the overall risk exposure.

Paragraph 2. The countercyclical buffer zone, cf. § 125 (f, paragraph 1) 1, in the Act of financial activities, as drawn up in section 1, no. 65 may be set up to 0.5 pct., in 2016, set up to 1,0 pct., in 2017 sets up to 1,5 pct., in 2018 sets up to 2.0%. and in 2019, up to 2,5% shall be fixed.

Paragraph 3. Board members, at the time of the Act of Act 1. 129, cf. the proposed section 313 of the Act of Financial Company, has effect, has more Director-or Management Board items other than authorised by the provision, may continue to occupy such Director-and Management Board items until the end of the governing board, which : means that the governing board member is covered by Section 313 (3). 1.

Paragraph 4. Penal institutes, mortgage institutions and fund-brokers I, whose fund-broker you are authorized to carry out the activities referred to in Annex 4 (A) no. 3 and 6, not later than 30. June 2014 will be designated as systemic financial institutions (SIFI), cf. Section 308 in the Act of financial activities must comply with the SIFIK buffer requirements, cf. § 125 h, cf. § 125 a, paragraph 1 6, as drawn up by the paragraph 1 of this law. Sixty-five, from 1. January 2015. The deadline in 1. Act. shall be applicable to the financial institutions and to the mortgage credit institutions which, pursuant to section 309 (3), are applicable. 2, in the Act of financial activities, the same percentage of SIFIN buffer requirements have been applied to the individual level, which is applicable on a consolidated basis for the designated systemic financial institution (SIFI).

Paragraph 5. § 1, no. 49, shall apply only to annual reports for financial years beginning on 1. January, 2014, or later.

Paragraph 6. Globally systemic financial institutes in Denmark (G-SIFI) designated by the Financial supervision pursuant to section 310 must before 1. July 2014, the following shall be reported to the Commission for each Member State and third country in which it has been established :

1) Score before tax.

2) Tax on the result.

3) Received public grants.

§ 24

Paragraph 1. sections 1-17 and 19-21 do not apply to the Faroes, but § 1, 2, 4, 6-9, 11-13 and 21 by means of a royal appliance may be set in whole or in part in force for the Faroe Islands, with the changes that the ferotable conditions are worryingly.

Paragraph 2. sections 1, 2, 4 to 17 and 19-21 do not apply to Greenland, but § § 1, 2, 4, 13, 17 and 21 by means of a royal appliance may be set in full or in part by force for Greenland with the changes in Greenland's terms.

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Law No 403 of 28. April 2014 includes the following entry into force and transitional provisions

§ 22

Paragraph 1. The law shall enter into force on the 15th. May 2014, cf. however, paragraph 1 2-4.

Paragraph 2. The Minister for the Industry and Growth Pact provides for the entry into force of section 1 (2). 43 and 46. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times.

Paragraph 3. § 1, no. Forty-four, 45 and 47, and 20, number 20. 2, enter into force on the 22nd. July, 2014.

Paragraph 4. (Udelades)

Paragraph 5. § 77 e, paragraph. 1, in the Act of financial undertaking, as drawn up by this Act, section 1, no. 19, shall apply to agreements concluded, extended or renewed after the entry into force of the law.

Paragraph 6. § 1, no. 34, shall apply from and with firstborn general choice of board members after the entry into force of the law.

Stk. 7-8. (Udelades)

§ 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, 2, 4, 5, 8, 9, 12, 13, 14, 18, 19 and 21 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 Greenland conditions are changing.

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Appendix 1

Monetary institution ' s institution

1) Acceptance of deposits and other repayable funds.

2) lending activities including inter alia

-WHAT? Consumer Credits,

-WHAT? mortgage credit,

-WHAT? factoring and discounting,

-WHAT? commercial credit (incl. constituting),

-WHAT? financial leasing.

3) Payment services covered by Annex 1 in the Act on payment services and electronic money.

4) Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 3.

5) Guarantees and guarantees.

6) Conspiracy on the emission of securities and services in connection with this.

7) Consulting to companies related to the capital structure, industry strategy, related issues and advice, as well as services relating to the association and the acquisition of undertakings.

8) Pengemediation (money broking).

9) Credit information.

10) Codetency.

11) The directions for their own account with any of the instruments mentioned in Annex 5.

12) Storage and management in connection with one or more of the instruments mentioned in Annex 5 and pawn notes.

13) Other business in the business of spending money and credit.

14) Eaters of electronic money.

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Appendix 2

Credit institution ' s institution

1) Acceptance of deposits and other repayable funds.

2) lending activities including inter alia

-WHAT? Consumer Credits,

-WHAT? mortgage credit,

-WHAT? factoring and discounting,

-WHAT? commercial credit (incl. constituting).

3) Financial leasing.

4) Payment services covered by Annex 1 in the Act on payment services and electronic money.

5) Issue and administration of other means of payment (for example, travellers ' cheques and bank bills) to the extent that this activity is not covered by No 1. 4.

6) Guarantees and guarantees.

7) Transactions for own or Customer's behalf related to

a) cash-arcing instruments (cheques, bills, deposit certificates etc.),

b) the currency market,

c) financial futures and options,

d) currency and interest-rate instruments,

(e) securities.

8) Conspiracy on the emission of securities and services in connection with this.

9) Consulting to companies related to the capital structure, industry strategy, related issues and advice, as well as services relating to the association and the acquisition of undertakings.

10) Pengemediation (money broking).

11) Portfolio Management and Consulting.

12) Storage and management of securities.

13) Credit information.

14) Codetency.

15) Emission of electronic money.

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Appendix 3

RealCredit Company

1) Benefit of loans against the registered mortgage on solid property on the basis of issuance of mortgage bonds or other securities.

2) Benefit of loans with no mortgage on public authorities or against the self-indebtor bail of a public authority.

3) The directions for their own account with any of the instruments mentioned in Annex 5.

4) The preservation and management of own mortgage bonds and own other securities.

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Appendix 4

Investment services

SECTION A

1) Receipt and dissemination of investors ' orders for one or more of the instruments listed in Annex 5.

2) Execution of orders with one or more of the instruments set out in Annex 5 for investor account.

3) The directions for their own account with any of the instruments mentioned in Annex 5.

4) The commercial portfolio of the individual investor ' s securities shall be based on instructions provided by investors, provided that inventory includes one or more of the instruments listed in Annex 5.

5) Investment advice.

6) The sales guarantee in respect of emissions of one or more of the instruments referred to in Annex 5 or the placing on the market of such instruments on the basis of a fixed commitment.

7) Location of financial instruments without a fixed obligation.

8) The operation of multilateral trade facilities.

9) Storage and management for investors in connection with one or more of the instruments listed in Annex 5, including its deposits, and services linked to one or more of the instruments listed in paragraph 1. 1-8 activities referred to.

SECTION B

1) Codetency.

2) Credit or borrowing to an investor so that this can carry out a transaction with one or more of the instruments listed in Annex 5, provided that the undertaking providing the credit or loan is involved in the transaction.

3) Consulting to undertakings with regard to capital structures, industrial strategy, related issues, and consultancy and services related to mergers and acquisitions.

4) ValutatTransactions when the transactions in question are part of the provision of investment services.

5) Investment analyses and financial analyses or other general recommendations relating to one or more of the instruments listed in Annex 5.

6) Services in the context of sales guarantees.

7) Investment services and investment activities and ancillary services of the type referred to in this Annex concerning the underlying instrument of the derivatives covered by Annex 5 (s). 5-7 and 10 when these are linked to the investment service or ancillary services.

8) Dissemination and advice on loans and credits for low-cost investments.

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Appendix 5

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 alternative investment funds and so on, or 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, which 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 derivative of the assets, rights, obligations, indices, indices and objectives which are not subject to them ; other numbers, and which have characteristics as other derivatives, instruments, taking into account, inter alia, whether they are traded on a regulated market or a multilateral trading facility, to be cleared and run through recognised clearing houses or are subject to regular fixing of the margin, and

11) currency spotlight business in investment purposes in order to make profit by exchange rate change.

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Appendix 6

Features (tasks) covered by collective portfolios

1) Investment management.

2) Administration :

a) Legal and financial services in the context of fund management.

b) Client queries.

c) Establishment of the internal value as well as emission and solution prices (including self-publications).

d) Compliance monitoring (compliance).

(e) Updating of investor registers.

(f) Profit and profit margins (profit and profit).

g) Emission and the settlement of shares.

(h) Contract recovery (including issue of investment evidence).

i) Registration.

3) Merchandising.

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Appendix 7

Insurance Inharm

Classification of risks by insurance classes.

1) Accidents (including accidents at work and occupational diseases) : summa insurance, compensation of financial losses, combinations of them and passenger transport.

2) Sickness : sum insurance, compensation of financial losses and combinations thereof.

3) Vehicles ' insurance for land vehicles (other than rail vehicles) : all the damage to motor vehicles and motor vehicles and non-motor vehicles.

4) Railway insurance for railway vehicles : all damage to railway vehicles.

5) Aircraft Kasko Insurance : all damage to aircraft.

6) Casko insurance for vessels for sea, sea and rivers : all damage to river vessels, sea vessels and sea vessels.

7) Freight transport (including goods, baggage and all other goods) : all damage to goods carried goods or baggage, irrespective of the nature of the means of transport.

8) Fire and natural forces : all damage to property (except for property covered by classes 3, 4, 5, 6 and 7) when caused by a fire, explosion, storm, natural forces (other than storm), nuclear energy and landslides.

9) Other damage to property : all damage to property (except for property covered by classes 3, 4, 5, 6 and 7) where these damage are caused by hail or frost or have other causes of any kind, such as theft, except those listed under no. 8.

10) Limitation insurance for motor vehicles : any liability arising from the use of motor vehicles (including the driver ' s responsibility).

11) Liability for aircraft : any responsibility associated from the use of aircraft (including the driver ' s responsibility).

12) Limitation insurance for vessels for sea, sea and rivers : all responsibility from the use of river, sea and sea vessels (including the driver ' s responsibility).

13) General liability insurance : any liability that is not listed under the numbers 10, 11 and 12.

14) Credit : general insolvency, export credit, sale on payment, mortgage insurance and agricultural insurance.

15) Bail, direct bail and collateral.

16) Miscellaneous economic losses : unemployment risks, discards (ordinary), bad weather, loss of profit, continuing high-cost, unforeseen trading expenses, loss of sales value, rent or loss of income, indirect trading losses, excluding those that have been incurred ; above, non-business economic losses and other financial losses.

17) Legal expenses insurance : legal expenses insurance.

18) Assistance : assistance to persons who are experiencing difficulties in the carriage of passengers or in the absence of the place of residence or the permanent residence.

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Appendix 8

Insurance Company Life

Classification of risks by insurance classes.

I. Regular life insurance policy :

a) Life insurance (in particular to life-related capital insurance, associated life insurance, life insurance, life insurance with the payment in live live life and life insurance, with the repayment of premiums),

b) interest insurance,

c) complementary insurance designed for life insurance (in particular insurance against body damage, including occupational invalidity, and insurance against death as a result of accident or invalidity insurance due to the invalidity of the invalidity of the case ; accident cases or sickness).

II. Marriage and birth insurance :

a) Insurance coming into payment by marriage ;

b) insurance that comes to payment upon birth.

III. Insurance that is associated with investment funds :

a) Life insurance (in particular to life-related capital insurance, associated life insurance, life insurance, life insurance with the payment in live life, life insurance, with the repayment of premiums, insurance payable by marriage ; and insurance intended for payment upon birth),

b) Interest insurance.

LV. Permanent health insurance (long-term health insurance) : health insurance, which is concluded for a long period and is insolent from the company for the whole period.

' TTTTN : activities involving the establishment of member associations for the purposes of joint capitalisation of contributions and disbursement of the assets of the survivors, either to the survivors or to the beneficiary ' s heirs or the beneficiary.

WE. Capitalization : activities based on actuarial calculations and which include the commitments of a specified duration and amount to be determined against the eruptions of a one-time fee or a periodic payment of regular payments.

1) The law provides for the implementation of the Council ' s first Directive 73 /239/EEC of 24. July 1973 (1. Insurance Directive), EC " 1973 ", no. L 228, page 3, Council Directive 76 /580/EEC of 29. June 1976 (amendment of 1. Insurance Directive), EC Official Journal, nr. In 189, page 13, parts of Council Fourth Directive 78 /660/EEC of 25. July 1978 (4. Company Directive), EC-1978 1978, nr. L 222, page 11, parts of the Council's seventh Directive 83 /349/EEC of 13. June 1983 (7. Company Directive), EC Official 1983, no. In 193, page 1, parts of Council Eighth Directive 84 /253/EEC of 10. April 1984 (8. Company Directive), EC Journal 1984, nr. L 126, page 20, Council Directive 84 /641/EEC of 10. December 1984 (amendment of 1. Insurance Directive), Official Journal 1985, nr. L 339, page 21, Council Directive 86 /635/EEC of 8. December 1986 (Banking Accounting Directive), Official Journal of the European Communities. In 372, page 1, Council Directive 88 /357/EEC of 22. June 1988 (2. Insurance Directive), EC Official Journal 1988, nr. In 172, page 1, Council Directive 89 /117/EEC of 13. February 1989 (publication of annual accounting documents for branches from non-member countries), EC Official Journal 1989, nr. L 44, page 40, parts of Council Directive 90 /618/EEC of 8. of November 1990 (amendment of 1. and 2. Insurance Directive), EC Official Journal 1990, nr. L 330, page 44, Council Directive 91 /674/EEC of 19. December 1991 (the Insurance Accounting Directive), EC-1991, no. In 374, page 7, Council Directive 92 /49/EEC of 18. June 1992 (3. Insurance Directive), EC Official Journal, nr. Directive 228, page 1, Directive 95 /26/EC of the European Parliament and of the Council of 29. June 1995 (BCCI-Directive), EC Official Journal 1995, nr. L 168, page 7, Council Directive 98 /49/EC of 29. In June 1998, the EC Official Journal, no. In 209, page 46, Directive 98 /78/EC of the European Parliament and of the Council of 27. In October 1998 (the Insurance Group Directive), the EC Official Journal, no. In 330, page 1, parts of Directive 2000 /26/EC of the European Parliament and of the Council of 16. May 2000 (4. the motor vehicle insurance directive), the Community Official Journal, 2000, nr. In 181, page 65, Directive 2000 /64/EC of the European Parliament and of the Council of 7. November 2000 (exchange of information), Community Official Journal 2000, nr. L290, page 27, Directive 2001 /17/EC of the European Parliament and of the Council of 19. In March 2001 (the cash directive on insurance), EC Official Journal 2001, nr. L 110, page 28, Directive 2001 /24/EC of the European Parliament and of the Council of 4. April 2001 (the liquidation Directive for credit institutions), EC Official Journal 2001, nr. L 125, page 15, Directive 2002 /13/EC of the European Parliament and of the Council of 5. in March 2002 (the solvency 1 directive), the Official Journal of the European Communities, 2002, In 77, page 17, and Directives 7 9 / 2 6 7, 90/619, 92/96 and 2002/12, which are now contragned in Directive 2002 /83/EC of the European Parliament and of the Council of 5. of November 2002 (the life assurance directive), the Official Journal of the European Communities, 2002, L345, page 1, Directive 2002 /87/EC of the European Parliament and of the Council of 16. December 2002 (the conglomerates Directive), EC Official Journal 2003, nr. In 35, page 1, parts of Directive 2002 /92/EC of the European Parliament and of the Council of 9. December 2002 (Directive on insurance intermediaries), EC Official Journal 2003, nr. In the ninth, page 3, parts of Directive 2004 /39/EC of the European Parliament and of the Council 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 (MiFID), EU Official Journal 2004, nr. OJ L 145, page 1, parts of Directive 2005 /14/EC of the European Parliament and of the Council of 11. May 2005 (5. the motor vehicle insurance directive), the EU-2005, nr. In 149, page 14, parts of the European Parliament and Council Directive 2005 /68/EC of 16. November 2005 on reinsurance and amending Council Directive 73 /239/EEC and 92 /49/EEC and to Directive 98 /78/EC and 2002 /83/EC (reinsurance directive), EU-Official Journal 2005, nr. In 323, page 1, 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 time limits (Translation Directive), EU Official Journal (2006). In 114, page 60, Directive 2007 /44/EC of the European Parliament and of the Council of 5. September 2007 amending Council Directive 92 /49/EEC and Directives 2 0 0 2 / 8 3 / 8 3 / EC, 2004 /39/EC, 2005 /68/EC and 2006 /48/EC in respect of procedural rules and the criteria for the prudential assessment of the acquisition and increase of capital shares in the financial services sector (Capital AndelsDirective), EU Official Journal 2007, nr. L 247, page 1, parts of Directive 2007 /64/EC of the European Parliament and of the Council. November 2007 on payment services in the internal market and amending Directive 97 / 7 / EC, 2002 /65/EC, 2005 /60/EC and the repeal of Directive 97 /5/EC (Payment Services Directive), EU Official Journal 2007, nr. In 319, page 1, parts of the European Parliament and of the Council Directive 2009 /65/EC of 13. July 2009 on the coordination of laws, regulations and administrative provisions on certain undertakings for collective investment in transferable securities (UCITS Directive), EU Official Journal 2009, nr. In 302, page 32, Commission Directive 2010 /43/EC of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to organizational requirements, interest conflicts, good business practices, risk management and the content of the agreement between a depositary and an administration undertaking ; Official Journal, 2010, nr. In 176, page 42, parts of the European Parliament and Council Directive 2011 /61/EU of 8. June 2011 on alternative investment fund managers and amending Directive 2003 /41/EC and 2009 /65/EC, as well as Regulation (EC) No (EC) No, 1060/2009 and (EU) No 1095/2010, EU-Official Journal 2011, nr. In 174, page 1, Directive 2011 /89/EC of the European Parliament and of the Council of 16. November 2011 amending Directive 98 /7 8 / EC, 2002 /87/EC, 2006 /48/EC and 2009 /138/EC as regards the supplementary supervision of financial units in a financial conglomerate, EU Official Journal, 2011, nr. In 329, page 113, and parts of Directive 2013 /36/EU of the European Parliament and of the Council of 26. June 2013, EU Official Journal, nr. L 176, page 338 (CRD IV). The law has also included certain provisions of Regulation (EC) No 2 of the European Parliament and of the Council. 1092/2010 of 24. November 2010 on macro-monitoring at EU level with the financial system and the creation of a European committee for systemic risks, EU Official Journal 2010, nr. Regulation (EC) No 31, p. 331, Regulation (EC) No 1, 1093/2010 of 24. November 2010 on the establishment of a European Supervisory Authority (European Banking Authority), amending Decision No 2. 716 /2009/EC and repealing Commission Decision 2009 /78/EC, EU-Official Journal 2010, nr. Regulation 331, page 12, Regulation (EU) of the European Parliament and of the Council. 1094/2010 of 24. November 2010 on the establishment of a European Supervisory Authority (European Insurance and Occucution Pensions Authority), amending Decision No 2. 716 /2009/EC and repealing Commission Decision 2009 /79/EC, EU-Official Journal (2010), nr. Regulation 331, page 48, Regulation of the European Parliament and of the Council (EU) No. 1095/2010 of 24. November 2010 on the establishment of a European Securities and Markets Authority (European Securities and Markets Authority), amending Decision No 2. 716 /2009/EC and repealing Commission Decision 2009 /77/EC, EU-Official Journal 2010, nr. In 331, page 84, Commission Regulation (EU) No. 584/2010 of 1. July 2010 on the implementation of Directive 2009 /65/EC of the European Parliament and of the Council with regard to the form and content of the standard declaration of notification and declaration of the UCITS, use of electronic communications between the competent authorities ; authorities in the course of reviews and procedures for on-the-spot checks and investigations, as well as the exchange of information between competent authorities, EU Official Journal 2010, nr. In 176, page 16, and the European Parliament and Council Regulation (EU) No 2. 575/2013 of 26. June 2013, EU Official Journal, nr. L 176, page 1 (CRR). According to Article 288 of the EDF Treaty, a Regulation shall apply immediately in each Member State. The rendition of these provisions in the law is therefore based solely on practical considerations and is without prejudice to the immediate validity of the regulations in Denmark.

2) Corrigendum concerning the introduction to Article 1 of the Act of Inventions in respect of the introduction of Article 1 (2). Sixty-five. 268 of 25. March 2014 and the rectification of the wording of the announced legislative text relating to section 125 a and 344 (3). 8.

3) The determination shall enter into force on 1. September, 2014, cf. Notice no. 314 of March 28, 2014.

4) The announced legal text relating to § 125 shall enter into force on 1. January 2015. The formal applicable provision until this time, cf. § 125 A, in accordance with the law of financial activities, cf. Law Order no. 948 of 2. July 2013 is no longer relevant. The Transitional System for institutes using methods in the formally applicable section 125 (a) in the Act of Financial Regulation ("Basel I floor") , should have been repealed when entering into force of law no. 268 of 25. March 2014, as the transitional arrangement now comes under Article 500 of the CRR. The formal applicable provision shall be repealed by : 1. January 2015, where the newly drafted provision shall enter into force.

5) The provisions shall not be incorporated as they enter into force on 1. January 2015, cf. Section 3, paragraph 3. Three, in the law. 244 of 19. March, 2014.

6) The provisions shall not be incorporated as they enter into force on 1. January 2015, cf. Section 3, paragraph 3. Three, in the law. 244 of 19. March, 2014.

7) The loan limit is 70 pct., if the loan is offered before the 1. July 2009, cf. § 13, Act 13. 577 of 6. June 2007.

8) The provision is not incorporated, as it shall enter into force only at a time when the Minister for the Acquisient and Growth Minister is set out in accordance with the procedure laid down in the first place. Section 22 (2). 5, Law No. No. 268 of 25. March, 2014.

9) The law was announced in Lawering A on the 18teenth. November 2003.

10) The law was announced in Lawering A on the 10th. June 2004.

11) The Minister for the Acting and Growth Minister shall be appointed by the notice number : 391 of 30. May 2005 on the entry into force of Law No 387 of 30. May 2005 on the amendment of the law of a ship ' s financial institution, the law of the financial undertaking, the law on fusion, fission and the supply of assets, etc. (Merger tax law), on the fiscal treatment of profit and loss of claims, financial contracts (exchange rate law) and the law on income taxation of limited liability companies, etc. (company law), the law came into force on 1. June 2005.