Chapter 1	Scope and definitions
Chapter 2	The external audit
Chapter 3	Internal Audit
Chapter 4	Audit predictions
Chapter 5	Common provisions
Chapter 6	Special provisions applicable to financial institutions
Chapter 7	Special provisions applicable to mortgage credit institutions
Chapter 8	Special provisions for insurance undertakings
Chapter 9	Special provisions for brokerage brokerage and investment management companies
Chapter 10	Special provisions for investment associations and SIKAV '
Chapter 11	Special provisions applicable to securities traders
Chapter 12	Penalty and entry into force
Appendix 1	Conclusions and information in the audit protocol latet concerning the annual report
Appendix 2	Description of auditor's work actions
Appendix 3	Summary of notes in the audit protocol laughter concerning the annual accounts
Appendix 4	Internal audit tasks and responsibilities

Publication of the implementation of the audit in financial undertakings, etc., and financial groups 1)

In accordance with section 199 (4), 12, and section 373, paragraph 1. 4, in the law of financial activities, cf. Law Order no. 928 of 4. August 2014, section 98, paragraph. 10, and section 190 (1). Three, in the law. 597 of 12. June 2013 on investment foundations, etc., and section 5 (5). 2, and section 14 (4). 2, in the Law of a Shipping Financial Institute, cf. Law Order no. 851 of 25. June 2014, determined by authorization :

Chapter 1

Scope and definitions

§ 1. This notice shall apply to financial undertakings, financial holding companies, and insurance holding companies, cf. Section 5 (5). 1, no. 1, 10 and 13, in the law on financial activities, and investment associations, SIKAV and securities funds, cf. Section 1 (1). 2, in the law on investment associations, etc.

Paragraph 2. The notice shall also apply to groups as a whole as well as in the case of the groups as a whole. Section 5 (5). 1, no. 9, in the business of financial activities, as at group companies, where the parent company is a financial undertaking, a financial holding company or an insurance holding company, cf. Section 5 (5). 1, no. 1, 10 and 13, in the law of financial activities.

Paragraph 3. Where this notice applies to financial institutions, the corresponding use shall apply to Denmark's Shipship A/S.

§ 2. For the purposes of this notice :

1) Financial audit : the review of accounts for the purpose of achieving a high level of assurance that the accounts as a whole do not contain any material misinformation.

2) Operational audits : A review of the company ' s processes and internal control system, with the aim of testing and reporting whether they are organised and working on a reassuring basis.

General conditions

§ 3. Conclusions and information following this notice shall be either unreserveed without prejudice or without prejudice or without prejudice to any reservations or oncings of cancer. If the auditor is unable to express a conclusion on the subject, this must be stated.

Paragraph 2. Accountant must, by means of conclusions and information following this notice, be subject to the information provided for the work carried out, with significant errors or deficiencies, or whose auditor is not capable of, to obtain sufficient and appropriate evidence to conclude that the subject is without any significant errors. The reservations of the auditor must be clearly stated in the conclusion of the use of the word 'reservations', and the reservation must be clearly described and justified.

Paragraph 3. The auditor shall, by means of conclusions and information following this notice, provide additional information on any circumstances that may be made by the auditor without prejudice. Supplementary information shall not replace any reservations. For additional information, the designation ' supplementary information ` shall be used.

Paragraph 4. Conclusions and information from this notice shall, where they are rendered unreserveable, shall be rendered verbatim in accordance with the instructions given in Annex 1.

§ 4. The scope and nature of the work actions to be carried out in order to provide the individual conclusions and information following this notice shall be determined by the auditor, having regard to the proper auditor practice. In Annex 2, a description of the actions and so on, which is expected to be part of the auditor, shall be indicated in order to allow the auditor to submit the conclusions and information in this notice.

Chapter 2

The external audit

§ 5. The external audit shall review the annual accounts and the group ' s accounts in accordance with good auditor practices and check whether these have been settled in accordance with the requirements of the legislation and of any other provisions of other provisions to the clearance of accounts.

The external audit protocol

§ 6. For the management board in Denmark, the external audit shall carry out an audit protocol. The Minutes shall be set out for the audit carried out during the year, which may form the basis for auditing part findings. The protocol must be presented at any board meeting and any protocol entry shall be signed by the overall management board and the audit record.

Paragraph 2. In the Protocol on the annual accounts, account shall be made of the nature and extent of the audit works and the conclusion of this. In addition, the division between internal audits and external audits must be retalked.

Paragraph 3. In the Protocol on the annual accounts for parent undertakings, the essential observations of the accounting and auditing conditions in each of the subsidiary undertakings shall be referred to.

Paragraph 4. A copy of the Protocol on the annual accounts shall be submitted to the SEC at the same time, at the same time as a copy of the annual report approved by the Management Board. Similarly, a copy of the Protocol on the annual accounts for non-financial subsidiary undertakings shall be submitted in Denmark. The Minutes of the Protocol which are submitted for the Financial supervision shall be drawn up in Danish or English.

§ 7. Conclusions, information, summaries, renditions, assessments and observations, etc., in accordance with sections 8 to 15 and § § 34 to 47 may be recorded in a separate protocol of the Protocol (hereinafter referred to as the Protocol) of the Protocol to the Financial Authority ' s special reporting requirements ; review of the annual accounts '. Where applicable, the provisions of this notice shall apply to the protocol on the annual accounts corresponding to the corresponding use of this Protocol. The distinct protocol to be signed by the same external auditors and the audit manager shall be signed, and shall be submitted to each of them. the same date as the protocol latet that is submitted pursuant to section 6.

Summaries

§ 8. In a separate section of the Protocol on the annual accounts, the external audits shall sum up all the observations made by the audit to submit to the Administrative Board. The summary shall contain a status of the remarks made in respect of the financial year in question and the status of the comments that were made as an inauspices in the Protocol on the preceding annual accounts, cf. Annex 3. If the audit has not given rise to any comments, this must be reported.

Paragraph 2. In a separate section of the Protocol on the annual accounts, the external audit shall render an overview of all the pits submitted in the financial year in respect of the financial supervision of the Financial Regulation in the financial year in respect of the financial supervision of the Financial Regulation, previous financial year, but which have not yet been complied with at the time of the closing date and in the case of an injunction in respect of the financial year. If no discharge has been made during the financial year and all the injuns have been fulfilled at the end of the preceding financial year, this must also be stated. The external audit shall review the summary of the undertaking and inform them of comments thereon, including the auditor's position on the post-survival survival.

Paragraph 3. In a separate section of the Protocol on the annual accounts, the external audit shall render an overview of all the indications and risk information supplied by the Financial supervision during the financial year. The external auditor shall examine the information provided by the company and inform them of any comments made therein.

General Conclusions and Information

§ 9. In establishments which have internal audits, it shall be concluded in the audit protocol on the annual accounts, if :

1) the agreed upon tasks of the audit Agreement and whether the internal audit functions are functioning satisfactorily, including the extent to which the external audit has become familiar, with individual or combined forces, that the internal audit is carried out ; operates independently of the day-to-day administration, and

2) the external audit agrees with the contents of all internal audit protocol transfers relating to the financial year and, where this is not the case, in which the agreement is made.

§ 10. The external audit shall indicate in a separate paragraph in the Protocol on the annual accounts, provide for the completion of any assistance or advisory duties.

Paragraph 2. The external audit shall, in addition to the information on any assistance or advisory duties, as a minimum in the Protocol on the annual accounts, shall state that the ban on self-audit in section 24 (2) shall be recorded. FOUR, ONE. pkt;, in the law of authorised auditors and auditors, have been complied with, including that the auditor may not carry out tasks in accordance with section 1 (1). 2 which concern a business covered by Article 21 (1). 3, if there is a question of self-audit or self-interest. If no assistance or advisory duties have been carried out, this information shall be provided.

§ 11. The external audit shall indicate, in a separate section of the Protocol on the annual accounts, do not correct corrective errors. This information must be provided per error, specifying the amount and impact of the accounting items. In addition, the overall impact of not corrective errors on the result, assets, liabilities and equity capital shall be reported. Non-corrective errors, which are clearly negligible, whether individually or aggregated and evaluated on the basis of any criterion of the size, nature or circumstance, may be omitted from the point of view of the limit used. If all errors have been corrected or no errors have been found during the audit, this must be reported.

§ 12. The external audit shall be concluded in the Minutes of the accounts on the annual accounts to the conclusion that the establishment ' s administrative and accounting practices in major areas, including business procedures and internal control procedures, are organised and works in a reassuring manner. In this connection, the external auditor shall also conclude that :

1) the overall system, data and reliability of the establishment and the functioning of the establishment ; and

2) the external audit has been known to be in breach of the requirements of the financial undertakings legislation, investment associations, SIKAV and securities funds, including section 71 in the Act of Finance, and the Fund under it ; issued the Executive Order and Management of the Foundation and Section 51-53 of the Act on investment associations, etc., and the executive order and management shall be issued by it.

§ 13. The external audits shall indicate in the Minutes of the annual accounts the following concerning the speculative provisions :

1) The guidelines of the financial undertaking in accordance with section 77 (2). 4, in the Act of Financial Business or the Association's Guidelines, in accordance with section 60 (2). 4, in the Act of Investment Associations, etc. are considered to be reassuring and have functioned appropriately, cf. § 77, paragraph. 5, in the Act of Financial Business and Section 60 (2). 5, in the law on investment associations, etc.

2) About the review pursuant to section 77 (2). 5, in the Act of Financial Business and Section 60 (2). The Fifth Amendment No 5, on the basis of the law on investment associations, has given rise to comments.

§ 14. The external audits shall be recorded in the Minutes of the annual accounts, relating to the group ' s internal transactions and exposure :

1) Conclusion on the establishment of business practices in respect of compliance with the provision in Article 182 of the Act of Financial Regulation.

2) Information about whether significant errors or deficiencies have been identified in connection with the review of the operations between the company and companies covered by section 2 in the announcement of the corporate transactions, cf. § 15, nr. 2, and provide a more detailed description of the transactions which are of major importance or exceptional nature.

§ 15. The external audits shall be concluded in the minutes of the accounts on the accounts of the following concerning exposure to the presence of nearby parties :

1) Whether or not they granted exposure to and received security stills from the members of the board or directors, as well as undertakings in which they are directly or indirectly holders of a qualified share, managers, or governing board members shall be granted under the usual business conditions and market-based conditions, cf. Section 78 (1). Two, in the law of financial activities.

2) Whether or not the financial company has exposure to business operators where employees of the governing board or any other employee of the financial company owner or participate in the management or operation of these operations, cf. § 80, paragraph. One, two, and eight, two. pkt;, in the law of financial activities.

Other provisions

§ 16. ~ 10 (1)) 2, section 12, nr. Paragraph 1 and 2, section 13-15 shall not apply to audit protocols for subsidiaries which are not covered by section 1 (1). One or three.

Paragraph 2. section 13-15 shall not apply to audit protocols for financial holding companies and insurance companies.

§ 17. If the establishment has an internal audit that meets the provisions of Chapter 3, the external audit agreement with the audit report may be that conclusions, renderings and evaluations etc., in accordance with section 34, 35 and 37, section 39, no. 1, sections 41, 42 and 47 alone are shown in the internal audit protocol. The Agreement on this must be included in the revision agreement, cf. § 25.

Chapter 3

Internal Audit

§ 18. The Management Board may decide that an internal audit is to be created, cf. however, paragraph 1 3. Provided that an internal audit has not been created, the Administrative Board shall discuss at least once a year to discuss the need to establish an internal audit, taking into account the complexity of the company, including the outsourcing and insourcer business. activities. The decision of the Management Board shall be included in the board of the board's negotiating protocol.

Paragraph 2. If a board of directors in accordance with paragraph 1. 1 determines the establishment of an internal audit, the provisions relating to the internal audit shall apply.

Paragraph 3. In companies that have had 125 or more full-time employees in the last two financial years on average, an internal audit shall be set up.

Paragraph 4. For concerts, paragraph is found. 1 and 3 similar uses.

Paragraph 5. The provisions of paragraph 1. 3 and 4 shall not apply to investment associations, SIKAV and securities funds.

§ 19. The internal audits shall act independently of the day-to-day administration.

Paragraph 2. The internal audit is led by an audit manager. Employment and dismissal of the audit certificate may be carried out by the Board of Directors. Employment and dismissal of the audit report may be carried out for the group as a whole.

Paragraph 3. The audit manager shall have a theoretical training corresponding to what is required to be an approved auditor.

Paragraph 4. The audit director shall be attended by the audit work for at least three years in the course of the last five years.

Paragraph 5. The Financial supervision may, in particular cases, dispose of the requirements referred to in paragraph 1. 3 and 4.

20. The Management Board may appoint one or more vicerevider schefes.

Paragraph 2. The Management Board may appoint a deputy director as deputy for the audit commander.

Paragraph 3. The provisions of section 19 (1). 2-5, section 21, paragraph. 1-3, and section 22 concerning the audit director shall apply mutatis mutias to vicerevisionschefer.

§ 21. When an audit manager is acceding, this must be reported to the Financial supervision within 1 month after accession.

Paragraph 2. The Management Board shall be required to report to the Finance-SEC report on the recruitment of the audit manager, cf. paragraph 1, make a declaration that the DAS complies with the requirements of section 19 (1). 3 and 4.

Paragraph 3. When a statement of assurance is taken from the DAS, the Management Board and the audit report shall send each statement to the Financial supervision of the background to the Financial supervision of the background.

Paragraph 4. In the case of the one in paragraph 1. 2 required declaration shall the Management Board inform the Board of Auditors whether the audit report shall draw up the annual accounts in accordance with section 30.

Paragraph 5. The Management Board shall, by modification of the decision on whether the audit director shall report the annual accounts, shall inform the Finance-monitoring thereof.

Paragraph 6. The Management Board shall, by its decision to shut down the internal audit, provide the Financial supervision thereof.

§ 22. The audit carried out by internal audit shall include the administrative and accounting practices of the establishment, covering all essential and risk-made areas of the establishment, including business procedures and internal control procedures, cf. Annex 4.

Paragraph 2. The audit manager shall have access to all information necessary for the implementation of the audit, including the Management Protocol.

Paragraph 3. The audit manager and employees in the internal audit shall not participate in any other work at the company or group other than auditing, cf. Annex 4.

Paragraph 4. The internal audit may not be carried out in the case of circumstances suitable for raising doubts in an informed third party of the independence of the internal auditing.

-23. Auditions and vicerevisionviewer must, cf. § 77, paragraph. Ten, in the law of financial activities, do not have financial interests in the enterprise or group of which they are employed.

§ 24. In companies that have an internal audit, a function description approved by the management board shall be available. The function description can be drawn up for the group as a whole and is attracted by the management boards of the individual group companies. The function description must at least contain provisions for :

1) the general powers, responsibilities and functions of the internal audit ;

2) Qualifications of employees,

3) the manner in which the audit report and the staff of the internal audit are assured continuous continuing training ;

4) the appointment or approval of the audit of employees in the internal audits shall be carried out or approved by the auditor and that the training of assistants must be approved by the audit report ;

5) the internal audit budget and that this is approved by the Administrative Board, which must be stated on a management protocol ; and

6) information on agreements between the management of the undertaking and the internal audit on the execution of special audit tasks. Transitional tasks and tasks of a temporary nature need only be included in the internal audit protocol.

Paragraph 2. The internal audit must take on work tasks in accordance with the provisions of the internal audit. paragraph 1, no. 1, which it has sufficient skills and resources to perform.

Paragraph 3. The people in paragraph 3. 1, no. 6. The tasks referred to must not affect the fact that the DAS comes into a situation in which he declares, or provides information on the facts or documents drawn up by the audit person or staff of the internal audit.

§ 25. In companies that have an internal audit, the audit work shall be carried out in accordance with good auditor practice and in accordance with an audit agreement between the external audit and the audit report. The audit agreement can be drawn up for the group as a whole. The audit agreement shall include :

1) a general description of the audit tasks to be carried out and which of these tasks shall be the responsibility of the external audit and internal audits respectively,

2) guidelines for cooperation between the external audit and the internal audit, including the work on the external audit, to carry out checks on the work of the internal audit, and

3) a description of how, and to what extent, information is exchanged between the internal and external audit of the audit carried out.

Paragraph 2. In the case of the audit report, the annual accounts, cf. Section 21 (1). 4, and section 30 (3). In the revision agreement, the audit agreement must be included in the revision of the review of the essential and risk-filled areas.

SECTION 26. In companies that have a review of the audit, this shall also be the audit manager of all establishments covered by Section 1 (1). 2, i.e. whether it is a financial undertaking or not.

Paragraph 2. Paragraph 1 shall not apply in cases where the undertaking is temporarily operated for the execution of pre-entered exposures or with a view to complicity in the restructuring of business operators.

The internal audit protocol

§ 27. For the management board in Denmark, the internal audit shall carry out an audit protocol. The Minutes shall be set out for the audit carried out during the year, which may form the basis for auditing part findings. The protocol must be presented at any board meeting and any protocol entry shall be signed by the total board of directors.

Paragraph 2. The internal audit shall always submit a full annual protocol to the management board which shall be subject to the approval of the annual accounts by the Management Board. For the purposes of the annual protocol, the internal audit shall state the nature and extent of the audit work carried out, including the way in which the internal audit has taken part in the review of the essential and risk-filled areas and the conclusion of this.

Paragraph 3. The audit director shall provide the annual audit annual protocol, the audit plan and the budget of the internal audit on the annual audit of the relevant board meetings.

§ 28. In a separate section of the annual protocol, the internal audits shall sum up all the observations made by the audit to submit to the Administrative Board. The summary shall contain a status of the remarks made in respect of the financial year in question, as well as a status of the comments that were made as an injunction in the previous year of the year, cf. Annex 3. If the audit has not given rise to any comments, this must be reported.

Paragraph 2. As a minimum of the annual report, the audit shall indicate in a separate section that the audit commander has not arrived in a situation in which he declares, findings or illusions of circumstances or documents as a review of the audit person or of the staff of the audit ; the internal audit has drawn up the basis for, cf. section 24 (2). 3.

Paragraph 3. For the year ' s protocol, it must be informed of whether the internal audit has received all the information requested.

Paragraph 4. Section 6 (2). 3 and 4, section 7, section 12 and section 16 shall apply mutatis muchal to the annual protocol for the internal audit.

Chapter 4

Audit predictions

§ 29. The external audit plans shall be made on the annual accounts, the group ' s accounts and annual accounts of subsidiaries, shall be submitted in accordance with the provisions of the Law of the approved auditors and auditors, as well as the provisions adopted pursuant thereto.

Paragraph 2. The requirement for the endorsement of the annual accounts of the subsidiary undertakings shall only be applicable if the external audit of the financial undertaking has carried out the audit.

-$30. The audit director shall give an endorsement of the annual accounts, including the annual accounts and annual accounts of subsidiary undertakings established in Denmark, provided that this is selected in accordance with section 21 (1). 4, cf. however, section 26 (3). 2.

Paragraph 2. The approval of the audit report shall mean that the audit has been carried out under the review agreement, cf. § 25.

Paragraph 3. The endorsement shall include a brief description of the audit carried out, including that the internal audit has taken part in the review of the essential and risk-filled areas, as well as the conclusion of this. It must be disclosed separately if the audit includes something other than the annual accounts. Any reservations or supplementary information shall be clearly shown in the endorsement.

Chapter 5

Common provisions

§ 31. A financial undertaking or a company within the same group must not grant exposure to or receive security from the external audit, the audit director or the temporary producer. However, 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.

§ 32. If the external audit or internal audit may assume that a financial undertaking does not meet or within the foreseeable future, it will not be able to meet the requirements of solvency, cf. § § 124-126, in the Act of Financial Company, or Assets in section 3 (3). 10 and 15 (3). 2, no. In the case of investment associations, three and four, the person concerned shall inform the Finance-monitoring forthwith immediately.

§ 33. In the conclusion of conclusions, information, summaries, renditions, assessments and observations, etc., cf. Section 9, 12-15, 34, 35, 37, 39-43 and 45-47 shall be assessed as to which of these are relevant to the undertaking concerned. If a conclusion, information, summary, rendering, assessment or remark, etc. shall not be handed down in relation to a company, this shall be justified in the Minutes.

Chapter 6

Special provisions applicable to financial institutions

§ 34. The external audit shall be recorded in the Protocol on the annual accounts and the group accounts :

1) In conclusion, the financial institution ' s measurement of loans and guarantees have been carried out in accordance with the rules laid down by the financial institution.

2) Re-provide a company with a summary of the number of appropriations available through the management board during the accounting year, and the management's comments on the number of appropriations. The overview shall also include information on the number of appropriations from the Management Board during the financial year.

$35. The external audit shall be reproduced in the Protocol on the annual accounts to a financial institution which has been drawn up in summary of the following exposure, cf. however, paragraph 1 5 :

1) The 10 largest expendings of the pension institution.

2) Other exponings exceeding 10%. of the adjusted capital base, in accordance with the rules laid down 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.

3) Other significant exposure, provided that the assessment by the financial institution or the auditor gives rise to comments on the management board, for example on account of special risks, large depreciation or otherwise.

Paragraph 2. The view of paragraph 1. 1 shall contain information on each exponment,

1) the size of exposure,

2) any intended framework for terminus business and other business with derivative financial instruments ;

3) the security and the value of their estimated values ;

4) whether individual depreciation has been made on exposure,

5) whether or not the two previous financial years have been written off or written down on the exponations ;

6) the financial conditions of the debtor, and

7) the assessment of exposure to the risk of exposure taking into account all the existing conditions, including the management, consider the exposure to be correctly measured.

Paragraph 3. The external audit shall be recorded in the protocol on the annual accounts following the assessment of the management of the management by the management of the management,

1) identify the auditor ' s overall assessment of the risk of each exposure taking into account all the existing conditions, and

2) the conclusion of the individual exposures referred to in paragraph 1. 1, measured correctly.

Paragraph 4. In the group, see Section 1 (1). 2, the summary and information provided for in paragraph 1 shall be The conclusions of paragraph 1 and the auditor shall be drawn up. 3 is also provided on a group basis.

Paragraph 5. The view of paragraph 1. 1 shall contain explicates against credit institutions in EU/EEA where special circumstances are attributed to it.

Chapter 7

Special provisions applicable to mortgage credit institutions

§ 36. The internal audit shall review

1) new mortgages without a public guarantee which, according to the board's instructions for the board, shall be granted by the Administrative Board,

2) the amounts of loans exceeding 10 million in excess of 10 million. crane, and

3) other loan cases.

Paragraph 2. The review of the loan cases, cf. paragraph 1, no. A review of the loan cases in which the mortgage value or the institution ' s premises are in particular interest shall be carried out in the light of the market conditions in the area concerned for ordinary properties of the species concerned ; the random, representative spot checks carried out in the paragraphs of paragraph 1 of this Article. 1 mentioned groups.

Paragraph 3. The audit agreement shall give details of the checks provided for in paragraph 1. 1 as well as for reporting the results of their findings to management and management board. The reporting to the Administrative Board shall include, inter alia, a statement of the sampling and the conclusion of the loan case review and a separate account of the loan cases where the audit has estimated that the apping value should have been less. The reporting is given in the annual protocol latet or will be sent to the Financial supervision in copy.

Paragraph 4. In the areas of credit institutions without internal audits, the tasks shall be the tasks of paragraph 1-3 the external audit.

§ 37. The external audit shall be entered in the Protocol on the annual accounts and the group accounts to the conclusion that :

1) the mortgage credit institution ' s measurement of the loans, including the adjustment of the value effected as a result of the credit risk, have been carried out in accordance with the rules laid down by the credit risk ;

2) the mortgage credit institution shall provide mortgage credit on the basis of other than the issue of mortgage bonds, in particular covered mortgage bonds, in particular covered debt securities and other securities, cf. Section 1 (1). 1, in the area of mortgages and mortgage bonds, etc.,

3) the mortgage credit institution shall use funds obtained by the use of securities, and whether it places excess funds from circulation in accordance with section 20 in the Act on mortgage and mortgage bonds, etc.,

4) the real credit institution shall keep the resources of the fund from the other funds in the institution in accordance with the means of the institution. Section 26 (1). 1, in the area of mortgages and mortgage bonds, etc., and

5) the real credit institution may calculate the assets and assets of each depositor.

Chapter 8

Special provisions for insurance undertakings

§ 38. When the conceptual insurance company or life assurance undertaking is subsequently used, these include cross-cutting pension funds as well.

§ 39. The external audit shall be entered in the Protocol on the annual accounts and the group accounts to the conclusion that :

1) there is a reasoned assumption that the technical provisions have been made in such a way that they are sufficient to cover all the insurance undertakings on the undertaking ' s insurance undertakings, balance day, but at the same time are not greater than necessary, and

2) the insurance undertaking satisfies the requirements of the rules of the law, including details of any comments made pursuant to the notice of the registration of assets in insurance undertakings, etc.

Paragraph 2. The external audit shall be recorded in the minutes of the financial statements relating to the checks made pursuant to section 9 (4). 2, in the notice of the registration of assets in direct code insurance undertakings, transverse pension funds, business pension funds and branches in Denmark of foreign direct code insurance undertakings.

§ 40. The external audit shall in the afficion of the annual accounts to the conclusion that the financial statement of capital and the risks of the financial statement shall be concluded. 31. Determination shall be made in accordance with the guidelines in force, cf. Instructions for reporting forms for information on capital and risks in life, damaged and reinsurance undertakings, transverse pension funds, and occupational hazards.

Chapter 9

Special provisions for brokerage brokerage and investment management companies

§ 41. The external audit shall be recorded in the minutes of the accounts of the phonebook brokers ' accounts as to whether or not

1) the company ' s company is in accordance with the consent of the company to operate the fund-broiler business, cf. Annex 4 to the financial undertaking, as well as on any possible. Ownership holdings shall be in accordance with section 26 (s). 1, in the law of financial activities,

2) the fund intermediary may calculate the assets and assets of each depositor, and

3) the fund-broker, if it is not authorised to conduct business on its own account, have placed the company ' s capital base in accordance with section 157 of the Act of Financial Company.

Paragraph 2. Paragraph 1 shall apply mutatis muctis to the investment management companies which are authorized in accordance with section 10 (4). 2, cf. Section 9 (1). 1, in the law of financial activities.

Paragraph 3. For investment management companies that administer the securities funds, section 42 (2). 1, no. Paragraph 1 and 2, and Article 43 shall apply mutatis mulatitude to the securities fund.

Chapter 10

Special provisions for investment associations and SIKAV '

§ 42. The external audits shall be entered in the Protocol on the annual accounts of investment associations and SIKAV to the conclusion of :

1) the calculations of the emission and solution rate shall be calculated in accordance with the provisions of Article 73 (3). 3 and section 74 (4). 7, in the Law on Investment Associations, etc., Issued, and

2) the storage and dispersal rules, cf. Chapter 14 and 15 of the law on investment associations, etc., are complied with.

Paragraph 2. The external audit shall be recorded in the Minutes of the annual accounts of investment associations in conclusion,

1) the UCITS or a department has been or is under the minimum requirements of a fortune hearing, cf. Section 3, paragraph 3. 10 and 15 (3). 2, no. 3 and 4, in the Law on investment associations, etc., and

2) the investment group owns securities issued by businesses where the management of the board or any other employee of the association or driver or participant in the management or operation of these operations, cf. § 61, paragraph 1. One, two, and seven, two. pkt;, in the law on investment associations, etc.

§ 43. In the Protocol on the annual accounts of investment associations and SIKAV, they shall not be given in sections 14 and section 15.

Chapter 11

Special provisions applicable to securities traders

§ 44. The securities traffickers are financial institutions, real credit institutions, fund brokers, and investment management companies that have a licence as securities trading in section 9 (4). 1, in the Act of Finance, hereinafter referred to as securities traders ;

§ 45. The internal audit shall draw up and carry out an audit plan to examine and evaluate the systems, internal control procedures and systems of the securities handlers, and appropriate and effective systems.

Paragraph 2. The internal audit shall, as part of the execution of the provisions referred to in paragraph 1, 1 mentioned work actions, review the reporting to the management board from the compliance and the risk management function, cf. Section 6, in the notice of the organizational requirements and the conditions governing operation of activities as securities trades. The internal audit shall report, as a minimum in the annual report, of the comments on audit issues to which the review is given, indicating whether appropriate measures have been taken in the event of any deficiencies. If the review does not give rise to any comments, then this must also be stated in the annual protocol.

§ 46. If an internal audit has not been created, the external audit shall review the reporting to the management board from the compliance and the risk management function, cf. Section 6, in the notice of the organizational requirements and the conditions governing operation of activities as securities trades. The external audit shall, as a minimum, in the audit protocol on the annual accounts report on the findings of the audit which the review gives rise to, stating whether appropriate measures have been taken in the event of : any deficiencies. If the review does not give rise to any comments, this must also be recorded in the Minutes.

§ 47. The external audit shall be recorded in the minutes of the annual accounts and the group accounts to conclude whether the securities dealer complies with the provisions of section 72, paragraph 1. 1-3, in the law of financial activities, including the fact that the external audit is not known to be in conflict with the requirements of the notification of the organizational requirements and the conditions governing operation of the undertaking as securities trades.

Chapter 12

Penalty and entry into force

§ 48. Inherit of § § 3-6, § § 8-15, § 17, 2. pkt., section 18 (2). ONE, TWO. and 3. pkt., and paragraph. 2 and 3, section 19 (3). Paragraph 1 (1). TWO, ONE. and 2. pkt., and paragraph. 3 and 4, section 20 (4). 3, section 21-25, section 26, paragraph. 1, sections 27 and 28, section 29 (4). Paragraph 1, section 30, paragraph 30. 1 and 3, sections 31-37, § § 39-42 and § § 45-47 penalty penalty.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of Chapter 5 of the penal code.

§ 49. The announcement shall enter into force on 1. January 2015 and shall have an impact on auditing protocols relating to financial years commencing on 1. January, 2014, or later.

Paragraph 2. Section 22 (2). 1, and the reference to section 12 of section 28 (3). 4, shall have effects on audit protocols which relate to the financial year commencing on 1. January 2016 or later.

Paragraph 3. Publication no. 1024 of 21. The period of August 2013 on the implementation of the audit in financial undertakings, etc., and financial groups shall be repealed.

Paragraph 4. The provisions of section 19 (1). 3, do not apply to persons who have been acceding to a position as a head of auditors for the revision of the DAS or Vicerevic manager prior to 1. January 1999.

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Appendix 1

Conclusions and information in the audit protocol latet concerning the annual report

1) Reference is made to the appropriate page number in the audit protocol.

2) Reference is made to the section 35 (5) of the Court of Auditors. 3-5, for additional requirements to be made in relation to this conclusion ;

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Appendix 2

Description of auditor's work actions

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Appendix 3

Summary of notes in the audit protocol laughter concerning the annual accounts

1) There is a requirement that the external audit in its protocol to the annual accounts must indicate to the extent that external audits agree with the contents of the internal audit protocol, cf. 9, no. 2, in the revision notice.

(2) The special requirements of the Management Board or shareholders shall be subject to special requirements.

3) Since the work of the auditor shall be made in order to make a review of accounts in an annual financial statement, the auditor shall rarely encounter infringements of any other legislation other than company law, tax laws and sectoral laws. However, in the audit protocol, auditor must inform you of infringements of any law to the extent to which the auditor shall be referred to.

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Appendix 4

Internal audit tasks and responsibilities

1) The announcement contains provisions implementing Commission Directive 2006 /73/EC of 10. In August 2006 on the implementation of the Europ-European Parliament and Council Directive 2004 /39/EC, with regard to the organisational requirements and conditions for the operation of investment firms and definitions of concepts for the purposes of that Directive, EU Official Journal 2006, no. L241, s. 26.