Notice Of Rules Of Procedure For The Board Of The Danish Financial Supervisory Authority

Original Language Title: Bekendtgørelse om forretningsorden for bestyrelsen for Finanstilsynet

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Overview (table of contents)



Chapter 1



Purpose





Chapter 2



The members of the Management Board





Chapter 3



Powers and duties of the





Chapter 4



The meetings of the Management Board





Chapter 5



Under the Committee and delegation





Chapter 6



Others ' participation in Board meetings or by proceedings in the Board of Directors





Chapter 7



Consultation of interested parties and a meeting





Chapter 8



Annual report and budget for FSA





Chapter 9



Disqualification and the reduction in other duties Board members





Chapter 10



Disclosure, confidentiality, etc.





Chapter 11



Final provisions



The full text of the Ordinance on the rules of procedure for the Board of the Danish financial supervisory authority

Pursuant to § 345, paragraph 13, of the financial business Act, see. lovbekendtgørelse nr. 928 of 4. August 2014, and after the Minister's approval for business and growth determined: Aim Chapter 1 section 1. These rules of procedure aims to establish the overall framework for the work of the FSA Board of Directors (the Board).

Chapter 2 section 2 of the members of the Management Board. Business and growth, the Minister shall appoint the members of the Board of Directors, including the Chairman and Deputy Chairman, pursuant to § 345, paragraphs 1 to 6, in the financial business Act.

(2). If a member of the Board resigns or has permanent disrepair, appoints the Secretary of State for business and growth as soon as possible a new Member.

Chapter 3 Jurisdiction and tasks section 3. The Board must approve surveillance unit's organisation in 1) FSA, 2) determine the strategic goals of the FSAs regulatory activities, 3) approve the annual report of the Danish financial supervisory authority, 4) decide on reactions in cases of fundamental character and in cases which have higher significant consequences, 5) to take decisions on matters relating to injunctions under section 347 (b), paragraph 1, of the law on financial business (for independent study), 6) make the decision to hand over the cases covered by nr. 4 to police investigation, 7) approving rules and guidelines to be issued by the FSA, 8) forward the proposal to the FSA's budget to the Minister of business and growth, 9) continually monitor the use of appropriations, 10) give an FSA consultation responses in connection with the Minister's designation of business and growth Director for the FSA, and 11) give the FSA Executive Management Professional, organisational and managerial sparring.

§ 4. The Board is part of the FSA.

(2). The Board of Directors may at any time, as part of his duties, require all necessary information from the Danish financial supervisory authority and the Danish business authority.

(3). The Danish financial supervisory authority or Vocational Agency performs the action taken by the Board of Directors reactions.

§ 5. The Board of Directors must approve the guidelines, setting out the overall framework for the conduct of employees of the Danish financial supervisory authority (code of conduct).

FSA regulatory company



§ 6. The Danish financial supervisory authority shall submit the draft strategic objectives and guidelines for FSA organisation of supervisory activities for the purposes of the Board's determination and approval thereof, see. § 345, paragraph 7, nr. 1 and 2 of the law on financial business. The guidelines shall include the general framework and principles for the organisation of supervisory activities.

(2). Organisation of supervisory activities and the establishment of the strategic goals of the FSAs regulatory activity, see. § 345, paragraph 7, nr. 1 and 2, in the financial business Act, must be in accordance with the requirements of section 344, paragraphs 3 and 4 of the law on financial business.

§ 7. FSA Executive Board is responsible for the practical implementation of supervisory activities comply with the strategic objectives and is done according to the guidelines of the Danish FSA organisation of supervisory activities as foreseen and approved by the Board under section 6.

(2). At the meetings of the Management Board shall inform the Executive Board of the FSA on 1) specific cases and conditions, etc. of interest or relevance to the Board, and 2) FSA supervision of enterprises under tighter supervision.

Evaluation and FSA Director performance contract



§ 8. The Board of Directors shall annually evaluate the performance of the Board of Directors and individual members including cooperation with the Executive Board.

§ 9. The Chairman of the Board of Directors must be available for discussions with the Ministry of business and growth on drafting and compliance with FSA Director's performance contract.

Chapter 4 Board meetings Board meetings number of



§ 10. The Board holds meeting, when the President deems it necessary, and when it is requested by a member of the Board or of the Danish FSA Director.

§ 11. The Board shall establish a timetable with ca. 11 scheduled Board meetings, which will, as far as possible be placed on fixed meeting days divided evenly over the calendar year.

(2). Can be moved or cancelled scheduled meetings with the President's approval.

Call



§ 12. Notice of Board meetings shall be at least 7 days ' notice by mail, e-mail or other suitable means of communication to all Board members and the observer.

(2). With the meeting request should follow an agenda that includes an indication of the cases that come to the treatment.

(3). The material that is necessary for the treatment of cases, must be attached to the agenda or sent separately, but within the same time limit by letter, email or other suitable means of communication to all Board members and the observer. In the case of material of a confidential nature, in particular the President may determine that the material or any part thereof only delivered at the meeting, and that the material must be returned at the end of the meeting.

(4). In individual cases of urgency may the Chairman or in his absence the Vice-President may permit the Board of Directors shall be convened at shorter notice, or that agenda and materials be sent later than the closing date for the call.

(5). A Board Member who is unable to attend a meeting must notify the Board Secretariat accordingly as soon as possible.

Organisation of meetings



§ 13. Board meetings are held as a starting point by physical attendance.

(2). The President directs the meetings of the Management Board.

(3). By the President's absence the Vice-President acts as President.

(4). The Danish financial supervisory authority or Vocational Agency shall submit to the Management Board cases.

§ 14. To the extent that it is consistent with the performance of the functions of the Administrative Board, Board meetings may be held in writing or through the use of electronic media, including telephone or video conferencing. A member of the Board of directors or the Executive Board may require that the FSA is taking an oral discussion place.

(2). For Board meetings shall specify in writing the Board of Directors minute book, see. section 18, paragraph 1, when the meeting was ended. To the extent that a Board decision may be taken in writing or by electronic means, required an actual statement from the individual Board members. Such expressions must protokolleres of the basic regulation. section 18, paragraph 1. A failure to respond to submitted material is not sufficient indication.

Board decisions, etc.



§ 15. The Board is a quorum when more than half of all Board members, including either the Chairman or the Vice-Chairman, are represented. All Board members should, as far as possible, have had the opportunity to participate in the consideration of the matter.

(2). The Management Board shall act by a simple majority vote, see. § 345, paragraph 12, 1. point, in the financial business Act. When a tie is the casting vote, see. § 345, paragraph 12, 2. point, in the financial business Act.

(3). A member unable to attend physically at a Board meeting, that person may, on an exceptional basis with the Chairman's permission to participate in telecommunications.

§ 16. The Chairman and in his absence the Vice-President may, in exceptional cases, to determine or decide in a case without having to submit this to the Board, if the matter is of urgent nature, and whose objective it would otherwise be wasted.

(2). In special cases, the FSA also determine or decide in a case without having to submit this to the Board, if the matter is of urgent nature, and whose objective it would otherwise be wasted. The Danish financial supervisory authority are discussing the matter with as far as possible, the Chairman of the Board of directors or Vice President prior to the DFSA's decision.

(3). If a decision is taken or decision pursuant to paragraphs 1 and 2, the decision, note on the decision or the decision shall be sent to the Board members as soon as possible by mail, e-mail or other suitable means of communication. At the first Board meeting after a decision has been taken in accordance with paragraph 1 or 2 shall inform the Board of Directors, the President or the FSA about the decision, including the conditions that necessitated that decision was taken without the case was submitted to the Board.

Full power



§ 17. A Board Member may not give full power to another Member of the Board or the other to represent the former at Board meetings.

Protocol



§ 18. Board Secretariat shall ensure that a record of the debates in the Board of Directors, of which the following appears: 1) which members, who have been present at a meeting or participated in any other way.

2) Other persons who have been present at the treatment of the cases on the Board.

3) a record of Board's decisions and resolutions.


4) Essential points of view, which may be obtained during the Board's discussions.

5) other matters as a Board member or the Consumer Ombudsman would introduced in the hearing, including the Declaration of a dispute regarding a decision or resolution.

(2). The Secretariat shall prepare as soon as possible after a Board meeting draft minutes, see. (1) the application and send it upon the Chairman's approval for members of the Management Board. Members must submit their representations in writing to the Secretariat within 7 days after receiving protokollatets.

(3). At each meeting, all present members of the Board of Directors shall sign the minutes of the last meeting. Board members who have not participated in a meeting, have a duty to familiarize themselves with it in minutes in their absence introduced and sign the minutes as read.

(4). Members of the Panel and the Consumer Ombudsman only get sent the minutes of the agenda items in which they have participated in the treatment of.

Chapter 5 subcommittees and delegation subcommittees



§ 19. The Board of Directors may choose to let cases prepare in Subcommittee.

(2). Board Secretariat assists in the preparation of cases for the treatment of the commissions of the Board.

Delegation of powers



§ 20. The Board of Directors may, by instructions to the FSA Executive Board delegate its competence on matters covered by section 3, nr. 4 and 6, to the FSA. In matters concerning the accounting control of enterprises covered by the Danish financial statements Act enters Business Agency in the FSA site.

(2). The Danish financial supervisory authority shall maintain an overview of the types of cases that are delegated, and the list must be reviewed at least once a year.

(3). FSA and Commercial Agency must inform the Board of Directors no later than at the first meeting, when there is a decision or a decision pursuant to delegation.

Chapter 6 others ' participation in Board meetings or by the procedure of the boards of Directors in FSA and Commercial Agency



§ 21. FSA Board, and who among the Danish FSA employees this empowers thereof, shall participate in the meetings of the management board without the right to vote.

(2). At the meetings of the Management Board, which dealt with matters covered by section 83 (2) and (3) and to section 83 (b) of the law on securities trading, etc., participate without the right to vote, in the discussion of these cases also Economic Agency's Executive Board, or who among the Danish Medicines Agency's employees this empowers the Business thereof.

Board Secretariat



§ 22. The Executive Board shall appoint among FSA FSA employees a Board Secretariat.

(2). Board secretariat participates in the meetings of the management board without the right to vote.

Observer



§ 23. Business and growth, the Minister shall appoint an observer from the Danish Ministry of business and growth in the Board of Directors, see. § 345, paragraph 4, of the financial business Act.

(2). The observer shall participate in the meetings of the management board with speaking rights but without voting rights.

(3). Business and growth, the Minister shall appoint a lay alternate for the observer, which may participate in the meetings of the Management Board at the observer's decay. The observer shall ensure that for the purposes of gaining access to the material for the meeting via the Board's iPad-solution.

Expert panel



§ 24. The Board shall establish a panel of experts consisting of up to 20 members, which collectively have special expertise in the financial area, including the banking company, mortgage company, insurance and pension company, stock brokerage, consumer relations, capital market conditions and securities trading as well as finance and audit.

(2). The Board may, in accordance with the needs may request the assistance of one or more members of the Panel with regard to the processing of specific regulatory matters, including will members of the Panel after the President's decision to participate in the meetings of the management board without the right to vote, in accordance with article 3. 345, paragraph 8, 2. point, in the financial business Act.

(3). The Board may also decide to let members of the Panel take part in the preparation of cases, including in the Committee referred to in article 6. § 19.

(4). To the extent that the Board has asked the members of the Panel to assist in connection with the matters referred to in article 6. paragraphs 2 and 3, the Board members discuss the matter including materials provided with members of the Expert Panel, see. However, 2. PT. In cases where the Board has requested the members of the Panel concerning the provision of assistance referred to in article 6. (2) the Chairman and the Director of the Danish FSA regardless of 1. point in association in exceptional circumstances, decide that a case, including materials provided relating to the matter to be discussed only among the members of the Management Board. In cases covered by 2. item conducts the Chairperson and the Board Secretariat in touch with the relevant members of the Panel.

(5). Board secretariat sends the necessary material to members of the Expert Panel. Members of the Panel may only receive material to use for the examination of the case, to which they must attend.

(6). A company that delivers information about business or operational secrets to the FSA, the Chairman of the Board of directors submit requested information is not received by members of the Panel. If the Board of Directors has decided to let the members of the Panel take part in the examination of cases in accordance with paragraph 2 or 3, then Chairman decides, having regard to the nature of the cases, to what extent and under what form the information should be given to the members of the Panel.

§ 25. The Consumer Ombudsman shall be convened by the Board's treatment of regulatory matters of fair business rules, best practices and price information, see. § 345, paragraph 9, 1. point, in the financial business Act. The Consumer Ombudsman has in cases covered by 1. point the same powers as members of the Board of Directors, see. § 345, paragraph 9, 2. point, in the financial business Act.

section 26. Board secretariat sends the necessary material for the Consumer Ombudsman and members of the Panel, in which connection § 12 the Convocation shall apply mutatis mutandis. The Consumer Ombudsman and members of the Panel may only receive material to use for the examination of the case, to which they must attend.

Special experts on Faroese and Greenlandic conditions



§ 27. The Faroe Islands, and Greenland shall designate each 1 special expert, that after the President's decision to participate in the meetings of the management board without the right to vote, in accordance with article 3. § 345, paragraph 15, of the financial business Act.

(2). It will only be in cases concerning Faroese or Greenlandic circumstances, to the Chairman of the Board of Directors has the opportunity to convene respectively the Faroese or Greenlandic experts.

Chapter 7-party consultation and calling-party consultation



section 28. In cases where there is to be carried out after consultation of interested parties the administrative procedure code, the FSA or Business Agency-party consultation before the case is submitted to the Board.

(2). In cases where there shall be carried out after consultation of interested parties the administrative procedure code, see. paragraph 1, draft decision or decision shall be sent to the party at the same time with that decision and the other dossier sent to Board members, see. Article 12, paragraph 3, 1. paragraph and in paragraph 4. In cases covered by 1. point where the FSA respectively Vocational agency assesses that the matter is covered by the law's rules on disclosure, please attach also a draft decision or resolution, as it is intended to be published. The party will then have the opportunity, in the proceedings of the Board, submitting consultation responses concerning publication, including specifying what information after the party's opinion, where appropriate, should be removed from the draft decision before publication.

Calling



section 29. In the in clause 3 (1) (8). 4 and 6, said cases have majority right to a meeting of the Board of Directors and to make a short oral presentation before the Board of Directors shall decide.

(2). The duration of the oral presentations are limited to 10 minutes, unless the President may exceptionally allow posts of longer duration.

(3). The President can only decide that the right to an audience lapses in cases of special urgency referred to in article 6. § 345, paragraph 10, 2. point, in the financial business Act. In addition, the lapse of the right to a meeting, where there has been significant investigative considerations, that militate against, see. § 345, paragraph 10, 3. point, in the financial business Act.

(4). The oral presentations are a supplement to the written material in the case. The one who will give an additional post, no later than 2 working days prior to the meeting, in writing, provide to the Secretariat, which the factual and legal circumstances of the post, which will be presented to the Board.

(5). The President can cut off posts relating to matters which are irrelevant to the merits of the decision. The Chairman may authorize the supplemental questions can be made to the, which has a meeting.

(6). The President shall fix the date for the oral presentations. If the person who has requested a meeting, will be prevented from meeting or do not comply with the time of a meeting, forfeited the right to an audience. In these cases, the Board of Directors shall decide the case on this basis.

(7). The who has wanted an audience, has only the right to be present at the foretrædet and when answering any questions, not under the Board's treatment of the case.

Chapter 8 annual report and budget for FSA annual report



section 30. The Executive Board shall submit the annual report of the Danish FSA FSA to the Management Board for approval.

(2). The annual report shall be approved by the FSA Board of Directors and shall be signed and dated by the Board and the FSA Director related to the Declaration in the management report.


(3). If a Board member or Director disagree with in the annual report of the Danish FSA or has objections to the fact that the annual report be approved with the content that has been decided, the disagreement or the objections adequately and specifically justified appear in the endorsement on the annual report and the statement given in the management report. The question can not fail to sign the annual report.

section 31. FSA Executive Board shall submit the draft budget for the financial supervisory authority to the Management Board for approval.

Chapter 9 or objection and limitation of Directors other tasks or objection



section 32. Members of the Board of Directors shall not participate or be present during the examination of a case, provided that the Member is incapacitated after administrative law rules.

(2). A member who becomes aware of the existence of circumstances which are likely to arouse doubts about his capacity, must as soon as possible, and in any proceedings begin, inform the Board accordingly.

(3). In case of doubt, the Board of Directors shall decide without the participation of the Member concerned, whether he or she is disqualified.

(4). If the Board is of the opinion that disclosure of material relating to a case to an incapacitated Member should not take place, the Board of Directors may decide that the material is not or only at a specified point in time must be provided to the Member concerned. The Board of Directors may delegate that power to the President.

(5). Questions about conflict of interest to be included as a regular item on the agenda for the meetings of the Management Board.

(6). Paragraphs 1 to 4 shall apply mutatis mutandis to the observer, members of the Panel and the Consumer Ombudsman.

Chapter 10 Public, confidentiality, etc.

Public



section 33. Meetings of the Board shall not be public.

§ 34. If the FSA or Vocational agency assesses that a bestyrelsessag is subject to the law's rules on disclosure, including anonymization in connection with disclosure, or exceptions from the publication, the material submitted to the Board, include a recommendation regarding publication. At the same time as the decision of the case the Board of Directors shall then decide whether the decision should be published, anonymized, or be exempted from disclosure. Decision on publication in accordance with 2. item is final and cannot be brought before another administrative authority.

(2). Paragraph 1 shall apply, mutatis mutandis, to the Board's decisions to hand over cases to the police investigation.

Communication and contact with the public



section 35. The Chairman represents the Board externally. A member of the Board of Directors, or others who have taken part in the processing of cases in the Board of Directors, shall not without the President's permission to mass media or make representations to the public about the Board's conditions and decisions relating to the FSA.

Secrecy, etc.



§ 36. Members of the Board, the observer, members of the Panel and the Consumer Ombudsman is subject to professional secrecy in § 354, paragraph 1, of the financial business Act and section 84 (a), paragraph 1, of the law on securities trading, etc., see. § 345, paragraph 11, of the financial business Act and section 84, paragraph 3, of the law on securities trading etc.

Material received in the context of the Board's duties



section 37. A Board member must keep all material on the occasion of Board duties thereof shall be given to this, safely. By the resignation of a Board Member shall deliver all materials provided to the Board Secretariat.

Chapter 11 final provisions-accession



section 38. Any member of the Board shall at the first meeting after its accession to sign a copy of the applicable rules of procedure and by its signature of the rules indicate that it has put itself into its provisions and the provisions referred to in the rules of procedure.

(2). The Board must ensure that the new Board members will be introduced to the Danish financial supervisory authority in an appropriate manner.

Amendment and supplement to the rules of procedure



§ 39. Changes in or addition to the rules of procedure can be done, provided that a majority of the members of the Management Board votes therefor.

(2). The Board of Directors shall from time to time and at least once a year, review and take the rules up for possible review in order to ensure that this is always adapted to the needs and reflect the FSA FSA activities.

Date of entry into force of



§ 40. The notice shall enter into force on the 15. December 2014.

(2). Executive Order No. 355 of 4. April 2013 on the rules of procedure of The Financial Business Council lapsed on 1. July 2014.

The Danish financial supervisory authority, the 24. November 2014 Mads Bryde Andersen/Ulrik Nødgaard

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