Chapter 1	Scope and definitions
Chapter 2	Constraints and principles of settlement
Chapter 3	Valuation
Chapter 4	Restructuring and dismantling
Chapter 5	Contracts
Chapter 6	General deviation powers and additional provisions
Chapter 7	Protective measures for capital owners and creditors
Chapter 8	Publication
Chapter 9	Public Stabilisation Instruments
Chapter 10	Relationship with other countries
Chapter 11	Deviation of the Deviation
Chapter 12	Financial Stability
Chapter 13	Communications
Chapter 14	Entry into force and so on.

Restructuring and settlement of certain financial undertakings 1)

We, by God's grace, the Queen of the Danes, do our thing.

The parliament has adopted the following law, and we know that the following law has been approved by Parliament's consent :

Chapter 1

Scope and definitions

§ 1. This law shall apply to financial institutions, real credit institutions and the fund-brokerers ' companies.

Paragraph 2. The law shall apply to financial holding companies in this country, cf. § 2, nr. 11.

Paragraph 3. The law shall apply to financial institutions here in the country, cf. § 2, nr. 13.

Paragraph 4. The law shall apply to branches in this country by foreign credit institutions or by foreign investment firms, with the deviations required by the branch, or as laid down in this law or rules issued under this Act ; or in accordance with international agreement.

§ 2. For the purposes of this Act :

1) " Deviation " means the use of one or more non-compliance measures on a company or entity that satisfies the conditions of the deviation conditions in section 4, with a view to obtaining one or more of the settlement targets in section 5.

2) Deviation measure : The financing of the Stability Stability Pact and other measures and powers, as set out in the light of the rules and powers, cf. Chapter 4-8.

3) Deviation tools : Business sales, cf. sections 19 and 20, broinstitute, cf. ~ § 21 and 22, separation of assets, cf. § 23, and bail-in, cf. § § 24-28.

4) Bail-in : Depreciation of commitments or conversion of commitments to own funds, cf. § § 24-28.

5) Entitled deposits : Income covered by Section 7 (3). Amendment No 8, in the law of an intake and investor compensation scheme.

6) " Broinstitute " means a company established for the purpose of receiving either the instruments of ownership issued by one or more undertakings in the process of decommissioning or assets, rights or obligations from one or more undertakings ; or Devices during execution and are owned wholly or partly by and controlled by the Deviation assets or Financial Stability, cf. § 21.

7) Covered deposits : deposits covered by the rules in sections 9 and 10 in the law of a deposits and investor compensation scheme.

8) Actual core capital instruments : Instruments referred to in Article 28 (1). 1-4, Article 29 (4). 1-5, and Article 31 (1). 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 and amending Regulation (EU) No 2. 648/2012.

9) Ownership Instruments : Stock, Warranty and Other Instruments and Other Instruments to Convert Ownership, Instruments to Convert or Enables Ownership Instruments, and Instruments representing Asset Interests or other ownership interests.

10) Unit : A company or company subject to section 1 (1). Two or three.

11) Financial holding company : a parent company that meets the conditions in section 5 (5). 1, no. 10, in the law of financial activities, where at least one subsidiary is subject to section 1 (1). 1, or is a foreign credit institution or investment firm authorised in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere or a mixed holding company, in accordance with the rules of the holding. Section 5 (5). 1, no. 51, in the law of financial activities.

12) Financial contracts :

a) Value paper contracts,

b) commodity contracts,

c) futures and forwardcontracts, including contracts (excluding trade contracts) on the purchase, sale or transfer of a commodity or any other good, service, right or interest at a fixed price for a future date,

d) swapping agreements ; and

(e) loan agreements between undertakings where the duration of the loan is three months or less.

13) Funding Institute : A company that meets the definition in section 5 (5). 1, no. 6, in the Act of Financial Business, and which is a subsidiary of a company covered by Section 1 (1). 1 or 2 or of a credit institution or investment firm authorised in a country within the European Union or in a country concluded by the Union in the area of the financial sphere, and included in the supervision of : the parent undertaking of a consolidated level, in accordance with Articles 6 to 17 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 and amending Regulation (EU) No 2. 648/2012.

14) Fund Broker Company I : Companies covered by the definition in section 5 (5). 1, no. 32, in the law of financial activities.

15) Weekday : Any other day than a Saturday, Sunday, or public holiday.

16) Group Device : A legal person belonging to a group.

17) Micro-enterprises and small and medium-sized enterprises : enterprises that meet the criteria of the Commission's recommendation of 6. May 2003 on the definition of micro-enterprises, small and medium-sized enterprises.

18) NettingAgreement : An agreement in which a number of requirements or obligations can be converted to a network rav, including end-of-party agreements, where the obligations of the parties in the presence of a good account are accelerated so that they are to fall or to end immediately.

(19) Portfolio Management Company : A company established for the purpose of receiving assets, rights and obligations from one or more companies or entities during the execution or a bridge institution, which is owned in whole or in part, and be checked by the Devikling assets or Financial Stability, cf. -23.

20) Relevant capital instruments : Hybrid seed capital instruments, which are capital instruments which comply with the requirements of Article 52 (1). 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 and amending Regulation (EU) No 2. Regulation 648/2012, and additional capital instruments, which are capital instruments or by means of loans which comply with the requirements of Article 63 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 amending Regulation (EU) No 2. 648/2012.

21) Company : financial institutions, real credit institutions and fund-brokers I, cf. Section 1 (1). 1.

§ 3. Where the rule of law is referred to the Guarantee Fund, the applicable provision shall also apply to any voluntary arrangements, in accordance with the provisions of the Guarantee. Chapter 7 a of the law on a deposit and investor guarantee scheme, and on other countries ' compensation schemes covered by Directive 2014 /49/EC of the European Parliament and of the Council of 16. April 2014 on deposit-guarantee schemes.

Paragraph 2. Where law is referred to in the law of a deposit and investor guarantee scheme, this also includes equivalent provisions in other countries ' national rules, which implement the European Parliament and Council Directive 2014 /49/EC of 16. April 2014 on deposit-guarantee schemes.

Chapter 2

Constraints and principles of settlement

§ 4. Financial Stability will initiate non-compliance measures against a company whose Financial Stability assesses that the following conditions for the execution are met :

1) After consulting the Financial Stability Fund, the Financial Stability Board has announced that the company is needy or expected to have to be needy, cf. § 224 A, in the Act of Financial Company.

2) After consulting the Financial Stability Fund, the Financial Stability Board has been exhausted by financial supervision that other options for handling the business have been exhausted.

3) The public's interest, cf. the reduction targets in section 5 necessitates the implementation of one or more defledling measures.

Paragraph 2. Paragraph 1 shall apply mutatis muctis to a financial holding company, if the conditions of execution are fulfilled for both the holding company and at least one subsidiary. No matter what. Act. financial stability may take action against a financial holding company, even if this does not meet the conditions of conduct if one or more subsidiaries meet the conditions of development and the subsidiary undertaking ' s assets and liabilities are such that the Financial supervision estimates that the subsidiary of its subsidiary constitutes a threat to a company in the group or group as a whole.

Paragraph 3. Paragraph 1 shall apply mutatis muted use to financial institutions if the conditions of execution are fulfilled both for the parent undertaking of the financial institution and the parent undertaking of the financial institution.

Deviance targets

§ 5. Financial Stability will take into account the selection and use of deviation tools and other deviation measures in respect of the following deviation targets :

1) To ensure the continuation of critical functions whose cessation can be expected to cause interference in services that are of crucial importance to the real economy or to disturb the financial stability.

2) To avoid significant negative consequences for financial stability, in particular by preventing proliferation, including the market infrastructure, and by maintaining market discipline.

3) To protect public funds by minimising the dependence of exceptional public financial support.

4) Protecting depositors and investors under the law of a depositor-and investor-compensation scheme.

5) Protecting customer assets and assets.

Chapter 3

Valuation

§ 6. In the field of Financial Stability, deviation measures shall implement deviation measures or perform the power to write down or convert relevant capital instruments, cf. Section 17, Financial Stability must ensure that a reasonable, prudent and realistic valuation is made to the assets and liabilities of the company or unit. The valuation must be independent, cf. § 10.

Paragraph 2. The valuation in accordance with paragraph 1. 1 shall contain a breakdown of the creditors of the establishment or the unit in accordance with the insolvency order, cf. the section 13 of this law and the Chapter 10 of Chapter 10 of the Conventure. Furthermore, the valuation must include an estimate of the economic treatment, each class of capital owners and creditors would be able to expect if the company or unit was dissolved in the event of bankruptcy.

Paragraph 3. In the light of the valuation, a potential future exceptional public financial support shall not be included.

Paragraph 4. In addition, the valuation of the valuation must also be taken into account :

1) Financial Stability and Deviation fortune, cf. in Chapter 11, the costs of the undertaking or the unit may be covered during execution in accordance with section 29 ; and

2) The settlement form may require interest and charges for all loans or guarantees granted to the company or unit during the execution.

Paragraph 5. The valuation shall be supplemented on the basis of the accounts and records of the establishment or the unit,

1) an updated balance and a statement of the undertaking ' s or the financial position of the undertaking,

2) an analysis and an estimate of the assets book value,

3) a list of outstanding balance sheets and non-balance-sheet obligations as set out in the company or unit ' s accounts and records, stating their status in the order of business ; and

4) an analysis and an estimate of the assets and liabilities of the undertaking and the passivers ' daily value when relevant to a broom institution or company sales.

Paragraph 6. Where the requirements of paragraph 1 are 1-5 is fulfilled, the valuation of the valuation shall be considered at last.

Temporary valuation

§ 7. If it is not possible to make a value hire that meets the requirements of section 6, Financial Stability may make a temporary valuation of the assets and liabilities of the establishment and the liabilities, cf. paragraph 2-5.

Paragraph 2. A temporary value of valuation shall be as far as possible to meet the requirements of section 6. In addition, the temporary valuation must include a buffer for further losses.

Paragraph 3. When Financial Stability has made a temporary valuation in accordance with paragraph 1. 1, as soon as possible, an independent valuation shall be made as soon as possible after Section 6. This value of values may be carried out before or at the same time as the valuation referred to in section 8. However, the two valuation of valuation must be separated.

Paragraph 4. Where the value of the company or the device is the net value of the final value hire, cf. paragraph 3, higher than the net value of the temporary value hire, cf. paragraph 1, Financial Stability

1) increase the value of the claims from creditors or owners of relevant capital instruments which have been written pursuant to section 17 or in connection with the bail-in under section 24 ; or

2) instruct a department or portfolio management company to further payment of payment for inherited assets, rights or obligations of the undertaking or entity during the execution or on-inherited ownership instruments for the owners of these.

Paragraph 5. Where the net value of the establishment or the net value of the final value of employment is lower than the net value of the temporary valuation, Financial Stability may carry out further deviation measures in order to ensure the dismantling of : the company or unit.

Subsequent valuation for use of creditor protection and so on

§ 8. For the purpose of assessing whether capital owners and creditors would have been better provided that the company or the unit during dismantling had been dismantled in the event of bankruptcy, cf. Section 49 ensures Financial Stability that a subsequent, independent valuation will be performed as soon as possible after the decommissioning measures.

Paragraph 2. In the application of the valuation in accordance with paragraph 1, 1 is fixed

1) the treatment to which capital owners and creditors had been received if the company or the unit during the operation had been insolvency proceedings ;

2) the actual treatment provided by capital owners and creditors in the establishment or the unit during the execution of the execution ; and

3) a possible difference in the treatment in paragraph 1 ; One and two.

Paragraph 3. The valuation of the valuation relative to if the company or unit during execution had been insolvency proceedings, cf. paragraph 2, no. 1, shall :

1) be based on the fact that the establishment or the unit during execution would have been insolvency proceedings at the time of the initiation of the decommissioning measures ;

2) starting from the fact that the rejection measures had not been implemented ; and

3) disregard any exceptional public financial support which may have been granted to the company or the unit during the execution.

Detailed rules for the valuation

§ 9. The Minister for Employment and the Growth Minister may lay down detailed rules for the valuation in accordance with section 6 to 8, including the methods of valuation of assets and liabilities in the company or unit, the separation of the final valuation, cf. sections 6 and 7 and the subsequent valuation, cf.. ~ 8, as well as the calculation and the inclusion of a buffer for additional losses in the temporary valuation, cf. Section 7 (2). 2.

Examination of assessment sperson

§ 10. The independent assessments, cf. Section 6 (2). Paragraph 1 and Article 8 (1). 1, each as the starting point of one independent assessment sperson. Financial Stability may appoint two assesses if necessary in order to meet the requirement for independence in section 6 (4). Paragraph 1 and Article 8 (1). 1.

Paragraph 2. In the case of valuation of money and mortgage credit institutions, the relevant assessment staff shall be certified by the Financial supervision to carry out auditing of these types of business, cf. Section 199 (4). 13, in the law of financial activities and rules issued by virtue of this.

Paragraph 3. The Minister for the Esteners and Growth Minister may lay down detailed rules on the designation of the assessment staff and the independence requirement.

Courts of the courts of valuation of valuation

§ 11. The valuation carried out in accordance with sections 6 and 7 cannot be subject to separate jurisdiction, but may be tested only with the financial stability implementation of deviation measures.

Chapter 4

Restructuring and dismantling

§ 12. When the conditions of execution are fulfilled, cf. Section 4, the Financial Stability Fund or the deviation measures, which in the specific situation are best suited to meet the deviation targets, shall be chosen, cf. section 5, at the restructure or the running of the company or the unit.

Paragraph 2. Financial Stability may use deviation tools and other deviation measures either individually or in combination, unless otherwise specified in this Act.

Paragraph 3. Financial stability shall be based on the deviation plan for the company or unit prepared under Chapter 17 of the Act of Finance, but is not bound by it.

Paragraph 4. For the use of deviation tools and other deviation measures, Financial Stability for each time shall ensure that :

1) loss shall be carried in accordance with the bankruptcy order, cf. the section 13 of this law and the Chapter 10 of Chapter 10 of the Conventure.

2) no creditor shall be kept more forfeit than the creditor would have been inferred if the company or unit had been taken during bankruptcy proceedings, cf. § 49,

3) creditors in the same class shall be treated equally, unless otherwise provided for in this Act ;

4) the management board and management of the undertaking or the unit as a starting point, and

5) covered deposits are fully protected, cf. the law of a deposi-and investor-compensation scheme.

Paragraph 5. When financial stability determines the use of a deviation tool or other deviation measures and this will cause creditors to suffer loss or that their claims are converted, Financial Stability is the power of section 44 in relation to holders of ownership instruments and depreciation or converts relevant capital instruments in accordance with section 17 immediately before or at the same time as the application of the settlement measure.

Paragraph 6. The Minister for the Industry and Growth Pact makes decisions on the choice of deviation tools, cf. paragraph 1, for enterprises or entities with systemic importance.

Special bankruptcies

§ 13. In the event of bankruptcy in an establishment, payment shall be paid pursuant to the Clause Section 96 requirements of the Guarantee Fund to cover deposits under the law of a depositor and investor compensation scheme.

Paragraph 2. After the requirements laid down in paragraph 1, 1 and before claims pursuant to Article 97 of the insolvency proceedings shall be paid from natural persons, micro-enterprises and small and medium-sized enterprises, which are not covered by the amount of the amount in sections 9 and 10 in the Act of a depositing and investor compensation scheme ; by the Guarantee Fund.

§ 14. Upon request for bankruptcy or redesign processing by undertakings or entities, the financial stability and financial supervision system shall inform the Stability and Financial supervision. The shifter may not take a decision on bankruptcy or redesign processing if financial stability within 7 days of notification has announced that Financial Stability will take deviation measures against the company or unit.

Paragraph 2. Has Financial Stability initiated deviation measures, or has Financial Stability estimated that the conditions for running, cf. Section 4 is fulfilled in relation to a company or entity, an insolvency or reconstruction treatment against the company or unit without the consent of the Financial Stability Pact.

Paragraph 3. The day when the financial stability decision takes place, cf. ~ 12, to initiate a non-compliance measure against a company or entity that satisfies the conditions of the deviation conditions under section 4, may make a day off in accordance with bankruptcy law's section 1 if the court is then received before 3 months thereafter ; whether redesign or bankruptcy, or of its own operation, shall initiate reconstruction proceedings or refuse to be declared insolvency.

Checks in settlement

§ 15. In order to take and implement the deviation measures, Financial Stability may exercise control over a company or unit during settlement by taking over the powers conferred on capital owners and the management of the undertaking, the activities and services of the unit, as well as the management and disposal of assets and property belonging to the company or entity.

Paragraph 2. Financial Stability can exercise control, cf. paragraph 1, either directly or indirectly through one or more designated persons, cf. § 16.

Paragraph 3. The Minister for the Industry and Growth Minister may lay down detailed rules on the exercise of controls pursuant to paragraph 1. 1 and 2, including the registration of the overtaking of the control and the relationship to the former management board and the capital owners.

§ 16. Financial Stability may assign an administrator to take over responsibility for the management of a company or device during execution. The administrator shall be given all the powers granted to the capital owners and to the management board of the undertaking or the unit, and shall also implement the deviation measures, Financial Stability and Probilities have been deemed necessary. Financial Stability will publish the appointment.

Paragraph 2. The administrator must have the necessary skills and knowledge to be able to carry out the task in accordance with paragraph 1. 1. The administrator can take help.

Paragraph 3. The administrator exercises its powers under the instructions and control of the Financial Stability Pact. The administrator will report to Financial Stability about the financial and financial situation of the company or the unit and the actions that the administrator has performed in performing its tasks. The reporting shall be carried out continuously and at the beginning and the completion of the administrator's mandate and at the request of the Financial Stability and Profitability.

Paragraph 4. The administrator will be appointed for a period up to 1 year. This period may, in exceptional circumstances, be renewable if Financial Stability determines that the company or the unit continues to be running and if it is considered to be the best suited to be responsible for the execution of the settlement objectives, cf. § 5.

Paragraph 5. Financial Stability may decide that the indemnification is to be set by the administrator.

Paragraph 6. The Minister for the Industry and Growth Minister may lay down detailed rules on the designation of an administrator, their duties and their registration and their publication.

Depreciation and conversion of relevant capital instruments

§ 17. Financial Stability shall write down or convert relevant capital instruments in an enterprise or unit to actual core capital instruments when the conditions of the execution are met, cf. § 4.

Paragraph 2. The glance to write down or convert the relevant capital instruments in accordance with paragraph 1. 1 may be exercised independently or combined with other deviation measures.

Paragraph 3. Depreciation or conversion of relevant capital instruments must be made on the basis of a valuation of the assets and liabilities of the establishment and the liabilities in accordance with Chapter 3.

Paragraph 4. The order of writing and the conversion of capital instruments in accordance with paragraph 1. 1 shall be in accordance with the order of a bankruptcy of the undertaking or the unit.

§ 18. In writing of the principal chair of a relevant capital instrument after Section 17, the reduction shall be permanent and no compensation will be paid to the owners of the relevant capital instruments from the establishment or the unit during processing beyond what they are : the owners may, where appropriate, be entitled to a final valuation in accordance with section 7 (3). 3.

Paragraph 2. Financial Stability may require a company or entity to issue real nuclear capital instruments to the owners of the relevant capital instruments. The relevant capital instruments can only be converted to actual core capital instruments when the following conditions are met :

1) The actual core capital instruments shall be issued by the undertaking or entity concerned or following approval from the financial stability of the parent undertaking of the establishment or the parent undertaking.

2) The actual core capital instruments shall be issued before any governmental capital deposits, cf. § 51.

3) The actual core capital instruments shall be allocated and transferred immediately after the use of the conversion power.

4) The conversion rate, which determines the number of actual core capital instruments provided in relation to each relevant capital instrument, meets the requirements of Section 45.

Business sales

§ 19. Financial Stability may for a buyer who is not a bridge institution, delegate all or part of

1) the ownership instruments issued by a company or entity during the execution ; or

2) assets, rights or obligations of an undertaking or entity during the execution.

Paragraph 2. On the transfer of ownership instruments in accordance with paragraph 1. 1, no. 1, the remuneration is added to the owners of the ownership instruments. In the transfer of all or part of the assets, rights or obligations of the undertaking or the unit during the execution, cf. paragraph 1, no. 2, the remuneration shall be added to the company or unit during the execution.

Paragraph 3. A transfer in accordance with paragraph 1. 1 may be made without the consent of the capital owners of the undertaking or the unit during the running or other third party, cf. 20. Buyer shall be deemed to continue the establishment or the unit during the running or the inherited parts thereof, and may continue to exercise any right that the undertaking or the entity engaged in the transfer of assets, rights or commitments.

Paragraph 4. A transfer in accordance with paragraph 1. 1 shall take place on commercial conditions, taking into account the circumstances of the specific situation. Financial Stability can override this if a commercial process, including an open and transparent sales process, will significantly weaken one or more of the deviation objectives, cf. § 5.

Paragraph 5. Financial stability may, with the consent of the purchaser, be returned all or part of a transfer in accordance with paragraph 1. 1. Financial Stability returns the ownership instruments to the original owners and assets, rights, or the responsibilities of the company or unit during the execution. The original owners and the company or the unit during running have a duty to take this back.

Paragraph 6. Owners of the ownership instruments and creditors of the company or the unit during the execution and other third parties whose assets, rights or obligations are not transferred, have no rights to or associated with the transferred assets ; rights or obligations.

20. A purchaser of the ownership instruments issued by the undertaking or the unit during the running or all of the assets, rights or responsibilities of the undertaking or the unit during the execution shall have the necessary or appropriate authorization ; The financial supervision to drive the acquired business activities.

Paragraph 2. In Section 61, the Finance Company may not carry out the assessment referred to in Section 61, before the transfer, cf. Section 19 may be transferred, but the rights of the associated voting rights may be exercised solely by Financial Stability until such time as approval is available. Financial Stability does not have a duty to exercise this right to vote.

Paragraph 3. If the Financial Company Agreement is submitted under Section 61, Financial Stability provides a time limit for the buyer's disposal of the ownership instruments. The rights of the associated voting rights may be exercised solely by Financial Stability until the dispose of the Disposal.

Broinstitute

§ 21. Financial Stability may for a bridge institution hand over all or part of

1) the ownership instruments issued by a company or entity during the execution ; or

2) assets, rights or obligations of an undertaking or entity during the execution.

Paragraph 2. A bridge institution shall be established for the purpose of receiving and managing the transfer pursuant to paragraph 1. 1. The institution of the BroFoundation shall be capitalised by writing or conversion of relevant capital instruments in the enterprise or unit during the execution, cf. § 17, using the bail-in, cf. section 24, or via deposits from the Deviation fortune, cf. $59. The BroInstitute must have the necessary or appropriate permissions from the Financial supervision to drive the business activities acquired under the law of financial activities.

Paragraph 3. A transfer in accordance with paragraph 1. 1 may be made without the consent of the capital owners of the undertaking or the unit during the running or other third party, cf. however, paragraph 1 TWO, THREE. Act. The BroInstitute shall be deemed to be a continuation of the undertaking or the unit during the running or the inherited parts thereof, and may continue to exercise any right that the company or the entity practised in connection with the transferred assets ; rights or obligations.

Paragraph 4. The total value of the commitments made pursuant to paragraph 1. 1 shall not exceed the total value of the rights and assets assigned to them. A fee paid by the bridge shall be attributed to the transfer of ownership instruments to its owners and in the transfer of assets, rights or undertakings to the undertaking or the unit during the execution. The assessment after 1. Act. and a possible remuneration after 2. Act. shall be determined on the basis of the valuation of Chapter 3.

Paragraph 5. Financial Stability may, through the Deviation of Deviation, grant a broach a cash flow framework so that the Foundation may finance the acquisition of assets and rights from the establishment or the unit during execution and meet any requirements to be made available ; liquidity in the law of financial activities.

Paragraph 6. Financial Stability may be returned to the whole or part of a transfer in accordance with paragraph 1. 1, when this is specified by the transfer or when the transfer does not meet the conditions for transfer. The original owners and the company or the unit during running have a duty to take this back.

Paragraph 7. Owners of the ownership instruments and creditors of the company or the unit during the execution and other third parties whose assets, rights or obligations are not transferred, have no rights to or associated with the transferred assets ; rights or obligations.

§ 22. The BroInstitute shall be operated in order to maintain access to any critical functions and sell the inherited undertakings, assets, rights or obligations to one or more purchasers when the appropriate conditions are present, and within the period referred to in paragraph 1. 3 and 4. Sales, cf.. 1. pkt., implemented by Financial Stability in an open and transparent sales process. Sales must take place on commercial conditions, taking into account the conditions.

Paragraph 2. A bridge institution shall cease to be a bridge institution when :

1) The sting of the bridge does not meet the requirements of section 2, no. 6,

2) all material assets, rights and obligations in the broth shall be sold to a third party ;

3) the time limit for paragraph 1 3 or 4 expires or

4) all the assets of the broestablishment have been settled and its obligations are fully resubmitted.

Paragraph 3. Financial Stability sets the operation of the Bridge Foundation as soon as possible and within two years of the date on which the last transfer pursuant to Article 21 (1) is transferred. One has been done.

Paragraph 4. Financial Stability may extend the time limit laid down in paragraph 1. 3 with one or more periods of up to 1 years if this facilitates the execution, cf. paragraph 2, no. The provisions of 1, 2 or 4 shall be necessary or are necessary to ensure the continuation of essential financial services.

Paragraph 5. Accosting a bridge institution pursuant to paragraph 1. 2, no. 2 or 3, the embros shall be subject to winding-up proceedings or insolvency proceedings depending on the conditions.

Paragraph 6. A possible provenu at the operation of the broinstitute in accordance with paragraph 1. 5 shall be added to the capital owners in the brosars, cf. However, Section 29.

Separation of assets

-23. Financial Stability may assign portfolios of assets, rights or obligations from a company or entity during running or from a brocler, cf. section 21, for a Portfolio Management Company, when

1) the situation in the specific market for the assets, rights or obligations of such assets, such that it could have a negative impact on one or more financial markets if they were executed by bankruptcy proceedings ;

2) the transfer is necessary to ensure that the organisation or the unit during the running or the sting operation is functioning correctly, or

3) the transfer is necessary in order to maximise the means from the execution.

Paragraph 2. A transfer in accordance with paragraph 1. 1 may be made without the consent of the capital owners in the establishment or the unit during reprocessing or from other third parties.

Paragraph 3. The Portfolio Agency shall be capitalised by writing or conversion of relevant capital instruments in the enterprise or unit during the execution, cf. § 17, using the bail-in, cf. section 24, or via deposits from the Deviation fortune, cf. $59.

Paragraph 4. Financial stability can provide a portfolio management company with a portfolio management company so that the company can finance the acquisition of assets and rights from the company or the unit during execution or from : Bridge Institute.

Paragraph 5. Delegation from an establishment or unit during the execution of paragraph 1. 1 takes place against a remuneration paid by the portfolio of the portfolio for the company or unit. The remuneration may be paid in the form of debt issued by the Portfolio Ministrations. The contractions can be negative. Financial Stability provides for the remuneration based on the valuation of Chapter 3.

Paragraph 6. Financial Stability may be transferable under paragraph 1. 1 several times.

Paragraph 7. Financial Stability may be returned to the whole or part of a transfer in accordance with paragraph 1. 1, when this is specified in the transfer or when the transfer does not meet the conditions of transfer, cf. paragraph 1. The undertaking or the unit during the running or the sting of the sting shall have a duty to take such assets, rights or obligations.

Paragraph 8. Owners of the ownership instruments and creditors of the company or the unit during the execution and other third parties whose assets, rights or obligations are not transferred, have no rights to or associated with the transferred assets ; rights or obligations.

Bail-in

§ 24. Financial Stability can use bail-in for loss bbering and to recapitalize an enterprise or unit during execution or to convert to own funds or write down obligations that are transferred under section 19, 21 or 23.

Paragraph 2. Bail-in can be used solely for recapitalisation, cf. paragraph 1, where it can reasonably be expected that, in addition to complying with the relevant deviation objectives, it will lead to a restructuring of the undertaking or entity concerned with a view to viability in the longer term. In this assessment, the use of any other measures may be used, including measures implemented in accordance with the restructuring plan, cf. § 28, come in.

Paragraph 3. Financial Stability will carry out bail-in on the basis of the valuation in accordance with Chapter 3.

Paragraph 4. Bail-in, cf. paragraph 1-3 and § 25-28 cannot be used in the re-structuring and running of a real credit institution.

§ 25. Bail-in can be applied to all of the company ' s or unit ' s non-complied obligations as well as debt-based indescribable commitments which have not been written or converted pursuant to sections 17 and 18, and shall take place in accordance with the order of bankruptcy, cf. the section 13 of this law and the Chapter 10 of Chapter 10 of the Conventure Act, cf. however, paragraph 1 3 and 4.

Paragraph 2. Before any non-compliance obligation may be made, liabilities which have not already been converted are converted or written down if they contain the following terms :

1) The main chair of the instrument shall be reduced by an event affecting the financial situation of the establishment or the financial situation, solvency or capital of the company.

2) The instrument shall be converted to the instruments of ownership, provided that an event is referred to in paragraph 1. 1 occurs.

Paragraph 3. No bail-in can be performed in relation to the following obligations :

1) Covered deposits.

2) Responsibilities.

3) Any obligation arising from the company or entity's possession of customers 'assets or money, including customers' assets or money that is deposited by or on behalf of Danish UCITS subject to the law on investment associations, etc. and alternative investment funds as defined in Section 3 (3). 1, no. 1, in the law of alternative investment fund managers, etc. and rules issued in accordance with section 3 (3). 8, in the case of alternative investment fund managers, etc., provided that the customer is protected by reconstruction or bankruptcy proceedings.

4) Any obligation arising from a trusted relationship between the company or the unit (as entrusted to them) and another person (as a beneficiary), provided that such a beneficiary is protected under the applicable insolvency or civil rights.

5) Obligations to companies with an initial duration of less than 7 days, unless they are within the same group.

6) Obligations with a remaining duration of less than 7 days in the face of registered systems, cf. Section 57 a of the securities trading system, etc., or operators of such systems or their participants, who are a consequence of participating in such a system.

7) An obligation to

a) an employee as a result of a payroll, pension provision or other flat-rate compensation, except for the variable part of the salary of essential risk takers and, except for the variable part of the wage, which is not regulated by collective agreements,

b) a commercial or commercial creditor as a result of the supply of goods or services which are essential to the day-to-day operation of the activities of the company or the unit, including IT services, supplies and rent, servicing and, maintenance of premises ;

c) the tax and social security authorities, provided that such obligations are predominantly in accordance with the bankruptcy order, cf. the section 13 of this law and the Chapter 10 of the Chapter 10, where appropriate, the general insolvency law of another country ;

d) The guarantee assets resulting from overdue contributions in accordance with the law of a depositing and investor compensation scheme ; and

(e) Deviation of the Deviation of Deviation as a result of forgery payments in accordance with Chapter 11.

Paragraph 4. In exceptional cases, financial stability may, in exceptional cases, be wholly or partially omit to make bail-in some of the non-compliance obligations or a category of them. Financial stability shall inform the European Commission before an obligation is ruled out in accordance with 1. Act.

Paragraph 5. The Minister for the Industry and Growth Minister may lay down detailed rules on the conditions under which no exclusion may be carried out pursuant to paragraph 1. 4.

SECTION 26. Where financial stability is wholly or partially excluded, an obligation or category of obligations pursuant to Article 25 (3). 4, by means of the Deviation of the Deviation,

1) to cover any losses that have not been absorbed by depreciation segaled passives and restore the net value of the company or unit during execution to zero or

2) to purchase the ownership instruments or capital instruments of the undertaking or the unit during the execution to recapitalise the company or the unit.

Paragraph 2. Contributions from the Deviation fortune, cf. paragraph 1 assumes that

1) at least 8%. the total liabilities measured at the time of the deviation measure in accordance with the completed valuation, cf. in Chapter 3, is written or converted ; and

2) The contribution of the Deviation fortune does not exceed 5%. the total liabilities measured at the time of the deviation measure in accordance with the completed valuation, cf. Chapter 3.

Paragraph 3. In exceptional cases, financial stability may try to provide additional funding when the contribution limit in paragraph 1 is made. 2, no. 2 has been reached, and when unsecured non-privileged obligations with the exception of legitimate deposits and obligations covered by Section 25 (2). 3 and 4 have been disclosed or converted in full.

Paragraph 4. When all of the company or entity's obligations that can be written down or converted at the bail-in, cf. Section 25, written or converted and the Guarantee Fund has made contributions in accordance with section 2 a in the Act of a depositor and investor-assurance scheme may contribute in accordance with paragraph 2 ; 2.

§ 27. Depreciation or conversion of obligations derivatives from derivatives may only take place at or after the derivation of derivatives. Financial Stability may terminate and end any derivative contracts for that purpose.

Paragraph 2. Has the derivative obligation has been excluded from the bail-in, cf. § 25, paragraph. 4, Financial Stability is not obligated to terminate or terminate the derivative contract.

Paragraph 3. If the derivative contract is subject to a net agreement, the value of the contract on the net asis in accordance with the Agreement Terms and Conditions shall be discharged.

§ 28. When the bail-in is used to recapitalise the company or the unit during the execution, the company or unit must prepare and implement a restructuring plan.

Paragraph 2. The Restructuring plan shall contain the measures which aim to restructure the viability of the undertaking or the entity or relevant parts of its activities within a reasonable period of time. The Restructuring plan must contain at least the following elements :

1) An assessment of the factors and problems resulting from the need for the company or the unit to be conferred or to be expected to have an emergency, and the conditions that have led to its difficulties.

2) A description of the measures to be taken to restructure the viability of the establishment or the unit of the unit in the long term.

3) A timetable for the implementation of these measures.

Paragraph 3. No later than 1 month after the use of the bail-in, the board shall submit to the Administrative Board or to the persons who have taken control of the company or unit under sections 15 or 16, and Financial Stability a restructure plan for the Financial supervision. The financial supervision may extend the period for up to 2 months.

Paragraph 4. The financial supervision shall notify the undertaking or unit and financial stability of the plan to be approved at the latest within one month after receipt of the restructuring plan. If the plan is not approved, the Finance Board shall communicate this to the company or the unit and Financial Stability. A revised restructure plan shall be submitted for approval no later than two weeks thereafter.

Paragraph 5. The Management Board or the persons who have taken control over the company or unit pursuant to section 15 or 16 shall report to Financial Stability at least every six months on the implementation of the restructuring plan I'm running. Financial Stability will send the report to the Financial supervision.

Paragraph 6. The management board or the persons who have taken control over the company or unit pursuant to section 15 or 16 shall review the restructuring plan in the process if it considers, after the Financial Stability and Growth Pact, and after consultation of ; The financial supervision is necessary in order to meet the long-term viability of the objective. The financial supervision must approve the revised restructure plan.

Paragraph 7. The Minister for the Industry and Growth Minister may lay down detailed rules on the restructuring plan, including the elements to be included in the plan, the process of approval of plans and the minimum content of the reports to be drawn up pursuant to paragraph 1. 5.

Funding of deviation measures

§ 29. Financial Stability, Deviklers and other financing schemes may have reasonable costs incurred in the application of deviation measures and public stabilisation instruments in one or more of the following ways :

1) From a fee paid by a buyer for the company or the unit during running or, where appropriate, to the owners of the ownership instruments.

2) From the company or unit during the execution as a privileged creditor.

3) From a possible provenu as a result of the operation of the brokInstitute or the portfolio management company as a privileged creditor.

Chapter 5

Contracts

-$30. Financial Stability may terminate or modify the terms of contracts concluded by a company or unit during development when necessary to ensure the implementation of deviation measures. This presuppots that the principles of deviation in section 12 (2) are required. 4, observed, including that the contracting parties concerned or creditors are not inflied on greater losses than if the undertaking or entity had been taken during bankruptcy proceedings, cf. however, section 31.

§ 31. A deviation measure taken pursuant to this law shall not constitute a reason or insolvency proceedings as defined in Section 58 h (1). ONE, TWO. pkt;, in the law of securities trading, etc., if the company or entity continues to meet the essential obligations of the contract, including payment and delivery obligations, and a guarantee of collateral.

Paragraph 2. In the course of completion of the contract, a company or entity shall continue to be subject to the essential obligations of the contract, including payment and delivery obligations, and an obligation or claim for collateral, will be a rejection measure or measures ; directly related to it, not in itself to justify the parties to the establishment or the party to :

1) Unsuspend, suspend, change, extinguishing, clean or matte in the contract ;

2) possess, exercise control over, or seek, have been carried out in any asset belonging to the company or entity ; or

3) exert influence on the contractual rights of the establishment or unit of the unit, by the way.

Paragraph 3. Paraguates 1 and 2 shall apply by analoging to a subsidiary of the company or unit, where the company, the unit or another group assembly guarantees or supports the obligations of its subsidiary, and of contracts entered into by a group assembly, which contains provisions on cross-compliance.

Paragraph 4. A suspension or restriction on the basis of section 32 to 34 does not constitute non-breach of a commitment, cf. paragraph 1-3.

Paragraph 5. Paragraph 1-4 shall apply mutatis mutable to where a deviation measure has been started in a country outside the European Union, which the Union has not signed up to in the financial sphere.

§ 32. Financial Stability may suspend any of the payment and delivery obligations under a contract which a company or entity during the execution has concluded, cf. however, paragraph 1 4. The suspension shall run from the publication of the notification of suspension, cf. § 50, to the end of the first weekday thereafter.

Paragraph 2. If a suspended payment or delivery obligation is due to the suspension period, payment or delivery shall be made immediately after the end of the suspension period.

Paragraph 3. Where the payment or delivery obligations pursuant to a contract shall be suspended pursuant to paragraph 1. 1, the contract of the contract of the contract shall be suspended in accordance with the contract in the same period.

Paragraph 4. Suspension of payment or delivery obligations pursuant to paragraph 1. 1 shall not apply to :

1) eligible deposits,

2) payment and delivery obligations in respect of payment systems and clearance centres, pursuant to Article 10, 1. the provisions of Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally, on payment systems and securities settlement systems with subsequent amendments, notified to the European Securities and Markets Authority, operators of such systems, central counterparts and central banks ; and

3) requirements covered by Section 11, in the law of a deposi-and investor-compensation scheme.

§ 33. Financial Stability may suspend the right of creditors to the right to seek out the safety of a company or unit during the execution of such security. The suspension shall run from the time of publication of notification of suspension, cf. § 50, to the end of the first weekday thereafter.

Paragraph 2. The possibility of suspension pursuant to paragraph 1. Paragraph 1 shall not apply to security in respect of payment systems and clearing centres, pursuant to Article 10 (1). the provisions of Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally, on payment systems and securities settlement systems, with subsequent amendments, notified to the European Securities and Markets Authority, operators of such systems, central counterparts and central banks.

Paragraph 3. In Articles 40, Financial Stability shall ensure that the suspension is to be suspended pursuant to paragraph 1. 1 shall be done in a uniform manner in all the undertakings or entities subject to the execution.

§ 34. Financial Stability may suspend contractual termination rights, cf. however, section 35, to contract parties that have contracts with a company or unit during execution, and the subsidiaries of the establishment or the entity, cf. however, paragraph 1 2. The suspension shall run from the publication of the notification of suspension, cf. § 50, to the end of the first weekday thereafter. The suspension of the subsidiaries shall apply until the end of the day after notification of the suspension of the suspension granted in the Member State in which the subsidiaries are registered.

Paragraph 2. Suspension to subsidiaries, cf. paragraph 1 may occur if :

1) the contract is guaranteed or otherwise supported by the company or unit during the execution of the contract ;

2) the termination of the contract to the termination of the contract shall be based on the economic situation of the establishment or the unit during the running or the operation of the product or its insolvency ;

3) Financial Stability has exercised or is responsible for exercising the power to transfer rights, assets or undertakings from the undertaking or the unit during execution to another legal person and all the rights of the subsidiary ; obligations relating to the contract in question are transferred or intended to be transferred to the transferee or Financial Stability in any other way to ensure the fulfilment of the obligation.

Paragraph 3. The possibility of suspension pursuant to paragraph 1. 1 and 2 shall not apply to payment systems and clearance centres which, pursuant to Article 10, shall apply. the provisions of Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally, on payment systems and securities settlement systems, with subsequent amendments, notified to the European Securities and Markets Authority, operators of such systems, central counterparts and central banks.

$35. Contracts having a contract with a company or unit during execution may, irrespective of section 34, access termination of termination prior to the expiry of the suspension period if the party has received a notice from Financial Services, Stability that the rights and obligations under the contract will not be

1) transferred to another legal person, or

2) depreciated or converted by the use of bail-in.

Paragraph 2. The party of the party may use access to terminate termination of the contract in accordance with the terms of the contract following the expiry of the suspension period, cf. however, section 31 (1), 2, if

1) Financial Stability has transferred rights and obligations under the contract to another legal person and the member of the contract may invoke an inaudible reason for the transferee or

2) the rights and obligations under the contract are not transferred to a different legal person and financial stability not used for the use of bail-in.

§ 36. Financial Stability shall ensure the continuation of financial security agreements in the form of the transfer of property rights, cf. Chapter 18 (a) of securities trading, etc., set-off, and final settlement and network agreements in order to avoid the transfer of any but not all rights and obligations under such an agreement between the company or unit under the running and its contract party, and to avoid any modification or termination of rights and obligations covered by such an agreement, cf. However, section 39.

Paragraph 2. Financial stability shall be considered to have ensured the continuation of an agreement pursuant to paragraph 1. 1, if the parties are still entitled to contradict or end up and clean all rights and obligations under the contract in question.

§ 37. Financial Stability must ensure the continuation of contracts for the security of commitments, cf. however, section 39, in order to avoid :

1) the transfer of assets made as a guarantee of an obligation, unless the obligation and its security law are also transferred,

2) the transfer of a liability for which safety is lodged unless the security law is also transferred,

3) transfer of a security law unless the obligation to guarantee the security of the undertaking is transferred, or

4) the amendment or termination of a contract for the security of undertakings under the use of the Financial Stability Pact, if this amendment or termination of the contract does not warrant any security for the obligation to be covered by the obligation, The contract.

§ 38. Financial Stability shall ensure the continuation of contracts for structured financing, including in particular covered bonds that the company or the unit during running are a party to, cf. however, section 39, in order to avoid :

1) the transfer of some but not all assets, rights and obligations under such a structured financing agreement ; or

2) the termination or amendment of rights and obligations under such a structured financing or modification of the status of a stock.

§ 39. If it is necessary to ensure access to the deposits to cover deposits, Financial Stability regardless of section 36 to 38 will hand over covered deposits as part of the contracts referred to in section 36 to 38 without handing over other assets, rights, or commitments covered by the same contract. Financial Stability may also entrust assets or transfer, modify, or terminate any rights or obligations without handing over the covered deposits.

§ 40. The financing of the Stability Pact must not affect the operation of payment systems and clearing centres, which, pursuant to Article 10, shall not affect the operation of the system of non-payment. the provisions of Directive 98 /26/EC of the European Parliament and of the Council of 19. May 1998, finally, on payment systems and securities settlement systems with subsequent amendments, notified to the European Securities and Markets Authority, in cases where financial stability is available ;

1) to some, but not all assets, rights and obligations of an undertaking or entity during execution to another legal person ; or

2) in the case of other deviation measures, the termination or change of terms of a contract which is part of a contract, or replaces the establishment or the entity with the transferee as a party to the contract.

Paragraph 2. A transfer or termination or modification of terms, cf. paragraph 1, may not in itself entail a transfer order in contravention of § 57 c of the securities trading law, and may not alter or hinder the implementation of the final transfer orders, cf. Section 57 c of the law on securities trading, etc., or the protection of collateral, cf. Section 57 (b) of securities trading and so on

§ 41. The Minister for the Industry and Growth Minister may lay down detailed rules on the handling of contracts, including categories of contracts covered by section 30-40.

Chapter 6

General deviation powers and additional provisions

§ 42. Financial Stability may use the powers necessary to implement and implement non-compliance measures against undertakings and entities that meet the conditions of development. Financial Stability shall use, in particular, the following variance powers which may be used individually or in combination :

1) To take control of a company or unit during execution and exercise all the rights and powers conferred on the company or unit ' s capital owners and the management board of the undertaking or entity in question, cf. ~ § 15 and 16. ~

2) The transfer of ownership instruments issued by a company or entity during execution.

3) Transferring rights, assets, or responsibilities of a company or unit during execution to another company or entity with the consent of the receiving company or entity.

4) To reduce the main chair or the amount of the outstanding amount to be taken in relation to the depreciation segaled liabilities in a company or unit during execution, cf. ~ § 17, 18 and 24-28.

5) To convert depreciation segmented passives into an establishment or unit during the execution of the ownership instruments of the undertaking or unit, a parent company or a bridge institution to which the assets, rights or obligations are transferred, cf. ~ § 17, 18 and 24-28.

6) To cancel the debt instruments issued by a company or entity during execution, cf. section 17, 18, 24 to 28 and 44, however, not exempted from the bail-in, cf. § 25, paragraph. 3.

7) To write down the nominal value of the ownership instruments of a company or unit during execution and cancelling such ownership instruments.

8) To ensure that a company or entity during execution or a relevant parent company issues new ownership instruments or other capital instruments, including preferential access and conditional convertible instruments.

9) To conclude and terminate financial contracts or derivatives for the purpose of the use of section 27.

10) To remove or replace the management board and the day-to-day administration of a company or unit during the execution.

Paragraph 2. For the purposes of applying rejection measures and the exercise of deviation powers, Financial Stability is not subject to any of the following requirements :

1) Requirements for obtaining approval or consent from specific natural or legal persons, either public or private, including shareholders or creditors in the establishment or the unit during settlement, unless otherwise stated in this Act.

2) Procedural requirements for prior notification of prior notification, including requirements for publication of a message or prospectus, or archiving or registering documents of another authority, unless otherwise stated by this law.

Paragraph 3. Financial Stability may be able to exercise the powers under paragraph 1. 1 regardless of any limitation of or any requirement of consent for the transfer of the relevant financial instruments, rights, assets or liabilities, which otherwise may be applicable ;

Paragraph 4. The Minister for the Industry and Growth Minister may lay down detailed rules on the application of powers pursuant to paragraph 1. 1 and the derogation from the requirements laid down in paragraph 1. 2.

§ 43. In the performance of disclaviation powers, Financial Stability

1) make sure that a transfer is carried out without obligations or liabilities that affect the transfer of financial instruments, rights, assets or obligations, cf. however, section 37,

2) removing privileges to acquire additional ownership instruments ;

3) ' opening up to trade in a regulated market or admission to official listing of financial instruments in accordance with the securities trading slots is suspended or suspended, and

4) ensure that the company or the unit is exchanged and the receiving party exchanges information and provides each other with assistance.

Paragraph 2. Financial stability can only be exercised in paragraph 1. 1, where necessary, to ensure effective rejection measures or in order to achieve one or more non-compliance objectives.

Paragraph 3. Financial Stability has access to any service or operational facility within the company or unit during the execution or any of its group units which are necessary in order to allow for an efficient operation of the operation of the product ; the company or unit which is transferred.

Paragraph 4. The performance of financial stability shall ensure the necessary continuity so that a recipient can drive the company or unit in the service. This includes in particular the following :

1) Forwarding of contracts concluded by the company or unit during the settlement process so that the beneficiary assumes all the rights and obligations of the undertaking or the unit during the execution of any financial instrument, any right, any asset or passive that has been transferred, and explicitly or tacit is inserted instead of the company or unit during the execution in all relevant contractual documents.

2) Insertion of the consignee instead of the company or unit during execution in any legal procedure relating to any financial instrument, any right, any active or any passive that has been transferred.

Paragraph 5. The impact shall not affect the right of an employee of the company or the unit during the execution to terminate an employment contract. Moreover, the provisions shall not affect any party to a party in a contract to exercise the rights arising from the contract, including the right to terminate the contract when a contract is provided under the terms of the contract as a result of a contract ; an act or an omission of the undertaking or the unit during the execution prior to the relevant transfer or by the consignee after the relevant transfer, cf. However, § § § 32-34.

Paragraph 6. The Minister for the Industry and Growth Minister may lay down detailed rules on the services and operational facilities necessary to enable a consignees to operate effectively the company or entity that is transferred, cf. paragraph 3.

§ 44. When Financial Stability writes or converts relevant capital instruments, cf. ~ § 17 and 18, or use the bail-in, cf. section 24-28, one or both of the following measures shall be implemented in relation to the owners of the ownership instruments :

1) Existing ownership instruments shall be mortified or transferred to creditors covered by the conversion of relevant capital instruments, cf. ~ § 17 and 18, or bail-in, cf. § § 24-28.

2) On the assumption that the establishment or the unit during the execution of the valuation carried out in accordance with Chapter 3 has a positive net value, the existing owners of the ownership instruments resulting from the conversion to ownership instruments.

Paragraph 2. The conversion in accordance with paragraph 1. 1, no. 2, must be carried out to a conversion rate that significantly waterdown existing ownership instruments, cf. § 45.

Paragraph 3. The measures referred to in paragraph 1 1 shall also be taken in relation to ownership of ownership instruments when the instruments in question were issued or transferred in the conversion of debt instruments to the instruments of ownership in accordance with the said ; the contractual provisions of the original debt instrumentation on the occurrence of an event before or at the same time as the Financial Stability Assessment of the establishment or the unit satisfying the conditions of the execution.

Paragraph 4. For the conversion of relevant capital instruments or the use of bail-in acquisition or increase in a qualified capital in a company or unit, the Financial supervision does not complete it in Section 61 in the Act of Finance the required assessment of the date of use of the bail-in or conversion of the relevant capital instruments shall be the provisions of section 20 (1). The provisions of 2 and 3 shall apply to the acquisition or increase in the eligible capital.

Paragraph 5. The Minister for the Industry and Growth Pact may lay down detailed rules for the implementation and implementation of the measures referred to in paragraph 1. 1-3. The rules may include derogations from the rules of the company law, provided that it is necessary to ensure that the implementation of the measures may be carried out.

§ 45. When Financial Stability converts relevant capital instruments, cf. section 17, or uses the bail-in after section 24, different conversion rates may be used for different categories of capital instruments and obligations, cf. paragraph Two and three.

Paragraph 2. The conversion rate shall represent an appropriate compensation for the creditor concerned for all losses arising from the conversion of the conversion power.

Paragraph 3. Where different conversion rates are applied in accordance with paragraph 1. 1, the conversion rate for non-successor obligations pursuant to the bankruptcy order shall be higher than the conversion rate for trailing obligations.

Paragraph 4. The Minister for the Industry and Growth Minister may lay down detailed rules on the fixing of conversion rates.

§ 46. When Financial Stability writes or converts relevant capital instruments, cf. § 17, or use the bail-in, cf. section 24, the depreciation or conversion shall enter into force and be binding effective immediately for the establishment or the unit during operation, as well as the owners of ownership instruments and creditors. The depreciation or conversion is permanent.

Paragraph 2. Financial Stability may end or require the completion of all administrative and procedural measures necessary to exercise a competence as referred to in paragraph 1. 1.

§ 47. § § § 36-38, 45, 74, 76-78, 80, 84, 87, 90, 93-99, 101, 102, 104, 109, 119-121, 135, 154-157, 167-170, 185, 185, 193, 193, 193, 193, 193, and 338 to 344 in corporation law, Chapter 6 A and 6 B in the law of certain economic operators, section 67 of the law ; on financial operations and Chapter 8 of the Act on securities trading, etc. shall not apply to the financing of the Stability Pact and the implementation of deviation measures at an establishment or unit during the execution.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules and procedures to replace the rules laid down in accordance with paragraph 1. 1 on behalf of the company law, the law on securities trading, etc., the law on financial activities and the law of certain traders undertakings.

§ 48. Financial Stability may request the courts to defer any judicial process or procedure as a company or entity during execution is or will be a party to.

Chapter 7

Protective measures for capital owners and creditors

§ 49. When one or more deviation measures have been applied, capital owners and creditors whose requirements have not been transferred when Financial Stability has made partial transfer of assets, rights and obligations that belong to the establishment or the unit during execution, receive cover for their claims at least equivalent to that which they would have received at the time of bankruptcy of the undertaking or the unit during the execution.

Paragraph 2. The capital owners and creditors whose requirements have been written down or converted into actual core capital instruments shall not suffer greater losses than by bankruptcy of the undertaking or the unit during the execution.

Paragraph 3. The assessment in relation to paragraph 1. 1 and 2 shall be carried out on the basis of the valuation in section 8. Where it is found that a capital owner or creditor, including the Guarantee Fund, has suffered more losses than it would have done in the case of bankruptcy of the undertaking or unit, the difference in the waste wealth is paid.

Chapter 8

Publication

$50. Financial stability shall ensure that the necessary publication is carried out when deviating measures are taken.

Paragraph 2. The publication shall include information on the measures, including the impact on customers, creditors, capital owners, contractual parties, etc.

Chapter 9

Public Stabilisation Instruments

§ 51. The State may, in exceptional cases, participate in the execution of a business or unit by using public stabilisation instruments, cf. paragraph 2, in order to meet the deviation objectives, cf. § 5. The following conditions must be met :

1) The company or unit complies with the exception conditions, cf. § 4.

2) All other deviation tools are, as far as possible, assessed and excluded or used.

3) Participation is designed to avoid significant adverse effects on financial stability or in order to protect the public interest if the undertaking or entity has previously received extraordinary cash-flow support from Denmark ; National bank or public capital support.

4) Contributions to loss of loss and recapitalisation have been made of at least 8%. by the total liabilities, by writing down ownership instruments, depreciation and conversion of relevant capital instruments and bail-in or otherwise.

5) The participation of the participation of the European Union shall be the subject of the State aid rules.

Paragraph 2. The public stabilisation instruments shall mean that the State can provide capital intake in the form of real core capital, hybrid core or additional capital or temporarily take ownership of the company or unit through one. company created by Financial Stability.

Paragraph 3. The State may use public stability instruments alone in accordance with paragraph 1. 1, if the Minister for the Acquisition and Growth Minister, after the Financial Stability Pact, and after consulting the Financial Affairs Committee and the Danish National Bank, have estimated that the conditions set out in paragraph 1 shall be taken. 1, no. One-five is fulfilled and when the European Parliament's Committee on Finance has approved the granting of this.

Paragraph 4. Financial Stability will implement a decision on the use of public stabilisation instruments on behalf of the state. In this respect, financial stability may take the necessary measures under this law to implement the capital intake or temporary state ownership.

Paragraph 5. Financial Stability must ensure that the company or entity that has received the capital import or is subject to the temporary state ownership is operated according to commercial and professional principles, and that the company or unit, as well as the transferred capital shall be transferred as soon as the business and financial conditions of the undertaking or the unit allow it.

Chapter 10

Relationship with other countries

Deviklers ' legion

§ 52. In the case of financial stability of undertakings or entities under this law which may have consequences in one or more other countries within the European Union or countries concluded by the Union in the area of the financial area, the financial stability of the countries concerned shall take due account of the interests of the countries concerned.

Paragraph 2. Financial stability shall take part in deviation legions and other international fora with relevant authorities, etc. for deviation planning and dismantling.

Paragraph 3. Financial Stability will work together and coordinate deviation planning and dismantling with relevant authorities in countries outside the European Union, which the Union has not agreed to in the financial sphere.

Paragraph 4. When the abitying authority of a country within the European Union or a country concluded by the Union in the financial sphere shall take action against a company, unity or branch, financial stability shall be maintained in the Community ; to ensure the extent to which the depreciation, conversion or transfer of ownership instruments, assets, rights or obligations in this country must be ensured.

Cross-border consents

§ 53. In a country outside the European Union which the Union has not contracted in the financial sphere, the body of a non-EU Member State which has not been concluded by the Union for a parent undertaking or a business that is a credit institution ; an investment firm which has established a subsidiary undertaking in section 1 (1). 1, or a branch in this country, or in any other way, have assets, rights or obligations in this country to assess the Financial Stability in accordance with this law and in Danish legislation, by the way, on the foreign discladable authority ; the deviation procedure may be recognised and enforced, cf. however, paragraph 1 4.

Paragraph 2. Recognition and enforcement of the deviation procedure of the foreign deviation procedure shall be coordinated with any other relevant deviation authorities in countries within the European Union or in countries with which the Union has concluded an agreement ; financial area. Financial stability shall consult the other relevant deviation authorities of countries within the European Union or in countries concluded by the Union in the financial sphere before the Financial Stability Fund takes decisions pursuant to paragraph 1. 5.

Paragraph 3. Financial Stability, in the context of the recognition and enforcement of the non-governmental deviation procedure of the foreign discladable procedure, cf. paragraph 1 and 2,

1) exercise deviation powers in relation to assets, rights and obligations in this country or under the law of this country and belonging to a company or a parent undertaking in a country outside the European Union ; which the Union has not signed up to in the financial sphere ;

2) make, including by another person's subspace, transfer of ownership instruments to a subsidiary in this country, cf. Section 1 (1). 1,

3) exercise the powers in section 32 to 35 relative to the rights of the parties in an agreement with one in paragraph 1. the activities of 1 of the undertaking shall be subject to the necessary measures to enforce third-country non-chlorinate measures ; and

4) apply the rules laid down in Chapter 5 of contractual rights related to undertakings as referred to in paragraph 1. 1 and other group units, where these rights are provided for by means of deviation measures taken in relation to such undertakings or entities, whether they have been taken by the dismisers of the country themselves or in a different way ; pursuant to legal or regulatory requirements concerning the settlement arrangements in the country concerned.

Paragraph 4. Financial stability may, where necessary from the public interest, take action against a financial holding company in this country, where the relevant authority in a country outside the European Union is required ; as the Union has not concluded in the financial sphere, that a company established in that country fulfils the conditions under which it is executed in accordance with the law of that country.

Paragraph 5. Financial Stability may refuse to recognise or enforce deviation measures in accordance with paragraph 1. 1 if :

1) the deviation procedure of the foreign variance authority will have a negative impact on the financial stability of this country or in another country within the European Union or in a country with which the Union has concluded its financial contribution ; area,

2) a self-employed deviation measure pursuant to section 54 to a branch in this country is necessary in order to satisfy one or more non-conformity objectives ;

3) creditors in this country, including depositors, shall not receive the same treatment as creditors and depositors in the country concerned with equivalent legal rights following the country ' s internal settlement procedures,

4) the deviation procedures in question will have significant financial consequences in this country, or

5) the consequences of such recognition or enforcement will be stride towards legislation in this country.

the dismantling of domestic branches of foreign institutes

§ 54. Financial Stability may take the necessary measures under this law against a branch in this country, which is not subject to a decision by an authority in a country outside the European Union, which the Union does not have ; Agreement concluded in the financial sphere or covered by the procedures in question, but where one of the sections referred to in section 53 (3). 5, situations referred to in this case.

Paragraph 2. Financial Stability may take the necessary measures in accordance with paragraph 1. 1 if at least one of the following conditions is met :

1) The filial in this country does not satisfy or is expected to meet the requirements of the authorisation and practice in this country, and there is no prospect of any action taken by the private sector, the Financial supervision or the relevant information ; the third country may bring the branch in accordance with the requirements laid down in accordance with section 1 (1). 3, in the law of financial activities or within a reasonable time, it shall prevent it from becoming an emergency.

2) The company or entity is or is expected to be unable to or unwilling to deliver its obligations to creditors here in the country or obligations that have been created or posted through the branch when they fall, and there is no or will not be insolvency proceedings or proceedings against the company or the entity in its home country within a reasonable period of time.

3) Deviation measures have been initiated to the establishment or the entity of the authorities of its country of origin, or the authorities have informed Finance Stability that it intends to initiate such a measure.

Paragraph 3. The Financial Stability and Stability Fund is a necessary measure against a branch in this country, and financial stability must take account of the principles set out in paragraph 12 (2). 4. Measures shall be taken on the basis of a valuation in accordance with Chapter 3.

Commitment relating to assets, rights, obligations or ownership instruments which are abroad

§ 55. When a rejection measure includes assets located in a country outside the European Union, which the Union has not contracted in the financial sphere, or the ownership instruments, rights or obligations covered by the Union, in the case of legislation in such a country, Financial Stability may request that :

1) an administrator, recipient or any other person exercising control of the establishment or the unit during execution and the receiving company shall implement all necessary measures to ensure that the transfer, depreciation, conversion is carried out ; or the measure enters into force,

2) administrator, recipient or any other person exercising control of the establishment or the unit during the execution, managing ownership instruments, assets or rights, or disregarding the obligations on behalf of the receiving party, until the transfer, depreciation, conversion, or measure, shall enter into force, and

3) reasonable costs for the beneficiary in the implementation of any measure referred to in paragraph 1 ; 1 and 2 shall be borne in one of the ways provided for in section 29.

Paragraph 2. Evaluates Financial Stability that, despite all the necessary measures taken pursuant to paragraph 1, 1, not likely that the transfer, conversion, or the measure will be effective in relation to certain properties located in a country outside the European Union which the Union has not concluded in the financial sphere ; or to certain ownership instruments, assets, rights or obligations governed by the law of a country outside the European Union, which the Union has not concluded in the financial sphere, the Financial Stability Fund does not apply ; the transfer, depreciation, conversion, or measure.

Chapter 11

Deviation of the Deviation

§ 56. A decommissioning financing scheme (Deviation wealth) is established that is managed by Financial Stability. The deflecting form may be used in the context of the financial stability exercise of powers under this law and in accordance with the deviation targets laid down in section 5 and in section 12 (2). Four, set principles.

Paragraph 2. Financial stability shall not be liable for the obligations of the Deviation Fund, and the Affissier assets shall be liable only for its own obligations.

Paragraph 3. The assets and liabilities of the deviation assets shall be kept separate from the other activities of the Financial Stability Pact.

Paragraph 4. The deviation is not a separate legal person. Financial Stability is on behalf of the Devices in Judicial Acorrisc.

Paragraph 5. The Minister for the Industry and Growth Pact may lay down detailed rules on the financial stability administration of the Deviation Fund.

§ 57. The deviractive wealth shall be 1%. of covered deposits covered by Section 9 (3). Paragraph 1, and Article 10, in the case of a deposits-and investor-compensation scheme in companies and branches in this country, in a country outside the European Union, has not concluded agreement with the Union in the financial sphere. If the fortune exceeds 1 pct., cf. 1. PC shall be terminated by the obligation to contribute. The universal service provider shall resume if the deferment of the Deviation is no longer greater than 1 pct., cf. 1. Act. If the Deviation is made under 2/3 of the minimum specified, cf. 1. PC, adapted to the contributions so that the assets are restored within 6 years.

Paragraph 2. Deviation of the deviation can be divided into sections.

Paragraph 3. The Minister for the Industry and Growth Minister may lay down detailed rules on the deviation of the Deviation, cf. paragraph One and two.

Contribution of Contributor

§ 58. Deviklers are financed from annual contributions from companies in this country and branches in this country by companies belonging to a country outside the European Union, which the Union has not signed up to in the financial sphere.

Paragraph 2. The annual contribution, cf. paragraph 1, set by Financial Stability on the basis of

1) the liabilities of the establishment or branch deduced from the capital base and covered the deposits covered by Section 9 (3). 1, and Section 10 of the law of a deposit and investor guarantee scheme and

2) an individually fixed risk adjustment.

Paragraph 3. It is the responsibility of the Financial Stability Fund to ensure that the available financial resources available in the Deviation Fund at all times are proportionate to the potential commitments of the Deviation of Deviation. Deviation assets must invest in low-risk assets.

Paragraph 4. If the available financial resources in the Waste Fund are not sufficient to cover losses, costs or other costs related to the execution of a company or entity, Financial Stability may charge exceptional contributions. This extraordinary contribution shall not exceed three times the most recently collected annual contributions. Financial Stability may, in whole or in part, defer an undertaking ' s payment of an extraordinary collection up to six months if the payment can bring the company's cash flow or the solvency of the solvency. The payment execution may, upon application, be extended in accordance with 3. Act.

Paragraph 5. Financial stability may, on behalf of the Deviation of Deviation, accept loans or other financial support in the market or from other third parties if the waste wealth is not sufficient to cover losses, costs or other expenses incurred ; the processing of such legislation and the exceptional contributions as referred to in paragraph 1. 4 is not available or is not sufficient.

Paragraph 6. Financial stability can, with the approval of the business and growth minister, make a request for loans from settlement financing schemes in other countries of the European Union or in countries with which the Union has agreed to the financial area, if : The waste wealth is not sufficient to cover losses, costs or other costs related to the execution of this law or if the extraordinary contribution made, cf. paragraph 4, not available and it has not been possible to include loans or other financial support in accordance with paragraph 1. 5.

Paragraph 7. The Minister for the Industry and Growth Pact may set rules that up to 30%. of the contribution of the year, cf. paragraph 1 may be made out of payment obligations.

Paragraph 8. The Minister for the Industry and Growth Minister may lay down detailed rules on the administration of the waste wealth, including the payment order, cf. paragraph 2, payment obligations, reporting of information for the determination of contributions and the time limit for the payment of annual and exceptional contributions.

Use of the Deviation Form

$59. Financial Stability may be able to use the Deviation assets when necessary to ensure the effective use of the non-cloning tools in accordance with this law, to :

1) guarantee the assets and responsibilities of the undertaking or the unit during the execution, its subsidiary undertakings, a brokhead or a portfolio management company ;

2) grant loans to the establishment or the unit during the execution, its subsidiary undertakings, a brokhead or a portfolio management company ;

3) buy assets in the company or unit during the execution ;

4) providing capital deposits to a bridge institute and a portfolio management company,

5) pay compensation to capital owners or creditors in accordance with section 49 ;

6) make a contribution to the company or unit during settlement, except for a credit institution instead of the depreciation or conversion of certain creditors ' obligations, when use and certain creditors have become wholly or partially ; excluded from the bail-in in accordance with section 25 (3). 4,

7) make a contribution to the company or unit during settlement, except for mortgage payments, in accordance with section 26 (s). 4, or

8) initiate any combination of the in paragraph 1, 1-7 measures.

Paragraph 2. In the event of the execution of a cross-border group, Financial Stability and the dismantling authorities involved provide a financing plan to determine the allocation of contributions from the settlement assets in each country.

Paragraph 3. The payment asset ' s payment under section 26, in addition to the amount available in the Deviation property, shall not exceed the amount which may be charged through exceptional contributions, cf. § 58, paragraph. FOUR, ONE. and 2. pkt., within a period of 3 years. Funding over here shall be carried out in accordance with section 58 (3). 5.

Paragraph 4. In addition to the provisions of paragraph 1, In the case of a case, Financial Stability via the Deviation Fund may, at the request of other countries, grant loans to other countries ' financing arrangements after the approval of the business and growth minister.

Chapter 12

Financial Stability

Establishment, purpose, etc.

§ 60. The Industry and Growth Minister may decide to transform Financial Stability A/S into a self-employed public company. The transformation can be carried out without the consent of the creditors.

Paragraph 2. The transformation to self-employment shall be deemed to have occurred when the company ' s statutes have changed so that they comply with the requirements of this Act and when the conversion is registered in the IT system of the Corporate Management System.

Paragraph 3. The Minister for the Economic and Growth Pact can change the name of the Financial Stability Pact.

Paragraph 4. Financial Stability and its statutes, cf. ~ 64, paragraph. 3, shall be reported and registered in the Danish Agency for the Administrative Board, in accordance with the rules laid down in Chapter 2 of the company law.

§ 61. Financial Stability must contribute to ensuring financial stability in Denmark and the tasks and powers attributable to Financial Stability in this law and in other legislation, including the law on financial activities and the law of an intake-and-law ; investor compensation scheme.

Paragraph 2. Financial Stability may create subsidiaries, acquire ownership in other companies with limited liability and conclude cooperation agreements, etc. as part of its business and other activities, which are in the natural extension of : the tasks and powers of the Financial Stability Pact.

Paragraph 3. The promise of public opinion in the administration and management law does not apply to financial stability and its subsidiaries.

Paragraph 4. The company law, including the provisions applicable to public limited liability companies, shall apply to Financial Stability with the adaptations which are a consequence of that law.

Paragraph 5. Chapter 9 of the Act on the disclosure of confidential information shall apply by analogy to members of the board, directors, accountants, assessors, administrators and other employees in Financial Stability and its ; subsidiaries.

Paragraph 6. The Minister for Economic Affairs and the Minister for Economic Affairs and Minister for Economic Affairs and Growth will be able to take on the taking of other duties to finance

§ 62. In the case of a company or unit bankruptcy, Financial Stability may enter into an agreement with the estate management and dismantling of the activities.

Paragraph 2. The Minister for the Industry and Growth Pact may lay down detailed rules concerning the way in which the Financial Stability Pact is carried out pursuant to paragraph 1. 1.

§ 63. The self-employed public company finances the Stability and Stability Fund, with its assets and liabilities in Financial Stability A/S, and will continue to carry out all the rights and obligations under this obligation.

Powers of the profession of the profession and growth

§ 64. The Minister for the Economic and Growth Pact shall exercise the powers conferred on company law by company law and the law of financial activities by the company, the acquiring and the Minister for Economic Affairs and the Minister for Economic Affairs and the Minister for Economic Affairs and the Minister for Economic Affairs, A shareholder.

Paragraph 2. In Financial Stability, the General Assembly will be held in the form of a company meeting.

Paragraph 3. The Minister for Economic Affairs and Growth and Growth and the Minister for Economic Affairs adopt the Staff Regulations for Financial Stability.

§ 65. The Minister for Economic Affairs and Growth and Growth for the Stability and Growth Pact shall be decided upon by the Economic and Growth Pact ;

1) selection of deviation tools, cf. section 12, for companies or entities with systemic importance,

2) use of public stabilisation instruments, cf. Chapter 9,

3) to request loans from other countries ' means of deviation financing schemes, cf. § 58, paragraph. 6, and

4) to grant loans to other countries ' deviation financing schemes, cf. § 59, paragraph. 4.

Paragraph 2. The Minister for the Industry and Growth Pact shall exercise its powers in accordance with this provision to the Financial Stability Board on the Board of Directors.

§ 66. Financial Stability will inform the business and growth Minister, which is of significant economic or political significance for the business, cf. however, section 61 (2). 5.

Paragraph 2. The Minister for the Economic and Growth Pact may, at any time, call for financial stability to any information the Minister considers necessary, cf. however, section 61 (2). 5.

Paragraph 3. In the case of the Ministry of Acquisitions, which, pursuant to this law, receive information on undertakings, entities, etc., has under responsibility for the penal code section 152-152 e professional secrecy in relation to the information provided to them in that respect. To.

Management conditions

§ 67. Financial Stability is led by a board and a management board.

Paragraph 2. The Minister for the Industry and Growth Pact chooses the management board, which consists of up to seven Members, including the President and the Vice-President, for a period of one year. The people in question can be re-elected. The Minister may at any time on a company meeting allocate the selected members.

Paragraph 3. The Management Board shall adopt its own rules of procedure

Paragraph 4. The Management Board shall be groused together so that it collectively has the necessary skills to carry out its purpose, including the necessary professional, business, management and economic insight.

Paragraph 5. The co-workers of Financial Stability do not have the right to select members of the Finance Stability board and employees of the financial stability subsidiaries do not have the right to select group representatives to the Financial Stability Board.

Paragraph 6. The Secretary of the European Union and the Minister for Development shall determine the fees paid by the Management Board at the ordinary company meeting.

§ 68. The management of the day-to-day administration shall be carried out by a management board, which is assumed by the Management Board.

§ 69. The Minister for Economic Affairs and Growth and Growth and Growth and Growth shall be empowered to damage the members of the Financial Stability Board for the Financial Stability and Growth Pact

1) any claim against members of the Administrative Board as a result of the exercise of their duties as members of the board, unless the requirements of Danish court are subject to the requirements of a Danish court, and

2) costs of the case costs, etc. in the case of legal proceedings covered by item (s). 1.

Paragraph 2. The Ministry of Acquidient and Growth is waiving

1) to raise the claims of claims for damages and costs, etc., to which the State has paid to third parties as regards the damages and costs, etc., to which the board member was not to be held at the judgment of a Danish court. after Danish law, and

2) to make claims, including the rules applicable to losses, to the members of the Management Board, which exceed the insurance cover in accordance with the management liability insurance, if the board member has only shown negligence of negligence.

Paragraph 3. The Industry and Growth Minister may, at a company meeting in Financial Stability, vote in favour of a proposal to amend the statutes that will allow the financial stability of the Stability Pact to be effective from the foundation of the Financial Stability Pact ; Financial Stability for the Indemnifies members of the Governing Board and the Governing Board and Governing Board of the Financial Instruments on the same scale as the indemnification of the government of the members of the Management Board and the financial stability of the Stability and Growth Pact ; waiving to make compensation claims, including the rules, apply to the management and the boards and directors of the financial stability of the Stability Pact as applicable to the Administrative Board.

Paragraph 4. The Indemnification of the Indemnity pursuant to paragraph 1. Paragraph 1-3 shall also cover the scope of paragraph 1. 1-3 in Financial Stability A/S prior to the transformation in accordance with section 60.

§ 70. The Financial Stability Board and Executive Board shall ensure that financial stability has the capabilities and resources necessary and ensure that the undertaking is designed to fulfil the tasks and powers it has been assigned to.

Finance and accounting conditions

§ 71. The wealth of finance is kept separate from the state's fortune. The guarantee fortune, cf. section 1 of the law of a depositor and investor compensation scheme, and the Deviation of the Deviation, cf. Chapter 11 of this Act must be kept separate from the other assets of the Financial Stability Pact.

Paragraph 2. Financial Stability does not hamper the Guarantee Assets, cf. section 1 of the law of a depositor and investor compensation scheme, and the Deviation of the Deviation, cf. Chapter 11 of this law, and these fortunes are only liable for their own obligations.

Paragraph 3. Financial Stability does not mean profit or equity in profit or otherwise for profit or otherwise for the State. 1. Act. does not include activities taken over by transformation pursuant to section 60.

§ 72. Financial Stability does not form part of the governmental agreement and contract system, but can even negotiate salary and employment conditions for its staff, including collective bargaining.

Paragraph 2. The applicable employment conditions to date shall be continued in accordance with the rules applicable to the law on the transferability of employees in the case of transfers of workers.

§ 73. Financial Stability accounts in accordance with the rules of financial holding companies in the law of financial activities.

Paragraph 2. Financial Stability's accounts are reviewed under the law of financial activities and the law on the review of the accounts of the state's accounts, etc. of one state certified auditor and the impeachment auditor. The certified auditor shall be chosen by the business and growth minister at the company meeting for one year at a time and shall be certified by the Financial Business Act certified in Article 199. Genchoices can happen.

Paragraph 3. The revised annual report shall be submitted for approval at the business meeting.

§ 74. The financial stability of the Stability Fund pursuant to this Act, which is not covered by Article 29, and pursuant to the Act of Finance, shall be financed from the charges from the establishments covered by Section 1. The fees shall be charged annually in accordance with section 360 (3). 4, in the financial services of the Financial Authority, which are provided for financial stability for the financial services.

Paragraph 2. The financial stability of the Stability Fund under the law of a depositing and investor compensation scheme shall be covered by collection under Chapter 4 of the Act on a depositing and investor compensation scheme.

Paragraph 3. In the case of any other tasks assigned to the Financial Stability, cf. § 61, paragraph 1. 6, the financing of the operation is determined.

Paragraph 4. Government relending may be granted to finance stability.

Publicity

§ 75. The Financial Stability Board may decide that a business meeting should be completely or partly closed to the press, whose concern for the purposes of the Financial Instrument for the purpose, powers and tasks of the Financial Stability Pact is to be taken.

Chapter 13

Communications

SECTION 76. The Minister for the Economic and Growth Pact may lay down rules on written communication to and from the Financial Stability of matters covered by this law or by rules issued under this law must take place digitally.

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

Paragraph 3. A digital message is deemed to have come out when it is available for the addressable message.

§ 77. Whereas the Minister for the Industry and Growth Minister may lay down rules that the issue of financial stability may issue letters and documents in accordance with this law or in accordance with rules issued under this law without a signature, with a mechanical or equivalent manner, or using a technique that ensures uniquely identification of the person who has issued the letter or document. Such letters and documents are treated as equivalent to letters and documents with a personal signature.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down rules that letters and documents drawn up exclusively on the basis of electronic data processing may be issued only with the specification of the financial stability of the Fund.

Chapter 14

Entry into force and so on.

§ 78. The law shall enter into force on 1. June 2015.

Paragraph 2. The financial stability of the Funding Power Stability Pact (Funding) is happening in accounting terms with effect from 1. January 2015. Similarly, the termination of cotaxation between Financial Stability A/S and subsidiaries shall apply.

§ 79. The deviring fortune, cf. Chapter 11, shall be progressively constructed in order to achieve the levels laid down in accordance with section 57 (3). 1, by the latest by : 31. December 2024, cf. however, section 57 (3). 3.

$80. The law does not apply to the Faroe Islands and Greenland, but can, by means of a royal device, be fully or partly in force for the Faeroe Islands and Greenland, with the changes that the ferry and Greenland conditions are changing.

1) The law carries out parts of the European Parliament and Council Directive 2014 /59/EU of 15. May 2014 on a set of rules for the restoration and dismantling of credit institutions and investment firms and amending Council Directive 82 /891/EEC and the European Parliament and Council Directive 2 0 0 1 / 2 4 / EC, 2002 /47/EC, 2004 /25/EC, 2005 /56/EC, 2007 /36/EC, 2011 /35/EU, 2012 /30/EU and 2013 /36/EU, as well as Regulation (EU) No 1093/2010 and (EU) No 648/2012, EU-Official 2014, nr. L173, page 190.