Act On Company Pension Funds

Original Language Title: Bekendtgørelse af lov om tilsyn med firmapensionskasser

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Overview (table of contents)

Chapter 1

Scope of the Act


Chapter 1 a

communication


Chapter 2

About pension formation and the like.


Chapter 2 a

Cross-border activities


Chapter 3

Pension management


Chapter 4

General Assembly in pension


Chapter 5

Annual Report etc.


Chapter 5 a

solvency


Chapter 6

Investment rules


Chapter 7

Audit and scrutiny


Chapter 8

Transfer of pension commitments, termination and crisis management


Chapter 9

supervision


Chapter 10

Penalties


Chapter 11

Commencement and transitional provisions


Appendix 1

The countries covered by zone A:


The full text
Act on supervision of firmapensionskasser1)
This is to promulgate the Supervision of Company Pension Funds, see. Act no. 1561 of 19 December 2007, with the changes imposed by § 3 of the law no. 515 of 17 June 2008, § 4 of the law no. 517 of 17 June 2008, § 5 of the law no. 133 of 24 February 2009, § 10 of law no. 392 of 25 May 2009, § 11 of law no. 516 of 12 June 2009, § 6 of the Act no. 1273 of 16 december 2009, § 8 of Act no. 579 of 1 June 2010, § 28 of the law no. 718 of 25 June 2010 , § 7 of law no. 1556 of 21 december 2010, § 231 of the Act no. 456 of 18 May 2011, § 4 of the law no. 155 of 28 February 2012, § 44 of Act no. 1231 of 18. december 2012 § 11 of law no. 1287 of 19 december 2012 § 2 of the law no. 615 of 12 June 2013, § 5 of the law no. 268 of 25 March 2014, § 10 of law no. 403 of april 28, 2014, § 6 of the Act no. 1490 of 23 december 2014 and § 9 of the Act no. 532 of 29 april 2015.
the changes imposed by § 9, no. 1, 3 and 4 of law no. 532 of 29 april 2015 amending the law on amending the law on Securities Trading Act, the financial business Act, the credit agreements Act, the Act on financial advisors, law mortgage companies, credit Loans and mortgage and various other laws (right to basic deposit account, the implementation of changes to the transparency Directive, modernization of the rules for submission of annual reports, the expansion of insurance companies operating in another activity, clarification of the regulation of refinancing risk mortgage and implementation of housing credit directive, etc.) are not included in this consolidated act since the effective date of these changes determined by the business and growth Minister referred. § 16 paragraph. 9 of the Law no. 532 of 29 April 2015.

Chapter 1

Scope of the Act

§ 1. Any promise of retirement (pension commitments) in relation to employment shall be covered either by an insurance company or a pension fund, in accordance with the Financial Business Act must carry out insurance or a pension fund authorized under this Act .

PCS. 2. Paragraph 1 shall not apply to promises of pension

1) issued by the state, a municipality or a municipal association

2) given to the directors or their survivors,

3) regulated under a special law or

4) by municipal associations, for whose obligations municipalities fully liable.

§ 2. This Act shall apply to any entity (pension fund), which are designed on the basis of a promise of pension to ensure the employees pension in hiring in a company, including licensed companies, or by hiring in such companies within the same group.

PCS. 2. If the institution is supervised by the Financial Business Act, and promises of pension covered by § 1. 2, is not covered by this law.

PCS. 3. Financial Supervisory Authority may, after consultation with the minister or municipality determine that a pension fund, for whose obligations the state or municipality fully liable or guarantee, fully or partially exempt from § 10, §§ 12-14, § 17, §§ 20- 25, § 28, Chapter 4, Chapter 6 and Chapter 8 of this Act.

PCS. 4. A pension fund that provides service pension, for which the state or a municipality fully liable or guarantees are not covered by this law.

PCS. 5. FSA may lay down rules that promises pension of small size not covered by this law.


PCS. 6. For suppliers and subcontractors to outsourcing companies, see. § 3 b, no. 3 and 4, §§ 9 d, 9 e and 9 f and § 66 paragraph. 2 shall apply.

§ 3. When a pension fund members understood

1) persons who are employed in the undertaking, the pension fund is part, as has been promised pension

2) former employees who receive pensions from the pension fund,

3) persons receiving spouse's pension after a former staff member died and

4) persons who have previously been employed in the company and under the provisions of the pension fund's articles of association has retained the right to pension regardless of termination of employment.

PCS. 2. The statutes may limit specified in paragraph. 1 pt. 4 persons mentioned membership rights.

§ 3 a. At a defined contribution pension plan means a plan that pension contributions are set in advance, and where pension benefits is then calculated from these contributions.

PCS. 2. In a defined benefit pension plan means a plan that pension benefits are determined in advance, and where pension contributions then calculated from these services.

PCS. 3. A sponsor is a firm that the institution is affiliated.

§ 3 b. In this Act:







1)


Outsourcing:





A firmapensionskasses closure of significant areas of activity that are subject to FSA supervision to a supplier.



2)


Outsourcing Company:





A company pension fund which outsources activities to a supplier.



3)


Supplier:





A company that handles outsourced tasks for the company pension fund.



4)


Forward Outsourcing:





A vendor outsourcing of tasks which it conducts under an agreement with the company pension fund to a subcontractor and the subcontractor any further outsourcing of tasks to the next link in the chain of subcontractors and any further outsourcing to other links in the chain of subcontractors.





§ 4. In § 2. 1, referred federations are obliged to use the word 'retirement' in connection with their names.

§ 5. A pension fund may not pursue activities other than the pension fund activities specified in the license, unless otherwise provided by paragraph. 3 and of § 6

PCS. 2. A pension fund is assumed to pursue alternative activities if the institution alone or with the undertaking, the pension fund is linked to the meaning. § 2. 1, exercises a controlling influence over a business.

PCS. 3. A pension fund may jointly with other companies carry out other activities if

1) the institution no direct or indirect control over the company,

2) the institution fails to run the company with the undertaking, the pension fund is linked to the meaning. § 2. 1, or with other pension funds or insurance companies that are part of an administration jointly with the institution and

3) the activity is pursued in a company other than the pension fund.

PCS. 4. If a pension fund by merger, entering into or amending administrative community, change in the share owned by the company or companies, the pension fund is linked to, etc., are going to carry out other activities contrary to paragraph. 1 or 3, the FSA set a deadline for the divestment of the other company if an immediate sale would be associated with a financial loss.

§ 6. A pension fund may build, own and operate real estate as a long-term placement of pension-fund assets.


PCS. 2. Company pension funds to construct housing for resale when the construction has obtained the interest in the envelop by § 1 c or rules laid down under § 1. 4 of the Act on the promotion of private rental housing and at least half of the residential apartments rented to permanent habitation.

PCS. 3. investments under paragraph. 2, the proportion of residential flats erected for resale, does not have a value in excess of 1 per cent. of the technical provisions.

§ 6 a. Pensionskasse Business and other activities covered by § 5, paragraph. 1 and § 6 will be operated in accordance with good pension practices. FSA may, in cases where the company operated contrary to it, may order that such activities cease.

PCS. 2. Economic and Business Affairs shall lay down detailed regulations on honest business principles and good practice referred to. Danish Financial Business Act § 43 paragraph. 2.

§ 6 b. Offering a pension fund authorized to exercise pension fund company, on its own initiative all or a group of its members to change their pension coverage to a product with lower or no guarantees, a member who accepts such an offer , having transferred the economic value of its current product to the new product.

PCS. 2. FSA shall lay down rules for the calculation of the economic value of the member's product.

§ 7. A pension fund must have at least 50 members.

PCS. 2. If the number of members in a pension fund falls below 50, the institution shall immediately request the FSA to decide whether and under what conditions the pension fund can continue its activities.

§ 8. Members and persons entitled to a pension can not possess or mortgage transfer or otherwise dispose of rights that they are entitled to a pension fund. Such rights can not be subject to prosecution.

§ 9. (Repealed)

§ 9 a. The institution shall not during or after the admission of members request, obtain or use information that can illuminate a person's genes and risk of developing or contracting diseases such as mandating investigations as necessary to provide such information. It does not apply to information about the person or other persons, past or present medical condition.

§ 9 b. (Repealed)

§ 9 c. FSA may set more lenient requirements for compliance with the provisions of this Act for pension funds with less than 100 members, defined as persons whose occupation entitles them or will entitle them to retirement benefits in the pension scheme.

Chapter 1 a

Communications

§ 9 d. Business and Growth Minister may lay down rules that written communications to and from the FSA and to and from the Danish Business Authority, on matters covered by this Act or regulations issued pursuant to this Act shall be digital.

PCS. 2. Business and Growth Minister may lay down rules on digital communications, including the use of specific IT systems, special digital formats and digital signature or the like.

PCS. 3. A digital communication is considered to have arrived when it is available to the addressee of the message.

§ 9 e. Business and Growth Minister may lay down rules that the Financial Supervisory Authority and the Danish Business Authority may issue decisions and other documents under this Act or regulations issued pursuant to this Act without signature, with mechanically or similarly reproduced signature or using a technique to ensure unambiguous identification of the person who has issued the decision or document. Such decisions and documents equated with decisions and documents with personal signature.

PCS. 2. Business and Growth Minister may lay down rules for decisions and other documents that exclusively taken or issued on the basis of electronic data processing, can be issued only stating the Financial Supervisory Authority and the Danish Business Authority as sender.

§ 9 f. Where in this Act or regulations issued pursuant to this Act required that a document that is not issued by the FSA or the Danish Business Authority, must be signed, this requirement may be met using a technique ensure unambiguous identification of the person who issued the document referred to. however paragraph. 2. Such documents equated to documents with personal signature.

PCS. 2. Business and Growth Minister may lay down rules derogating from the signature requirement. It can be prescribed that claims for personal signature can not be waived for certain types of documents.


Chapter 2

About retirement incorporation and the like.

§ 10. A pension fund may not commence business, first:

1) The Financial Supervisory Authority has given the institution permission and

2) registration with the Danish Commerce and Companies Agency.

PCS. 2. A pension fund must in order to commence its business beyond a capital base to be in possession of funds sufficient to offset the pension fund obligations, calculated from the technical basis etc.

PCS. 3. The required size of the capital base is determined by calculation of the pension fund's solvency margin. The solvency margin is calculated based on the volume of fund pension obligations. FSA sets rules on how the solvency margin calculated, including any minimum amount, and the reserves may be included in the capital base.

§ 11. The association shall include provisions for:

1) The Pension Fund's name.

2) The Pension Fund's objective.

3) Pension Fund members.

4) The number of Board members and any alternates and board members' term of office.

5) Whether the recruitment of management (executive).

6) Any restrictions on board members and executives subscription rights according to § 30

7) General meetings.

8) What matters to be considered at the Annual General Meeting.

9) Rules amending the statutes and pension regulations.

10) Accounting and treatment of financial statements.

11) Investment of pension-fund assets.

12) Use of profits and cover losses.

13) How to act in case if one or more of the companies whose staff pension fund includes fully or partially dismantled or transferred or the company for other reasons want to bring the plan to an end.

14) Rules on the pension fund's dissolution and use of pension-fund assets.

15) Procedures for resolving disagreements between a member and the pension fund.

PCS. 2. The statutes shall contain information about the name of the company or companies that the institution is affiliated, and the obligations that companies have assumed towards the pension fund.

§ 11 a. A pension fund with defined benefit pension schemes can decide on the disbursement of funds for the sponsoring company. The payout require that

1) the general meeting of the accession of at least two thirds of the votes cast shall decide on the disbursement of funds for the sponsoring company or pension fund's articles of association contain a provision that the Board may decide on the disbursement of funds to the sponsoring company,

2) the decision taken in connection with the Annual Report and

3) the institution after paying at least have a capital base that meets the rules, FSA acting in accordance with paragraph. 4.

PCS. 2. If a pension fund's articles of association may be amended only with the approval of another authority, requires a decision at the general meeting in accordance with paragraph. 1 pt. 1, the same approval as an amendment.

PCS. 3. A pension fund with defined benefit pension plans may decide on a temporary suspension of the sponsor company's contribution payment if

1) the pension fund's pension regulations or statutes contain a provision that the institution can decide to sponsor the company's contribution for a period may be reduced in proportion to the contribution provided (suspension) and

2) the institution after suspension at least have a capital base that meets the rules, FSA acting in accordance with paragraph. 4.

PCS. 4. Financial Supervisory Authority lays down rules on the capital that the institution must at least meet after payment under paragraph. 1 or suspension pursuant to paragraph. 3.

§ 12. The pension regulations shall include:

1) according to § 11 paragraph. 1, Nos. 1-3, adopted statutory provisions.

2) Provisions for pension commitments size and control, and their calculation and payment.

3) Rules for members' rights on termination of the pension fund, including the size of or the rules for calculating withdrawal benefit and dormant.

4) Rules for pension contributions.

5) Rules on Members' rights and obligations in general.

§ 12 a. FSA shall lay down rules on the information that a pension fund must provide in writing to the members and beneficiaries.


§ 13. Pension Fund technical basis etc. must be notified to the FSA, the latest when the foundation is applied. The same applies to any subsequent change in those conditions. The notification shall state

1) the types of pensions, the pension fund intends to use

2) the basis for calculating pension withdrawal benefit and the value of the accrued pension

3) rules for the calculation and distribution of profits to members and other beneficiaries by pension agreement

4) principles of reinsurance, including limits

5) rules for when members must submit medical information to assess the risk conditions

6) the basis for calculating pension provisions and

7) rules under which pension schemes providing a regular income subscribed or agreed as compulsory schemes with an insurance company or a pension fund can be transferred from or to the pension fund in connection with transition to other employment or transfer of businesses or business transformation.

PCS. 2. Financial Supervisory Authority may lay down detailed provisions on the matters referred to in paragraph. 1, including that notifications should be publicly available.

§ 14. Companies Act §§ 24-27 apply with appropriate adjustments also apply to pension funds. If held inaugural General Meeting, convened the voting according to the draft statutes.

PCS. 2. If held an inaugural meeting, take this with a simple majority of those in attendance voting decision approving the statutes and pension regulations and whether the pension fund to be formed. Resolution on amendment of the draft statutes and pension regulations can be taken by a simple majority of votes irrespective of the draft provisions on the majority of changes after the formation. Resolution on change that is not specified in the notice, require the consent of all voters. General resolution for formation must not be passed until the approved statutes and pension regulations.

PCS. 3. When the pension fund is formed, the board of directors and auditors for articles of association.

§ 15. The institution shall apply for registration with the Danish Commerce and Companies Agency within two weeks from the signing of the Memorandum of Association, alternatively, from the holding of the first general meeting. Applications must be received by the Agency within the deadline.

PCS. 2. The notification shall contain the names, occupations and addresses of the pension fund board members and alternates, if any, directors and auditors as well as the pension fund's address. The persons who are entitled to the pension fund must personally indicate they will sign.

PCS. 3. The notification must follow evidence that the pension fund's officers, directors and auditors meet the requirements of § 25 and Chapter 7 of these conditions.

§ 16. Within whilst for registration with the Danish Commerce and Companies Agency the institution, apply for permission to the FSA.

PCS. 2. The application for permission must follow certified copy of the minutes of the meeting signed by all board members.

PCS. 3. The application for authorization shall be accompanied by documentation that the requirements of § 23a is fulfilled.

§ 17. Information to be notified in accordance with § 13 paragraph. 1, Nos. 1-5, should be reassuring and fair to the individual member or other pensioners by pension agreement.

PCS. 2. The notified rules for the calculation and allocation of profits, see. § 13 paragraph. 1, no. 3, must be precise and clear and should lead to a fair distribution.

PCS. 3. The calculation elements (interest rates, cost rates and statistical elements), be taken into account when calculating contributions, udtrædelsesgodtgørelser and dormant, must be chosen with care. The calculation criteria taken into account when calculating pension provisions shall be in accordance with the rules issued pursuant to § 44 f.

PCS. 4. FSA may lay down provisions relating to in paragraph. 1-3 mentioned requirements.

PCS. 5. If the requirements of paragraph. 1-3 or in regulations issued under paragraph. 4 and § 44 f are not met, requires FSA pension fund to make the necessary changes. FSA may set a deadline for the pension fund to comply with such orders.

§ 18. A pension fund may not be registered with the Commerce and Companies Agency before the FSA has authorized.


PCS. 2. The register shall include information on the in § 11 paragraph. 1 pt. 1, 2, 6, 7 and 10, and in § 15 paragraph. 2 hereof.

PCS. 3. When granting licenses or changes in authorization shall forward the FSA simultaneous copy to the Danish Commerce and Companies Agency. DCCA keeps records of permission date.

§ 19. A pension fund that is not registered can not acquire rights or enter into commitments.

PCS. 2. Where, notwithstanding the provision in § 10 paragraph. 1 pension commitments before registration has taken place, the persons who on the pension fund's behalf has made the commitment or responsibility for this, and severally liable for performance of the contract. Recognizing the pension fund obligations within 4 weeks after lapse of the persons concerned liens, security of the member is not thereby significantly impaired. Contracts of that prior to the pension fund's recognition of the commitments are not binding on the member.

PCS. 3. For other obligations before registration concluded on the pension fund's behalf, they shall be liable, having concluded obligation or responsibility for this, severally. When registering takes over pension fund obligations, provided that the counterparty safety is not thereby significantly impaired.

§ 20. In case of a change in conditions that are reported to the Danish Commerce and Companies Agency, a new notification is made, accompanied by evidence of the change legal adoption. § 18 paragraph. 1 shall apply accordingly.

PCS. 2. Notification to the Danish Commerce and Companies Agency amending the pension fund's articles of association must be received no later than 2 weeks after the change is adopted. With the notification, the institution shall submit a dated copy of the Articles of Association with the complete new version of the Commerce and Companies Agency, which shall forward a copy to the FSA.

§ 21. The Danish FSA may lay down rules on

1) the content of pension regulations and pension regulations,

2) the distinction between pension fund activities and other insurance and

3) The content of the permit.

§ 21 a. A pension fund must have effective governance arrangements, including

1) a clear organizational structure with well defined, transparent and consistent lines of responsibility,

2) sound administrative and accounting procedures,

3) written procedures for all significant areas of activity,

4) effective procedures to identify, manage, monitor and report the risks that the institution is or might be exposed,

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

6) procedures for the separation of functions related to the management and prevention of conflicts of interest

7) adequate internal control mechanisms and

8) adequate IT control and security measures in the IT area.

PCS. 2. FSA may lay down rules on the measures, a pension fund must take in order to have effective governance arrangements, see. Paragraph. 1.

Chapter 2 a

Cross-border activities

§ 21 b. A foreign pension fund, authorized to carry on in § 10, the company in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, accepting sponsorship from companies in Denmark two months after the FSA has received the following information from the home country supervisor:

1) The sponsoring company's name.

2) A description of the main characteristics of the pension scheme to be operated for the sponsoring company.

PCS. 2. Financial Supervisory Authority shall, within two months after receiving in paragraph. 1 this information, the home country supervisor of the rules on information issued pursuant to § 12 a.

PCS. 3. The foreign pension fund may start managing the pension scheme for a sponsoring company in Denmark if the institution has received the paragraph. 2 the data or up to 2 months after the FSA has received information pursuant to paragraph. 1. The institution shall comply with the rules on information issued pursuant to § 12 a.

PCS. 4. The foreign pension fund is subject to ongoing supervision by the FSA with regard to compliance with the requirements for information, see. § 12a. If, in connection with this monitoring irregularities, the Danish FSA immediately inform the supervisory authority of the home.


§ 21 c. A Danish pension fund wishing to accept sponsorship from companies in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, must apply to the FSA for prior approval. Within 3 months after the FSA has received the paragraph. 2 shall be notified prior approval, to the extent that FSA estimates that the administrative structure and financial situation and operators integrity, professional qualifications and experience are appropriate as the basis for the activities proposed in the host country.

PCS. 2. The institution shall provide the following information to the FSA:

1) In which country or countries the pension fund wants to offer pension schemes.

2) The sponsoring company's name.

3) A description of the main characteristics of the pension scheme to be operated for the sponsoring company.

PCS. 3. FSA shall forward to in paragraph. 2 that information to the host country supervisory authority within 3 months of receipt of the information. FSA also inform the pension fund that the information is forwarded.

PCS. 4. Financial Supervisory Authority may refrain from forwarding information pursuant to paragraph. 3, if the pension fund can not be granted advance approval under paragraph. 1. FSA must then within 3 months of receipt of the paragraph. 2 shall inform the institution that it can not be granted advance approval under paragraph. 1 and that the information received will not be forwarded.

PCS. 5. If the FSA receives information about any requirements of social and labor law relevant to occupational pensions, and made the management of the pension scheme sponsored by an undertaking in the host country and any investment rules and the duty of information to members and beneficiaries of the supervisory authority of the host country, the Danish FSA disclose this information to the institution.

PCS. 6. The Danish pension fund may start managing the pension scheme for a sponsoring company in another country within the European Union or in a country with which the Union has concluded an agreement for the financial area, if the institution has received the paragraph. 5 the data or up to 2 months after the supervisory authority of the host country has received information pursuant to paragraph. 3. The institution shall comply with the requirements of the host country social and labor legislation relevant to occupational pensions, and made the management of the pension scheme, designed by the company in the host country, as well as any investment rules and information be provided to members and beneficiaries.

Chapter 3

Pension funds management

§ 22. A pension fund shall have a board consisting of a chairman and a number of other board members, of which at least half will be elected by and among the members of the pension fund.

PCS. 2. A member may at any time resign from the board. A board member may at any time be removed by the person who is elected or appointed that person. Term of office for board members shall expire at the conclusion of the Annual General Meeting not later than 4 years after the election.

§ 23. If the pension fund's articles of association that can or should be appointed a director (manager), made the appointment of the board. The pension fund has no director, performed the duties of the Act is delegated to the Director of the Board.

PCS. 2. The Director may not be a member of the pension fund's board.

§ 23 a. A member of the board of a pension fund shall at all times have sufficient knowledge, skills and experience to perform these duties or performing his duties in the institution in question.

PCS. 2. The requirement of paragraph. 1 may be waived if the pension fund documents that it has hired a consultant with appropriate professional qualifications and experience.

PCS. 3. A member of the board of a pension fund shall at all times be of sufficiently good repute and act with honesty, integrity and independence in order to effectively assess and challenge the decisions of the management.

PCS. 4. A member of the board must meet the following:

1) Do not be imposed or be subject to criminal liability for violation of the Criminal Code, the financial legislation or other appropriate legislation, if the offense involves risk that he can not perform his duties or his post in a safe manner.


2) Do not have filed for suspension of payments, bankruptcy or debt restructuring or be under reconstruction proceedings, bankruptcy or debt restructuring.

3) Do not have acted or act in a way where there is reason to believe that he does not want to act or position adequately. In assessing whether a member of the board show or have shown a reckless behavior, emphasis should be placed on the need to maintain confidence in the financial sector.

PCS. 5. Members of the board of a pension fund, the FSA information of the kind referred to in paragraph. 1 and 4 in connection with their entry into the pension fund management, and on matters referred to in paragraph. 3 and 4, if circumstances subsequently change.

§ 24. The Board and the Director is responsible for management of the pension fund and must ensure the proper organization and administration of the pension fund.

PCS. 2. The Director responsible for the day and must follow the guidelines and directions given by the Board. Measures by the pension fund's circumstances are unusual or of great importance, can only be made by the Director with special authorization from the Board. If the board's decision can not be awaited without significant inconvenience to the pension fund, the Director may, however, make such transactions. The board must then be notified without delay of the transaction made.

PCS. 3. The Board shall ensure that bookkeeping and asset management are checked in a pension fund's business situation. The director must ensure that the pension fund's books are kept in compliance with the relevant statutory provisions and that asset management is carried out safely.

PCS. 4. Prokura can only be granted by the Board and may be disclosed only to two or more together.

§ 24 a. The board of a pension fund must

1) identify the main types of activities the institution shall perform

2) identify and quantify the pension fund significant risks and determine its risk profile, including specify what and how much risk the institution must assume, and

3) establish policies for how the company should manage each of the institution's significant activities and the risks associated with it, taking into account the interactions between them.

PCS. 2. On the basis of the adopted risk profile and the policies the board must give the Director written guidelines, as a minimum, must include

1) verifiable framework on what and how much risk the Director must apply the pension fund

2) principles for estimating individual risk types,

3) rules on which transactions require the Board's position and the transactions to which the Director may make in the course of his employment and

4) rules on how and to what extent the Director shall report to the Board on the pension fund's risks, including on the use of framework guidelines for the director and for compliance with the limits laid down in legislation on the risks that the pension fund may assume.

PCS. 3. The Board shall continually consider whether the pension fund's risk profile and policies and guidelines for the Director to be reasonable in relation to the pension fund's activities, organization and resources, including capital and liquidity, and the market, as the pension fund's activities operate under.

PCS. 4. The Board must ensure that its members have adequate collective knowledge, skills and experience to understand the pension fund's activities and the associated risks.

PCS. 5. The Board of Directors will continually assess whether the Director shall perform its functions in accordance with the established risk profile, the policies and guidelines of the Director. The Board must take appropriate measures if this is not the case.

PCS. 6. FSA may lay down rules on the obligations of the board of a pension fund under paragraph. 1-5.

§ 24 b. A company pension fund shall have a system where its employees via a special, independent and autonomous channel may report violations or potential violations of financial regulation committed by company pension fund, including the employees or board members of the company pension fund. Reports to the scheme to be carried out anonymously.

PCS. 2. The system in paragraph. 1 can be established through collective agreement.


PCS. 3 pieces. 1 only applies to pension funds, which employ more than five employees. The scheme referred to in paragraph. 1 and 2 shall be established within 3 months of company pension fund has hired the Sixth employees.

PCS. 4. Financial Supervisory Authority may in special cases where the FSA believes that it would be pointless to set up a system of exemptions from the requirement of paragraph. 1.

§ 24 c. A company pension fund shall not expose employees for adverse treatment or adverse consequences as a result of the employee reporting company pension fund's violation or potential violation of financial regulation to the FSA or to a scheme in company pension fund.

PCS. 2. The officials whose rights are violated by violation of paragraph. 1, may be awarded compensation in accordance with the principles of the Act on equal treatment of men and women in employment, etc. The compensation is determined taking into account the employee's length of service and the circumstances of the case.

PCS. 3 pieces. 1 and 2 can not be derogated from by agreement to the detriment of the employee.

§ 25. Board members and directors must be of legal persons.

PCS. 2. Directors and board members must be resident in this country, unless the FSA exempt from this requirement.

PCS. 3. The requirement of residence in this country set out in paragraph. 2 shall not apply to the extent otherwise provided under international agreement or by provisions laid down by the FSA.

PCS. 4. The provisions on directors shall apply correspondingly to alternates.

§ 26. Pension Fund Board must assume a responsible actuary to carry out the necessary technical features including calculations and studies. The post of chief actuary may not compatible with the position on the Executive Board of the pension fund or as a board member.

PCS. 2. When the pension fund takes on a new chief actuary, the board and the former chief actuary within 1 month after the change of chief actuary each send a report to the FSA about the reasons for the change.

PCS. 3. The appointed actuary shall ensure that the institution complies with its technical basis, etc. The actuary shall, in this connection, review the actuarial contents of the pension fund's activities and material in general and ensure that the technical basis etc., cf.. § 13, at any time in accordance with the § 17 paragraph. 1-3 above requirements.

PCS. 4. The appointed actuary shall immediately report any violation of the paragraph. 3 obtains FSA. The actuary is entitled to management and board to require all information necessary for the performance of his duties. FSA may require the actuary the information necessary to assess the pension fund's financial position.

PCS. 5. The appointed actuary shall submit a report to the FSA.

PCS. 6. FSA may lay down provisions relating to in paragraph. 2-5 arisen, including the requirements a person must meet to be employed as the chief actuary.

§ 27 The Chairman shall ensure that Board meetings are held when necessary, and must ensure that all members are summoned. A member of the board of directors, auditor and actuary require the board convened. A director, an accountant and the chief actuary is entitled to attend and speak at Board meetings unless the Board in a particular case decides otherwise.

PCS. 2. Minutes of the board must be recorded in a protocol signed by all members present. A board member, the appointed actuary, an auditor or a director who does not agree with the Board's decision, has the right to have their views included in the protocol.

PCS. 3. The Board shall, by rules of procedure, make arrangements for the performance of his duties.

PCS. 4. FSA shall lay down regulations Rules contents.

§ 28. The Board has a quorum when more than half of all members are present, so far there by statutes may make greater demands. Decisions should not be taken without as far as possible all members have had an opportunity to participate in the proceedings. If a member of the Board decay, and has been chosen as an alternate deputy shall have access to enter into said member for the duration of absence.


PCS. 2. The Board resolutions, so far there after the statute required majority of votes, by a simple majority. The statutes provide that the Chairman's casting vote in the event of a tie.

§ 29. A board member or director may not take part in any matter of agreements between the institution and himself or the proceedings against him or the agreement between the institution and a third party or cause of action against a third party if he thus has a substantial interest that may be contrary to the pension fund.

§ 30. The pension fund is bound by the legal acts on the behalf of the entire board or the board members or directors, see. However paragraph. 2.

PCS. 2. The pre-emptive right, which after paragraph. 1 is for members of the board or directors may only be exercised by two persons jointly. This subscription rights statutes can further be so limited that the subscription right can only be exercised by two or more specific persons jointly or by more than two jointly. Other restrictions in law can not be fixed.

§ 30 a. Economic and Business Affairs shall lay down rules on outsourcing related

1) company pension fund's responsibility and control of a provider, including his on outsourcing,

2) company pension fund's duty to inform the Financial Supervisory Authority within 8 working days after the outsourcing contract was concluded

3) company pension fund's internal guidelines for outsourcing and

4) requirements, as company pension fund must at least ensure that the supplier meet at any time, and must be agreed in the outsourcing contract.

PCS. 2. Financial Supervisory Authority may decide that the company pension fund outsourcing must be brought to an end within a deadline set by the Financial Supervisory Authority if outsourcing contract or his party not complying with the rules under paragraph. 1.

Chapter 4

General Assembly in pension

§ 31. Members' right to make decisions in the pension fund at the general meeting. Articles of association may, however, stipulate that election of the board, modification of the statutes or pension regulations made by the pension fund members by ballot.

PCS. 2. Any member has the right to attend the general meeting and to speak there. In voting, each member has one vote. The in § 3, paragraph. 1 pt. 4 persons mentioned voting rights may be limited, meaning. § 3, paragraph. 2. The articles of association may specify regulations on voting.

PCS. 3. Any member has the right to have an issue considered at the General Meeting, if lodged in writing request to the Board before the statutes deadline.

PCS. 4. Members of the Board and of the Executive Board, responsible actuaries and auditors to have access to participate in the general meeting and to take the floor, but not vote, cf.. However paragraph. 2.

PCS. 5. Within 2 weeks before the general meeting, the agenda and the complete proposals for the annual general meeting, the audited financial statement and annual report made available to members for inspection.

§ 32. Within four months after the end of each financial year shall be held Annual General Meeting. This must be submitted audited financial statement and annual report.

PCS. 2. At the AGM must

1) decide on the appropriation of profits or provision for losses in accordance with the approved financial statements

2) carried out the statutory or legal person choices and

3) to consider the other issues, according to the statutes or the Board, an auditor, the appointed actuary, FSA's or a member's request on the agenda.

PCS. 3. There may only be decided on the distribution of profits in the form of increased pension commitments. Any accumulated surplus that may be available for increased pension commitments and the corresponding increase in provisions and after any necessary increase in the basic capital prescribed. § 10 paragraph. 3, to be transferred to the next year unless the FSA in special cases allow other uses.

PCS. 4. Net profit and pension fund reserves, including accumulated profits, however in § 11a specified conditions used for the payment of funds to the sponsoring company or temporary suspension of the sponsor company's contribution.


§ 33. Extraordinary general meetings shall be held when the Board considers it appropriate. Extraordinary general meetings shall be convened within 14 days after the treatment of a specific subject requested in writing by one tenth of all members of the pension fund's chief actuary, an auditor or by the FSA.

§ 34. All resolutions shall be passed by a simple majority vote, unless this Act or the articles of association provide otherwise. Equality of votes, shall be decided by lot, unless the statute provides otherwise.

PCS. 2. Cases that are not on the agenda can only be determined by the general meeting if all voters agree. However, the AGM always decide cases according to their articles or § 32 should be treated in such a meeting, and it may be decided to convene an Extraordinary General Meeting for the treatment of certain items.

§ 35. Resolution on amendment of a pension fund statutes or pension regulations can be adopted only if it is approved by a two-thirds of the votes cast. The decision must also meet the additional provisions, which the statutes may contain.

PCS. 2. Staff Regulations or pension regulatory changes that significantly restrict members' pension commitments submitted to members in writing for review, and does not impact on the members within a deadline set not to accede to the modifications provided. However, § 36 and § 54. || |
§ 36. Changes in statutes or pension regulations, the FSA under Chapter 8 has imposed a pension fund to make, and has not obtained the necessary votes, is considered as valid adopted if no one has cast a large number of votes against the changes, as for the statute required for a decision on the pension fund's dissolution.

Chapter 5

Annual Report etc.

§ 37. Company pension funds must prepare an annual report that at least consists of a management review, a management report and financial statements consisting of a balance sheet, income statement, notes, including disclosure of accounting policies, and a statement of changes in equity. When financial statements are audited, the audit report in the annual report.

PCS. 2. The annual report shall be prepared in accordance with the provisions of this chapter and rules prescribed pursuant to § 44 f.

§ 38. The Board of Directors and shall submit its annual report for company pension fund.

PCS. 2. Each member of management has responsibility for ensuring that the annual report prepared in accordance with legislation and any further accounting requirements in statute or agreement. In addition, each member responsible for the financial statements and any consolidated financial statements may be reviewed in a timely manner, and that the annual report can be approved in time.

PCS. 3. Each board member is responsible for the annual report submitted to the FSA within the time limits laid down in legislation.

§ 39. When the annual report is completed, all the members of the Board of Directors and signed and dated signature. They must provide their signatures to a management statement, in which each member's name and function in relation to the pension fund is clearly indicated, certifying whether

1) The annual report has been prepared in accordance with statutory requirements and any requirements in statute or agreement,

2) the financial statements and any consolidated financial statements give a true view of the institution and, if prepared consolidated financial statements, the assets and liabilities, financial position and results and

3) the management report includes a fair review of the development of the pension fund and, if prepared consolidated financial statements, the Group's activities and financial position and describes the significant risks and uncertainties to which the pension fund, respectively, may affect the Group.

PCS. 2. The management has added supplementary reports in the annual report, the members of the Board of Directors and the management endorsement whether the report gives a fair review in accordance with generally accepted guidelines for such reports.

PCS. 3. Even if a director is fully or partially disagree with the Annual Report or have objection to it being approved with the content that is decided, the member can not fail to sign. Member of the management may make its objections giving specific and adequate grounds in connection with his signature and the management endorsement.


§ 40. The financial statements and any consolidated to give a true and fair view of the company's and the Group's assets and liabilities, financial position and results. The management report must include a fair review of the matters to which they relate.

PCS. 2. If application of the provisions of this Act or regulations issued pursuant to § 44 f is not sufficient to give a true and fair view in paragraph. 1, provide additional information in the financial statements respectively consolidated financial statements.

PCS. 3. If application of the provisions of this chapter or regulations issued pursuant to § 44 fi particular case would be contrary to the requirement of paragraph. 1, point 1. They must be waived so that this requirement is met. Such a waiver shall annually disclosed in the notes and here always specific and adequate grounds with information on the impact, including as far as possible, any financial impact of the derogation on the pension funds and the Group's assets and liabilities, financial position and results.

§ 41. For the financial statements and the consolidated financial statements give a true and fair view, and the management report may contain a fair review, see. § 40, the provisions of subsections. 2 and 3.

PCS. 2. The annual report shall be prepared so that it supports users in making economic decisions. Such users are individuals, companies, organizations and public authorities, etc., whose financial decisions must normally be expected to be affected by an annual report, including current or future members, creditors, employees, customers, alliance partners, community grants, and fiscal authorities. They provided financial decisions should at least relate

1) location of the user's own resources

2) management's administration of the pension fund resources and

3) distribution of pension fund resources.

PCS. 3. The annual report shall be prepared so as to provide information on conditions that normally relevant to users see. Paragraph. 2. The information must also be reliable in terms of what users' normal expectations.

§ 42. The annual report shall be prepared by the following basic assumptions:

1) It must be prepared in a clear and understandable manner (clarity).

2) Take into account the real situation and not formalities without any real content (substance).

3) All relevant factors should be included in the annual report unless they are insignificant (materiality). But where several insignificant matters are deemed to be significant, they must be included.

4) The operation of an activity should continue (going concern), unless all or some activities is not necessary or likely to continue. Classification and layouts as well as the recognition and measurement should be adapted to ensure the settlement of or activity.

5) Any change in value to be displayed regardless of the impact on equity and income statement (neutrality).

6) Transactions, events and changes in value must be recognized when they occur, regardless of the time of payment (accrual).

7) Methods of recognition and measurement basis must be applied uniformly in the same category of matters (consistency).

8) Every transaction, event or change in value must be recognized and measured separately, and individual matters should not be offset against each other (gross value).

9) opening balance sheet for the financial year shall correspond to the closing balance sheet for the previous financial year (formal consistency)

PCS. 2. Establishment and classification, method of consolidation, method of recognition and measurement basis as well as the monetary unit must not change from year to year (actual consistency). Changes may occur if this results in a true and fair view, or if the change is necessary because of a change in legislation or new regulations issued pursuant to § 44 f.

PCS. 3 pieces. 1, no. 6-9 and paragraph. 2 may be waived in exceptional cases. In that case, § 40 paragraph. 3, 2nd sentence. Mutatis mutandis.

§ 43. Firmapensionskassers assets and liabilities shall, unless otherwise provided in accordance with § 44 f, measured at fair value. Assets and liabilities are revalued accordingly, and ups and downs are recognized in the income statement, except as otherwise provided in accordance with § 44 f.

PCS. 2. The fair value is measured at the market value of the asset or liability in a well functioning market. If the asset or liability is not traded on an active market, a recognized method for calculating the fair value of the asset or liability.


§ 44. Supplementary reports, for example. reports on knowledge and employee conditions (knowledge accounts), environmental issues (green accounts), the pension fund Social Responsibility (social accounts), and the pension fund's ethical objectives and follow-up (ethical accounts), to give a fair presentation under generally accepted guidelines for such reports. They must meet quality requirements of § 41 paragraph. 3, and with the reductions by the nature, the fundamental assumptions in § 42 paragraph. 1 and 2.

PCS. 2. Of the additional reports shall be disclosed methods and measurement basis used for the reports are prepared.

§ 44 a. The financial year shall be the calendar year.

PCS. 2. The first accounting period may include a shorter or longer than 12 months to a maximum of 18 months.

PCS. 3. The institution shall ensure that subsidiaries have the same financial year as the pension fund, unless this is not possible due to circumstances that are out of the pension fund and the subsidiary's control.

§ 44 b. The recognition, measurement and disclosure in monetary units shall be denominated in Danish kroner or euro. FSA can in regulations issued pursuant to § 44 f provide that the amounts recorded in other foreign currencies that are relevant for the pension fund.

§ 44 c. The annual report shall be audited by the pension fund's external auditors set. § 52. The review does not include the management report and additional reports included in the annual report provided. § 44. The auditor should, however, give an opinion on whether the information in the management report are accordance with the financial statements and any consolidated.

§ 44 d. The annual report should be in the form in which it is presented and approved by the Board, submitted to the Financial Supervisory Authority without undue delay after the board meeting where the annual report is finally approved.

PCS. 2. External auditor about the annual report as well as to institutions internal auditor also internal audit manager's audit report on the annual report must be submitted to the FSA simultaneously with submission of annual report under subsection. 1.

§ 44 e. The audited and approved annual report to be submitted to the FSA in triplicate without undue delay after final approval. The annual report must be received by the Danish FSA no later than 4 months after the closing.

PCS. 2. The annual report submitted must at least include the compulsory elements and the full audit. Want pension fund to publish supplementary reports as specified in § 44 shall be submitted with the compulsory elements of the annual report, so that the compulsory elements and the supplementary reports jointly form a single document called the Annual Report.

PCS. 3. A copy of the annual report of all the pension fund subsidiaries that are not financial companies subject to FSA supervision must be submitted to the FSA simultaneously with the submission of the annual report pursuant to subsection. 1.

PCS. 4. (Repealed)

§ 44 f. Financial Supervisory Authority shall determine the annual report, including the recognition and measurement of assets, liabilities, income and expenses, presentation of the income statement and balance sheet as well as requirements for notes and management report.

PCS. 2. FSA also provides rules for consolidated financial statements, including when the annual report must include consolidated and the companies must include.

PCS. 3. FSA may lay down rules for the preparation and publication of financial reports covering shorter periods than the annual report.

PCS. 4. By using digital communications to the requirement to submit annual reports in several copies, see. § 44d paragraph. 1 and § 44 e, paragraph. 1 waived.

§ 44 g. In order to ensure that firmapensionskassers annual reports are consistent with the provisions of this chapter and the regulations issued pursuant to § 44 f, the Danish FSA

1) provide guidance

2) take action against infringements and

3) order that errors be corrected and that violations must be brought to an end.

§ 45. Company pension funds to submit regular financial reports to the Financial Supervisory Authority in accordance with formats and guidelines in this respect prepared by the FSA.

Chapter 5 a

Solvency

§ 45 a. The capital base of pension funds must be at least

1) the solvency requirement of 4 per cent. of risk-weighted assets for pension provisions plus 0.3 per cent. of risk-weighted items for the risk sum for pension fund business, where the company has an investment risk, and


2) the minimum capital requirement of 400,000 euros for institutions involved in pension fund business, and where the articles of association, to include new members.

PCS. 2. The capital base of pension funds in liquidation shall be at least equal to the pension fund's solvency requirements referred to. Paragraphs. 1 pt. 1, minimum capital requirement is 0 euro. Pension funds in liquidation, pension funds, where the articles of association that can not be admitted new members.

§ 45 b. The capital requirement for pension fund is the largest of the solvency requirement and the minimum capital requirement in § 45a.

§ 45 c. The capital base is the reduced core capital,. § 45e attributed the reduced additional capital, cf.. § 45 f. The capital base is calculated based on the pension fund's equity calculated using the same principles that apply in the pension fund's financial statements.

PCS. 2. Core capital must be net of any tax that can be foreseen at the time of its calculation or be suitably adjusted in so far tax reduces the amount by which this capital can be used to cover risks or losses.

§ 45 d. The core capital in pension funds consists of

1) equity and

2) the value of tax assets as it would be in a management position, see. § 59 and § 34 of the Act on taxation of certain items, pension etc.

§ 45 e. Core capital is reduced by

1) the value of all intangible assets and

2) The tax referred to. However, § 45 d, # 2.

§ 45 f. Supplementary capital consists of subordinated loan capital that meets the conditions of § 45 g.

PCS. 2. The equity loan can not exceed an amount equal to the lesser of

1) 25 per cent. of the minimum amount of capital base and solvency requirement if the capital injection for a fixed term, and

2) 50 per cent. of the minimum amount of capital base and solvency requirement, the capital injection does not have a fixed maturity.

§ 45 g. Subordinated debt may be included in core capital prescribed. § 45c paragraph. 1 when the following conditions are met:

1) The lender's claims on the institution must be subordinate to all other unsubordinated debt.

2) The amount to be paid.

3) Repayment before maturity may not happen on the lender's initiative or without FSA authorization.

4) The amount may only fall due before the agreed maturity date, if the financial company into liquidation or declared bankrupt.

5) Pension Fund supreme authority must be able to write down the subordinated loan capital and unpaid interest, if equity is lost and share or guarantee share capital is written down to zero.

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

7) Not Paid interest is deferred under no. 6, may only become payable if the capital requirement is met again or the due date falls.

8) Changes in the loan agreement must be approved by the FSA.

9) The original maturity must be at least 5 years.

PCS. 2. Authorisation under paragraph. 1, no. 3, are subject to capital base following the repayment is less than the capital requirement.

PCS. 3. Impairment under subsection. 1, no. 5, can only happen if the pension fund is subsequently injected new capital, so that the capital requirement is fulfilled or terminated without any loss to subordinated creditors. The equity loan and unpaid interest may be written down by an amount that has been approved by the external auditors and the FSA.

§ 45 h. Financial Supervisory Authority shall determine

1) calculation of risk-weighted assets,

2) reporting of risk-weighted assets, capital requirement and capital base

3) publication of the solvency requirement under § 45 a paragraph. 1 and

4) a statement of the capital base as a result of the European Parliament and of the Council on the application of international accounting standards.

Chapter 6

Investment rules

§ 46. The funds, pension funds have to be invested in an appropriate and for members suitable way, so that there is adequate security that the Pension Fund at any time to meet its obligations.

§ 46 a. Pension funds must have a group of assets whose total value at any time at least equal to the value of the pension fund's total pension provisions.


PCS. 2. The assets which paragraph. 1 must be selected so that they in relation to the nature of the pension fund's obligations with respect to security, return and liquidity are of such a nature and such a composition that they are appropriate to ensure that the insured can not be repaid. There must be no excessive reliance on a particular asset class, investment markets or a particular investment.

§ 46 b. Assets shall be calculated as follows:

1) The assets calculated and adjusted regularly in accordance with the rules laid down for annual reports in accordance with § 42.

2) There shall be deducted from any encumbered, and loans can only be included at a value determined after the deduction of liabilities that can be due to the borrower.

3) Financial contracts reducing the risk that the assets do not cover the pension obligations must be included with the value of such contracts in asset values.

4) Accrued interest on assets covered by § 46 d paragraph. 1, Nos. 1-4, 6, 8 and 10-12, included in asset values.

§ 46 c. The pension provisions calculated and adjusted regularly in accordance with the rules laid down for annual reports in accordance with § 42.

§ 46 d. The following types of assets can be included among the assets covered by § 46a paragraph. 1:

1) Bonds or debt instruments issued or guaranteed by governments or regional authorities in Zone A, See Appendix 1.

2) Bonds admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement for the financial area, or similar markets in other countries and which are issued by international organizations with a membership of at least one member State of the European Union.

3) Mortgage bonds, mortgage bonds and covered bonds issued by mortgage banks, financial institutions or ship finance institute and other bonds, issued in a country within the European Union or in a country with which the Union has concluded an agreement for the financial area, and which offer equivalent safety.

4) Receivables, other than receivables, which are subordinated to other creditors, credit institutions and insurance companies under public supervision in countries within Zone A and other receivables are guaranteed by credit institutions or insurance companies under public supervision in countries comprised by zone A.

5) Land, residential, office and retail properties as well as other property, the value is independent of any specific commercial use.

6) Loans secured by registered, mortgaged property covered by no. 5, for an amount of up to 80 per cent. of the most recent property valuation for residential property and 60 per cent. for other properties.

7) Units of departments in UCITS, capital associations and foreign investment undertakings, corresponding to the capital funds, the capital of the corporation or the foreign investment institution statutes contain the in § 46 g paragraph. 1 and § 46 h paragraph. 1 restrictions specified.

8) other bonds and loans admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement for the financial area, or similar markets in other countries within Zone A. || |
9) Shares admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement for the financial area, or similar markets in other countries within Zone A.

10) properties that are not covered by no. 5, as well as loans secured by registered mortgages on properties that are not covered by no. 6

11) Equity investments and other securities admitted to trading on a market in countries outside zone A, if the market is equivalent to a regulated market within the European Union, as well as other securities admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has an agreement for the financial area, or similar markets in other countries within zone A.

12) Other loans and securities not covered by nos. 1-11.

PCS. 2. In a subsidiary whose activities are limited to making and managing investments in assets covered by paragraph. 1, the subsidiary's assets in the value of holdings in and any loans to the subsidiary are treated as assets under subsection. 1. If the subsidiary is not wholly owned, part of its assets to a proportional value corresponding to the share of equity.


§ 46 e. The following limits with regard to pension provisions apply for including assets subject to § 46a paragraph. 1:

1) Assets covered by § 46 d paragraph. 1, no. 7-12, see. However paragraph. 2 may total no more than 70 per cent.

2) Assets covered by § 46 d paragraph. 1 pt. 11 may total no more than 10 per cent.

3) Loans covered by § 46 d paragraph. 1 pt. 12 respectively. However paragraph. 2 may total no more than 2 per cent.

4) Assets covered by § 46 d paragraph. 1, no. 4, 6-9, 11 and 12 respectively. However paragraph. 2 issued or guaranteed by banks, mortgage companies, insurance companies, UCITS, capital funds or foreign investment undertakings covered by § 46 d paragraph. 1 pt. 7, for each business and division of a UCITS, a participating association or a foreign UCITS represent more than 5 per cent. of pension provisions, should total no more than 40 per cent.

PCS. 2. Other loans and securities covered by § 46 d paragraph. 1 pt. 12 may not exceed 10 per cent. of pension provisions.

§ 46 f. Assets that pose a risk for an individual company or a group of interconnected companies, may be part of the in § 46a paragraph. 1, mentioned assets within the following limits set in relation to the pension provisions:

1) Assets covered by § 46 d paragraph. 1 pt. 3 may not exceed 40 per cent.

2) Assets covered by § 46 d paragraph. 1, no. 4, may not exceed 10 per cent.

3) Assets covered by § 46 d paragraph. 1 pt. 7 without. However paragraph. 4, shall not exceed 10 per cent.

4) Assets covered by § 46 d paragraph. 1, no. 6, 8, 9, 11 and 12 may total no more than 2 per cent. Under. However paragraph. 2. The limit is 3 per cent., If the equity in the business that the asset relates, exceeds 250 million. kr., the company is domiciled in a country within Zone A and the asset is admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement for the financial area, or equivalent markets in other countries within zone A.

5) Assets covered by § 46 d paragraph. 1, no. 5, 6 and 8-12, may total no more than 5 per cent.

6) Loans covered by § 46 d paragraph. 1, no. 12, may not exceed 1 per cent.

PCS. 2. The equity investment in and loans to a company or a group of interconnected companies whose activities are limited to investing in assets covered by § 46 d paragraph. 1 pt. 5 and 10, the total investment exceeds 5 per cent. of pension provisions, see. § 46a paragraph. 1.

PCS. 3 pieces. 1 pt. 4 and 5 and paragraph. 2 and 5 shall not apply to investments in a subsidiary, subject to § 46 d paragraph. 2.

PCS. 4 pcs. 1, no. 3-5 and paragraph. 2 and 5 shall not apply to investment firms, UCITS, capital associations and foreign investment undertakings covered by § 46 d paragraph. 1 pt. 7, according to their articles is limited to investing in assets covered by § 46 d paragraph. 1, Nos. 1-3. Such investments may be in relation to the limits laid down in paragraph. 1, no. 4-6 and paragraph. 2 and § 46 e, paragraph. 1, Nos. 1-3 are treated as assets covered by § 46 d paragraph. 1, Nos. 1-3.

PCS. 5. For assets covered by § 46 d paragraph. 1, no. 6, 8, 9, 11 and 12, the limit is 5 per cent. for investment in a single company and 10 per cent. for investment in a group of related companies in relation to a pension fund provisions for its reinsurance business.

§ 46 g. The Statutes of the capital association or a foreign investment undertaking covered by § 46 d paragraph. 1 pt. 7 should provide for

1) capital association or foreign UCITS in an investor's request must redeem the investor's share of the assets with funds derived from assets,

2) to capitalize the corporation or the foreign UCITS funds must not provide guarantees to third parties or provide or obtain loans apart from raising short-term loans of up to 10 per cent. of assets to redeem investors, to exercise subscription rights or to provide interim financing of transactions,

3) capital association or foreign UCITS may invest its assets in cash, including foreign currency, or in the financial instruments mentioned in Annex 5 of the Financial Business Act, in accordance with the requirements of instruments and their issuers in Chapter 14 of the investment associations etc., and

4) risk spread under. § 46 h.


§ 46 h. A capital association or a foreign investment undertaking covered by § 46 d paragraph. 1 pt. 7 used in its charter for each department provide that the assets may be invested in accordance with paragraph. 2, 3, 4 or 5.

PCS. 2. The assets may be invested in accordance with Chapter 14 of the Investment Associations etc.

PCS. 3. The assets may be invested in cash, including currency or instruments mentioned in Annex 5 of the Financial Business Act. No more than 10 per cent. of the assets may be invested in financial instruments issued by the same issuer or issuers in the same group. 2. section. shall not apply in the following cases:

1) Where the fund invests in bonds issued by a country or an international institution of a public character which one or more countries in the European Union or countries with which the Union has concluded an agreement for the financial area, participating in and approved by the FSA, see. § 147, paragraph. 1 pt. 4 of the Act on investment funds, etc.

2) Where the fund invests in the following types of bonds, subject to a maximum of 30 per cent. of its assets invested in bonds issued by a single issuer or issuers in the same group:

a) cash and ship mortgage bonds issued by Danish Ship Finance A / S, mortgage bonds issued by Danish mortgage credit institutions and similar bonds issued by credit institutions approved by a country within the European Union or a country with which the Union has concluded an agreement for the financial area, where a competent authority has issued the bond issues and issuers to the Commission.

b) Mortgage covered bonds (covered bonds) and covered bonds (SDOs) issued by Danish banks, mortgage companies or Danish Ship Finance A / S or equivalent covered bonds issued by similar credit institutions which are approved by a country within the European Union or a land which the Union has concluded an agreement for the financial area, where a competent authority has issued the bond issues and issuers to the Commission.

PCS. 4. The assets can only be invested in money market instruments, with a maximum of 30 per cent. The fund may be placed in money market instruments issued by the same issuer or issuers in the group, however, the assets can be fully invested in money market instruments issued by a country or an international institution of a public character which one or more countries in the European Union or countries with which the Union has concluded an agreement for the financial area, participating in, and approved by the FSA, see. § 147. paragraph. 1 no. 4 of the Act on investment funds, etc.

PCS. 5. The assets may be invested in units of departments in UCITS, capital funds or foreign investment undertakings, the statute contains the limits specified in § 46 g, subject to a maximum of 75 per cent. of the assets shall be placed in units issued by one section of the UCITS, capital funds or foreign investment institutions.

§ 47. Pension funds should have written investment principles. The principles shall be in accordance with §§ 46-46 c.

PCS. 2. Investment Principles must at least contain methods for measuring investment risks, the risk management processes and the strategic asset allocation.

PCS. 3. At least every three years, the investment principles reconsidered.

§ 47. Company pension funds may not borrow or act as guarantor for third parties.

§ 48. In the assets covered by § 46a paragraph. 1, an amount of at least 80 per cent. be denominated in matching currencies.

PCS. 2. Assets denominated in euros, can be used to meet half of the requirement of paragraph. 1 for pension provisions in another EU currency other than the euro.

PCS. 3 pieces. 1 shall not apply if the pension provisions in that currency amount to less than 7 per cent. of pension provisions in other currencies.

§ 49. The pension funds must be kept of the assets covered by § 46a paragraph. 1 and financial contracts in accordance with § 46 b, no. 3. The recorded assets and contracts exclusively in satisfaction of its members.

PCS. 2. If real property is among the assets, a mortgage deed.

PCS. 3. For subsidiaries covered by § 46 d paragraph. 2, registered holdings in and any loans to the subsidiary.


PCS. 4. pension fund shall report to the FSA on which assets are included in the register. FSA or the Financial Supervisory Authority shall check the presence of these assets in line with rules set by the Financial Supervisory Authority.

PCS. 5. Financial Supervisory Authority may require that the register deposited whose supervision decide to restrict or prohibit the disposal of its assets, see. § 63 paragraph. 3. Upon deposit of the register must FSA registered as eligible in a central securities depository in terms of fund assets. With regard to the other assets and contracts that serve to cover pension provisions must be pledged as collateral for the benefit of the FSA.

PCS. 6. Any change in a deposited register must be approved by the FSA and noted in the register.

§ 50. The Danish FSA may for a limited time exemptions from § 46 d, § 46 e, paragraph. 1, no. 4, § 46 f paragraph. 1, no. 2-6, and paragraph. 2-6, § 46g and § 46 h.

§ 51. Financial Supervisory Authority shall determine

1) the definition of securities covered by several of the in § 46 d paragraph. 1, said active groups

2) the localization of assets and matching currencies against the pension provisions and

3) notification, registration and verification of the presence of the assets in the registers according to § 49 paragraph. 4, 2nd sentence.

Chapter 7

Audit and scrutiny

§ 52. §§ 133 and 144-149 of the Companies Code and § 74, § 78 paragraph. 5, § 193, § 199, first paragraph. 1-7 and 11, and § 200 of the Financial Business Act shall apply mutatis mutandis to company pension funds.

PCS. 2. § 133 of the Companies Act shall apply mutatis mutandis to the relationship between a pension fund and the company or companies, the pension fund is allocated.

§ 53. §§ 150-152 of the Companies Act shall apply with the necessary adjustments to company pension funds.

Chapter 8

Transfer of pension commitments, termination and crisis management

§ 54. A pension fund may not, without authorization by the FSA transfer all or part of the pension commitments to an insurance company or to another fund. The same applies if pension commitments transferred with the pension fund's remaining assets and liabilities or a part thereof. § 35 paragraph. 1 shall apply accordingly.

PCS. 2. In connection with a transfer should the pension fund board terms only making such changes, including changing the bonus rules of the FSA deemed to be a necessary result of the transfer.

PCS. 3. Before FSA authorizes a transfer, the pension fund for each member and other beneficiaries covered by the transfer, sending a supervision authorized statement of the intended transfer. The report must describe the transfer and its consequences for the members and to encourage members to writing to the supervision object to the transfer within the FSA deadline.

PCS. 4. After the end of the paragraph. 3 that period shall FSA in consideration of the objections made about whether pension commitments may be transferred in accordance with the submitted proposal. The transfer may not be invoked as a basis for raising the retirement agreement.

PCS. 5. If all the institution's assets and liabilities are transferred to an insurance company or to another fund, making the FSA on its own initiative review the Commerce and Companies Agency on the pension fund's dissolution.

§ 55. Economic and Business Affairs may lay down rules to §§ 237-253 of the Companies Act with the necessary adjustments applicable to the merger of institutions covered by § 2 or merger of a pension fund and a subsidiary.

PCS. 2. § 236 of the Companies Act applies when the merger happens after the under paragraph. 1 rules.

§ 55 a. Economic and Business Affairs may lay down rules to §§ 254-270 of the Companies Act with the necessary adjustments shall apply to the division of a pension fund covered by § 2.

PCS. 2. Companies Act § 254 paragraph. 1, Item 4. Shall apply where the cleavage occurs after the under paragraph. 1 rules.

PCS. 3. § 254 paragraph. 2 of the Companies Act shall not apply where the cleavage occurs after the under paragraph. 1 rules.


§ 56. Unless otherwise stipulated in the law, the decision to dissolve a pension fund in liquidation, unless the FSA authorizes that all pension fund assets and liabilities transferred to an insurance company or to another fund, see. § 54. The General Assembly can select one or more liquidators to carry out the settlement. In institutions where the sponsoring company appoints members of the board that holds the vocal majority, appointed liquidator of the sponsoring company. If the liquidator is not appointed in accordance with the second or third paragraph., Appoints the FSA one or more liquidators. FSA may appoint a liquidator to conduct liquidation with the liquidators of the General Meeting or of the sponsoring company appointed liquidators if the interests of the members or creditors justify it.

PCS. 2. Break a pension fund in liquidation, the Danish FSA may decide that the pension fund's portfolio of pension commitments taken under administration.

§ 57. The decision on liquidation must be registered with the Commerce and Companies Agency. Liquidators must submit notification to the FSA and the Danish Commerce and Companies Agency, so that they have received notifications within 14 days after the decision is taken. Is the decision taken pursuant to § 64 paragraph. 1, no. 3, making the FSA on its own initiative review the DCCA. The liquidation is considered to have commenced at the time the supervision decided.

PCS. 2. Liquidators shall enter into supervisory and executive place. This law concerning the Board shall apply mutatis mutandis to liquidators.

PCS. 3. The liquidator may at any time be removed by the person who is elected, appointed or nominated that person.

PCS. 4. A pension fund in liquidation shall keep its name with the addition "in liquidation".

PCS. 5. Moreover, the Act on accounting, auditing, general meetings and the submission of annual reports to the FSA and §§ 221, 223 and 224 of the Companies Act shall apply mutatis mutandis in pension funds in liquidation. FSA may grant exemptions from.

§ 57 a. Sharing of pension fund assets after the creditors should be in accordance with the Articles of Association regulations. The funds pursuant to § 49 are registered, only serves to satisfaction of statutory obligations. The division of the pension fund's assets must not be made until the FSA has approved a plan for it.

§ 58. A bankruptcy petition filed in a pension fund's behalf may only be submitted by the Board or, if the pension fund is in liquidation, the liquidator or the FSA. A pension fund is in liquidation shall keep its name with the addition of 'bankrupt'. The bankruptcy court notifies the Commerce and Companies Agency on the commencement and end. In connection with the bankruptcy proceedings, the deleted Pension Fund of Commerce and Companies Agency.

PCS. 2. Is the pension fund in liquidation and the liquidator finds that the liquidation will not give full coverage to the creditors and beneficiaries, the liquidators convene a general meeting to decide on filing for bankruptcy.

PCS. 3. FSA may file for bankruptcy when a pension fund becomes insolvent. . FSA's decision to file for bankruptcy can not be appealed in accordance with § 70.

PCS. 4. If he declares a pension fund bankruptcy, made portfolio of pension commitments under administration by the FSA, and the bankruptcy court shall in § 46a funds to the FSA. The individual recipient may not make claims against the bankruptcy estate. However, the FSA in the estate to report an amount equal to the difference between the pension provisions when bankruptcy proceedings and the value of the funds that are registered under § 49.

PCS. 5. Financial Supervisory Authority may further administration behalf of the estate require an amount equal to the capital requirement of administering the estate beginning.

PCS. 6. Financial Supervisory Authority shall appoint a liquidator to take charge of the division of the registered agents. §§ 253-258 of the Financial Business Act on administration of a life insurance portfolio shall apply correspondingly to a portfolio of pension commitments.

§ 59. FSA may order a pension fund management to commission a review of the pension fund's financial position and prospects. The Pension Fund's Board of Directors, the chief actuary and auditing shall be signing the injunction against the FSA confirm to be familiar with the contents of the communication.

PCS. 2. The statement must


1) be accompanied by a statement from the pension fund audits, unless the statement as a whole is prepared by this,

2) submitted to the Pension Fund Board for approval and

3) submitted a copy to the FSA.

§ 60. FSA must order the pension fund to develop a plan to restore its financial position, if the pension fund's capital base is not sufficient. The plan should aim at restoration of the financial position over a shorter period to be determined by the FSA. The institution shall submit the plan to the FSA.

PCS. 2. Financial Supervisory Authority may specify the details of the information that recovery plan should contain and the length of the period.

§ 61. FSA may order a pension fund within a supervision period set out the measures that are necessary if

1) the institution fails to comply with this Act or regulations issued pursuant to this Act,

2) the institution does not comply with its statutes or the performance of his current base

3) in no. 2 above basis or the way in which pension-fund assets are located, is not reassuring

4) it turns out that to cover pension provisions postponed funds is not reassuring

5) the pension fund's financial position has deteriorated, that members' interests are jeopardized,

6) there has been a deterioration of the pension fund's financial position in relation to under this law submitted business plan

7) The FSA does not find the plan in § 60 reassuring, or if there is a deterioration of the pension fund's financial position in relation to the plan or

8) there is a significant risk that the pension fund's financial position will develop so that the institution will lose its license to operate as a pension fund.

PCS. 2. Are the measures ordered are not taken within the meaning of paragraph. 1 deadline, and estimated failure to endanger members, the pension commitments made under administration pursuant to §§ 253-258 of the Financial Business Act.

PCS. 3. Pension commitments will be placed under administration, if it turns out that in the under paragraph. 1 prescribed period can not be obtained the covering pension provisions necessary funds.

PCS. 4. Should the FSA that, when pension promises are taken into administration, they will also be required that the pension fund is dissolved, take the supervision decision.

§ 61a. FSA may as part of the measures according to § 61 paragraph. 1, prohibit the institution to dispose of its assets or to restrict its availability above. § 49 shall apply accordingly.

§ 62. The Danish FSA may withdraw the license to operate as a pension fund, if

1) the institution requests,

2) the institution is guilty of serious or repeated violations of this Act or regulations issued pursuant to this Act,

3) the institution does not meet the requirements of Chapter 2

4) does not exercise business of pension fund for a period of over 6 months

5) the institution is not within the set by the FSA deadlines have implemented the measures set out in the in § 60 said recovery plans

6) an order pursuant to § 17 or § 61 is not acted upon within one of the FSA set deadline,

7) a director no longer fulfills the conditions of § 23a paragraph. 3 and 4, or

8) the institution has not marketed the Director within the pursuant to § 65 b deadline.

§ 63. A pension fund shall be dissolved if

1) it has no board of directors or chief actuary and this is not rectified within one of the FSA set deadline,

2) the pension fund membership is less than 50, see. § 7

3) a large part of the members leave the pension fund in connection with a sale of parts of the sponsoring company, it will bring the remaining members' rights under the statutes and regulations in danger

4) The sponsoring company closed down entirely,

5) pension fund's obligations are fully repaid or

6) the pension fund's authorization is withdrawn.

PCS. 2. Should a pension fund is dissolved under subsection. 1, the Danish FSA may decide that the pension commitments should be sought transferred to an insurance company or to another fund or portfolio of pension commitments must be placed under administration in accordance with §§ 253-258 of the Financial Business Act, or that there should be distribution of pension fund assets.


PCS. 3. FSA can be associated with involvement of the pension fund's license prohibit the institution to dispose of its assets or to restrict its availability above. § 49 paragraph. 5 and 6 shall apply mutatis mutandis.

§ 64. Resolution on dissolution of a pension fund can be taken only by

1) General Meeting in connection with a transfer of the entire portfolio according to § 54

2) General Assembly if no members oppose the resolution or

3) Financial Supervisory Authority if it § 63 listed solution does not occur.

Chapter 9

Supervision

§ 65 FSA shall ensure compliance with this Act and the regulations issued pursuant to this Act, except § 24 c, see. However, § 68. Commerce and Companies Agency shall ensure compliance with § 20

PCS. 2. Financial Supervisory Board is included in the supervision of company pension funds with the competence of the Board's powers under § 345 paragraph. 7, in the Financial Business Act.

§ 65 a. The time limits laid down in or under this Act shall take effect from the day following the day on which the event triggering the time limit occurred. This applies to the calculation of days, weeks, months and årsfrister.

PCS. 2. If the time limit specified in weeks, ending the period referred to. Paragraphs. 1 of the weekday for the day when the event that triggered the deadline occurred.

PCS. 3. If the time limit specified in months, the deadline referred. Paragraphs. 1, on a monthly anniversary of the date on which the event that triggered the deadline occurred. If the day of the event that triggered the deadline occurred, the last day of a month, or if the deadline expires on a date that does not exist, the deadline is always on the last day of the month regardless of its length.

PCS. 4. If the time limit specified in the year, the deadline referred. Paragraphs. 1, on the anniversary of the day that the event that triggered the deadline occurred.

PCS. 5. a time limit expires on a weekend, a public holiday, Constitution Day, Christmas Eve or New Year's Eve, the deadline is extended to the next working day.

§ 65 b. FSA may order a corporate pension fund to allocate a director of the company pension fund within the FSA set deadline, if in accordance with § 23a paragraph. 3 and 4 can not dispute the position.

PCS. 2. FSA may order a member of the board of a company pension fund to resign within one of the FSA set deadline, if in accordance with § 23a paragraph. 3 and 4 can not perform his duties.

PCS. 3. FSA may order a corporate pension fund to set aside a director when the indictment against this in a criminal case for violation of the Criminal Code, Law on the supervision of company pension funds or other financial legislation until the criminal case is decided, if a conviction would mean that he not meet the requirements of § 23a paragraph. 4, no. 1. FSA set a deadline for compliance with the injunction. FSA may, under the same conditions as in the first section. order a board member of a company pension fund to resign. FSA set a deadline for compliance with the injunction.

PCS. 4. The duration of the order issued under paragraph. 2 on the basis of § 23a paragraph. 3 and paragraph. 4, no. 2 or 3 shall be specified in the order.

PCS. 5. An order granted under paragraph. 1-3 can of company pension fund and of the person whom the order relates, be brought before the courts. Requests shall be submitted to the FSA, within 4 weeks after the order is issued. The request does not suspend the injunction, but the court may decide that the Director or the Director during the proceedings can maintain his duties or his position. FSA brings within 4 weeks before the courts. The case brought in a civil procedure.

PCS. 6. Financial Supervisory Authority may on its own initiative or upon application to revoke an order issued under subsection. 2 and paragraphs. 3, 3rd clause. FSA refuses an application for revocation, the applicant may request the refusal before the courts. Requests shall be submitted to the FSA, within 4 weeks after the refusal was communicated to him. Request for judicial review may be made only if the injunction is not time-limited and have passed at least 5 years from the date of issue of the order, or at least 2 years after the FSA's refusal to recall is confirmed by the judgment.

§ 65 c. FSA to investigate the pension funds matters, including reviews of regular reports and inspections of individual pension funds.


PCS. 2. Following inspection, an institution must be held a meeting with the participation of the pension fund's board of directors, the director, the chief actuary and the pension fund's auditor, unless such inspection exclusively concerns clearly demarcated areas of activity in the pension fund. At the meeting the FSA announce its conclusions regarding the inspection.

PCS. 3. Key findings should be an inspection to be provided in the form of a written report to the pension fund's board of director, the chief actuary and the pension fund's auditor.

§ 65 d. FSA may accordance with the procedures laid down in EU law accordingly, prohibit a foreign pension fund covered by § 21 b based in another country within the European Union or in a country with which the Union has concluded an agreement with the financial area, providing services in the country.

PCS. 2. FSA may prohibit in paragraph. 1 mentioned pension funds to exercise services in this country if the institution fails seriously or repeatedly violated the provisions of this Act, regulations issued pursuant to this Act or other legislation that targets the institution and not by orders or penalties under this Act has been possible to bring the infringement to an end.

§ 65 e. Business and Growth Minister may lay down rules firmapensionskassers duty to publish information on the FSA's assessment of the company pension fund and that the FSA may publish the information before the company pension fund.

§ 66. The pension funds must provide the Financial Supervisory Authority the information necessary for the FSA's activities. FSA may investigate covered by the law retirement conditions and may at any time on proof of identity without a court order to access to the pension fund for the purpose of obtaining information and for inspections.

PCS. 2. Suppliers and subcontractors must provide the Financial Supervisory Authority the information necessary for the FSA's activities. FSA may at any time on proof of identity without a court order to access the supplier and the subcontractor for the purpose of obtaining information on the outsourced activity.

§ 66 a. FSA's employees are under the responsibility of the Criminal Code §§ 152-152 e obliged to keep secret the confidential information that they become aware of their supervisory duties. The same applies to persons performing services as part of the FSA's operations, and experts acting on behalf of DERA. This also applies for employment or termination of the contract. 1st-3rd section. shall also apply to employees of the Danish Business Authority, with regard to information they have gained access through the assignment according to § 83 paragraph. 2 and 3 of the Act on Securities Trading Act

PCS. 2. Consent from that duty of confidentiality aims to protect shall not entitle to in paragraph. 1 such persons to disclose confidential information.

PCS. 3 pieces. 1 does not apply to information in cases of

1) good pension practices in § 6 a paragraph. 1, point 1., And regulations on honest business principles and good practice issued pursuant to § 6 a paragraph. 2, and

2) information that a pension fund must provide in writing to members and beneficiaries, see. Notices issued pursuant to § 12 a.

PCS. 4. Paragraph. Paragraph 1 shall not preclude the FSA on its own initiative, confidential information in summary or aggregate form, when neither the individual pension funds, and its members can be identified.

PCS. 5. Confidential information may be disclosed in civil proceedings when an institution is declared bankrupt or is being wound up, and if the information does not involve customers or third parties who are or have been involved in attempts to rescue the pension fund.

PCS. 6. The provision of subsection. Paragraph 1 shall not prevent the disclosure of confidential information to:

1) Systemic Risikoråd.

2) Public authorities, including prosecutors and police, in connection with the investigation and prosecution of potential criminal offenses covered by the Criminal Code or the supervision legislation.

3) The competent minister as part of his overall supervision.

4) Administrative authorities and courts dealing with decisions taken by the FSA.

5) The Parliamentary Ombudsman.

6) A parliamentary commission set up by parliament, see. However paragraph. 12.

7) inquiry set up by law or pursuant to the Act on study Commissions referred to. However paragraph. 12.


8) the Parliamentary Standing Committee on an institution general economic conditions, as regards crisis management of pension funds, when deciding whether the state should provide warranty or make funds available. The same applies in the context of parliamentary scrutiny in cases covered by the first section.

9) Public Accounts Committee and the Auditor General.

10) Stakeholders, including authorities involved in attempts to rescue an ailing pension fund, provided that the recipients of information needed.

11) Bankruptcy Court, see. However paragraph. 12, and other authorities involved in the pension fund's liquidation, bankruptcy or similar procedures, as well as persons responsible for the statutory audit of the pension fund accounts, provided that the recipients of information in the discharge of their duties.

12) Institutions managing depositor or investor compensation schemes, provided that the information is necessary to enable them to perform their work.

13) Business Authority in its capacity as the supervisory authority for compliance with company law, when disclosure is in order to strengthen the financial system's stability and integrity, and the Danish Business Authority, Tax Authority and the Tax Board in their capacity as supervisor for the statutory audit of firmapensionskassers accounts, provided that recipients need the information for the fulfillment of their tasks referred. however paragraph. 12.

14) Experts who assist the FSA, the Danish Business Authority, Tax Authority, Accountant Board and institutions managing depositor, investor or IGS performance of their supervisory duties, provided that beneficiaries need the information for the fulfillment of their tasks referred. However, PCS. 12.

15) Danmarks Nationalbank, central banks in the countries within the European Union or countries with which the Union has concluded agreements in the financial field, the European System of Central Banks and of the European Central Bank, in their capacity as monetary authorities and public authorities supervising payment systems Denmark and other countries within the European Union or countries with which the Union has concluded an agreement for the financial area, provided that the information is necessary for them to fulfill their statutory tasks, including the conduct of monetary policy, the oversight of payment and securities handling systems and the safeguarding of financial stability.

16) An institution that is responsible for clearing securities or money if it is necessary to ensure that the institution reacts duly to defaults or potential defaults on the market in which the institution responsible for clearing.

17) Committee of Inquiry set up by the European Parliament under Article 226 of the Treaty on the Functioning of the Union.

18) Financial regulators in other countries within the European Union or in countries with which the Union has concluded an agreement for the financial area, is responsible for supervision of pension funds, credit institutions, financial institutions, insurance or financial markets, departments and agencies which is responsible for maintaining financial stability through macroprudential regulatory authorities or bodies which aim to safeguard the financial stability of institutions managing depositor, investor or IGS and bodies involved in the retirement liquidation, insolvency or similar procedures, as well as persons responsible for the statutory audit of pension accounts, provided that the recipients of information need it to perform their tasks.

19) bodies in other countries within the European Union or in countries with which the Union has concluded an agreement for the financial area, supervising bodies involved in firmapensionskassers liquidation, bankruptcy or similar procedures, and authorities supervising persons responsible for the statutory audit of firmapensionskassers accounts, provided that the recipients of the data need it to perform their tasks referred to. however paragraph. 12.

20) bodies in other countries within the European Union or in countries with which the Union has concluded an agreement for the financial area which are responsible for detecting breaches of company law, provided that the recipients of the data need it to perform their tasks and sharing should be with a view to strengthening the stability and integrity of the meaning. however paragraph. 12th


21) Experts who assist authorities in other countries within the European Union or in countries with which the Union has concluded an agreement for the financial area, supervising bodies involved in firmapensionskassers liquidation, bankruptcy or similar procedures, and authorities supervising persons responsible for the statutory audit of firmapensionskassers accounts, provided that the recipients of the data need it to perform their tasks referred to. however paragraph. 12.

22) Bodies in countries within the European Union or in countries with which the Union has concluded an agreement for the financial area which are responsible for monitoring compliance with the rules on financial information from issuers of securities admitted to a regulated market.

23) Ministers responsible for financial legislation in other countries within the European Union or in countries with which the Union has concluded an agreement for the financial area, in connection with crisis management of a pension fund.

24) the European Systemic Risk Board and the European Insurance and Occupational Pensions Authority and the bodies established by this committee, provided that the recipients of information need it to perform their tasks.

25) Financial supervisory authorities in countries outside the European Union, the Union has not concluded an agreement for the financial area, is responsible for supervision of pension funds, credit institutions, financial institutions, insurance or financial markets, authorities and bodies responsible to maintain financial stability through macroprudential regulatory authorities or bodies which aim to safeguard the financial stability of institutions managing depositors, investors and insurance guarantee schemes, bodies involved in the retirement liquidation, insolvency or similar procedures, and persons responsible for the statutory audit of pension accounts required. however paragraph. 11 and 12

26) bodies in countries outside the European Union, the Union has not concluded an agreement for the financial area, supervising bodies involved in firmapensionskassers liquidation, bankruptcy or similar procedures, and authorities supervising persons is responsible for the statutory audit of firmapensionskassers accounts required. however paragraph. 11 and 12

27) bodies in countries outside the European Union or in countries with which the Union has not concluded an agreement for the financial area which are responsible for detecting breaches of company law, provided that the transfer is done in order to strengthen the financial system stability and integrity, see. however paragraph. 11 and 12

28) Experts who assist authorities in countries outside the European Union or in countries with which the Union has not concluded an agreement in the financial area, overseeing bodies involved in the liquidation, bankruptcy or similar procedures for company pension funds, and authorities who oversees the persons responsible for the statutory audit of financial statements of pension funds, see. however paragraph. 11 and 12

PCS. 7. Any person under paragraph. 5 and 6 receiving confidential information from the FSA, is with regard to this information given in paragraph. 1 to professional secrecy.

PCS. 8. Confidential information received pursuant to paragraph. 6, no. 24, can be whatever secrecy exchanged directly between on the one hand the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority and the bodies established by those on the other side the European Systemic risks.

PCS. 9. Confidential information FSA receiver may only be used in conjunction with supervisory duties, to impose sanctions, or if the Inspectorate's decision be appealed to a higher administrative authority or before the courts.

PCS. 10. Access to issue confidential information to the Parliamentary Standing Committee in accordance with paragraph. 6, no. 8, is limited to documents in cases that are created in the FSA after 16 September 1995.

PCS. 11. Disclosure pursuant to subsection. 6, no. 25-28, can only be

1) based on an international cooperation agreement and

2) provided that the recipients at least are subject to a statutory duty of confidentiality equivalent to the duty of confidentiality under paragraph. 1, and need information to perform their duties.


PCS. 12. Disclosure pursuant to subsection. 6, no. 6, 7, 11, 13, 14, 19-21 and 25-28, confidential information originating from countries within the European Union or countries with which the Union has concluded an agreement for the financial area, Furthermore only happen if the authorities which have transmitted it have given their express permission, and may only be used for the purpose for which the license relates. When transmitting information pursuant to paragraph. 6, no. 14, 21 and 28, the FSA the authorities or bodies which have disclosed the information the experts the information will be forwarded to, indicating the expert's powers.

§ 66 b. A party in relation to the FSA considered Only pension funds, as a decision by the Financial Supervisory Authority as laid out. However paragraph. 2 and 3.

PCS. 2. The following cases are considered different from the pension fund as well as part of the FSA's decision as regards the part of the case concerning him:

1) A person who violates the law ordered that the promises of pension commitments must be covered either by an insurance company or a pension fund, see. § 1, § 2. 1 and § 4.

2) A company applying for permission to conduct pension fund activities, see. § 10 paragraph. 1.

3) The auditor of a pension fund, when the FSA dismisses or orders said to provide information on pension fund matters and in matters of prohibition, an auditor has loans etc. in the pension fund, the auditor revises the meaning. § 52 paragraph. 1, and in cases where the auditor or the appointed actuary have not fulfilled their obligation to provide information to the FSA, see. § 52 paragraph. 1 and § 26 paragraph. 4, 1st clause.

PCS. 3. The party is also considered a director, an accountant, a director, the chief actuary, a liquidator or other senior employees of an institution when the Danish Financial Supervisory reprimand or order under the Act or its regulations are aimed directly at the question.

PCS. 4. Part Status and party powers under subsection. 2-3 is limited to circumstances where FSA decisions made after 22 October 1998.

§ 66 c. Reactions granted under this Act § 65 paragraph. 2, see. § 345, paragraph. 7, no. 4, of the Financial Business Act, or by the FSA after delegation from the Danish Financial Supervisory Board for a corporate pension fund under the supervision must be published along with the company pension fund's name, see. However paragraph. 4. Company pension fund shall publish information on its website in a place where they naturally belong, as soon as possible, and no later than 3 business days after the company pension fund has been notified of the reaction, or by the date of publication required under the Act on Securities Trading, etc. Simultaneously with the publication the company must insert a link that provides direct access to the reaction, on the face of corporate pension fund's website in a visible way, and it must be the link and any related text clearly state that there is a response from the FSA. If the company pension fund comment on this reaction, this must be an extension of this, and comments must be clearly separated from the reaction. Removing the link on the front page and the information from the company pension fund's website must follow the same principles as company pension fund uses for other announcements, at the earliest when the link and the information has been on the website for 3 months, and the earliest after the next general meeting or representatives. Company Pension Fund duty to publish information on company pension fund's website only applies to legal persons. FSA to publish this information on its website. Reactions granted pursuant to § 65 paragraph. 2 shareholder, see 345, paragraph. 7, no. 6, of the Financial Business Act, and the Financial Supervisory Authority's decisions to turn cases over to the police investigation should be published on the FSA's website along with the company pension fund's name, see. However paragraph. 4.

PCS. 2. Reactions granted under this Act § 65 paragraph. 2, see. § 345, paragraph. 7, no. 4 and 6, of the Financial Business Act or the FSA after delegation from the Danish Financial Supervisory Board for a company that is not under supervision, to be published stating the company name, see. However paragraph. 4.


PCS. 3. If a case is handed over to the police investigation and have fallen partly or wholly damning judgment or adopted fine, there must be publication of the judgment, a fine or a summary thereof pursuant. However paragraph. 4. If the judgment is not final, or if it is appealed or appealed, must be stated in the publication. Company Pension Fund disclosure shall be made on company pension fund's website at a place where it naturally belongs, as soon as possible, and no later than 10 business days after the Court's judgments or adopted a fine or by the date of publication required under the Act on Securities Trading Act Coinciding with the announcement the company must insert a link that provides direct access to the conviction and fine adoption or summary, in front of the company pension fund's website in a visible way, and it must be the link and any related text clearly state that there is a judgment or penalty decision. If the company pension fund commenting judgment, fine adoption or summary, this must be done by extension, and comments must be clearly separated from judgment, fine adoption or summary. Removing information from the company pension fund's website must follow the same principles as company pension fund uses for other announcements, at the earliest when the link and the information has been on the website for 3 months, and the earliest after the next general meeting or representatives. Company pension fund shall notify the FSA for publication, including forward a copy of the judgment or penalty adoption. FSA must then publish the judgment, a fine or a summary of it on its website. Company Pension Fund duty to publish information on company pension fund's website only applies to legal persons. Disclosure on 1st and 2nd clauses., Concerning companies that are not supervised, should only be made on the FSA's website.

PCS. 4. Publication pursuant to subsection. 1-3 can not happen if it would cause disproportionate damage to the company pension fund or investigative considerations against disclosure. The publication may not contain confidential information about customers or information covered by § 12 paragraph. 1 of the Act on Public Administration. The publication may not contain confidential information derived from financial regulators in other countries within or outside the European Union, unless the authorities have transmitted it have given their express permission.

PCS. 5. If publication is omitted in accordance with paragraph. 4, 1st clause., Publication shall be made in accordance with paragraph. 1-3, when the reasons which necessitated the omission no longer apply. This is only valid for up to 2 years after the date of the reaction.

§ 66 d. Where an institution is declared bankrupt, the majority of the pension fund's operations are discontinued or transferred, or where the pension fund portfolio of pension commitments have been placed under administration, prepares the FSA an explanation of the causes, if the state in connection with or in a shorter period prior to that has provided guarantees or provided funds for the pension fund, its creditors or a purchaser of all or part of the pension fund.

PCS. 2. FSA must publish the statement under subsection. 1. In connection with the publication takes § 66a do not apply unless the information relates to customer relationships or third parties who are or have been involved in attempts to rescue the institution in question.

PCS. 3. The statement by paragraph. 1 must describe the FSA's role in the events leading up to the bankruptcy etc.

§ 66 e. Financial Supervisory Authority must inform the public about matters which are dealt with by the FSA, the prosecution or the courts, which are of general interest or of importance for the understanding of the following provisions:

1) Good pension fund practice referred to. § 6 a paragraph. 1, point 1., And regulations on honest business principles and good practice issued pursuant to § 6 a paragraph. 2.

2) Information that a pension fund must provide in writing to members and beneficiaries, see. Notices issued pursuant to § 12 a.

PCS. 2. FSA must also inform the public about the name of a company pension fund that violate the ban on conducting activities outside the permit provided. § 10.

§ 66 f. Financial Supervisory employees shall not disclose information about a person when he or she has entered a corporate pension fund or person to the FSA for violation or potential violation of financial regulation, which FSA supervises see. However paragraph. 2.


PCS. 2. Paragraph. 1 is not to prevent personal data are transmitted in accordance with § 66 a paragraph. 6

PCS. 3. Anyone under paragraph. 2 receives personal data is with regard to this information given in paragraph. 1 to professional secrecy.

§ 66 g. Thsi a corporate pension fund information company pension fund, and the information is made public to knowledge, the Danish FSA may order the company pension fund to publish correcting information within the FSA set deadline if

1) information provided by the FSA's assessment is misleading and

2) FSA assesses whether the information may have harmful effects for pension fund members, other creditors or financial stability in general.

PCS. 2. rectifies company institution no information in accordance with FSA instructions and within the FSA prescribed time, the FSA publish injunction notified under paragraph. 1.

§ 67. Pension funds under the supervision under this Act shall pay a fee to the FSA. The tax is determined by Chapter 22 of the Financial Business Act.

§ 68. Review and registration mm applies Companies Act accordingly.

§ 69. (Repealed)

§ 70. Decisions taken by the FSA or the Danish Commerce and Companies Agency under the Act or regulations issued pursuant to this Act may be referred to the Commercial Appeal Board within 4 weeks after the decision was communicated to him.

PCS. 2. reversed one of the FSA decided to go out on that institution shall be liquidated, or that its pension fund stock placed under administration, the DCCA immediately detect this. FSA shall, if the pension fund owns real property, arrange for the necessary registration.

Chapter 10

Penalties

§ 71. Violation of the provisions of § 1. 1, § 4, § 9, § 10 paragraph. 1, § 15, § 16 paragraph. 1, § 20, § 21a paragraph. 1, § 23a paragraph. 5, see. Paragraph. 4, no. 1 and 2, § 24, § 24a paragraph. 1-5, § 24 b paragraph. 1, § 26, § 27 paragraph. 3, § 29, § 32 paragraph. 1, point 2., § 37 paragraph. 1, point 1., § 38 paragraph. 1, § 39 paragraph. 1 and 2 and paragraph. 3, first paragraph., § 40, § 41, § 42 paragraph. 1 piece. 2, first sentence. And paragraphs. 3, 2nd sentence., § 43, § 44, § 44 a paragraph. 1 and 3, § 44 b, 1st clause., § 44 c, 1st clause., § 44d § 44 e, paragraph. 1 and 3, § 45, § 45a, § 46, § 46a, § 49 paragraph. 4, 1st clause. And paragraphs. 6, § 54 paragraph. 1 and 2, § 57 paragraph. 1, point 2. And paragraphs. 4, § 57 a, 1st and 3rd clauses., Og§ 58, paragraph. 1, point 2., Og§ 66 c paragraph. 1, 1st-5th section. and paragraphs. 3, 1st-7th section. liable to a fine, unless more severe punishment is prescribed under other legislation. Furthermore, violation specified in § 52 paragraph. 1, said provisions to the extent that such violation is punishable by § 373 of the Financial Business Act.

PCS. 2. The same penalty directors, power of attorney and other employees responsible actuaries, auditors and liquidators and their deputies if they unduly pass on or use confidential information obtained during the performance of their duties, have become aware, or if they give false or misleading information to the FSA, the Danish Commerce and Companies Agency or other public authorities, to the public or to the pension fund members.

PCS. 3. A fine is imposed a corporate pension fund which does not comply with an order pursuant to § 6 a paragraph. 1, point 2. Or § 61. A fine is imposed also a board member who fails to comply with an order pursuant to § 65 b paragraph. 2 and paragraphs. 3, 3rd clause.

PCS. 4. For violation committed by companies etc. (legal persons) can be held criminally liable under the provisions of the Criminal Code Chapter 5.

PCS. 5. In regulations issued pursuant to this Act may stipulate fines for violation of the provisions of the regulations and for failing to comply with orders issued pursuant to regulations.

§ 72. If a pension fund's Board of Directors, a pension fund as such, liquidator, auditor or chief actuary in due time to fulfill the duties under this Act or regulations established pursuant to the obligations imposed on them to the FSA or the Danish Commerce and Companies Agency, the Danish FSA respectively DCCA, as a coercive measure impose daily or weekly fines.

Chapter 11

Commencement and transitional provisions

§ 73. This Act comes into force after publication in Lovtidende.2

PCS. 2. At the same time, the Act on the supervision of pension funds, see. Act no. 4 of 12 January 1984.


PCS. 3. The provisions of Chapter 5, Financial Statements, etc., applicable to financial years commencing 1 January 1989 and later. For financial years beginning before this time used the existing rules on financial reporting.

PCS. 4. References to § 14 of the Act on the supervision of pension funds in settlement endorsements and registrations in VP Securities Services shall, with effect from the commencement of the Act, as referring to § 49 of the Supervision of Company Pension Funds.

PCS. 5. Act does not apply to the Faroe Islands and Greenland. By Royal Decree Act may be brought into force for Greenland with such deviations as the specific conditions prevailing.

§ 74. If the institution was under supervision under the Supervision of pension funds, see. Act no. 4 of 12 January 1984 shall, within three years after the coming into having obtained a license pursuant to § 17 FSA may extend this deadline. A pension fund must first meet the provisions of this law on pension regulations as well as the technical basis etc., when obtaining a license. Until obtaining a license, the provisions of Act no. 4 of 12 January 1984 on the pension fund's statutes apply to the pension fund. Where a license has been reached by the deadline, the provisions of Chapter 8 shall apply.

PCS. 2. Financial Supervisory Authority may for a pension fund to which paragraph. 1, and whose sole members covered by § 3, paragraph. 1 pt. 2 or 3, allow deviations from the provisions of §§ 11-14, § 22, § 28, §§ 31-36, §§ 46-47, § 58 and §§ 61 and 62 of this Act.

§ 75. Pension funds covered by §§ 1 and 2 and lawfully drive pension fund business by this Act, but not covered by the Supervision of pension funds, see. Act no. 4 of 12 January 1984, or the Act on insurance, see. Legislative Decree no. 127 of 23 March 1984 as amended, shall within three years after the coming into having obtained a license pursuant to § 17 FSA may extend this period. The for these institutions previous rules except resolution provisions shall apply to those institutions until the concession was granted. Where a license has been reached by the deadline, dissolve the pension fund pursuant to Chapter 8 of this Act.

§ 76. Staff Regulations and pension regulations changes necessary to achieve a license according to § 17, and who have not attained the implementing statutory required number of votes shall be regarded as valid adopted if no one has cast as many votes against the changes, which required for a decision on the pension fund's dissolution. If these statutes or regulations changes not then be considered adopted, dissolve the pension fund under the provisions of Chapter 8.

§ 77. Notwithstanding §§ 46 and 47, institutions that worked at the commencement of the Act, continue to hold the assets to which they are legally owned at this time.

§ 78. The provisions of § 7, paragraph. 1, does not apply to pension funds, which at the entry into force had less than 50 members calculated in accordance with § 3.

PCS. 2. If the number of members in any of the paragraph. 1 said pension is or becomes less than 50, the Danish FSA shall decide the conditions under which the pension fund can continue its activities.

PCS. 3. Exemptions granted pension funds in accordance with § 6 of the Law on the supervision of pension funds, see. Act no. 4 of 12 January 1984 shall remain valid in accordance with this provision.

§ 79. Pension funds in the last 3 years before the adoption of this Act, regularly distributed services that the recipients had not legally entitled to be in up to 5 years after commencement of the Act is to distribute such benefits to persons within the that period received such benefits. FSA may extend this deadline by up to 10 years.

§ 80. (Optional)

Act no. 305 of 16 May 1990 contains the following commencement and transitional provisions:
§ 4

PCS. 1. § 1, no. 2, 3, 5-11, 13-17, 22, 24-32, 34, 36, 38, 47-50 and 53-56, and § 3, nos. 1-10, 14 and 18 shall enter into force after publication in Lovtidende.3

PCS. 2. § 1, no. 1, 4, 12, 18-21, 23, 33, 35, 37, 39-42, 44-46, 51 and 52, and § 2 and § 3, no. 11-13, 15-17 and 19 shall enter into force on 1 July 1990.

Act no. 129 of 26 February 1992 (Amendment of the financial year, change of auditor, etc.) contains the following commencement and transitional provisions:
§ 2

PCS. 1. This Act shall enter into force on 1 March 1992.


PCS. 2. The provisions of § 1, no. 2-5, apply to financial years beginning on March 1, 1992 or later.

Act no. 1062 of 23 December 1992 entered into force on 1 August 1993.

Act no. 363 of 18 May 1994 contains the following commencement and transitional provisions:
§ 5

PCS. 1. (Optional)

PCS. 2. § 2 shall enter into force after publication in Lovtidende.4
§ 6


(Remove heading)

Act no. 1072 of 20 December 1995 (Securities Trading Act) came into force on 1 May 1996.5

Act no. 376 of 22 May 1996 contains the following provisions:
§ 10

PCS. 1. This Act shall enter into force on 1 June 1996.

PCS. 2. (Optional)
§ 11


(Remove heading)

Act no. 413 of 10 June 1997 (Prohibition of the use of certain health information by drawing etc. insurance and pension) came into force after publication in Lovtidende.6

Act no. 475 of 10 June 1997 (Rules governing placement rules etc.) contains the following commencement and transitional provisions:
§ 9

PCS. 1. This Act shall enter into force on 1 January 1998. (2nd and 3rd clauses. Omitted)

PCS. 2-12. (Remove heading).
§ 10


(Remove heading)

Act no. 490 of 1 July 1998 (Harmonization of investment rules and increase the equity cap) contains the following provisions:
§ 6


The Act comes into force on 1 August 1998 and has accounting effect from the financial year 1998.
§ 7


(Remove heading)

Act no. 1055 of 23 December 1998 contains the following provisions:
§ 5


This Act shall come into force on 1 January 1999.
§ 6


(Remove heading)

Act no. 390 of 30 May 2000 (Change of management rules, financial, etc.) contains the following commencement and transitional provisions:
§ 5

PCS. 1. This Act shall enter into force on 1 June 2000.

PCS. 2. The period in § 1, no. 3 shall apply to general meetings related to the fiscal year ending in 2000.

PCS. 3. If the institution by the Act shall have a financial year that differs from the calendar year, see. § 1, no. 4, the latest in 2002 presenting financial statements that follow the calendar year. FSA may, however, permit the conversion of a financial year later than that in the first section. that date. The conversion period shall include a shorter time than 12 months.

PCS. 4. Notwithstanding the provisions of § 1, no. 1, the pension funds, which at the entry into force operates a financing company with pension funds or insurance companies, as part of an administration jointly with a company pension fund, continue this operation. FSA must before 30 June 2000 shall be informed.
§ 6


The Act does not apply to the Faroe Islands and Greenland, but § 1 may by Royal Decree be put into force for Greenland with such deviations as the special Greenland conditions.

Act no. 1329 of 20 December 2000 (Administration of portfolios flexible share ceiling and labor related life insurance company, etc.) contains the following commencement and transitional provisions:
§ 6


This Act shall come into force on 1 January 2001.
§ 7


The Act does not apply to the Faroe Islands and Greenland, but §§ 1 and 4, by Royal Decree be put into force for Greenland with such deviations as the special Greenland conditions.

Act no. 233 of 29 April 2002 (Good practice, humanitarian organizations, the Financial Services Council, mortgage funds) contains the following commencement and transitional provisions:
§ 9

PCS. 1. This Act shall enter into force on 1 July 2002.

PCS. 2-3. (Remove heading)
§ 10

PCS. 1. This Act shall apply with the exception of § 6 to the Faroe Islands and Greenland. (2nd section. Omitted)

PCS. 2. (Optional)

PCS. 3. § 3 may by Royal Decree be put into force for Greenland with such deviations as the special Greenland conditions.

Act no. 428 of 6 June 2002 (Contribution Structure, clarification of competence relationship by issuing rules on good practice, new capital instrument of preference in bankruptcy to bondholders and swap counterparties) contains the following commencement and transitional provisions:
§ 19 | ||
PCS. 1. This Act shall enter into force on 1 July 2002 under the. However paragraph. 2 and 3.

PCS. 2-4. (Remove heading)
§ 20


(Remove heading)
§ 21

PCS. 1. Apart from § 1, no. 13, the law does not apply to Greenland and the Faroe Islands, but may by Royal Decree be put into force for these islands with such deviations as the special Greenlandic and Faroese conditions is referred. However paragraph. 2.


PCS. 2. (Optional)

Act no. 1090 of 17 December 2002 contains the following provisions:
§ 5

PCS. 1. This Act shall enter into force on 1 January 2003.

PCS. 2-3. (Remove heading)
§ 11


The Act does not apply to the Faroe Islands and Greenland.

Act no. 453 of 10 June 2003 (the Financial Business Act) contains the following provisions:
§ 375

PCS. 1. This Act shall enter into force on 1 January 2004,. However paragraph. 2 and 3.

PCS. 2-5. (Remove heading)
§ 438

PCS. 1. The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be put into force for these islands with such deviations as the special Faroese and Greenland conditions, see. However paragraph. 2-4.

PCS. 2. The law can not be made effective for the Faeroe Islands with regard to insurance and mortgage banking.

PCS. 3. Similarly §§ 420 and 421.

PCS. 4. (Optional)

Act no. 490 of 9 June 2004 (Introduction of subsidy, calculation of housing needs and modification of the award criteria) contains the following commencement and transitional provisions:
§ 6

PCS. 1. This Act shall come into force the day after publication in the Official Gazette, 7 see. However paragraph. 2.

PCS. 2. (Optional)
§ 7


Act on the promotion of private rental housing, as amended by § 1 of the Law no. 903 of 17 November 2003 shall continue to apply to commitments issued before 1 April 2004. If a definitive undertaking is terminated, transferred the resulting freed investment framework for the allocation of the fiscal year which lapse occurs. The increase of the overall envelope is calculated as 19 per cent. of the freed investment framework.

Act no. 1381 of 20 December 2004 (Implementation of the directive on occupational retirement activities and supervision) contains the following commencement and transitional provisions:
§ 3


This Act shall enter into force on 23 September 2005.
§ 4

PCS. 1. With respect to directors and executive officers, at the time the Act came into force already in the position of a director or executive, the § 23a paragraph. 3, no. 1 of the Supervision of Company Pension Funds, see. This Act § 1, no. 18 does not apply. In the case of board members and directors, at the time the Act came into force already in the position of a director or executive, the § 23a paragraph. 3, no. 3 of the Act on the supervision of company pension funds, see. This Act § 1, no. 18, only apply to conduct by the Act.

PCS. 2. A pension fund's chief actuary, which at the entry into force is a member of the pension fund's board of directors may, notwithstanding § 26 paragraph. 1, point 2., Of the Supervision of Company Pension Funds, see. This Act § 1, no. 19, continue as a board member.
§ 5

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2.

PCS. 2. §§ 1 and 4, by Royal Decree fully or partially into force for Greenland with such deviations as the special Greenland conditions.

Act no. 1383 of 20 December 2004 (allowing the use of international accounting standards, the introduction of rules on solvency requirements, changing rules on confidentiality, harmonization of termination rules, electronic money, changed the charging method for a guarantee fund for life insurance companies, changing the liability rules between unit trust sections, the transfer of competence for price labeling for economic and business Affairs) contains the following commencement and transitional provisions:
§ 17

PCS. 1. This Act shall enter into force on 1 January 2005 pursuant. However paragraph. 2-4.

PCS. 2-4. (Remove heading)
§ 18

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1, 3 and 4 may, by Royal Decree be put into force wholly or partly for Greenland and the Faroe Islands with the deviations from the special Greenland and the Faeroe Islands may require.

PCS. 3. §§ 2 and 5, by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.

Act no. 108 of 7 February 2007 (Implementation of the Directive on markets in financial instruments (MiFID) and the Transparency Directive disclosure requirements for transfers of funds reporting of contributions to damage the guarantee fund, insurance agents registration, etc.) contains the following commencement and transitional provisions:
§ 21

PCS. 1. This Act comes into force on 1 November 2007 set. However paragraph. 3-7.

PCS. 2. (Optional)

PCS. 3. (Optional) §§ 11-15 enter into force on 15 February 2007.

PCS. 4-5. (Remove heading)


PCS. 6. (Optional) § 11, no. 1 (omitted) with effect from 1 January 2006.

PCS. 7. (Optional)
§ 22


(Remove heading)
§ 23

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 7, 10-12 and 16, by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.

PCS. 4. (Optional)

Act no. 398 of 30 April 2007 (payment of excess funds from the pension fund to the sponsoring company, suspending contributions, reshaping the rules on subscription basis and udtrædelsesgodtgørelser etc.) contains the following commencement and transitional provisions:
§ 3

PCS. 1. This Act comes into force on 1 November 2007 set. However paragraph. 2 and 3.

PCS. 2. § 1, no. 16, will be the first time to the annual reports relating to the financial year beginning 1 January 2008. The applicable accounting rules applicable to the annual reports for the financial year 2007.

PCS. 3. (Optional)
§ 4

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2.

PCS. 2. § 1 may by Royal Decree be put into force for Greenland with such deviations as the special Greenland conditions.

Act no. 523 of 6 June 2007 (Changes due to a new law on limitation of claims, waiver of Goods Act complaint deadlines for certain purchases, etc.) contains the following commencement and transitional provisions:
§ 47


This Act shall come into force on 1 January 2008.
§ 48

PCS. 1. This Act shall apply also to previously founded claims which are not within the effective date is barred under the previous rules. Limitation arises no earlier than 1 January 2011, unless the claim before that date would be barred under both the existing provisions as under the rules applicable after the commencement of the Act, see. However paragraph. 7. In the latter case, the latest date for the limitation.

PCS. 2. Suspension of limitation that have taken place before the Act comes into force continue to have effect as interruption, even if it has not happened to it after commencement of the Act prescribed manner.

PCS. 3-8. (Remove heading)
§ 49

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2-3. (Remove heading)

Act no. 577 of 6 June 2007 (SDOs) contains the following commencement and transitional provisions:
§ 12

PCS. 1. This Act shall enter into force on 1 July 2007, see. However paragraph. 2-4.

PCS. 2. § 8, no. 1, enters into force, on 1. November 2007.

PCS. 3-4. (Remove heading)
§§ 13-17


(Remove heading)
§ 18

PCS. 1. Act §§ 1 and 3-11 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.

PCS. 2. (Optional)

PCS. 3. §§ 1, 3, 4 and 8, by Royal Decree or partially into force for the Faroe Islands and Greenland with such deviations as the special Faroese and Greenland conditions.

PCS. 4. (Optional)

Act no. 515 of 17 June 2008 (Transparency of the Foundation Council and the Financial Business Council decisions and FSA's consumer-oriented monitoring and recognizing that certain mortgages, which are sent to the Land Registry, can be considered as a mortgage) contains the following date of entry into - and transitional provisions:
§ 10

PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2.

PCS. 2. (Optional)
§ 11

PCS. 1. Act §§ 1-5 and 7-9 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2-4.

PCS. 2-3. (Remove heading)

PCS. 4. §§ 1-5 and 9 may be wholly or partially into force for Greenland with such deviations as the special Greenland conditions.

Act no. 517 of 17 June 2008 (Directors 'and board members' fit and proper implementation of the directive on equal treatment etc.) contains the following commencement and transitional provisions:
§ 13

PCS. 1. This Act shall enter into force on 1 July 2008, cf. However paragraph. 2-5.

PCS. 2. (Optional)

PCS. 3. § 1, n. 17 and 20-30, § 4, no. 3-12, § 6, no. 6-14, § 7, no. 3-11, § 8, no. 3-11 and § 9, no. 3-11, is effective for financial years beginning on 1 January 2009 or later.

PCS. 4-5. (Remove heading)
§ 14

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 3-5 and 9 may by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.


Act no. 133 of 24 February 2009 (Relaxation of the FSA's confidentiality rules in crisis management and participation in international supervisory cooperation, assessment of the acquisition of shareholdings in financial institutions and regulations on discrimination based on sex in the insurance, etc.) contains following commencement and transitional provisions:
§ 7

PCS. 1. This Act comes into force on 1 March 2009, see. However paragraph. 2 and 3.

PCS. 2-3. (Remove heading)
§ 8

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. Act §§ 5 and 6 may be fully or partially into force for Greenland with such deviations as the special Greenland conditions.

Act no. 392 of 25 May 2009 (Disclosure of customer information, outsourcing, creation of share classes and changes to the Money Laundering Act, etc.) contains the following commencement and transitional provisions:
§ 15

PCS. 1. This Act comes into force on 1 July 2009, see. However paragraph. 2-7.

PCS. 2-7. (Remove heading)
§ 16

PCS. 1. The Act §§ 1-7 and 9-13 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.

PCS. 2. (Optional)

PCS. 3. §§ 1-4, 9, 10 and 13 may by Royal decree be put into force for Greenland with such deviations as the special Greenland conditions.

PCS. 4. (Optional)

Act no. 516 of 12 June 2009 (Changes due to the Companies Act) contains the following commencement and transitional provisions:
§ 25

PCS. 1. Economic and Business Affairs shall determine the time the law ikrafttræden.8

PCS. 2. The Act does not apply to Greenland subject. However paragraph. 4, but with the exception of §§ 6, 7, 13 and 15-17 by Royal Decree or partially into force for Greenland with such deviations as the special Greenland conditions.

PCS. 3. The Act does not apply to the Faeroe Islands under. However paragraph. 4, but §§ 8-10 and 12 may by Royal decree be put into force for the Faroe Islands with such modifications as the Faroese conditions is.

PCS. 4. (Optional)

Act 1273 of 16 December 2009 (Regulation of credit rating agencies permit system for foreign clearing centers, transfer of supervision by the FSA to the Competition Authority, secretarial support for the Guarantee Fund for Depositors and Investors, etc.) contains the following commencement and transitional provisions:
§ 11

PCS. 1. This Act comes into force on 1 January 2010, ref. To paragraph. 2 and 3.

PCS. 2-3. (Remove heading)
§ 13

PCS. 1. §§ 1, 2, 4-6, 8 and 10 do not apply to the Faroe Islands and Greenland, cf.. However, paragraph 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 1, 2, 4-6 and 8, by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.

Act no. 579 of 1 June 2010 (Strengthening the FSA's supervisory activities, clarification of the requirements for management and arrangement of Financial Companies and amending rules on suitability and integrity etc.) contains the following commencement and transitional provisions:
§ 21

PCS. 1. This Act comes into force on 1 July 2010, ref. To paragraph. 2-6.

PCS. 2-3. (Remove heading)

PCS. 4. § 1, no. 12, 14 and 15, § 6, no. 2, 4, 5 and 8, § 8, 1, 2, 4-6 and 9, § 10, no. 1, 2 and 4-7, and § 11, nos. 2-5, shall enter into force on 1 January 2011.

PCS. 5. (Optional)

PCS. 6. Economic and Business Affairs shall determine the effective date of § 1, no. 6, 19 and 61, § 3, no. 3 and 4, § 8, no. 7 and § 14a paragraph. 4, no. 2, in the Danmarks Nationalbank Act as amended by this Act § 16, no. 1.9

PCS. 7. (Optional)
§ 22

PCS. 1. §§ 1-12 and 14-20 do not apply to the Faroe Islands and Greenland, cf.. And paragraphs. 2 and 3.

PCS. 2. §§ 1-9, 12 and 14-20 may by Royal Decree or partially into force for Greenland with such modifications as the circumstances of Greenland.

PCS. 3. (Optional)

Act no. 718 of 25 June 2010 (Reconstruction etc.) contains the following commencement and transitional provisions:
§ 55

PCS. 1. The Minister of Justice shall determine the date for the Act ikrafttræden.10

PCS. 2-10. (Remove heading)
§ 56

PCS. 1. The Act does not apply to the Faroe Islands and Greenland.

PCS. 2. (Optional)

PCS. 3. Act §§ 6-10, 14, 15, 18, 20, 21, 24, 25, 27, 28, 31, 33 and 54 may by Royal decree be put into force for Greenland with such deviations as they Greenland conditions.


Act no. 1556 of 21 December 2010 (Competence Requirements for financial advisors, risk labeling of loans, remuneration policy, disclosure obligations of issuers of securities, disclosure, administrative penalty notices, clearing and settlement of payments, redemption of coins, etc.) contains the following commencement and transitional provisions:
§ 28

PCS. 1. This Act comes into force on 1 January 2011, cf.. However paragraph. 2-4.

PCS. 2-9. (Remove heading)
§ 29

PCS. 1. §§ 1-11, 13, 15, 16, 18, § 19, no. 1, and §§ 20-27 does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.

PCS. 2-3. (Remove heading)

PCS. 4. §§ 1-7, 9, 15, 16 and 18, § 19, no. 1 and §§ 20 and 25-27 may by Royal Decree be fully or partially into force for Greenland with the deviations as the conditions prevailing in Greenland .

Act no. 456 of 18 May 2011 (the Act on investment funds) contains the following commencement and transitional provisions:
§ 225

PCS. 1. This Act shall enter into force on 1 July 2011.

PCS. 2-4. (Remove heading)
§ 235


The Act does not apply to the Faroe Islands and Greenland but may by Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenland conditions.

Act no. 155 of 28 February 2012 (granting of exposures, the mandatory use of Danish accounting rules, authorization and supervision of the auction platform for trading CO2 allowances and shared data centers, etc.) contains the following commencement and transitional provisions:
§ 11

PCS. 1. This Act comes into force on 1 March 2012, see. However paragraph. 2-5.

PCS. 2-5. (Remove heading)
§ 12

PCS. 1. §§ 1-4, 6, 9 and 10 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2-5.

PCS. 2-3. (Remove heading)

PCS. 4. § 4 may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

PCS. 5. (Optional)

Act no. 1231 of 18 December 2012 (Mandatory digital communication and adjustments following the transfer of responsibility etc.) contains the following commencement and transitional provisions:
§ 69

PCS. 1. This Act shall enter into force on 1 January 2013.

PCS. 2. Administrative regulations issued pursuant to the previous provisions shall remain in force until they are amended or repealed.
§ 70

PCS. 1. §§ 1-39, 41-50 and 53-68 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 3 and 4.

PCS. 2-3. (Remove heading)

PCS. 4. §§ 1-10, 17, 18, 23, 29, 35-39, 41-44, 49, 50, 54, 58-63, 65 and 66 may by Royal decree be put into force for Greenland with the changes that the Greenland conditions.

PCS. 5. (Optional)

Act no. 1287 of 19 December 2012 (Disclosure of information to the prosecutor and police, establishing the Systemic Risikoråd, the merger of the Financial Services and Securities Council, shorts overselling, new approach to the enforcement of solvency and the establishment of monitoring of reference interest rates, etc. ) contains the following commencement and transitional provisions:
§ 17

PCS. 1. This Act comes into force on 1 January 2013 under. However paragraph. 2-5.

PCS. 2-6. (Remove heading)
§ 19

PCS. 1. §§ 1-5. 10-13 and 15 do not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 11 and 12 may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

PCS. 4. Business and Growth Minister authorized to conclude the agreement with the Faeroe that the Systemic Risikoråd also act in the insurance in the Faroe Islands.

Act no. 615 of 12 June 2013 (Consistency corrections in the light of the Danish Investment Associations etc.) contains the following commencement and transitional provisions:
§ 9

PCS. 1. This Act shall enter into force on 22 July 2013 without. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. § 2, no. 6, §§ 3-5 and will enter into force after publication in Lovtidende.11
§ 12

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 1-5 may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

Act no. 268 of 25 March 2014 (Implementation of credit and the Capital Requirements Directive (CRD IV) and changes due to the associated Regulation (CRR) as well as legislation on SIFIs etc.) contains the following commencement and transitional provisions: | || § 22

PCS. 1. The Act shall enter into force on 31 March 2014, in accordance. However paragraph. 2-6.

PCS. 2-4. (Remove heading)


PCS. 5. Business and Growth Minister shall determine the effective date of § 75 of the Act on Financial Business Act, as amended in § 1, no. 37, § 1, no. 133, § 344 a of the Financial Business Act as amended by this Act § 1 , no. 134, § 11 of the Act on Securities Trading Act as worded by § 2, no. 2, § 27 of the Act on managers of alternative investment funds, etc., as worded by § 4, no. 22, § 24 b of the Act on the supervision of company pension funds as worded by § 5, no. 1, § 63 of the Act on investment funds, etc. as worded by § 7, no. 1, § 18 of the Act on insurance mediation as worded by § 10, No. . 1, § 18 of the Act on payment services and electronic money as worded by § 11, no. 1, § 10 of the Act on financial advisors as worded by § 12, no. 1, § 5 of the Act on mortgage companies which worded by § 13, no. 1, § 5 fi LD Pensions Act as amended by this Act § 14, no. 2, § 24 g in the Act on Labour market Supplementary as worded by § 15, no. 2, and to § 63 bi workers' Compensation Act as amended by this Act § 16, no. 1. Business and growth Minister may determine that the provisions enter into force at different tidspunkter.12

PCS. 6-11. (Remove heading)
§ 24

PCS. 1. §§ 1-17 and 19-21 do not apply to the Faroe Islands, but §§ 1, 2, 4, 6-9, 11-13 and 21 may by Royal Decree be fully or partially into force for the Faroe Islands with the changes that the Faroese may require.

PCS. 2. §§1, 2, 4-17 and 19-21 do not apply to Greenland, but §§1, 2, 4-13, 17 and 21 may by Royal Decree be fully or partially into force for Greenland with the amendments, as the Greenland conditions.

Law no. 403 of 28 April 2014 (introduction of rules allowing pension customers the right to receive the total economic value of their pension transferred in certain cases of re-runs, directors and other senior employees the opportunity to participate in management or operation of other business requirements for the composition of the board of a foundation or association that owns credit limited liability company, reshaping the rules on penalties for infringement of CO2 auctioning Regulation, regulation of CO2 quota bidders changes to the rules on managers of alternative investment funds options to market alternative investment funds, including the exception of the marketing of units of the Funds for employees and certain retail investors from the requirement for special authorization and the introduction of the possibility that managers from third countries may market funds to retail investors, modification of the boundary of the duty to offer the Securities Trading Act as well as better security of minor shareholders' rights, banning the use of variable remuneration, which is dependent on achieving a specific sales target for retail customers, reshaping the rules on the supervision of common data centers, supervision of custodians of alternative investment funds, etc.) contains the following commencement and transitional provisions: || | § 22

PCS. 1. The Act shall enter into force on 15 May 2014, in accordance. However paragraph. 2-4.

PCS. 2-8. (Remove heading)
§ 23

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 10, 11 and 20 may by Royal Decree be brought fully or partially into force for Greenland with the amendments which the Greenland conditions.

Act no. 1490 of 23 December 2014 (Liability of acts contrary to good practice rules, consumer protection through security, demands for basic training for board members, using protection when offering payment services and issuing electronic money, etc.) contains the following commencement and transitional provisions:
§ 14

PCS. 1. This Act comes into force on 1 January 2015, cf.. However paragraph. 2 and 3.

PCS. 2-11. (Remove heading)
§ 16

PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. §§ 1-5, 12 and 13 will Royal Decree be fully or partially into force for the Faroe Islands and Greenland with the changes made by the Faroese and Greenland conditions.

PCS. 3. §§ 6, 10 and 11 may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

Act no. 532 of 29 April 2015 (the right to basic deposit account, the implementation of changes to the Transparency Directive, modernization of the rules for submission of annual reports, the expansion of insurance companies operating in another activity, clarification of the regulation of refinancing risk Mortgage and implementation of housing credit directive etc.) contains the following commencement and transitional provisions:

§ 16


The Act comes into force on 3 July 2015, as. However paragraph. 2-9.

PCS. 2-8. (Remove heading)

PCS. 9. Business and Growth Minister shall determine the date for the entry into force of § 1, no. 3-5, § 2, no. 7, 9-11 and 15, § 8, Nos. 1-4, and § 9, no. 1, 3 and 4 and § 12. Business and growth Minister may determine that the provisions enter into force at different times.

PCS. 10-17. (Remove heading)
§ 17


The Act does not apply to the Faroe Islands and Greenland, cf.. However paragraph. 2 and 3.

PCS. 2. (Optional)

PCS. 3. §§ 3, 6, 9, 10 and 13 may by Royal Decree be fully or partially into force for Greenland with the amendments which the Greenland conditions.

Business and Growth Ministry, August 14, 2015
Troels Lund Poulsen
/ Kristian Vie Madsen





Appendix 1

The countries covered by zone A:
The Member States of the European Union, other countries which are full members of the Organisation for Economic Cooperation and Development (OECD), as well as other countries which have concluded special lending arrangements with the International Monetary Fund ( IMF) associated with the General Arrangements to Borrow. A country that as a result of inability to pay reschedules its external sovereign debt is excluded from Zone A for a period of 5 years.
Official notes

1) The Act contains provisions implementing parts of European Parliament and Council Directive 2003/41 / EC of 3 June 2003 on the activities and supervision provision (IORP Directive), Official Journal 2003 no. L 235, page 10.

2 Act no. 326 of 24 May 1989 as published in the Official Gazette on May 27, 1989.

3 Published in the Official Gazette 17 May 1990.

4 Published in the Official Gazette on May 19 1994.

5 Order no. 334 of 30 April 1996 on the entry into force of the Danish Securities Trading Act

6 Published in the Official Gazette on June 11 1997.

7 Published in the Official Gazette 10 June 2004.

8 Business and Growth Minister specified by Executive Order no. 136 of 22 February 2011 on the partial entry into force of Law no. 516 of 12 June 2009 amending the Danish Financial Statements Act, the Financial Business Act and various other laws, the law partially entered into force on March 1, 2010 and defined by Decree no. 186 of 24 February 2010 on the partial entry into force of the Act amending the Danish financial Statements Act, the financial business Act and various other laws, the entry into force of § 5, no. 1 and 2, of the law amending of the financial business Act, the Act on Securities Trading Act, the financial stability Act and various other laws and entry into force of § 1, no. 6, 19 and 61, and § 8, no. 7 of the Act amending the Danish financial business , Credit Loans and mortgage, Danmarks Nationalbank Act and various other laws, the law partially entered into force on 1 March 2011.

9 Business and Growth Minister specified by Executive Order no. 136 of 22 February 2011 on the partial entry into force of the Act amending the Danish Financial Statements Act, the Financial Business Act and various other laws, the entry into force of § 5, no. 1 and 2, of the Law Amending of the financial business Act, the Act on Securities Trading Act, the financial stability Act and various other laws and entry into force of § 1, no. 6, 19 and 61, and § 8, no. 7 of the Act amending the Danish financial business , Credit Loans and mortgage, Danmarks Nationalbank Act and various other laws, the law partially entered into force on 1 March 2011.

10 The Minister of Justice provided for by Order no. 208 of 15 March 2011 on the entry into force of the law amending the Bankruptcy Act and various other laws (Reconstruction, etc.) that the law came into force on 1 April 2011.

11 Published in the Official Gazette on June 13 2013.

12 Business and Growth Minister not prescribed by Executive Order no. 314 of 28 March 2014 on the entry into force of certain provisions of the Act amending the Danish Financial Business Act and various other Acts (Implementation of credit and capital requirements directive (CRD IV) and changes due the associated Regulation (CRR) as well as legislation on SIFIs, etc.) that the law came into force on 1 september 2014.

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