Chapter 1	Area of the law
Chapter 1 a	Communications
Chapter 2	About the foundation of retirement and the like.
Chapter 2 A	Cross-border business
Chapter 3	Management of pension funds
Chapter 4	General Assembly in pension funds
Chapter 5	Annual report, etc.
Chapter 5 a	Solvency
Chapter 6	Investment rules
Chapter 7	Review and scrutiny
Chapter 8	Transfer of pension lore, Termination and Crisis Management
Chapter 9	Supervision
Chapter 10	Penalty provisions
Chapter 11	Entry into force and transitional provisions
Appendix 1	The following countries are covered by Zone A :

Completion of the Law on the supervision of company pension funds 1)

This shall be the law on the supervision of company pension funds, cf. Law Order no. 1561 of 19. In December 2007, with the changes resulting from paragraph 3 of Law No 515 of 17. June 2008, section 4 of law no. 517 of 17. June 2008, section 5 of the law. 133 of 24. Feb, 2009, section 10 of law no. 392 of 25. May 2009, section 11 of law no. 516 of 12. June 2009, section 6 of the law. 1273 of 16. In December 2009, section 8 of the law. 579 of 1. June 2010, section 28 of law no. 718 of 25. June 2010, section 7 of Law No 1556 of 21. December 2010, section 231 of law no. 456 of 18. May 2011, Section 4 of law no. 155 of 28. February, 2012, Section 44. 1231 of 18. December 2012, Section 11 of law no. 1287 of 19. December 2012, Section 2 of Law No 615 of 12. June 2013, section 5 of Law No 268 of 25. March, 2014, section 10 of the law. 403 of 28. April 2014, section 6 of the law. 1490 of 23. December, 2014, and Section 9 of Law No 532 of 29. April 2015.

The changes that result from paragraph 9, number One, three, and four, in the law. 532 of 29. April 2015 amending the Act on securities trading, etc., the Act of Finance, Act on Credit Contracts, Act on Financial Consultants, Act on mortgage-carrier, on mortgages and mortgage bonds, etc., and different others. laws (right to base deposit account, implementation of changes to the Transparency Directive, modernisation of the rules for the submission of annual reports, the extension of the operation of insurance undertakings by other activities, clarifying the regulation of : the refinancing risk of mortgage bonds and so on and the implementation of : the housing credit directive, etc.) has not been included in this legislative notice, since the time of entry into force of these amendments shall be determined by the professional and growth minister, cf. section 16 (4). No, no, no. 532 of 29. April 2015.

Chapter 1

Area of the law

§ 1. Any promise of pensions (pension lore) in connection with an employment ratio shall be covered either in an insurance undertaking or a pension fund which, in accordance with the law of financial activities, must carry out insurance activities, or in a pension fund, who has permission under this law.

Paragraph 2. Paragraph 1 shall not apply to the promises of pensions ;

1) given by the State, a municipality or a community community,

2) given to directors or their survivors ' survivors ;

3) regulated in accordance with special law or

4) given by municipal associations, where the obligations of the municipalities are fully in the same way.

§ 2. This law shall apply to any group (pension fund), which is intended to ensure pension benefits in a business, including a concession, including a concession, or by employment, in such undertakings within the same group.

Paragraph 2. Pension funds under the supervision of the Act of Finance, and the pledges of pensions covered by Section 1 (1). Two is not covered by this law.

Paragraph 3. After negotiating with the minister or municipality, a pension fund may provide that a pension fund, for if the State or the municipality is fully liable, or a guarantee, in whole or in part, from § 10, Clause 12 14, § 17, § 20 25, § 28, Chapter 4, Chapter 6 and Chapter 8 of this Act.

Paragraph 4. A pension fund providing an official of the official ' s pension, and for which the State or municipality is fully liable or guaranteed shall not be subject to this law.

Paragraph 5. The SEC may lay down rules to ensure that the pledges of small-scale pensions are not covered by this law.

Paragraph 6. For vendors and subcontractors for outsourcing companies, cf. § 3 b, nr. 3 and 4, section 9 d, 9 e, and 9 f, and section 66 (2). 2, use.

§ 3. The members of a pension-member are understood

1) persons employed by the company or undertakings to which the pension fund is linked, and which have received a pension ;

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

3) persons receiving a conjugal ' s pension after the death of a former employee, and

4) in the case of persons employed previously in the establishment and in accordance with the provisions of the Staff Regulations in the Staff Regulations, the right to pensions has retained the right to pensions regardless of the termination of the job.

Paragraph 2. These revenues may be limited to the provisions of paragraph 1. 1, no. 4, the Member's rights of persons mentioned.

§ 3 a. A contribution pension scheme means a pension scheme where pension contributions are fixed in advance and in which the pension benefits are then calculated on the part of such contributions.

Paragraph 2. In a performance-defined pension scheme, a pension scheme shall be defined where pension provision is fixed in advance, and where the pension contributions are then calculated from those benefits.

Paragraph 3. A sponsorship ' s undertaking shall mean a company in which the pension fund is associated.

§ 3 b. For the purposes of this Act :

§ 4. You in section 2, paragraph 1. The obligation to use the word 'pension fund' is the obligation to use the word 'pension fund' in association with their name.

§ 5. A pension fund shall not operate the business other than the pension fund indicated in the authorization, unless otherwise provided by paragraph 1. 3 as well as of section 6.

Paragraph 2. A pension fund is assumed to run the second establishment when the pension fund alone or in conjunction with the company or undertakings to which the pension is linked, cf. Section 2 (2). 1, exercise a dominant influence over a business enterprise.

Paragraph 3. A pension fund may, jointly with other undertakings, run other business, provided that :

1) the pension fund does not directly or indirectly affect the business,

2) the pension fund does not run the business together with the company or undertakings to which the pension fund is linked, cf. Section 2 (2). 1, or with other pension funds or insurance undertakings included in an administration community with the pension fund ; and

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

Paragraph 4. If a pension fund at merger, conclusion of or modification of the management community, the change in the share owned by the company or the companies that the pension fund is associated with, will run other activities in breach of paragraph 1. 1 or 3, the Financial Control Board may set a time limit for the transfer of the other undertaking, if an immediate transfer will be linked to an economic loss.

§ 6. A pension fund must act, possess and operate a permanent property as a durable provision of the funds of the pension funds.

Paragraph 2. Corporate pension funds shall be capable of building housing with resale for the construction of the construction of a share in the appropriation framework according to Section 1 (c) or rules laid down in accordance with section 1 (1). 4, on the promotion of private rental building and at least half of the residences, are rented to hayelification.

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

§ 6 a. Pension-box activities and other activities covered by Section 5 (5). 1, and Section 6, shall be operated in accordance with good pension-box practice. In the case of financial supervision, in cases where the company is operated in contravention, it may be a case of termination of such activity.

Paragraph 2. The Economic and Economic Affairs Minister shall lay down detailed rules for the rule of reestablishment and good practice, cf. the law on financial activities, section 43 (3). 2.

§ 6 b. In the case of a pension fund authorised to carry on a pension fund, on its own initiative, all or a group of its members to amend their retirement agreement to include a product with lower or no guarantees, a member that is required to be amended, accepting such an offer, having transferred the economic value of its current product to the new product.

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

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

Paragraph 2. If the number of members in a pension fund is less than 50, the Pension Fund shall immediately request the Financial supervision to decide whether and, where appropriate, on what conditions the pension fund may continue its business.

§ 8. Members and persons entitled to a pension may not possess or furant hand over or otherwise have the rights to which they are entitled to in a pension fund. Such rights cannot be the subject of prosecution.

§ 9. (Aphat)

§ 9 a. The Pension Fund shall not, in the case of, or after the admission of members, request, obtain or receive and use information which may illuvese a person's archeal and risk to develop or to draw up diseases, including requiring investigations which : are necessary in order to provide such information. However, this does not apply to the current or previous state of health of the person concerned or any other person.

§ 9 b. (Aphat)

§ 9 (c) The financial supervision may lay down more stringent requirements for compliance with the provisions of this Act on pension funds by less than 100 members as persons whose employment justifies or would justify receiving retirement benefits in the pension scheme.

Chapter 1 a

Communications

§ 9 d. The Minister for the Economic and Growth Pact may lay down rules on written communication to and from the Financial supervision and to and from the Danish Business Authority on matters subject to this law or rules issued under this law must take place digitally.

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

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

§ 9 e. Whereas the Minister for the Industry and Growth Minister may lay down rules on the granting of decisions and other documents pursuant to this law or in accordance with rules issued under this law without a signature, with a mechanical or equivalent law, in accordance with this law or in accordance with the rules laid down in accordance with this law or on the basis of rules issued. manner of signature or use of a technique that ensures uniquely identification of the person who issued the decision or the document. Such decisions and documents shall be placed in the same way as decisions and documents with a personal signature.

Paragraph 2. Whereas the Minister for the Industry and Growth Minister may lay down rules that decisions and other documents which have been made exclusively or issued on the basis of electronic data processing may be issued only with the financial supervision and the Danish Agency for the Agency for the Financial Affairs Agency, sender.

-9 f. Where it is required under this law or in accordance with rules issued in accordance with this law, a document issued by non-Finance-SEC or the Danish Agency shall be signed, this requirement may be complied with by means of a technique to ensure that : unique identification of the person who issued the document, cf. however, paragraph 1 2. Such documents are treated as a person with a personal signature document.

Paragraph 2. The Minister for the Industry and Growth Minister may lay down detailed rules on the deviation of regulatory requirements, including that the requirement for personal signatures may not be permitted to be deviated from certain types of documents.

Chapter 2

About the foundation of retirement and the like.

§ 10. A pension fund must not begin its business, before :

1) The SEC has given the pension fund permission and

2) registration has happened in the Corporate and Corporate Management Board.

Paragraph 2. A pension fund must, in order to be able to begin its business, in addition to a basic capital, in the possession of funds sufficient to respond to the obligations of pension funds calculated on the basis of the technical basis and so on.

Paragraph 3. The necessary size of the base capital shall be determined by the calculation of the solvency margin of the pension. The solvency margin shall be calculated on the basis of the scale of the pension commitments of the box. The SEC shall lay down rules on the calculation of the solvency margin of the solvency margin, including any minimum amounts, and which reserves can be included in the base chapter.

§ 11. The articles shall contain provisions concerning :

1) The name of the Pension Asger.

2) The purpose of the pension.

3) The members of the pension funds.

4) The number of board members and possible Board of Directors and the parliamentary term of the governing board.

5) To the extent that a director (business manager) is assumed.

6) Any restrictions on the drawing-board of the board members and the Directors of Directors shall be subject to section 30.

7) Invocation to general assemblies.

8) What matters are to be dealt with in ordinary general assembly.

9) Rules on the amendment of statutes and pension regulations.

10) The financial reporting and processing of the annual accounts.

11) The provision of the funds of the pension funds.

12) Profit and loss of profit and loss of debt.

13) Where one or more of the undertakings whose staff pension funds are to be retained, whether one or more of those undertakings whose staff are in part or in part shall be retained or transferred or the company for any other reason, want to end the pension scheme.

14) Rules on the dissolution of pension funds and the use of pension funds.

15) Procedures for the settlement of disputes between a member and the pension fund.

Paragraph 2. The details shall include the name of the company or undertakings to which the pension fund is associated and of the commitments made by undertakings in the case of the pension fund.

§ 11 a. A pension fund pension schemes can decide on the payment of funds to the sponsorship. This payment assumes that

1) the general assembly of two-thirds of the votes taken at least two thirds of the votes cast shall decide on the payment of funds to the sponsorship, or that the charter of the pension provision contains a provision for the management board to take a decision on : the payment of funds for the sponsorship,

2) the decision shall be taken in connection with the submission of the annual report ; and

3) the pension fund, as a minimum, has a capital base that satisfies the rules laid down in the Financial Financial Authority pursuant to paragraph 1. 4.

Paragraph 2. If a pensioner's statutes can be amended only with the approval of another authority, a decision shall be taken by the general assembly as provided for in paragraph 1. 1, no. 1, the same approval as a memorandum of association.

Paragraph 3. A pension scheme with benefits-defined pension schemes may take a decision temporarily on the temporary suspension of the contribution payment by the sponsor, if :

1) Whereas the pension provision ' s pension Regulation (s) contains a provision that the pension fund may take a decision that the contribution of the sponsor for a period may be reduced in proportion to the contribution that has been made (suspension), and

2) the pension fund, after suspension, shall have a capital base that satisfies the rules laid down in the Financial Financial Authority pursuant to paragraph 1. 4.

Paragraph 4. The SEC shall lay down rules on the capital base to which the pension fund must comply with the minimum after payment in accordance with paragraph 1. Paragraph 1 or suspension pursuant to paragraph 1. 3.

§ 12. The Pension Regulation shall contain :

1) You, in accordance with section 11, paragraph 1. 1, no. One-three, adopted bylaws.

2) Rules for the size and regulation of pensions, as well as their calculation and payment.

3) Rules on the rights of Members in withdrawal of the pension fund, including the size or rules for the calculation of drawback and repayment pensions.

4) Contribution for pension contributions.

5) Rules for Members ' rights and duties, by the way.

§ 12 a. The SEC shall lay down detailed rules on the information to be provided by a pension fund in writing to members and pension beneficiaries.

§ 13. The technical bases of the pension shall be notified to the Financial supervision, most recently at the same time as the basis for use. The same applies to any subsequent change in the aforementioned circumstances. The notification must indicate :

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

2) the basis for the calculation of pension contributions, drawback payments and the capital value of the up-earned pension ;

3) rules for the calculation and distribution of surpluses to members and other pension entitlements under the pension agreement ;

4) the principles of reinsurance, including the thresholds,

5) the rules on which the members are to provide a health information for the assessment of the risk conditions ;

6) the basis for the calculation of pension provision ; and

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

Paragraph 2. The financial supervision may lay down detailed rules on the conditions laid down in paragraph 1. 1, including that notification must be publicly available.

§ 14. The section 24 to 27 of the Corporate Act, with the necessary adaptations, shall apply mutatis mutandis to pension funds. If a constituent General Assembly is held, they shall be convened in accordance with the draft status of the Staff Regulations.

Paragraph 2. If a constituent general assembly is to be held, it shall take a simple majority vote of the votes of which the voting person voted on the approval of statutes and pension regulations and whether the pension fund is to be founded. The decision to amend the draft statutes and the pension regulations may be taken by a simple majority of votes, regardless of the draft majority voting in favour of amendments after the foundation. However, the decision to change which is not specified in the call shall, however, require the consent of all the voting rights. The General Assembly's decision on the foundation must not be taken before the General Assembly has approved statutes and pension regulations.

Paragraph 3. When the pension fund is set up, the board of directors and accountants shall be selected in accordance with the provisions of the Staff Regulations.

§ 15. The Pension Fund shall be notified to registration in the Enterprise and Corporate Office within two weeks from the signing of the Foundation document, alternatively from the holding of the constituent general assembly. The request must be received by the Management Board within the time limit.

Paragraph 2. The notification shall include the name, position and residence of the members of the pension board members and possible alternates for these, CEOs and auditors, as well as on the address of the pension. Those who have the right to draw the pension fund shall set out their own-handed information on how they will sign.

Paragraph 3. The notification shall show evidence that the members of the board of directors, directors and auditors shall comply with the conditions laid down in Section 25 and 7.

§ 16. At the same time, at the same time, with notification of registration in the Enterprise and the Corporate Office, the Pension Fund shall submit an application for authorisation to the Financial supervision.

Paragraph 2. An application for authorisation shall follow the authenticated transcript of the General Assembly Protocol signed by all board members.

Paragraph 3. The application for authorisation shall follow documentation that the conditions of section 23 a have been fulfilled.

§ 17. Information to be notified in accordance with section 13 (3). 1, no. 1-5 shall be reassuring and fair to the individual Member and other pension entitlements after the pension agreement.

Paragraph 2. The notified rules for the calculation and distribution of profits, cf. Section 13 (1). 1, no. 3, must be precise and clear and must lead to a fair distribution.

Paragraph 3. The calculation (s) (interest rates, cost rates and statistical calculation elements) which are used for the calculation of contributions, drawback allowances and dormitory pensions must be chosen with caution. The calculation elements that are added to the calculation of pension provision shall be in accordance with the rules adopted pursuant to section 44.

Paragraph 4. The SEC may lay down detailed rules on the measures referred to in paragraph 1. Paragraph 1-3 mentioned requirements.

Paragraph 5. Where the requirements of paragraph 1 are 1-3 or in rules issued pursuant to paragraph 1. 4 and Section 44 have not been met, the Financial supervision of the GL shall make the necessary changes. The SEC may set a time limit for the termination of the pension provision of these injuns.

§ 18. A pension fund shall not be registered in the Agency for the Danish Agency for Finance and the Corporate Protection Agency before the SEC has given authorisation.

Paragraph 2. The Register shall be recorded in the Register of the information referred to in paragraph 11 (1) 1, no. 1, 2, 6, 7 and 10, and the provisions of section 15 (3). 2, mentioned conditions.

Paragraph 3. In the case of a grant of authorisation or amendment, the Finance Board shall, at the same time, inform the Agency for the Enterprise and the Corporate Protection Agency. The Corporate and Corporate Management Board shall record the date of authorization.

§ 19. A pension fund that is not registered cannot, as such, acquire rights or make commitments.

Paragraph 2. No matter where the provision is made in section 10 (4), 1, before registration has taken place, they shall be liable for the fulfilment of the contract by the Pension of the Pension Board or have their share of responsibility for it. In the case of liability for pension funds no later than four weeks after registration, the liability of the person concerned shall lapses, provided that the security of the Member State does not, in so doing, reduce the amount of the claim. Agreements of the aforementioned species are before the credit of the pension provision of the obligations not binding on the Member.

Paragraph 3. In the case of other obligations which prior to registration are made on behalf of the pension funds, those who have concluded the obligation or have a share of responsibility for them shall act in a spirit of solidarity. Upon registration, the pension fund shall take over the obligations of the pension provision provided that the security of the non-contractor is not significantly reduced.

20. Where changes have been made in respect of the Errecruvs and Corporate Office, a new notification shall be accompanied by evidence of the change's legal adoption. Section 18 (2). 1 shall apply mutatis mutis.

Paragraph 2. Notification to the Staff Regulations on the Change in the Staff Regulations shall be received no later than two weeks after the amendment has been adopted. With the notification, the pension fund shall submit a dated copy of the statutes with the full new version of the Errecruvs and the Corporate Management Board, which shall forward a copy to the Financial supervision.

§ 21. The SEC may lay down detailed rules for :

1) the content of the statutes of pension funds and pension regulations,

2) the delimitation between the pension and other insurance undertakings ; and

3) the contents of the permit.

§ 21 a. A pension fund must have effective forms of enterprise management, including

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

2) a good administrative and accounting practice ;

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

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

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

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

7) adequate internal control procedures and

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

Paragraph 2. The SEC may lay down detailed rules on the measures to be taken by a pension fund in order to have effective forms of enterprise management, cf. paragraph 1.

Chapter 2 A

Cross-border business

§ 21 b. A foreign pension fund authorised to exercise the undertaking referred to in paragraph 10 in another country within the European Union or in a country concluded by the Union in the area of the financial area may offer pension schemes ; for undertakings in Denmark 2 months after the Financial Supervisory Authority has received the following information from the home Member State ' s supervisory authority :

1) The name of the pensioner's name.

2) A description of the principal characteristics of the pension scheme, which is to be managed for the retirement company.

Paragraph 2. The financial supervision shall not be less than two months after receiving the measures referred to in paragraph 1. 1 the information referred to in paragraph 12 shall inform the home Member State ' s supervisory authority on the rules on information issued under Section 12 (a).

Paragraph 3. The foreign pension fund must start the management of the pension scheme for a retirement company in Denmark when the pension fund has been received in paragraph 1. the information referred to in paragraph 2 or no later than two months after the receipt of the information provided for in paragraph 1. 1. The Pension Fund shall comply with the rules on information issued under Clause 12 a.

Paragraph 4. The foreign pension fund is subject to continuous monitoring of the Financial supervision in respect of compliance with the requirements of information, cf. § 12 a. Where irregularities are found in the event of irregularities, the SEC must immediately inform the supervisory authority of the home Member State.

§ 21 c. A Danish pension fund that wishes to offer pension schemes to establishments in another country within the European Union or in a country concluded by the Union in the area of the financial sphere, shall apply the Financial supervision of the Financial Authority to the Financial Authority ; advance approval for this purpose. No later than three months after the Finance Board received the measures referred to in paragraph 1. 2 mentioned information shall be notified to the extent of the Financial supervision that the administrative structure and financial situation of the pension system and the integrity of the pension and the suitability of the managers, professional qualifications and experience shall be subject to defence, as well as : the basis of the activities envisaged in the host country.

Paragraph 2. The Pension Fund shall state the following to the Financial supervision :

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

2) The name of the pensioner's name.

3) A description of the principal characteristics of the pension scheme, which is to be managed for the retirement company.

Paragraph 3. The financial supervision shall forward the measures referred to in paragraph 1. 2 mentioned information to the host Member State ' s supervisory authority within three months of receipt of the information. The SEC shall inform the pension fund at the same time as the information has been forwarded.

Paragraph 4. The SEC may not forward any information referred to in paragraph 1. 3 if the pension fund cannot be granted prior authorisation pursuant to paragraph 1. 1. The financial supervision shall, in such cases, shall not later than three months after receipt of the information referred to in paragraph 1. 2 the information referred to in paragraph 2 shall inform the pension funds that it cannot be notified of prior approval pursuant to paragraph 1. 1, and that the information received is therefore not forwarded.

Paragraph 5. If the Financial supervision receives information about any requirements in social and labour law applicable to occupational pensions, and in order to be administered to the administration of the pension scheme drawn by a company in the host country and of possible investment rules and the obligation to provide information to members and pension beneficiaries of the host Member State, the Financial Supervisory Board shall provide that information to the pension fund.

Paragraph 6. The Danish pension fund must start the administration of the pension scheme for a pensioner company in another country within the European Union or in a country with which the Union has concluded the financial area when the pension is to be made available ; received the provisions referred to in paragraph 1. The information referred to in paragraph 5, or no later than two months after the competent authority of the host Member State, has received information in accordance with paragraph 1. 3. Pension Fund must comply with the requirements of the host country ' s social and social legislation applicable to occupational pensions and to the management of the pension scheme drawn up by the host country ; as well as possible investment rules and the obligation of information to members and pension beneficiaries.

Chapter 3

Management of pension funds

§ 22. A pension fund must have a management board consisting of a chairman and a number of other board members, of which at least half of which must be elected by members of the pensionable coffers.

Paragraph 2. A member of the board may, at any time, be appointed by the board. A member of the Board may at any time be disposed of by the person who has chosen or appointed the Board of Directors. The electoral period for the Board of Directors shall cease at the end of an ordinary general assembly, no later than four years after the elections.

-23. If the statutes of the pension provision are in charge of the appointment of a director (business manager), the appointment of the Administrative Board shall be applied. If the pension fund doesn't have a CEO, they're in charge of the law of the law, by the board of directors.

Paragraph 2. The director may not be a member of the board of directors of the pension.

§ 23 a. A member of the management board or the board of a pension fund shall at any time have sufficient knowledge, professional competence and experience to exercise his duties or attend his post in that pension fund.

Paragraph 2. The requirement of paragraph 1. 1 may be deviated if the pension fund documents to have an adviser with sufficient professional qualifications and experience.

Paragraph 3. A member of the management board or the board of a pension fund must at all times have a sufficiently good reputation and demonstrate integrity, integrity and independence in order to effectively assess and challenge decisions taken by the day-to-day administration.

Paragraph 4. A member of the Management Board or the Executive Board shall fulfil the following :

1) may not be charged or imposed on impunity for infringement of the penal code, the financial legislation or other relevant legislation where the offence involves the risk that he may or may not be responsible for his or her position on the matter ; That's comforting.

2) May not have lodged a request for reconstruction, bankruptcy or debt relief, or be during reconstruction processing, bankruptcy or debt relief.

3) Do not have shown or show a behaviour in which there is reason to assume that they will not be responsible for the profession or the position in a responsible manner. When assessing whether a member of the Management Board or the Governing Board has shown or has exhiulted inequipting behaviour, the emphasis must be placed on the consideration of the need to maintain confidence in the financial sector.

Paragraph 5. Members of the Management Board or the Governing Board of a pensioner shall provide the Financial supervision of information relating to the facts referred to in paragraph 1. 1 and 4 in connection with their entry into the management of the pension, and on the point of reference in paragraph 1. 3 and 4 if the conditions are subsequently changed.

§ 24. The Management Board and the Director shall be responsible for the management of the pension fund and shall provide for a responsible organisation and administration of the pension fund.

Paragraph 2. The Director shall attend to the day-to-day administration and shall follow the guidelines and direction taken by the board. Dispositions which, according to the conditions of the pension age, are of exceptional nature or are of great importance, can only be done by the director, by special authority from the Administrative Board. However, if the decision of the Management Board is not to be refused without a significant disadvantage for the pension fund, the Director may, however, make such arrangements. The Management Board shall be informed at such a time as soon as possible of the truffles.

Paragraph 3. The Management Board shall ensure that the accounts and assets management are checked in accordance with the conditions in which the pension is satisfactorily. The Director shall ensure that the entry of the pension funds is carried out in accordance with the rules of legislation in this area and that the way in which the asset is carried out in a reassuring manner.

Paragraph 4. Procoua can only be communicated by the Administrative Board and may be granted only to two or more members of the association.

§ 24 a. The management board of a pension fund shall :

1) determine the main types of activities for the pension fund ;

2) identify and quantify the essential risks of the pension box and determine its risk profile, including the fixing of which and where large the risks to the pension fund must be taken ; and

3) establish policies for the operation of each of the pension funds ' s essential activities and the risks associated with it, taking into account the interaction between these two.

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

1) verifiable frames for which and the risks to which the director may impose the pension fund,

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

3) rules governing the arrangements for the management of the Management Board and which the Director may carry out as part of its position ; and

4) rules on how and to what extent the Director shall report to the management board on the risks of pension funds, including the use of the framework of the guidelines for the Director and of compliance with the limits laid down by the legislation ; on the risks to which the pension fund must take on.

Paragraph 3. The Management Board shall regularly decide on the risk-profile and policies of the pension and the guidelines for the Director in relation to the activities, organisation and resources of the pension fund, including capital and liquidity, as well as those responsible for the management of the pension ; market conditions operating under the activities of the pension age.

Paragraph 4. The Management Board shall ensure that its members have sufficient collective knowledge, expertise and experience to be able to understand the activities of pension funds and associated risks.

Paragraph 5. The Management Board shall regularly assess whether or not the Director shall carry out its tasks in accordance with the established risk profile, the policies laid down and the guidelines for the Director. The Management Board shall take appropriate measures if this is not the case.

Paragraph 6. The financial supervision may lay down detailed rules concerning the obligations of the governing board of a pension fund pursuant to paragraph 1. 1-5.

§ 24 b. A company pension fund must have a system in which its employees by means of a separate independent and independent channel may report infringements or potential infringements of the financial regulation by the company pension fund, including those of employees ; or members of the management board of the company pension fund. Reports to the scheme must be able to be made anonymously.

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

Paragraph 3. Paragraph 1 shall apply only to company pension funds employs more than five employees. The scheme referred to in paragraph 1 shall be 1 and 2 shall be established within three months of the company ' s pension fund staff of the sixth staff.

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

§ 24 c. A company pension fund shall not defer to the employee of unfavourable treatment or non-intransient consequences resulting from the reporting of the company pension or potential violation of financial regulation by the employee ; The financial supervision or arrangement of the company pension fund.

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

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

§ 25. Board members and executives must be of age.

Paragraph 2. The Board of Directors and members of the Board shall be domiciled in this country unless the SEC is exempt from this requirement.

Paragraph 3. The place of residence in this country as laid down in paragraph 1 shall be that : 2, shall not apply to the extent otherwise provided for by international agreement or by means of the Financial supervision.

Paragraph 4. The provisions on board members shall apply mutatis muters to these.

SECTION 26. The board of the Pension Board shall assume a responsible actua to carry out the necessary insurance engineering functions, including calculations and studies. The position of responsible actuarial actuar cannot be reconccted with the position of a member of the Governing Board or as a member of the board.

Paragraph 2. When the pension fund assumes a new responsibility actuar, the Management Board and the former responsible actuar shall send each declaration to the Financial supervision of the background to the Financial supervision of the background of the change in the Financial Act at the latest.

Paragraph 3. The responsible actuar shall ensure that the pension fund complies with its technical basis and so on in this context shall review the actuarial content of the pension activities and other materials, incidentally, and to ensure that the technical basis and so on, cf. Section 13, at all times, is in accordance with the provisions of section 17 (3). One-three, said requirements.

Paragraph 4. The responsible actuar must immediately report any breach of the provisions laid down in paragraph 1. 3 mentioned conditions to the Financial supervision. The actuarial shall be entitled to the Management Board and the Board of Directors of all information necessary for the performance of the business. The financial supervision may require the information of the actuary, which are necessary for the evaluation of the economic position of the pension.

Paragraph 5. The responsible actuar must submit an annual report to the Financial supervision.

Paragraph 6. The SEC may lay down detailed rules on the measures referred to in paragraph 1. 2-5 mentioned conditions, including the requirements for which a person is to be accepted as responsible actuarial responsibility.

§ 27. The President shall ensure that the Board shall meet when this is necessary and shall ensure that all members are convenes. A member of the management board, a director, an auditor and the responsible actuar may require the management board to be conveneable. A director, an auditor and the responsible actuar shall have the right to participate in and make a statement on the meetings of the Management Board unless the board of a single case takes a different decision.

Paragraph 2. The Board of Directors shall be subject to a protocol signed by all Members present. A member of the board, the responsible actua, an accountant or a director who does not agree with the decision of the Management Board, has the right to have his opinion recorded in the Minutes.

Paragraph 3. The Management Board shall, at a time of procedure, take a more detailed rules on the performance of his duties.

Paragraph 4. The SEC shall lay down detailed rules on the content of the Rules of Procedure

§ 28. The Management Board shall be quorable when more than half of all members are present, provided that, in accordance with the statutes, the decision must not be taken without the availability of all members of the Board of Directors who have had access to : participate in the proceedings. If a member of the Management Board has decreed and a suppleant is chosen, then the alternate shall be given access to the members of the Member State for such time as long as the goods are in question.

Paragraph 2. The decisions taken by the governing board shall be determined in so far as they are not required by a simple majority voting by a simple majority. The Staff Regulations can stipulate that the voice of the President is crucial in the case of ballot equality.

§ 29. A member or a chairman shall not participate in the processing of questions relating to the contracts between the pension fund and himself or on lawsuits against himself or on the agreement between the pension fund and third parties or proceedings against third parties if he is in there, has a significant interest which may be contrary to pension provision.

-$30. The Pension Fund shall be committed by acts of legal action, which, on its behalf, shall be concluded by the Management Board or by members of the Management Board or the Directors of Directors, cf. however, paragraph 1 2.

Paragraph 2. The drawing right, as referred to in paragraph 1. 1 entrants members of the management board or directors, may only be carried out by two consorts. The right of the drawing right may be further limited in the articles of association so that the drawing-up can only be exercised by two or more specific persons in association or by more than two in conjunction with the association. The second limitation in the design court may not be fixed.

§ 30 a. The Economic and Industry Minister shall lay down detailed rules on outsourcing

1) the responsibility and control of the business pension by a supplier, including its further outsourcing,

2) the obligation of the company pension to inform the Financial Regulation no later than 8 working days after the award of the source of the outsourcing contract ;

3) the internal guidelines for outsourcing and the company pension funds ; and

4) requirements for the company pension funds as a minimum to ensure that the supplier at all times meets and which must be agreed in the outsourcing contract.

Paragraph 2. The Financial supervision may take a decision that the outsourcing of the company pension shall be terminated within a time limit set by the Financial supervision, the outsourcing contract or its parties do not comply with the rules laid down in accordance with paragraph 1. 1.

Chapter 4

General Assembly in pension funds

§ 31. The right of members to take decisions in the pension fund shall be carried out at the general assembly. In the bylaws, however, it may be decided that the choice of the governing board, the amendment of the Staff Regulations or the Pension Regulation shall be made by the members of the pension provision in the case of the members of the Pension.

Paragraph 2. Every Member has access to the meeting of the General Assembly and to take the floor there. In voting, each member has one vote. You in section 3, paragraph 3. 1, no. 4, however, the right to vote may be limited, cf. Section 3, paragraph 3. 2. The rules can be laid down in accordance with the rules on voting.

Paragraph 3. Each Member shall have the right to have a specific subject addressed at the meeting of the General Assembly, provided that a written request is made to the Administrative Board before the time limit set out in the Staff Regulations.

Paragraph 4. Members of the Management Board and of the Governing Board, the responsible actuarial and the auditors shall have access to the meeting of the General Assembly and to take the floor there, but have not the right to vote, cf. however, paragraph 1 2.

Paragraph 5. Not later than two weeks before the meeting of the General Assembly, the full and complete proposals of the General Assembly, together with the annual accounts of the review drawing and the annual report, shall be made available to the members for inspection.

§ 32. No later than four months after the end of each financial year, ordinary general assembly shall be held. This shall be submitted to the annual accounts of the annual accounts of the review report and the annual report.

Paragraph 2. At the ordinary General Assembly, there must be

1) a decision on the use of profit or loss of losses in accordance with approved annual accounts ;

2) the statutory or statutory persons shall be carried out ;

3) take a position on the other questions which, following the articles of association or of the governing board, of an auditor, the liability of the actuars, the financial system or a member of the Member States shall be placed on the agenda.

Paragraph 3. The decision on the unloading of profit in the form of the increase in pension funds alone must be decided. Any accumulated surpluses that may be available after the increase in pension accounts and corresponding increase in the provisions and, where appropriate, by a necessary increase in the base capital, cf. ~ 10 (1)) 3, shall be transferred to the next year unless the Financial supervision in specific cases allows for other use.

Paragraph 4. However, the surplus of the year and the reserves of pension funds, including accumulated surpluses, may be used in the conditions laid down in section 11 (a) in the payment of funds to the sponsorship or temporary suspension of the sponsorship contribution by the sponsor.

§ 33. Extraordinary General Assembly shall be held when the Board of Directors considers it appropriate. Extraordinary General Assembly must be convened within 14 days of the fact that, in writing, for the processing of a specified subject in writing, a tenth of all members, of the liability of the pension shall be required by an auditor or of : Financial supervision.

§ 34. In the General Assembly, all matters will be decided by a simple majority if not this law or the statutes decide otherwise. If the voices are equal, the choice must be made by lottery, unless the bylaws decide otherwise.

Paragraph 2. Cases that have not been put on the agenda can only be decided by the General Assembly if all the votes of the votes are in favour of it. However, the ordinary General Assembly may always decide on matters which must be dealt with in accordance with the regulations or section 32 of such a general, as can be decided to call an extraordinary General Assembly to deal with certain subjects.

$35. Decisions on the amendment of a pension fund or pension regulations can only be adopted if it is attracted by at least two thirds of the votes cast. In any case, the decision shall comply with the additional requirements laid down by the statutes.

Paragraph 2. The members ' pensions ' s pension rights shall be submitted to their members in writing and shall not affect those members who have not, within a period of response, not to join in writing and shall not have effect on their pension commitments. the changes, cf. However, sections 36 and section 54.

§ 36. Amendments to the Staff Regulations or Pension Regulations, which the Financial supervision pursuant to Chapter 8 has imposed on a pension fund and which has not obtained the votes required, shall be deemed to be valid if no such large number of votes have been made ; against the amendments which are required by the bylaws of the resolution on the solution of the pension.

Chapter 5

Annual report, etc.

§ 37. Corporal pension funds shall prepare an annual report, which at least consists of a management report, a management drawing and an annual accounts consisting of a balance sheet, a result statement, notes, including the statement of the accounting practice, and one an overview of the movements in the own funds. When an annual accounts are audited, the audit shall be included in the annual report.

Paragraph 2. The annual report shall be drawn up in accordance with the rules laid down in this Chapter and rules laid down in accordance with section 44 f.

§ 38. The Management Board and the Executive Board shall report to the annual annual report of the company pension fund.

Paragraph 2. Each Member State shall have the responsibility for the annual report to be drawn up in accordance with the legislation and any additional requirements to be laid down in the statutes or agreements. Furthermore, each Member shall be responsible for reviewing the annual accounts and a possible group accounting account in time and for the annual report to be approved in good time.

Paragraph 3. Each Member of the Board shall have the responsibility for the annual report to be submitted to the Financial supervision within the time limits laid down in the legislation.

§ 39. When the annual report is drawn up, all the members of the Management Board and the Governing Board shall sign it and date the signature. They must give their signature in relation to a leaflet drawing where each member's name and function in relation to the pension fund are clearly indicated and in which they declare whether :

1) the annual report shall be made in accordance with the requirements of the legislation, as well as any requirements in the statutes or agreements,

2) the annual accounts and any group accounts give a true picture of the pension and, where group accounts, assets and liabilities, financial position and the outcome and the outcome and

3) the management report contains a detailed account of developments in the pension and, where group accounts, the activities and the economic conditions of the group, together with a description of the major risks and non-safety factors, the pension funds, respectively, may be affected by the group.

Paragraph 2. If management has added additional reports to the annual report, the members of the Management Board and the Governing Board of the Management Board shall declare whether the report gives a true statement within the framework of generally accepted guidelines ; for such reports.

Paragraph 3. Although a management member is wholly or partly in disagreement with the annual report or objections to the approval of the content decided by the Member, the Member may not fail to sign the report. However, the Executive member may express his objections with a specific and comprehensive justification in relation to its signature and the drawing-up of the Leadership.

§ 40. The annual accounts and any group accounts shall give a true image of the assets and liabilities, financial position of the company and the group, as well as the result. The Management Report shall provide a true explanation of the conditions in which the report relates.

Paragraph 2. If the application of provisions of this Act or rules issued under Section 44 is not sufficient to give a fair representation as referred to in paragraph 1. 1, further information shall be provided in the annual accounts respectively of the group ' s accounts.

Paragraph 3. If the application of the provisions of this Chapter or rules issued in accordance with section 44 may be subject to specific cases, they will dispute the requirement set out in paragraph 1. ONE, ONE. and must be deviated from this requirement in such a way that this requirement is met. Any such derogation shall be informed in the notes on the notes on the accounts and the precise and conclusive evidence of which, where possible, the amount of the financial impact, in the case of the group, must be informed of the impact of the amount, including in the case of the group ' s pension. assets and liabilities, financial position and the outcome.

§ 41. The annual accounts and the group accounts can give a true picture and that the management report may contain a true and fair statement, cf. section 40, the rules shall be laid down in paragraph 1 2 and 3 are fulfilled.

Paragraph 2. The annual report must be drawn up in such a way as to support the accounts of the accounts users in their economic decisions. Accounting users referred to as persons, undertakings, organisations and public authorities, etc., whose economic decisions are normally expected to be influenced by an annual report, including current or future members, creditors, employees, customers, alliances, the local community, and the grant and fiscal authorities. The economic decisions referred to shall, at least, relate to :

1) the location of the accounts ' s own resources,

2) management of the management of pension funds ; and

3) distribution of the resources of the pension.

Paragraph 3. The annual report shall be drawn up in such a way that it shall indicate conditions normally relevant to the accounting users in accordance with the provisions of the accounts. paragraph 2. The information must also be reliable in relation to what the accounting users usually expect.

§ 42. The annual report shall be drawn up in accordance with the following basic conditions :

1) It must be prepared in a clear and overly way (clarity).

2) The facts must be taken into account and not for formalities without real substance (substance).

3) All relevant matters must be included in the annual report, unless they are insignificant (materiality). However, to be considerable, they must be considered to be significant.

4) The operation of an activity is assumed to continue (going-concern) unless all or some activities are not or are not assumed to be able to continue. Classification and exhibitions, and the enumeration and measurements must be adapted for the purpose of the execution of the activities or activities concerned.

5) Any value change must be displayed regardless of the impact on own funds and profit and loss account (neutrality).

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

7) Conversion methods and measuring base shall be applied uniformly to the same category of conditions (consistency).

8) Each transaction, event and value change shall be calculated and measured separately, as well as individual conditions must not be contradict each other (the gross value).

9) the balance of prices for the accounting year shall correspond to the balance of the previous financial year (formal continuity),

Paragraph 2. The setting and classification, consolidation method, method of administration and measuring base and the monetary unit used must not be changed from year to year (real continuity). However, change can be achieved if a true-accurate picture is obtained or if the change is necessary as a result of legislative change or new rules issued in accordance with section 44 f.

Paragraph 3. Paragraph 1, no. 6-9, and paragraph 3. 2 may be deviated in exceptional cases. In that case, section 40 (4) shall be found. THREE, TWO. ptangle, equivalent use.

§ 43. The assets and obligations of the Firmapension funds shall, unless otherwise specified in accordance with section 44 f, are measured at a daily basis. Assets and Obligations and Depreciation in accordance with this, and up and down-writing shall be included in the profit and loss account unless otherwise specified in accordance with section 44.

Paragraph 2. The value of the daily value shall be measured to the market value that can be established for the asset or the obligation on a functioning market. If the asset or obligation is not traded in a properly functioning market, a recognized method of calculating the value of the day value of the asset or undertaking concerned is used.

§ 44. Supplementary reports, such as reports of knowledge and employee relations (knowledge accounting), the environmental conditions (green accounts), on the social and ethical objectives of the pension and on the ethical objectives and follow-up of pension funds ; (ethical audits) must give a true statement within the framework of generally accepted guidelines for such reports. They shall meet the quality requirements of section 41 (1). 3, and with the relaxations resulting from the nature of the forum, the basic conditions laid down in section 42 (3). One and two.

Paragraph 2. The additional reports shall show the methods and measurement basis according to which the reports have been drawn up.

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

Paragraph 2. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Paragraph 3. The Pension Fund shall ensure that subsidiaries have the same financial year as the pension fund, unless it is not possible because of the conditions that are out of the control of pension funds and its subsidiaries.

Section 44 b. The calculation, measurement and information in monetary units shall be carried out in Danish kroner or in euros. In accordance with section 44, the Financial supervision may be laid down in accordance with Article 44, that the amounts shall be entered in other foreign currencies relevant to the pension fund.

§ 44 c. The annual report shall be reviewed by the external auditors of the pension funds, cf. § 52. The review does not include the management report and the additional reports that are included in the annual report, cf. § 44. However, the auditor shall give an opinion on the conformity of the information in the Management Report in accordance with the annual accounts and any group accounting.

§ 44 d. The annual report shall in the form in which it is submitted and approved by the Administrative Board shall be submitted to the Financial supervision without undue delay after the board meeting in which the annual report is finally approved.

Paragraph 2. The audit records of the external auditor, as well as for pension funds, as well as for pension funds with an internal auditor, together with internal auditor audit protocols, shall also be submitted to the Financial supervision at the same time as the submission of the annual report ; by paragraph 1.

§ 44 e. The revised and approved annual report shall be submitted to the Financial surveillance in triplicate, without undue delay after final approval. The annual report shall be received in the Financial supervision no later than four months after the closure of the financial year.

Paragraph 2. The submitted annual report must at least contain the mandatory components as well as the full review of the certificate of auditing. If the pension fund is to be published, additional reports referred to in paragraph 44 shall be submitted together with the obligatory components of the annual report, so that the required components and the additional accounts combined shall be submitted together ; as a single document, the annual report.

Paragraph 3. A copy of the annual report for all of the subsidiary undertakings of the pensioner who is not eligible for financial undertakings to be subject to the supervision of the Financial Authority shall be submitted to the Financial supervision at the same time as the submission of the annual report pursuant to paragraph 1. 1.

Paragraph 4. (Aphat)

§ 44 f. The SEC shall lay down detailed rules for the annual report, including on the calculation of assets, liabilities, revenue and costs, balance sheet and balance sheet, and notes and notes and management reporting requirements.

Paragraph 2. The SEC also lays down rules for group accounts, including when a year's annual report is to include a group account and the companies which it shall include.

Paragraph 3. The Financial supervision may lay down rules for the completion and publication of accounting reports covering shorter periods than the annual report.

Paragraph 4. In the case of the use of digital communication, the requirement for submission of annual reports may be submitted in several copies, cf. section 44 d, paragraph 1 1, and section 44 e (3), 1 shall be deviated.

§ 44 g. In order to ensure that the annual reports of the company pension funds comply with the rules laid down in this Chapter and the rules that have been issued under section 44 f, the Financial supervision may be granted

1) providing guidance ;

2) to address infringements and

3) ensure that errors are to be corrected and that infringements must be brought to an end.

§ 45. The firm ' s pension funds shall make regular accounting reports to the Financial supervision in accordance with schemas and guides for this purpose by the Financial supervision of the Financial Authority.

Chapter 5 a

Solvency

§ 45 a. The basic capital of pension funds shall be at least :

1) the solvency requirement of 4%. of the risk-weighted items for pension provision added 0,3%. of the risk-weighted items for the risk-sum for pension funds, where the company has an investment risk ; and

2) the minimum capital requirement of EUR 400 000 for pension funds operating pension funds and the statutes that new members may be admitted.

Paragraph 2. The basic capital of pension funds during execution must at least correspond to the solvency requirements of the pension provision, cf. paragraph 1, no. 1, as the minimum capital requirement is EUR 0. Pension funds during the execution are pension funds, where it is stated in the Staff Regulations that new members will not be able to join.

Section 45 b. The capital requirement for the pension fund is the largest of the solvency requirement and the minimum capital requirement in section 45 (a).

§ 45 c. The base capital is the reduced seed capital, cf. section 45 e, added to reduced additional capital, cf. § 45. The base chapter shall be based on the basis of the own funds of the pension fund, in accordance with the same principles, which shall apply to the annual accounts of the pension.

Paragraph 2. The core capital must be deduced from any tax which may be foreseen at the time of calculation, or it has to be duly adjusted to the extent that tax reduces the amount by which this capital may be used to cover risks ; or losses.

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

1) own funds and

2) the value of tax assets, as it would be in an administration situation, cf. § 59 and section 34 a in the Act on the taxation of certain pension chapters, etc.

§ 45 e. The core capital is reduced by

1) the value of all intangible assets and

2) tax inturies, cf. however, section 45 d, no. 2.

§ 45. The additional capital shall be made up of responsible loan capital which satisfies the conditions of section 45 g.

Paragraph 2. The amount of the responsible loan capital may amount to an amount equal to the smallest of :

1) 25%. the minimum amount of the base capital and the solvency requirement if the capital income has fixed maturity ; and

2) 50%. the minimum amount of the base capital and the solvency requirement if the capital income does not have fixed maturity.

§ 45 g. The base chapter may be included in the base chapter, cf. § 45 (c) (c) 1 where the following conditions are met :

1) The Långivers ' requirements against the pension fund must be left out of all other non-reindebted debts.

2) The amount shall be paid for.

3) Repayment before due time cannot be done on the loan of the lender ' s initiative or without the permission of the Financial Supplies.

4) The amount must only fall before the agreed upon time of maturity if the financial undertaking enters liquidation or declared bankrupt.

5) The top authority of the pension shall be able to write down the responsible loan capital and unpaid interest, if the own funds are lost and the stock, the guarantee or the other chapter is written to zero.

6) Payment of interest may be delayed if the base capitale at the time of the forgery does not exceed the capital requirement.

7) Not paid interest rates that have been deferred pursuant to no. 6, may be payable only if the capital requirement is renewed or the due date enters into force.

8) Changes to the loan agreement must be approved by the Financial supervision.

9) The initial maturity must be at least five years.

Paragraph 2. Authorisation pursuant to paragraph 1. 1, no. 3, subject to the fact that the base capitale is not less than the capital requirement, subject to the base capitale.

Paragraph 3. Depreciation of paragraph 1, no. 5, may only be done if the pension fund is subsequently transferred to capital, so that the capital requirement is met, or will cease without any loss of creditors in the case of non-post creditors. The responsible loan capital and unpaid interest can only be written down by an amount previously approved by the external auditors and the Finance-sighted.

§ 45 h. Financial supervision shall lay down rules for :

1) the assessment of the risk-weighted items ;

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

3) publication of the solvency requirement in accordance with section 45 (a) (a), 1, and

4) the specification of the basic capital, as a result of the Regulation of the European Parliament and of the Council on the application of international accounting standards.

Chapter 6

Investment rules

§ 46. The funds available to a pension fund must be invested in an appropriate manner and in favour of the Members, so that there is reassuring that the pension fund can fulfil its obligations at all times.

§ 46 a. Pension funds shall have a group of assets whose total value at all times corresponds at least to the value of the total pension provisions of the pension rate.

Paragraph 2. The assets covered by paragraph 1. Paragraph 1 shall be chosen in such a way as to ensure that, in relation to the nature of the pension obligations with regard to safety, return and liquidity, they are of such a nature and such a composition that they are suitable to ensure that the insured persons are able to be made safe. There must not be a disproportionate dependency on a particular category of assets, a particular investment market or a particular investment.

§ 46 b. The assets shall be discharged according to the following rules :

1) The assets shall be made up and regulated continuously in accordance with the rules laid down for annual reports after section 42.

2) Deduction shall be deductible from any booklet and lending may be added only to a value obtained after deduction of commitments which may be offset by the borrower.

3) Financial contracts which reduce the risk of the assets unable to cover pension obligations shall be included in the value of such contracts in the value of the assets.

4) Amounts owed unpaid interest on assets covered by section 46 d (1). 1, no. 1-4, 6, 8, and 10-12 are included in the value of the assets.

§ 46 c. Retired provisions shall be made up and regulated continuously in accordance with the rules laid down for annual reports after paragraph 42.

§ 46 d. The following stock types may be included among the assets covered by section 46 (a) (1). 1 :

1) The bonds or debt securities issued by or guaranteed by governments or regional authorities in Zone A, cf. Annex 1.

2) bonds which are engaged in trade in a regulated market in a country within the European Union or in a country concluded by the Union in the area of the financial area or similar markets in other countries and which are issued by : international organisations, as a Member, have at least one of the Member States of the European Union.

3) Realcreditobonds, in particular covered mortgage bonds and in particular covered bonds issued by mortgage credit institutions, financial institutions or the shipping finance institute and other debt securities issued in a country of the country of the country the European Union or in a country with which the Union has concluded an agreement in the financial sphere and shall provide equivalent security.

4) Accounts receivable, however, not receivable claims other creditors are left with credit institutions and insurance undertakings under public supervision in countries covered by Zone A and other loans guaranteed by credit institutions, or other, guaranteed by credit institutions ; insurance undertakings under public supervision in countries covered by Zone A.

5) Round, housing, office and business end, and other properties whose value is independent of a special vocational training.

6) Loans secured at the end of the pawn in estates which are covered by no. 5, for an amount of up to 80%. of the most recent real estate assessment for housing and 60%. for other properties.

7) Parts of offices of UCITS, capital associations and foreign UCITS, which are equivalent to capital associations, if the association of capital or the foreign investment institution or the foreign investment institution contains the provisions of section 46 g (s). 1, and section 46 h (s), 1, limit specified.

8) Other bonds and loans admitted to trading in a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries covered by Zone A.

9) Chapter shares recorded in the territory of a regulated market within the European Union or in a country with which the Union has concluded an agreement in the financial sphere, or similar markets in other countries covered by Zone A.

10) Property that is not covered by No 2 5, as well as loans secured at the time of the pawn in property which is not covered by No 1. 6.

11) Chapters and other securities admitted to trade in a market in non-Zone A markets where the market is equivalent to a regulated market within the European Union, as well as other securities admitted to trade in a regulated market in a country before for the European Union or in a country with which the Union has agreement in the financial sphere, or similar markets in other countries covered by Zone A.

12) Other loans and securities which are not covered by no. 1-11.

Paragraph 2. In a subsidiary whose activity is limited to performing and managing investments in assets covered by paragraph 1. 1, the subsidiary of the subsidiary of the value of the capital shares in and any loans to the subsidiary may be treated as assets under paragraph 1. 1. the subsidiary is not a proprieable asset, its assets to a proportionate value equal to the share of the own funds.

§ 46 e. The following limits with regard to pension provisions are applicable to the account of the assets covered by section 46 (a). 1 :

1) Assets covered by section 46 d (1) 1, no. 7-12, cf. however, paragraph 1 2, may not exceed 70%.

2) Assets covered by section 46 d (1) 1, no. 11 may not exceed 10%.

3) Loans covered by section 46 d (s) 1, no. 12, cf. however, paragraph 1 2, may not aggregate up to 2%.

4) Assets covered by section 46 d (1) 1, no. 4, 6-9, 11 and 12, cf. however, paragraph 1 2, issued or guaranteed by money and real credit institutions, insurance undertakings, UCITS, capital organisations or foreign UCITS covered by section 46 d (s). 1, no. 7, for each company and department of a UCITS, a capital association or a foreign investment institution, is more than 5%. in the form of the pension provisions, the maximum amount shall be 40%.

Paragraph 2. Other loans and securities covered by section 46 d (s), 1, no. 12 shall not exceed 10%. for the pension provisions.

§ 46 f. Assets which present a risk to a single undertaking or a group of interconnected undertakings may form part of the activities in section 46 (a). 1, mentioned assets within the following limits laid down in relation to the pension provisions :

1) Assets covered by section 46 d (1) 1, no. 3 shall not exceed 40%.

2) Assets covered by section 46 d (1) 1, no. 4 shall not exceed 10%.

3) Assets covered by section 46 d (1) 1, no. 7, cf. however, paragraph 1 4 shall not exceed 10%.

4) Assets covered by section 46 d (1) 1, no. 6, 8, 9, 11 and 12 must not aggregate up to 2 pct;, cf. however, paragraph 1 2. The limit is 3 pct;, if the own funds in the company relating to the asset exceed 250 million. . The establishment in a country covered by Zone A and the asset is included in trade in a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere ; or equivalent markets in other countries covered by Zone A.

5) Assets covered by section 46 d (1) 1, no. 5, 6, and 8-12 shall not exceed 5%.

6) Loans covered by section 46 d (s) 1, no. 12 shall not exceed 1%.

Paragraph 2. Investment in capital and loans to a company or group of interconnected undertakings whose activities alone consist of investing in assets covered by section 46 d (s). 1, no. 5 and 10 the total investment may not exceed 5%. for the pension provisions, cf. § 46 a, paragraph. 1.

Paragraph 3. Paragraph 1, no. 4 and 5, and paragraph 1. 2 and 5 shall not apply to investments in a subsidiary which is subject to section 46 d (s), 2.

Paragraph 4. Paragraph 1, no. 3-5, and paragraph. Paraguations 2 and 5 shall not apply to investments in undertakings, UCITS, capital associations and foreign UCITS covered by section 46 d (s). 1, no. 7 whose activity after the articles of association is limited to investment in assets covered by section 46 d (s). 1, no. 1-3. Such investments may, in relation to the limits, set out in paragraph 1. 1, no. 4-6, and paragraph 1. 2 as well as section 46 e (3). 1, no. 1 3, shall be regarded as assets covered by section 46 d (1). 1, no. 1-3.

Paragraph 5. For assets covered by section 46 d (1), 1, no. 6, 8, 9, 11 and 12, constitute the limit 5%. for investments in a single undertaking and 10%. for investment in a group of interconnected undertakings in relation to a pension provision for the provision of a pension provision to cover its reinsurance business.

§ 46 g. The Staff Regulations of a Capital Association or a foreign investment institution covered by section 46 d (1). 1, no. 7, must contain provisions for :

1) that the capital union or the foreign investment institute shall, on an international basis, be able to cash in the investor's share of the assets resulting from the assets ;

2) the departments of the capital association or of the foreign investment institution shall not offer any guarantees for third parties or grant or accept loans, except for the entry of a short-term loan of 10% of the credit. of the assets to cash investors in order to exploit the right of drawing rights or to the temporary financing of the conclusion of the contract ;

3) that the capital union or the foreign investment institution may invest its assets in cash, including currency, or in the financial instruments referred to in Annex 5 to the Act of Financial Instruments, in accordance with the requirements laid down in Article 5 ; are provided for instruments and their issuers in Chapter 14 of the law on investment associations, and so on, and

4) risk dispersal, cf. § 46 h.

§ 46 h. A capital union or a foreign investment institution covered by section 46 d (s), 1, no. 7, in its Staff Regulations, stipulate that the assets can be invested in accordance with the rules laid down in paragraph 1. 2, 3, 4, or 5.

Paragraph 2. The mutable may be invested in accordance with capital 14 in the law on investment associations, etc.

Paragraph 3. The form may be invested in cash, including the currency or the instruments referred to in Annex 5, in the Act of financial activities. 10% at most. of the assets must be invested in financial instruments issued by the same emittent or emittent emitters in the same group. 2. Act. does not apply in the following cases :

1) Where the department invests in bonds issued by a country or an international institution of a public nature, as one or more countries of the European Union or countries concluded by the Union in the area of the financial sphere, participate in and which has been approved by the Financial supervision, cf. section 147, paragraph 1. 1, no. 4, in the law on investment associations, etc.

2) However, where the department invests in the following types of debt securities, such that a maximum of 30% is made. the assets shall be placed in debt securities issued by a single emittent or emittent emittent emittent emitters :

a) Box and ship circuits issued by Denmark's Skibswritten A/S, mortgage credit bonds issued by Danish mortgage credit institutions and similar mortgage bonds issued by credit institutions approved by a country within the European Union ; Union or a country with which the Union has concluded an agreement in the financial field, where the competent authority has notified the issue of the debt securities and issuers to the Commission.

b) Specific covered mortgage bonds (SDRO) and in particular covered bonds (SDO) issued by Danish financial institutions, real credit institutions or Danmarks Skibwritten A/S or equivalent in particular covered securities issued by the same kind credit institutions approved by a country within the European Union or a country concluded by the Union in the financial area where a competent authority has notified the issue of the debt securities and the issuers to the Commission.

Paragraph 4. The mustas can only be invested in monetary archangel instruments, with a maximum of 30%. the assets may be placed in cash archangel instruments issued by the same emittent or emittent emittents in the same group, so that the assets can be fully invested in cash-archanting instruments issued by a country or international ; institution of a public nature as one or more countries of the European Union or countries concluded by the Union in the area of the financial area, which have been approved by the Financial supervision, cf. 147. paragraph 1. no. 4, in the law on investment associations, etc.

Paragraph 5. The possibility may be invested in shares in departments of UCITS, capital associations or foreign investment undertakings whose statutes contain the limitations set out in § 46 g, so that up to 75%. the wealth must be located in units issued by a single department of UCITS, capital associations or any foreign UCITS.

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

Paragraph 2. The principle of investment must, at least, contain methods of measuring investment risks, the risk management methods used and the strategic asset allocation.

Paragraph 3. At least every three years, the principles of investment must be reconsidered.

§ 47 a. Corporal pension funds shall not be allowed to accept loans or act as a guarantor for third parties.

§ 48. In the assets covered by section 46 (a), 1, a sum of at least 80%. be denominated in the currency of congruent currencies.

Paragraph 2. Assets denominated in euro may be used to meet half of the requirement laid down in paragraph 1. 1 for pension provisions in a different EU currency than the euro.

Paragraph 3. Paragraph 1 shall not apply where the pension provisions of the currency in question comprise less than 7%. the pension provisions of other currencies.

§ 49. In the pension funds, a register of the assets shall be kept in section 46 (a) (1). 1, as well as financial contracts as of section 46 b, nr. 3. The registered assets and contracts shall serve exclusively to the satisfaction of the members.

Paragraph 2. If property is entered into the assets of the assets, a tingly-note-mail is recorded.

Paragraph 3. For subsidiaries covered by section 46 d (1), 2, the capital shares are recorded in and any loans to the subsidiary.

Paragraph 4. The Pension Fund shall report to the Financial supervision of the assets included in the Register. The SEC or the Financial Control Authority shall authorize such assets to control the presence of these assets in accordance with the procedure laid down by the Financial supervision.

Paragraph 5. The SEC may require the register to be deposited if the supervision decides to restrict or prohibit the pension funds available to its assets, cf. § 63, paragraph 3. In the landfill of the register, the Financial supervision of the Financial Authority shall be subject to a vouch in a securities centre as regards the assets of the fund. With regard to the other assets and contracts which serve to cover the pension provisions, these hand panels shall be to the benefit of the Financial supervision.

Paragraph 6. Any change in a landfill register must be approved by the Financial Authority and noted in the Register.

$50. The Financial supervision may, for a time-limited period, dispensers from section 46 d, section 46 e (1). 1, no. 4, section 46 f, paragraph 1, no. Two, six, and paragraph. 2-6, section 46 G and section 46 h.

§ 51. Financial supervision shall lay down rules for :

1) the demarcation of transferable securities covered by several of the securities referred to in section 46 d (1). 1, mentioned asset groups ;

2) the localization and congruent currencies of the assets in relation to the retired provisions and

3) the reporting, recording and checking of the presence of assets in the registers after Article 49 (5) ; FOUR, TWO. Act.

Chapter 7

Review and scrutiny

§ 52. sections 133 and 144-149 in company law and section 74, Section 78 (3). 5, section 193, section 199 (4). 1-7 and 11, as well as § 200, in the Act of Finance, shall apply with the necessary adjustments to the business pension funds.

Paragraph 2. Section 133 of the company law must be applied equivalent to the relationship between a pension fund and the company or undertakings to which the pension is linked.

§ 53. section 150-152 of the corporate law is applicable to the necessary adaptations to the company pension funds.

Chapter 8

Transfer of pension lore, Termination and Crisis Management

§ 54. A pension fund shall not, without the authorisation of the Finance allowance, transfer all or part of the pension accounts to an insurance undertaking or to a different pension fund. The same shall apply where pension commitments are transferred together with the other assets and liabilities of the pension funds or a part thereof. § 35, paragraph. 1 shall apply mutatis mutis.

Paragraph 2. In the case of a transfer, only such changes shall be made in the pension provision of the pension provision, including changes to bonuses which are deemed necessary by the Financial supervision to be a necessary result of the transfer.

Paragraph 3. Before the Danish Financial Regulation gives a grant to a transfer, the pension fund of each Member and other beneficiary ' s pension shall forward to the Commission an approved account of the proposed transfer. The statement shall describe the transfer and its consequences for Members and must invite Members to provide written notice of objections to the transfer within one of the Financial supervision prescribed by the Financial Authority.

Paragraph 4. After the end of the item in paragraph 1. The time limit for the financial supervision referred to in paragraph 3 shall take account of the financial supervision of the objections raised by the Commission on the possibility of a transfer in accordance with the proposed proposal. The transfer may not be invoked as a basis for raising the pension agreement.

Paragraph 5. If all the assets and liabilities of the pension and passives are transferred to an insurance undertaking or to another pension fund, the Financial Authority shall carry out their own operation notification to the Erfvs and Corporate Authority on the solution of the pension.

§ 55. The Minister for Economic and Business Affairs may lay down rules under which section 237-253 of the company law with the necessary adjustments shall apply to the concentration of pension funds covered by Article 2 or the concentration of a pension fund and a subsidiary.

Paragraph 2. Section 236 of the corporate law shall apply where the merger occurs in accordance with paragraph 1. 1 established rules.

§ 55 a. The Minister for Economic and Business Affairs may lay down rules under which section 254-270 in the company law, with the necessary adjustments, shall apply to split a pension fund covered by Section 2.

Paragraph 2. The section 254 of the company. ONE, FOUR. .. shall apply where the division shall take place in accordance with paragraph 1. 1 established rules.

Paragraph 3. § 254 (4) 2, in the company law, shall not apply where the division shall be carried out in accordance with paragraph 1. 1 established rules.

§ 56. If the legislation is not provided for in the legislation, a resolution on the suspension of a pension fund shall be carried out by winding-up proceedings unless the SEC is authorised to ensure that all the assets and liabilities of all the pension funds are transferred to an insurance undertaking, or to a different pension fund, cf. § 54. The General Assembly may select one or more liquidators for the execution of the liquidator. In pension funds, where the sponsorship company designates members of the management board who possesses the vote-member majority, the liquidator of the sponsor is appointed by the sponsor company. If the liquidator is not designated in accordance with 2. or 3. PC, the Financial supervision of one or more liquidators shall be appointed. The Financial supervision may appoint a liquidator to make the liquidation together with the liquidators appointed by the general assembly or by the sponsor company designated liquidators, if the considerations of the members or creditors are therefore speaking.

Paragraph 2. In the case of a retirement fund in winding-up proceedings, the Financial Regulation may take a provision that the state of retirement age shall be taken under administration.

§ 57. The decision on winding-up proceedings shall be registered in the Corporate and Corporate Management Board. The Liquidator shall submit notification to the SEC and the Corporate and Corporate Management Board so that they have received the notifications within 14 days of the decision taken. Where the decision is taken pursuant to section 64 (2), 1, no. 3, perform the Financial supervision of its own operation notification to the Corporate and Corporate Management Board. The bill of sale shall be considered initiated at the time when the decision was taken.

Paragraph 2. The Liquidators will enter the board and place of the Management Board and the Board of Directors. The provisions of this law concerning the Administrative Board shall apply the necessary adjustments to the liquidators.

Paragraph 3. The Liquidator may at any time be disposed of by the person appointed, appointed or appointed by the person concerned.

Paragraph 4. A pension fund during winding-up must retain its name with the addition ' in winding-up proceedings `.

Paragraph 5. Furthermore, the rules of the law apply to accountancy, audits, general assemblies and the submission of annual reports to the Financial supervision and sections 221, 223 and 224, in the company law, corresponding to the use in pension funds during winding-up proceedings. The SEC may dispense with the provisions.

§ 57 a. Sharing pension funds in accordance with the provision of creditors shall be made in accordance with the regulations of the Staff Regulations. The means under Article 49 of Article 49 are only served to the satisfaction of the memorandum of statutory obligations. The share of pension funds must not be carried out before the SEC has approved a plan accordingly.

§ 58. An insolvency petition filed on behalf of a pensioner may only be submitted by the Administrative Board, or, if the pension is under winding-up proceedings, of the liquidator or the Financial supervision. A pension fund, which is under bankruptcy, must retain its name with the addition 'under bankruptcy'. The court shall notify the beginning and end of the Enterprise and Corporation of the Agency for the start and end of the bankruptcy. In the context of the end of the bankruptcy, the pension fund shall be deleted from the Corporate and Corporate Office.

Paragraph 2. If the winding-up is under winding-up proceedings, and find the liquidator that the liquidation will not give full coverage to the creditors and the pension rights, the liquidator shall summon the meeting of the assembly to decide on the submission of Bankruer motion.

Paragraph 3. The financial supervision may lodge bankruptcy proceedings when a pension fund becomes insolvent. The decision of the financial system to lodge a bankruptcy request shall not be subject to section 70.

Paragraph 4. If a pension fund is bankrupted, the stock of pension lore under the management of the Financial Regulation shall be taken into account, and the shifter shall transmit to the Financial supervision referred to in section 46 a. Individual pension rights may not be applicable to the bankruptcy estate. On the other hand, the financial supervision of the estate may lodge an amount equal to the difference between pension provision in the event of the entry and value of the funds registered under Section 49.

Paragraph 5. In addition, the Finance Board may, on behalf of the administration, require an amount equal to the capital requirement for the beginning of the administration.

Paragraph 6. The SEC shall designate a liquidator to provide the sharing of the registered funds. Section 253-258 on the management of the management of a life-insurer, shall apply mutatis mutias to a stock of retired folklore.

$59. The Financial Perspective may offer a pension benefit to make a statement on the economic position and future prospects of the pension. The board of directors, management of the Pension Board, the responsible actuarial and auditing shall be informed by the signature of the tender to the SEC, to confirm the content of the call.

Paragraph 2. The deposition must be

1) be attached to the revision of the pension, unless the statement as a whole is drawn up by this,

2) the Board of Directors of the pension shall be submitted for approval and

3) shall be submitted in copy to the Financial supervision.

§ 60. The SEC must provide the pension fund to prepare a plan for the restoration of its economic position, if the basic capital of the pension fund is not sufficient. The plan shall be aimed at the recovery of the economic position over a shorter period of time fixed by the Financial supervision. The Pension Fund must present the Financial supervision plan.

Paragraph 2. The SEC may lay down detailed rules on the information provided for in the plan for re-establishment and the length of the period.

§ 61. The SEC may offer a pension fund within a time limit for a period to take the measures necessary for :

1) the pension fund does not comply with this law or rules issued in accordance with the law ;

2) the pension fund does not comply with its statutes or, for its business, the basis for which it is based ;

3) the one in number The basis or the manner in which the funds are placed on the basis of the pension funds are not reassuring ;

4) it appears that the provision of the appropriations for the provision of the appropriations provided for in the provision of pensions is not reassuring ;

5) in this way, the economic position of the pension is so called that the interests of the Members are at risk,

6) Whereas there has been a deterioration in the economic position of pensionable pension as compared to one in accordance with this law before the operational plan,

7) The SEC does not find the plan in § 60 reassuring, or if there has been a deterioration in the economic position of the pension provision relative to the plan, or

8) there is a considerable risk that the economic position of the pension fund develops in such a way that the pension fund will lose its permission to operate as a pension fund.

Paragraph 2. Are the measures required to be taken not within the meaning of paragraph 1 of this Article? The time limit laid down by 1 and estimated to be a danger to Members may be taken under administration under section 253-258 of the Community financial undertaking.

Paragraph 3. Pension measures must be taken in administration if it proves that within the meaning of paragraph 1, The time limit laid down shall not be obtained for the provision of the necessary funds for the provision of the pension provision.

Paragraph 4. If the Financial Authority finds that, when the pensionable age is under administration, the pension fund will also be required to dissolve the pension fund.

§ 61 a. The Financial supervision may, as part of the measures referred to in Section 61 (2), may be 1, prohibit the pension fund from the disposal of its assets or limiting its availability. Section 49 shall apply mutatis muth.

§ 62. The financial supervision may involve the authorisation to operate as a pension fund, if

1) the pension fund is requesting that,

2) the pension fund shall be responsible for serious or repeated infringements of this law or rules issued under this law,

3) the pension fund does not satisfy the requirements of Chapter 2 ;

4) which is not carried out as a pension fund for a period of more than six months,

5) the pension fund shall not, within the time limits set by the Financial Regulation, have implemented the measures indicated in the recovery plans referred to in Section 60,

6) an injunction after Section 17 or Section 61 has not been complied with within the time limit laid down by the Financial Financial Authority,

7) a member of the Board shall no longer satisfy the conditions of section 23 a, paragraph 1. 3 and 4, or

8) the pension fund has not provided the Director in the time limit laid down in accordance with section 65 (b).

§ 63. A pension fund must be dissolved if :

1) it does not have any board or responsibility actuarial and shall not be remedied within the time limit set by the Financial Financial Authority,

2) the member number of the pension rate shall be less than 50, cf. § 7,

3) a so large part of the Member State leaving the pension fund in connection with a frailance of a part of the sponsorship, that it would endanger the rights of the remaining members, according to the statutes and regulations,

4) the sponsorship shall be closed down in its entirety ;

5) the commitments of the pension pension are fully proposed ; or

6) the permission of the pension provision shall be withdrawn.

Paragraph 2. Should a pension fund be dissolved in accordance with paragraph 1. 1, the Financial supervision may decide that the retirement age shall be sought from an insurance undertaking or to a different pension fund or that the population of pensionable tales shall be taken under administration in accordance with section 253-258 of the law of financial activities, or that the estate of the pension funds shall be encashed.

Paragraph 3. In the context of the withdrawal of pension funds, the financial supervision may prohibit the pension fund from having access to its assets or limit its availability. § 49, paragraph. 5 and 6 shall apply mutatis mutis.

§ 64. Decisions on the resolution of a pension fund can only be taken by :

1) the general assembly for the purpose of a transfer of the entire population after Section 54,

2) the General Assembly if no members are resisting the resolution ; or

3) The financial supervision if the solution in section 63 is not taking place.

Chapter 9

Supervision

§ 65. The SEC shall ensure compliance with this law and of the provisions adopted pursuant to the Act, except section 24 c, cf. however, § 68. The Corporate and Corporate Management Board shall ensure compliance with Article 20.

Paragraph 2. The Board of Finance shall be included in the supervision of the company pension funds with the jurisdiction the management board is in accordance with in section 345 (1). 7, in the law of financial activities.

§ 65 a. The time limits laid down in or pursuant to this law shall begin to run from and with the day following the day on which the event that triggers the deadline is taking place. This applies in the calculation of days-and week-, month and year periods.

Paragraph 2. If the deadline is set in weeks, the deadline is out, cf. paragraph 1, on the day of the day of the week of the day on which the event that triggered the deadline occurred.

Paragraph 3. If the deadline is set in months, the deadline is due, cf. paragraph 1 on the month of the month for the day on which the event that triggered the deadline took place. If the day at which the event that triggered the deadline occurred is the last day of a month, or if the deadline expires on a month date that does not exist, the period shall always expire on the last day of the month regardless of its length.

Paragraph 4. If the deadline is set this year, the deadline is out, cf. paragraph 1, on the anniversary of the day on which the event that triggered the deadline occurred.

Paragraph 5. Expires a deadline for a weekend, on a holiday, on Christmas Day or New Year's Day or New Year's Day, the deadline for the next day is extended.

§ 65 b. The SEC may provide a company pension fund to provide a company pension in the company pension fund within one of the Financial Seas, if this is set out in section 23 (a) (a). Three and a four, can't fight the score.

Paragraph 2. The SEC may offer a member of the Management Board in a company pension box to set up his office within one of the Financial Sedatives, if this is set out in section 23 (a) (a). Three and a four, can't fight the manor.

Paragraph 3. The SEC may provide a company pension fund to set up a director when indictling against this in criminal proceedings against criminal offences, law on the supervision of the company pension funds or other financial legislation until the criminal proceedings are carried out ; in the event of a conviction that they do not comply with the requirements of section 23 (a), 4, no. 1. the SEC shall set a time limit for the compliance of the supply. The financial supervision may, under the same conditions as 1. Act. provide a member of the Management Board in a company pension fund to lay down its duties ; the Financial supervision provides a time limit for compliance with the tender.

Paragraph 4. The duration of the buldup granted in accordance with paragraph 1. 2 on the basis of section 23 a, paragraph 1. 3 and paragraph 1. 4, no. 2 or 3 must appear on the supply.

Paragraph 5. Opens issued pursuant to paragraph 1. 1-3 of the company pension fund and of the person to whom the tender relates is requested to be submitted to the courts. Request to this effect must be submitted to the SEC within 4 weeks of notification of the tender. The request shall not affect the tender, but the court may decide by ruling that the director or member of the Board of Directors shall be able to maintain his position or his position. The SEC will be deposits within 4 weeks of the case before the courts. The case is being put in the form of the right of civil justice.

Paragraph 6. The financial supervision may, by its own operation or by application, revoke an injunction notified in accordance with paragraph 1. 2 and paragraph 1. 3, 3. Act. If the Financial supervision an application for revocation is refused, the applicant may require the refusal to be submitted to the courts. Request to this effect must be submitted to the SEC, within 4 weeks of the refusal of the person concerned. However, the application for a judicial review may not be made only if the tender is not limited and has elapated at least five years from the date of issue of the tender, or at least two years after the revocation of the Financial Supply of the Financial Supply is confirmed by the judgment.

§ 65 c. The financial supervision must examine the conditions of pension funds, including in the case of review of ongoing reports and inspections in the individual pension fund.

Paragraph 2. After inspection in a pension fund, a meeting of the meeting of the board of directors of the pension shall be held, the Director, the responsible actuarias and the auditor ' s auditor, unless the inspection alone relates to limited areas of activity ; the pension fund. In the meeting, the Finance Board must notify its conclusions concerning the inspection.

Paragraph 3. Signature of the findings shall, following inspection visits, be forwarded in the form of a written report to the board of directors of the pension, the acting director, the Actuarias and the Accountable Accounting.

§ 65 d. The Financial supervision may, in accordance with the procedures laid down in Community law, prohibit a foreign pension fund covered by section 21 b, having its registered office in another country within the European Union, or in a country with which the Union has concluded agreement ; the financial area to provide services in this country.

Paragraph 2. The financial supervision may prohibit the measures referred to in paragraph 1. 1 pension funds referred to in this country, where the pension fund has been grossly or repeatedly infringed in this law, rules issued under the law or other legislation that courts against the pension fund, and not ; in the case of injunction or sanctions, after that law, it has been possible to terminate the infringement.

§ 65 e. The Minister for the Industry and Growth Pact may lay down rules on the obligations of the company pension funds to publish information on the Financial Fund's assessment of the company pension fund and that the Financial Insurance Fund may publish the information before the company pension fund.

§ 66. The pension funds shall provide the Financial supervision of the information required for the financial activities of the Financial Authority. The SEC may examine the conditions covered by the pension provision and may, at any time, against appropriate credentials, without a court order, access to the pension fund with a view to the introduction of information and inspections.

Paragraph 2. Suppliers and subcontractors shall provide the Financial supervision of the information necessary for the enterprise of the Financial Supplies. The SEC may, at any time, against appropriate credentials without a court order access to the supplier and sub-contractor for the purposes of the information on the output of outsourced activity.

§ 66 a. The employee of the financial system shall be under the responsibility of Article 152-152 of the penal code, to keep confidential information that they are aware of through the supervisory establishment. The same applies to persons performing service tasks in the context of the Financial Services operation, and experts acting on behalf of the Member. This also applies to the termination or termination of the contract of employment. 1.-3. Act. shall also apply to employees of the Danish Agency for the Administrative Board, in the case of information which they are aware of through the task solution after Article 83 (3). 2 and 3, in the Act on securities trading, etc.

Paragraph 2. The consent of the person responsible for the confidentiality of the confidentiality does not justify the provisions of paragraph 1. 1 mentioned persons to disclose confidential information.

Paragraph 3. Paragraph 1 shall not, however, apply to information in matters relating to :

1) good pension funds practice in section 6 (a), ONE, ONE. pkton, and notices of good practice and good practice issued in accordance with section 6 (a) (a). 2, and

2) the information provided by a pension fund in writing to members and pension beneficiaries, cf. notices issued in accordance with section 12 (a).

Paragraph 4. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the fact that the Financial supervision of its own operation conveys confidential information in summary or summarised form when neither the individual pension fund nor its members can be identified.

Paragraph 5. Confidential information may be disclosed during a civil trial when a pension fund has been declared bankrupt or in winding-up proceedings, and where the information does not relate to any member or third party that has been or has been involved in attempts to save the pension fund.

Paragraph 6. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of confidential information to :

1) The Systemic Risk Boat.

2) Public authorities, including the public prosecutor and police, in the investigation and prosecution of possible criminal offences covered by criminal law or supervisory law.

3) The next minister as part of his supervised oversight.

4) Administrative authorities and courts, which deal with decisions taken by the Financial supervision.

5) The Ombudsman's office.

6) A parliamentary commission set up by Parliament, as set out in the Committee. however, paragraph 1 12.

7) Examination commissions reduced by law or under the Act of Inquiry Commissions, cf. however, paragraph 1 12.

8) The standing committee of the parliament of a pension fund general economic conditions as regards the crisis management of pension funds when deciding whether or not the State should provide a guarantee or a means of making available funds. Similarly, in the case of parliamentary control in matters covered by 1, the same applies. Act.

9) The state auditors and the Rigsaudit.

10) Stakeholders, including authorities, are involved in attempts to rescue a crisis-nursing pension fund, provided that the recipients of information need to do so.

11) The skifter, cf. however, paragraph 1 12, and other authorities involved in the winding-up proceedings, insolvency proceedings or similar procedures, together with persons responsible for the statutory audit of the accounts of the pension funds, provided that the beneficiaries are to be carried out ; the information is required for the taking of their duties.

12) Institutions which administer the depositing or investor guarantee schemes provided that they are required to do their work.

13) The Danish Agency for the Authority in its capacity as regulator to comply with company law when discontinued its communication with a view to strengthening the stability and integrity of the financial system, and the Danish Agency for the Administrative Board, the auditing and auditing Board of the Financial Regulation ; their capacity as regulator for the statutory auditing of the statutory audits of the company pension funds, provided that the recipients need the information to be provided for the taking of their tasks, cf. however, paragraph 1 12.

14) Experts, who shall assist the SEC, the Danish Business Authority, the auditor inspection, the auditing board and institutions that administer the shooting, investor or insurance guarantee schemes, in the performance of their supervisory tasks, provided that the beneficiaries need the information to be provided for the taking of their tasks, cf. however, paragraph 1 12.

15) Denmark's National Bank, central banks in countries of the European Union or countries with which the Union has concluded agreements in the financial sphere, the European System of Central Banks and the European Central Bank as a monetary policy. the authority and public authorities which monitor payment systems in Denmark and other countries within the European Union or countries concluded by the Union in the area of the financial area provided that the information is provided ; necessary for them to be fulfilled by their statutory tasks, including the execution of : monetary policy, monitoring of payment and securities handling systems, and the handling of the stability of the financial system.

16) An institution responsible for clearing up securities or money where necessary to ensure that the institution responds to non-compliance or potential non-compliance in the market in which the institution is responsible ; clearing.

17) Inquiry committee set up by the European Parliament pursuant to Article 226 of the Treaty on the Functioning of the European Union.

18) Financial regulators in other countries of the European Union or in countries with which the Union has agreed to the financial area responsible for the supervision of pension funds, credit institutions, financial institutions, insurance undertakings or the financial markets, authorities and bodies responsible for maintaining financial stability through macro-prudential regulation, authorities or bodies intended to guarantee financial stability ; stability, institutions which manage deposits-, investor-; or insurance guarantee schemes and bodies which include in the winding-up proceedings of pensioners, insolvency proceedings or similar procedures, and persons responsible for the statutory audit of pension funds ' s accounts, provided that : the recipients of information need to do so in order to carry out their duties.

(19) Organs in other countries of the European Union or in countries which the Union has concluded agreements in the financial field that are supervising bodies working in the winding-up proceedings of the company pension funds, insolvency proceedings or the equivalent of other bodies ; procedures, and authorities responsible for the supervision of persons responsible for the statutory audit of the accounts of the company pension funds, provided that the recipients of the information need to be required to carry out their duties in accordance with the requirements of the statutory auditing of their duties in accordance with the legal basis of the statutory auditing of the information. however, paragraph 1 12.

20) Organs in other countries of the European Union or in countries with which the Union has concluded agreements in the financial sphere responsible for detectable infringements of company law, provided that the recipients of the data have been committed, the need to do so in order to strengthen the stability and integrity of the financial system, in accordance with the requirements of its tasks and their communication. however, paragraph 1 12.

21) Experts, which assist authorities in other countries of the European Union or in countries concluded by the Union in the area of financial supervision, which shall supervise organs resulting from the winding-up proceedings of the company pension funds ; insolvency proceedings or similar procedures, and authorities supervising persons responsible for the statutory audit of the accounts of the company pension funds, provided that the recipients of the data are required to do so ; the delivery of their tasks, cf. however, paragraph 1 12.

(22) Organs in countries within the European Union or in countries with which the Union has agreed to the financial area responsible for checking compliance with the rules on financial information from issuers of transferable securities ; on a regulated market.

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

24) The European Systemic Risk Board and the European Insurance and Occutency Pensions Authority and the bodies established by this committee shall be subject to the need for this to be provided for in the case of the recipients of information. of their duties.

25) Financial supervisory authorities in non-European Union countries that the Union has not signed up to the financial area responsible for the supervision of pension funds, credit institutions, financial institutions, insurance undertakings or with the financial markets, authorities and bodies responsible for maintaining financial stability through macro-prudential regulation, authorities or bodies intended to guarantee financial stability, institutions, administer the depositing, investor or insurance guarantee schemes, bodies involved in the winding-up proceedings of pensioners, insolvency proceedings or similar procedures, together with persons responsible for the statutory audit of the accounts of the pension funds, cf. however, paragraph 1 11 and 12.

26) Organs in countries outside the European Union which the Union has not agreed to in the financial area supervising bodies which are co-functioning in the winding-up proceedings of the firm pension funds, insolvency proceedings or similar procedures, and authorities responsible for the supervision of persons responsible for the statutory auditing of the accounts of the company pension funds, cf. however, paragraph 1 11 and 12.

27) Organs in countries outside the European Union or in countries that the Union has not agreed to in the financial area responsible for detectifying infringements of company law, provided that such communication is given in order to : strengthen the stability and integrity of the financial system, cf. however, paragraph 1 11 and 12.

28) Experts, which shall assist authorities in countries outside the European Union or in countries which the Union has not concluded in the financial field that are supervising bodies that are involved in winding-up proceedings, insolvency proceedings or the equivalent of that ; procedures for enterprise pension funds, and authorities responsible for the supervision of persons responsible for the statutory auditing of accounts for the company pension funds, cf. however, paragraph 1 11 and 12.

Paragraph 7. All those in accordance with paragraph 1. The information provided for in paragraph 1 shall be subject to the information referred to in paragraph 1 (5) and (6) of the Financial supervision of the Financial Commission. This shall be subject to professional secrecy.

Paragraph 8. Confidential information received pursuant to paragraph 1. 6, no. 24, irrespective of the confidentiality of confidentiality, may be exchanged between the European Banking Authority, the European Supervisory Authority, the European Insurance and Occupancy Pensions Authority and the European Securities and Markets Authority, as well as : bodies established by these and, on the other hand, the European Systemic Risk Board.

Niner. 9. Confidential information received by the Financial Supervisors may only be used in respect of the surveillance authorities, to the imposition of sanctions, or if the decision of the acidity shall be subject to higher administrative authority or be brought before the courts.

Paragraph 10. Access to the provision of confidential information to the Standing Committee of the People's Committee pursuant to paragraph 1. 6, no. 8, is limited to documents in cases created in the Financial supervision after the 16th. September 1995.

Paragraph 11. Dissemination in accordance with paragraph 1. 6, no. 25-28, may be done.

1) on the basis of an international cooperation agreement ; and

2) provided that the beneficiaries are subject to a statutory professional secrecy which corresponds to the confidentiality of paragraph 1. 1 and need the information to be provided for the taking of their duties.

Nock. 12. Dissemination in accordance with paragraph 1. 6, no. the confidential information obtained from countries within the European Union or countries with which the Union has given contract in the financial sphere may also be classified by the competent authorities of countries within the European Union or countries with which the Union has been awarded a contract in the financial sphere. the information has given their express authorisation and shall be used exclusively for the purposes of which the authorisation is to be granted. For the disclosure of information in accordance with paragraph 1. 6, no. On 14, 21 and 28, the Agency shall communicate to the authorities or bodies which have communicated the information to the competent authorities, stating the powers of the legal authorities.

§ 66 b. As part of the financial supervision relationship, the pension fund shall be considered as a decision of the Financial supervision referred to in accordance with the Financial Authority. however, paragraph 1 Two and three.

Paragraph 2. In the case of the following cases, the other than the pension fund shall also be considered as a Party to the Financial Decision of the Financial Decision in respect of the part of the proceedings relating to the person concerned :

1) The one that violates the law of the law to ensure that the pledges of pensioners are to be covered either in an insurance undertaking or a pension fund, in accordance with the provisions of the pension. § 1, Section 2, paragraph 1. One, and section 4.

2) A company that is applying for permission to run pension funds, cf. ~ 10 (1)) 1.

3) Accountant in a pension fund when the SEC is dismissals or claims to provide information on the conditions of pension provision, as well as in the case of the ban on the fact that an auditor has loans and so on in the pension fund auditing in accordance with the case of the pension fund. § 52, paragraph. 1, as well as in cases where the selected auditors or the responsible actuar have not fulfilled their information obligations with regard to the Financial supervision, cf. § 52, paragraph. Paragraph 1, and section 26 (4). FOUR, ONE. Act.

Paragraph 3. By the way, as a party is considered a member of the Board, an accountant, a director, an actuator, a liquidator, a liquidator or other senior staff of a pension fund where the Finance or General Fund or his / her requirements are in accordance with the law or his requirements ; direct to the person concerned.

Paragraph 4. Partsstatus and share powers in accordance with paragraph 1. 2-3 is limited to conditions in which the seven-point decisions are taken after 22. October 1998.

§ 66 c. Reactions given in accordance with the section 65 (5) of this Act. 2, cf. § 345, paragraph 1. 7, no. 4, in the case of a financial undertaking, or the Financial Authority of the Financial Authority, to a company pension fund under supervision, shall be published with a reference to the name of the company pension, cf. however, paragraph 1 4. The firm ' s pension fund must publish the information in its website in a place where they naturally belong, as soon as possible, and within three working days after the company pension funds have received notification of the reaction, or at the latest at the time of the date of the receipt ; in the case of publication required by law on securities trading, etc. At the same time, the company pension fund must insert a link that provides direct access to the reaction, on the front of the website of the company pension provision in a visible manner, and the link and any associated text clearly show that it is a question of one, reaction from the Financial supervision. If the company pension funds comment on the reaction, this should be done by extension of this, and the comments must be clearly separated from the reaction. Removal of the link on the front and the information from the company pension website must take place according to the same principles as the company pension fund uses for other communications, but at the same time when the link and information has been on the home page of 3 months, and earliest, after the former general assembly or representative meeting. The obligation of the company pension pension to publish the information on the home page of the company pension pension shall apply only to legal persons. The SEC must publish the information on the site's website. Reactions granted in accordance with section 65 (3). 2, cf. section 345 (3). 7, no. 6, in the Act of Financial Company, and the Decisions Decisions to surrender cases to police investigations must be published on the GL website with the name of the company pension name, cf. however, paragraph 1 4.

Paragraph 2. Reactions given in accordance with the section 65 (5) of this Act. 2, cf. § 345, paragraph 1. 7, no. 4 and 6, in the financial undertaking or the Financial Authority, following a delegation from the Financial Availability Management Board to a company that is not under supervision, shall be published with the name of the establishment, cf. however, paragraph 1 4.

Paragraph 3. Where a case has been passed to police investigation and there has been a total or partial sentence or a fine, the judgment shall be published, the ticket or a summary thereof, as provided for in the case of the sentence of the sentence of the sentence of the ruling. however, paragraph 1 4. If the judgment is not final or if it is anchorked or complained, this shall indicate the publication of the sentence. The publication of the company pension pension shall be carried out on the website of the company pension from a place where it is natural to be at home as soon as possible and no later than 10 working days after a judgment or a fine or no later than at the time of the date of the fall, publication required by law on securities trading, etc. At the same time, with the publication, the company pension fund must insert a link that provides direct access to the judgment, the ticket or the summary, on the front page of the company pension home page ; a visible manner, and the link and any associated text clearly show that there is it is a judgment or a decision to be adopted. If the company pension funds comment on the judgment, the ticket or the summary, this should be done in an extension, and the comments must be clearly separated from the judgment, the adoption or summary of the report. Removing the information from the company pension website must take place according to the same principles as the company pension fund uses for other communications, but at the earliest of the link and information has been on the website for 3 months, and earliest after the former general assembly or representative meeting. The company pension Fund shall give notice to the Financial supervision of the publication, including a copy of the judgment or the adoption. The SEC shall then publish the judgment, the adoption or a summary thereof on its website. The obligation of the company pension pension to publish the information on the home page of the company pension pension shall apply only to legal persons. Publication after 1. and 2. in the light of establishments which are not subject to supervision, shall be carried out on the GL's website alone.

Paragraph 4. Publication under paragraph 1. However, 1-3 cannot be allowed if it would result in a disproportionate amount of damage to the company pension funds or the post-research considerations against disclosure. The publication shall not contain confidential information on customer relations or information covered by section 12 (3). One, in the law of public opinion in the administration. The publication shall not contain confidential information arising from the financial supervisory authorities of other countries within or outside the European Union, unless the authorities which have supplied the information have given express express ; Permission.

Paragraph 5. If publication is not in accordance with paragraph 1, FOUR, ONE. .. shall be published in accordance with paragraph 1. One-three when the omission of the omission is no longer valid. However, this only applies to up to two years after the date of the reaction.

§ 66 d. In cases where a pension fund has been declared bankrupt, the bulk of the operation of the pension fund has been discharged or transferred, or where the pensioner ' s population of pensionable tales has been taken in administration, the Finance Board shall prepare a statement for the reasons for this, if the State, during or during a shorter period prior to that, has provided a guarantee or made available to the pension fund, its creditors, or the transferee of whole or part of the pension fund.

Paragraph 2. The financial supervision shall publish the statement in accordance with paragraph 1. 1. In the case of the publication, Section 66 shall not apply, unless the information relates to customer relations or third parties who are or have been involved in the attempt to save the pension fund in question.

Paragraph 3. The decision to be taken pursuant to paragraph 1 1 shall describe the role of the financial services in the course of the business up to the bankruptcy and so on.

§ 66 e. The SEC must inform the public about cases dealt with by the Financial Affairs, Public Prosecutor or the courts, and which are of general interest or of relevance to the understanding of the following provisions :

1) Good pension experience, cf. § 6 (1) (a) ONE, ONE. pkton, and notices of good practice and good practice issued in accordance with section 6 (a) (a). 2.

2) Information to be provided by a pension fund in writing to members and pensioners, cf. notices issued in accordance with section 12 (a).

Paragraph 2. The SEC must also inform the public about the name of a company pension fund that violates the ban on the pursuit of the undertaking without authorisation, cf. § 10.

§ 66 f. The employee of the GL shall not disclose information on a person who has reported a company pension fund or person to the Financial Regulation of the Financial Regulation for infringement or potential infringement of the financial supervision of the Financial Regulation, supervising, cf. however, paragraph 1 2.

Paragraph 2. The provision in paragraph 1 shall be Paragraph 1 shall not preclude the disclosure of personal data in accordance with section 66 a (1). 6.

Paragraph 3. All those in accordance with paragraph 1. 2 receiving personal data shall be subject to the information provided for in paragraph 1 of this Article. This shall be subject to professional secrecy.

§ 66 g. Redistribute a company pension fund information on the company pension fund and the information provided to the public is that the SEC may, in the case of one of the financial supervision, provide information to the company pension fund to publicise the company ' s pension funds. deadline, if :

1) the information provided for the Finance-synet assessment is misleading and

2) The SEC assesses that the information may have adverse effect on the members of the pension pension, other creditors or financial stability in general.

Paragraph 2. In the case of the office pension fund not the information in accordance with the financial system's injunction and, within the time limit laid down by the Financial Authority, may publish the information on the tender subject to the tender under paragraph 1. 1.

§ 67. Pension funds under the supervision of this law shall pay the financial supervision of the Financial Authority. The levy shall be determined in accordance with Chapter 22 of the Act on financial activities.

§ 68. In the case of notification and registration, etc. apply to company law accordingly.

§ 69. (Aphat)

§ 70. Decisions taken by the SEC or the Corporate and Corporate Authority pursuant to the law or regulations issued under the law may be submitted to the Board of Acquisities at the latest four weeks after the decision has been notified to the person concerned.

Paragraph 2. In the case of one of the Financial considerations, a decision shall be taken that the pension fund must enter winding-up proceedings, or that its pension register is taken under administration, and the Corporate and Corporate Office shall register this immediately. The financial supervision must, provided that the pension fund owns fixed properties, care for the necessary things.

Chapter 10

Penalty provisions

§ 71. Inherit of the provisions of section 1 (1). One, section 4, section 9 a, section 10, section. 1, section 15, section 16 (4). Paragraph 20, section 21 (a) (1). Paragraph 1, section 23 (a), 5, cf. paragraph 4, no. 1 and 2, section 24, section 24 (a), 1-5, section 24 (b). 1, section 26, section 27 (4). 3, section 29, section 32, paragraph. ONE, TWO. PC, section 37, paragraph. ONE, ONE. pkt., section 38, paragraph. Paragraph 1, section 39, paragraph. Paragraph 1 and 2 and paragraph 1. THREE, ONE. pkt., section 40, section 41, section 42, section. Paragraph 1 (1). TWO, ONE. pkt., and paragraph. THREE, TWO. pkt., section 43, section 44, section 44 (a), One and three, paragraph 44 b, 1. pkt., section 44 c, 1. pkt., section 44 d, section 44 e (3), 1 and 3, section 45, § 45 a, § 46, § 46 a, § 49, paragraph. FOUR, ONE. pkt., and paragraph. 6, section 54 (4). One and two, section 57, paragraph. ONE, TWO. pkt., and paragraph. 4, section 57 a, 1. and 3. pkt., and section 58, paragraph 1. ONE, TWO. pkt., and § 66 c, paragraph ONE, ONE, FIVE. pkt., and paragraph. 3, 1. -7. a penalty shall be punished by penalty unless higher penalties are inflicted on the other legislation. Furthermore, breaches of the sections referred to in Section 52 (3) shall be The provisions of this Article shall be subject to the provisions of Article 37 (1) of the provisions of Article 373 of the financial undertaking.

Paragraph 2. Similarly, members of the board, directors, procures and other servants, liability actuarii, accountants and liquidators, as well as their alternates, shall be punished, provided that the unwarranted disgrants or exploits confidential information, as they may be ; the performance of their duties shall be aware of, or where they are inaccurate or misleading information to the Financial supervision, the Enterprise and the Corporate and Other public authorities, to the public or to the pensionable members.

Paragraph 3. The penalty will be penalised a company pension fund that does not comply with an injunction in accordance with section 6 (a) (b). ONE, TWO. pkt., or § 61. The penalty shall also be punished by a board member who does not comply with an injunction after paragraph 65 b (b). 2 and paragraph 1. 3, 3. Act.

Paragraph 4. In the event of a breach of undertakings, etc. (legal persons) may the company, etc., may be imbued in accordance with the rules of the penal code 5. Chapter.

Paragraph 5. The rules laid down in accordance with this law may be subject to penalties for the violation of provisions laid down in the regulations and in order not to comply with the requirements laid down in accordance with the requirements.

§ 72. Avoiding a pensioner's Board of Directors, Executive Board, a pension fund such as the liquidator, the accounting officer or responsible actuar in the right time to comply with the duties laid down in accordance with the law or the rules laid down in accordance with the law ; The SEC or the Corporate and Corporate Agency may, in the case of the Danish Financial Authority, and the Danish Agency for the Administrative Board, which are to impose penalties on the daily or weekly fines of the Community and the Corporate Protection Agency.

Chapter 11

Entry into force and transitional provisions

§ 73. The law shall enter into force on the day following the announcement in the law. 2

Paragraph 2. At the same time, the law on the supervision of pension funds, cf. Law Order no. 4 of 12. January 1984.

Paragraph 3. The provisions of Chapter 5, Annual accounts and so on shall be applied to the financial year commencing 1. January 1989 and later. For the financial year commencing before this date, the current rules on the clearance of accounts shall be applied to date.

Paragraph 4. References to Section 14 of the Act on the supervision of pension funds in tape recordings and in registrations in the Securities Centre shall be construed as references to section 49 in the law on the supervision of company pension funds.

Paragraph 5. The law does not apply to the Faroe Islands and Greenland. In the case of a Congeable device, the law can be put into force for Greenland, with the deviations from which the country's particular circumstances are.

§ 74. Pension funds that were under supervision under the supervision of pension funds, cf. Law Order no. 4 of 12. In January 1984, within three years of the entry into force of the law, a concession has been obtained pursuant to section 17. The financial supervision may extend this period. A pension fund must first comply with the provisions of this law on pension regulations, as well as the technical basis, etc., when the pension fund achieves the concession. Pending the concession of the pension fund, the provisions of the law applicable shall be no. 4 of 12. of January 1984 concerning the statutory use of pension funds in the pension fund. If a concession has not been achieved at the end of the deadline, the rules shall apply in Chapter 8.

Paragraph 2. The financial supervision of a pension fund subject to paragraph 1 shall be eligible for the financial supervision of the Commission. 1 and which have only members covered by Section 3 (1). 1, no. 2 or 3, allow deviations from the provisions of section 11 14, section 22, § 28, § § § 31-36, § § 46-47, § 58 and § § 61 and 62 of this Act.

§ 75. Pension boxes covered by sections 1 and 2, and which are legally based on the entry into force of this law, but which are not covered by the law on the supervision of pension funds, cf. Law Order no. 4 of 12. January 1984, or the insurance undertaking, cf. Law Order no. 127 of 23. In March 1984, with subsequent changes, within three years of the entry into force of the law, concession shall be obtained under Section 17. The financial supervision may extend this period. The applicable pension funds for these pension funds other than solvents shall apply by analogs to the pension funds in question until such time as the concession has been granted. If a concession has not been achieved at the end of the period, the pension fund shall be dissolved in accordance with Chapter 8 of this Act.

SECTION 76. Conservation and pension regulations shall be adjusted as necessary to obtain concession pursuant to section 17 and which have not obtained it for the purposes of implementing the Staff Regulations, shall be deemed to have been approved if so many votes have not been given ; against the amendments which are required to decide on the resolution on the solution of the pension. If these rules of association or regulations are not subsequently deemed to be adopted, the pension fund shall be dissolved under the provisions of Chapter 8.

§ 77. Regardless of section 46 and 47, pension funds that were affected by the entry into force of the law will continue to possess the assets they legally owned at this time.

§ 78. The provisions of section 7 (4). Paragraph 1 shall not apply to pensioners who, at the entry into force of the law, had less than 50 members, named after Section 3.

Paragraph 2. If the Member State in one of the provisions referred to in paragraph 1 shall be One of the pension funds referred to above is or is less than 50, the Finance-SEC must decide on the conditions under which the pension fund can continue its business.

Paragraph 3. Exemptions notified to pension funds pursuant to section 6 of the Act on the supervision of pension funds, cf. Law Order no. 4 of 12. January 1984 shall continue to be valid in accordance with this provision.

§ 79. Pension rates which, in the last three years prior to the adoption of the law in accordance with the provisions of the statute on a regular basis for which the recipients were not legally entitled, may not, until 5 years after the law enters into force, continue to set such services for them, persons who received such services within the period referred to in the said period. The financial supervision may, however, extend this period of up to 10 years.

$80. (Udelades)

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Law No 305 of 16. In May 1990 the following entry into force and transitional provisions shall include :

§ 4

Paragraph 1. § 1, no. 2, 3, 5-11, 13-17, 22, 24-32, 34, 36, 38, 47-50 and 53-56, as well as § 3, nr. 1-10, 14 and 18, shall enter into force the day following the announcement in the law. 3

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

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Law No 129 of 26. February 1992 (Conversion of financial years, change of audits, etc.) shall include the following entry into force and transitional provisions :

§ 2

Paragraph 1. The law shall enter into force on 1. March 1992.

Paragraph 2. The provisions of section 1, no. 2 5 shall apply to the financial year beginning on 1. March 1992 or later.

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Law No 1062 of 23. December 1992 entered into force on 1. August 1993.

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Law No 363 of 18. In May 1994 the following entry into force and transitional provisions shall include :

§ 5

Paragraph 1. (Udelades)

Paragraph 2. Section 2 shall enter into force on the day following the announcement in the law. 4

§ 6

(Udelades)

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Law No 1072 of 20. December 1995 (Value TraceChain Act) entered into force on 1. May 1996. 5

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Law No 376 of 22. The following entry into force of May 1996 shall include :

§ 10

Paragraph 1. The law shall enter into force on 1. June 1996.

Paragraph 2. (Udelades)

§ 11

(Udelades)

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Law No 413 of 10. June 1997 (Prohibition of use of certain health information at drawing, etc., of insurance and pension) entered into force on the day following the announcement in the law. 6

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Law No 475 of 10. June 1997 (Leadership Rules, Placement Rules, etc.) shall include the entry into force and transitional provisions :

§ 9

Paragraph 1. The law shall enter into force on 1. January 1998. (2nd and 3. Act. excluded)

Paragraph 2-12. (Udelades).

§ 10

(Udelades)

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Law No 490 of 1. July 1998 (Harmonisation of investment rules and the increase in the share of shares) shall include the following entry into force :

§ 6

The law shall enter into force on 1. This is August 1998 and has an accounting effect from 1998.

§ 7

(Udelades)

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Law No 1055 of 23. In December 1998 the following entry into force shall include :

§ 5

The law shall enter into force on 1. January 1999.

§ 6

(Udelades)

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Law No 390 of 30. May 2000 (Amendment of the management provisions, financial year etc.) shall include the entry into force and transitional provisions :

§ 5

Paragraph 1. The law shall enter into force on 1. June 2000.

Paragraph 2. The period in section 1, no. 3, shall apply with effect to the general assemblies relating to the financial year concluded by the year 2000.

Paragraph 3. Retirement boxes, which shall be different from the calendar year, in accordance with the entry into force of the law, have a financial year deviant § 1, no. In the case of 4, the year 2002 shall pay annual accounts to the calendar year. The financial supervision may, however, allow the restructuring of the financial year to be redirected later than in 1. Act. at that time. The conversion period shall cover a shorter time than 12 months.

Paragraph 4. Notwithstanding the provisions of section 1, no. 1, may be a company pension funds that, at the entry into force of the law, operate a capital intermediary company in conjunction with pension funds or insurance undertakings which form part of an administration community with the company pension fund, continue this operation. Financial supervision must be within 30. June 2000 shall be informed accordingly.

§ 6

The law does not apply to the Faroe Islands and Greenland, but paragraph 1 may, by means of the Royal Anthem scheme, be put into force for Greenland, with the deviations from which the special Greenland conditions are concerned.

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Law No 1329 of 20. In December 2000 (Administration of insurance stocks, flexible share of life insurance companies, etc.) includes the entry into force and transitional provisions :

§ 6

The law shall enter into force on 1. January 2001.

§ 7

The law does not apply to the Faroe Islands and Greenland, but § § 1 and 4 may, by means of the Royal Anthem scheme, be put into force for Greenland, with the deviations from which the special Greenland conditions are concerned.

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Law No 233 of 29. April 2002 (Good practice, contribution to humanitarian organisations, the Financial Business Councils, Realms of Finance) shall include the following entry into force and transitional provisions :

§ 9

Paragraph 1. The law shall enter into force on 1. July 2002.

Strike two-three. (Udelades)

§ 10

Paragraph 1. The law applies, with the exception of section 6, not for the Faroe Islands and Greenland. (2. Act. excluded)

Paragraph 2. (Udelades)

Paragraph 3. Article 3 may be set in force for Greenland with the deviations from which the special Greenland conditions are attributed.

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Law No 428 of 6. June 2002 (Contribution Framework, clarification of the responsibilities of rules concerning good practice, new capital instrument, priority in bankruptcy for debt securities and swapcounterparties) shall include the following entry into force and transitional provisions :

§ 19

Paragraph 1. The law shall enter into force on 1. July 2002, cf. however, paragraph 1 Two and three.

Strike two-four. (Udelades)

§ 20

(Udelades)

§ 21

Paragraph 1. Except for § 1, no. Thirteen, the law does not apply to Greenland and Faroe Islands, but can, by means of Kongeable, be brought into force for these parts of the village, with the deviations that the special Greenland and ferry conditions have to say, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

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Law No 1090 of 17. In December 2002, the following entry into force shall include :

§ 5

Paragraph 1. The law shall enter into force on 1. January 2003.

Strike two-three. (Udelades)

§ 11

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

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Law No 453 of 10. June 2003 (Law on Financial Company) contains the following entry into force :

§ 375

Paragraph 1. The law shall enter into force on 1. January 2004, cf. however, paragraph 1 Two and three.

Strike two-five. (Udelades)

§ 438

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, but can, by means of Kongeable Anscheme, be brought into force for these parts of the village, with the deviations which are attributed to the special ferry and Greenland conditions, in accordance with. however, paragraph 1 2-4.

Paragraph 2. The law cannot be put into force for the Faroe Islands as regards the insurance business and mortgage business.

Paragraph 3. Similarly, section 420 and 421 are applicable.

Paragraph 4. (Udelades)

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Law No 490 of 9. June 2004 (Introduction of subsidy scheme, settlement of housing needs and alteration of award criteria) shall include the following entry into force and transitional provisions :

§ 6

Paragraph 1. The law shall enter into force on the day following the announcement in the law, 7 cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 7

Prompting of private rental-building, as amended by Section 1 of Act 1. 903 of 17. In November 2003, continuing to apply to undertakings announced before 1. April 2004. If a definitive undertaking lapses, it shall be transferred to the grant framework of the appropriation framework for the financial year in which the lapses occur. The increase in the appropriation framework shall be calculated as 19%. of the released investment framework.

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Law No 1381 of 20. In December 2004 (The implementation of the directive on the activities of occupational retirement provision and supervision) shall include the entry into force and transitional provisions :

§ 3

The law shall enter into force on the 23rd. September 2005.

§ 4

Paragraph 1. As far as board members and managers are concerned, at the time of the entry into force of the law, section 23 (a), paragraph 23 (a) of the law is already in force. 3, no. 1, in the law on the supervision of company pension funds, cf. this law's § 1, no. Eighteen, not use. As far as board members and managers are concerned, at the time of the entry into force of the law, section 23 (a), paragraph 23 (a) of the law is already in force. 3, no. 3, in the law on the supervision of company pension funds, cf. this law's § 1, no. 18, only use of behaviour shown after the entry into force of the law.

Paragraph 2. Pension-level responsible actuar, which, in the case of the entry into force of the law, is a member of the board of directors of the Pension Board, may notwithstanding section 26 (s). ONE, TWO. pkt;, in the law on the supervision of company pension funds, cf. this law's § 1, no. 19, proceed as a member of the board.

§ 5

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. sections 1 and 4 may, in the case of Greenland, fully or in part, in the case of Greenland, with the deviations from which the special Greenland conditions are attributed.

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Law No 1383 of 20. December 2004 (Possibility of the application of international accounting standards, the introduction of rules on solvency requirements, alteration of the rules on confidentiality, the harmonization of the rules of termination, electronic money, changed the levying method of a guarantee fund ; non-life insurance undertakings, changed liability rules between the departments of investment associations, the transfer of powers relating to price labelling to the economy and the business minister) shall include the following entry into force and transitional provisions :

§ 17

Paragraph 1. The law shall enter into force on 1. January, 2005, cf. however, paragraph 1 2-4.

Strike two-four. (Udelades)

§ 18

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. Article 1, 3 and 4 may, however, be implemented in full or in part to Greenland and the Faroe Islands with the deviations from which the special Greenland and ferry conditions are used by the Royal Greenland and the Faroe Islands.

Paragraph 3. sections 2 and 5 may, in the case of Greenland, be implemented in full or in part by virtue of the deviations from which the special Greenland conditions are attributed.

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Law No 108 of 7. February 2007 (Implementation of the Financial Instruments Directive (MiFID Directive) and the Transparency Directive, information requirements for transfers, reporting of contributions to the Damaging Fund, Insurance Agencies Registration etc.) shall include the entry into force and transitional provisions :

§ 21

Paragraph 1. The law shall enter into force on 1. November, 2007, cf. however, paragraph 1 3-7.

Paragraph 2. (Udelades)

Paragraph 3. (Udelades) § § 11-15 will enter into force on the 15th. February 2007.

Std. 4-5. (Udelades)

Paragraph 6. (Udelades) § 11, no. 1. (Excluded) has effect from 1. January 2006.

Paragraph 7. (Udelades)

§ 22

(Udelades)

§ 23

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. sections 7, 10-12 and 16 may, in the case of Greenland, be implemented in full or in part by virtue of the deviations from which the special Greenland conditions are attributed.

Paragraph 4. (Udelades)

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Law No 398 of 30. April 2007 (Payment of excess funds from the pension fund to the sponsorship, suspension of contributions, alteration of the rules on drawing-based and extractive allowances, etc.) shall include the entry into force and transitional provisions :

§ 3

Paragraph 1. The law shall enter into force on 1. November, 2007, cf. however, paragraph 1 Two and three.

Paragraph 2. § 1, no. However, 16 shall apply for the first time to annual reports relating to the financial years beginning on 1. January 2008. The applicable accounting rules shall apply to annual reports relating to the financial year 2007.

Paragraph 3. (Udelades)

§ 4

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 2.

Paragraph 2. Section 1 may, in the case of Greenland, be implemented in full or in part by virtue of the deviations from which the special Greenland conditions are attributed.

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Law No 523 of 6. June 2007 (Amendments due to a new law on the limitation of the limitation of claims, the lifting of the purchases of the purchases at certain purchases etc.) shall include the entry into force and transitional provisions :

§ 47

The law shall enter into force on 1. January 2008.

§ 48

Paragraph 1. The law shall also apply to previous stiquilations, which do not apply until the date of entry into force of the date of entry into force, according to the applicable rules. Deprecated, however, the earliest entry shall be the 1. In January 2011, unless the claim before this date would be obsolete as well as in accordance with the provisions in force in accordance with the provisions that apply to the entry into force of the law, cf. however, paragraph 1 7. In the latter case, the date of entry shall be used at the last time.

Paragraph 2. Determination of obsolescence, which has taken place before the entry into force of the law, shall continue to have effect as disruption, even if it has not taken effect on the prescribed manner prescribed by the law.

Stk. 3-8. (Udelades)

§ 49

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

---

Law No 577 of 6. June 2007 (Special covered bonds) contains the following entry into force and transitional provisions :

§ 12

Paragraph 1. The law shall enter into force on 1. July 2007, cf. however, paragraph 1 2-4.

Paragraph 2. § 8, nr. 1, enter into force den1. November, 2007.

Stk. 3-4. (Udelades)

§ § 13-17

(Udelades)

§ 18

Paragraph 1. The sections 1 and 3-11 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Udelades)

Paragraph 3. sections 1, 3, 4 and 8 may, in the case of the Faeroe Islands and Greenland, be in force in full or in part, in the case of the Faeroe Islands and Greenland, with the deviations from which the special ferry or Greenland conditions are attributed.

Paragraph 4. (Udelades)

---

Law No 515 of 17. June 2008 (Transparency on the Funds of the Fund and the Consumers 'Consumers' decisions and the prudential supervision of the financial system and the recognition that certain pawn letters that have been sent to this thing can be regarded as mortgages in real estate. the following entry into force and transitional provisions :

§ 10

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2.

Paragraph 2. (Udelades)

§ 11

Paragraph 1. The Loven's § § 1-5 and 7-9 does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 2-4.

Strike two-three. (Udelades)

Paragraph 4. sections 1-5 and 9 may be put into force in whole or in part to Greenland, with the deviations from which the special Greenland conditions are attributed.

---

Law No 517 of 17. June 2008 (Governing Board and Management Board members ' suitability and integrity, implementation of the equal treatment directive etc.) shall include the entry into force and transitional provisions :

§ 13

Paragraph 1. The law shall enter into force on 1. July 2008, cf. however, paragraph 1 2-5.

Paragraph 2. (Udelades)

Paragraph 3. § 1, no. 17 and 20-30, section 4, no. 3-12, section 6, no. 6-14, section 7, no. 3-11, section 8, no. 3-11 and section 9, nr. 3 to 11 shall take effect for the financial year which begins on 1. January, 2009, or later.

Std. 4-5. (Udelades)

§ 14

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. sections 3-5 and 9 may, by means of a royal contraption, be fully or partially set in force for Greenland, with the deviations from which the special Greenland conditions are attributed.

---

Law No 133 of 24. February 2009 (Lemption of the Confidentiality of the Financial Regulation in the context of crisis management and participation in international surveillance cooperation, the assessment of the acquisition of capital holdings in financial undertakings and anti-discrimination rules on the basis of in the case of gender in insurance etc.), the entry into force and transitional provisions shall include the following entry into force :

§ 7

Paragraph 1. The law shall enter into force on 1. In March 2009, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ 8

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. The sections 5 and 6 of the law can, in whole or in part, be put into force for Greenland with the deviations from which the special Greenland conditions are worded.

---

Law No 392 of 25. May 2009 (the disclosure of customer information, outsourcing, and changes to the money laundering, etc.) shall include the entry into force and transitional provisions :

§ 15

Paragraph 1. The law shall enter into force on 1. July 2009, cf. however, paragraph 1 2-7.

Strike two-seven. (Udelades)

§ 16

Paragraph 1. The Loven § § 1-7 and 9-13 do not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Paragraph 2. (Udelades)

Paragraph 3. sections 1 to 4, 9, 10 and 13, by means of a royal contraption, in full or in part, to Greenland, with the deviations from which the special Greenland conditions are worded.

Paragraph 4. (Udelades)

---

Law No 516 of 12. June 2009 (Changes due to company law) shall include the following entry into force and transitional provisions :

§ 25

Paragraph 1. The Minister for Economic and Business Affairs sets out the date of the law. 8

Paragraph 2. The law does not apply to Greenland, cf. however, paragraph 1 4, but may, with the exception of sections 6, 7, 13 and 15 to 17, by means of a royal appliance, in whole or in part, to Greenland, with the deviations from which the special Greenland conditions are attributed.

Paragraph 3. The Loven does not apply to the Faroe Islands, cf. however, paragraph 1 4, but § 8-10 and 12 may, by means of a royal device, be fully or partially set in force for the Faeroe Islands, with the deviations that the particular ferotable conditions are attributable.

Paragraph 4. (Udelades)

---

Promise of 1273 of 16. December 2009 (Regulation of credit rating agencies, approval arrangements for foreign clearance centres, the transfer of supervision of the Financial supervision of the Danish Agency for Competition Management, secretarial assistance for the Guarantee Fund and Investors etc.) include the following entry into force and transitional provisions :

§ 11

Paragraph 1. The law shall enter into force on 1. January, 2010, cf. however, paragraph 1 Two and three.

Strike two-three. (Udelades)

§ 13

Paragraph 1. sections 1, 2, 4 to 6, 8 and 10 shall not apply to the Faeroe Islands and Greenland, cf. at 2 and 3, however.

Paragraph 2. (Udelades)

Paragraph 3. sections 1, 2, 4 to 6 and 8, by means of a royal contraption, may be set in full or in part to Greenland with the deviations from which the Greenland conditions are attributed.

---

Law No 579 of 1. June 2010 (Strengthening the supervisory authority of the Financial Supervisory Company, clarifying the management and orientation of financial undertakings, etc., and changes to rules on fitness and integrity, etc.) shall include the entry into force and transitional provisions :

§ 21

Paragraph 1. The law shall enter into force on 1. July, 2010, cf. however, paragraph 1 2-6.

Strike two-three. (Udelades)

Paragraph 4. § 1, no. 12, 14 and 15, section 6, number 2, 4, 5 and 8, sections 1, 2, 4-6 and 9, section 10, nr. 1, 2, and 4 to 7, and section 11, no. 2-5, enter into force on 1. January, 2011.

Paragraph 5. (Udelades)

Paragraph 6. The Economic and Economic Affairs Minister shall determine the date of entry into force of section 1 (2). 6, 19 and 61, section 3, no. 3 and 4, section 8, nr. 7 and section 14 (a) (a), 4, no. Amendment No 2, in the Act of Denmark's National Bank, as drawn up by this law's section 16, no. 1. 9

Paragraph 7. (Udelades)

§ 22

Paragraph 1. sections 1-12 and 14-20 do not apply to the Faeroe Islands and Greenland, cf. and paragraph Two and three.

Paragraph 2. sections 1 to 9, 12 and 14 to 20 may, in the case of Greenland, be implemented in full or in part to Greenland, with the deviations from which Greenland's conditions are applied.

Paragraph 3. (Udelades)

---

Law No 718 of 25. June 2010 (Regulation and etc.) shall include the following entry into force and transitional provisions :

§ 55

Paragraph 1. The Minister of Justice sets the time of the law to enter into force. 10

Check 2-10. (Udelades)

§ 56

Paragraph 1. The law does not apply to the Faroe Islands and Greenland.

Paragraph 2. (Udelades)

Paragraph 3. The Act's section, 6, 10, 14, 15, 18, 20, 21, 24, 25, 27, 28, 31, 33 and 54 may be implemented in full or in part to Greenland with the deviations from which Greenland's conditions are used.

---

Law No 1556 of 21. December 2010 (Competent Codes for financial advisers, risk management of loans, compensation policy, information obligation for issuers of securities, publication, administrative mitigation, clearing and settlement of payments, settlement of payments, coins etc) shall include the entry into force and transitional provisions :

§ 28

Paragraph 1. The law shall enter into force on 1. January, 2011, cf. however, paragraph 1 2-4.

Strike, 2-9. (Udelades)

§ 29

Paragraph 1. sections 1 to 11, 13, 15, 16, 18, section 19, no. 1, section 20-27 does not apply to Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Strike two-three. (Udelades)

Paragraph 4. sections 1 to 7, 9, 15, 16 and 18, section 19, paragraph 19, 1 and 20 and 25 to 27 may, by means of a royal contraption, be set in full or in part to Greenland with deviations from which Greenland's conditions are attributable.

---

Law No 456 of 18. May 2011 (Law on investment associations) shall include the following entry into force and transitional provisions :

§ 225

Paragraph 1. The law shall enter into force on 1. July, 2011.

Strike two-four. (Udelades)

§ 235

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

---

Law No 155 of 28. February 2012 (Appropriation of commitment, compulsory application of Danish accounting rules, authorisation and supervision of an auction platform for trade in CO 2 -quotas and common data centres, etc.) shall include the entry into force and transitional provisions :

§ 11

Paragraph 1. The law shall enter into force on 1. March 2012, cf. however, paragraph 1 2-5.

Strike two-five. (Udelades)

§ 12

Paragraph 1. sections 1 to 4, 6, 9 and 10 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 2-5.

Strike two-three. (Udelades)

Paragraph 4. Section 4 may, by means of a royal appliance, be put in full or in part by force for Greenland, with the changes which the Greenland conditions are to say.

Paragraph 5. (Udelades)

---

Law No 1231 of 18. December 2012 (Mandatory digital communication and adaptations as a result of ressortransfer, etc.) shall include the following entry into force and transitional provisions :

§ 69

Paragraph 1. The law shall enter into force on 1. January 2013.

Paragraph 2. Administrative requirements issued under the existing provisions shall remain in force until they are amended or repealed.

§ 70

Paragraph 1. sections 1-39, 41-50 and 53-68 shall not apply to the Faeroe Islands and Greenland, cf. however, paragraph 1 3 and 4.

Strike two-three. (Udelades)

Paragraph 4. sections 1 to 10, 17, 18, 23, 29, 35, 35-39, 41-44, 49, 50, 54, 58-63, 65 and 66 can be implemented in full or in part to Greenland, with the changes that the Greenland conditions are to say.

Paragraph 5. (Udelades)

---

Law No 1287 of 19. December 2012 (The disclosure of information to the Public Prosecutor, the establishment of the Systemic Risk Board, the aggregation of the Financial Business Council and the Foundation, short selling, new approach to the enforcement of solvency requirements and establishment of the reference centre and transitional provisions shall be subject to the entry into force of the reference point (s) and (b).

§ 17

Paragraph 1. The law shall enter into force on 1. January 2013, cf. however, paragraph 1 2-5.

Strike, 2-6. (Udelades)

§ 19

Paragraph 1. § § 1-5. 10-13 and 15 do not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. sections 11 and 12 may, by means of a royal appliance, be set in full or in part by force for Greenland, with the changes which the Greenland conditions say.

Paragraph 4. The Minister for the Industry and Growth Pact is empowered to conclude an agreement with the ferocious country regime that the Systemic Risk Council may also work in the insurance sector in the Faroe Islands.

---

Law No 615 of 12. June 2013 (Consequences in the light of the law on investment associations, etc.) shall include the entry into force and transitional provisions :

§ 9

Paragraph 1. The law will enter into force on the 22nd. July, 2013, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. § 2, nr. 6, and Clause 3-5 shall enter into force on the day following the notice in Statedian. 11

§ 12

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. Section 1-5 may, by means of a royal device, be set in full or in part by force for Greenland, with the changes which the Greenland conditions are to say.

---

Law No 268 of 25. March 2014 (The implementation of the credit institution and capital requirements directive (CRD IV) and changes as a result of the relevant Regulation (CRR) as well as legislation relating to SIFI etc.) shall include the entry into force and transitional provisions :

§ 22

Paragraph 1. The law shall enter into force on the 31. March, 2014, see. however, paragraph 1 2-6.

Strike two-four. (Udelades)

Paragraph 5. The Minister for the Industry and Growth Pact provides for the entry into force of section 75 a of the law on financial activities, which is drawn up by the section 1 of this Act. 37, section 1, no. 133, Section 344 A, in the Act of Finance, as drawn up by this law's § 1, nr. 134, Section 11 a of the securities trading system, etc. as drawn up by the section 2 of this law. Paragraph 2, section 27 a, on alternative investment fund managers, etc. as drawn up by the section 4 of this law. Amendment No 22, section 24 b, on the supervision of company pension funds as written in section 5 of this Act. 1, Section 63 a of the law on investment associations, etc. as drawn up in section 7 of this law. Paragraph 1, Section 18, in the Act on Insurance, as drawn up by the section 10 of this law. Paragraph 18 (a) in the law on payment services and electronic money, as drawn up by the section 11 of this Act. Paragraph 10 (a) on financial advisers, as drawn up by this law's § 12, nr. 1, Section 5 a in the Act of Panteing Companies, as drawn up by the section 13 of this law. Paragraph 1, Section 5, of the Law of the Lønsuers Animal Fund, as drawn up by this law's section 14, no. 2, section 24 g of the Labor Market ' s Supplementary Pension, as drawn up by this Act, section 15, nr. 2, and for section 63 b in the law on labour damage, as drawn up by this law's § 16, nr. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times. 12

Paragraph 6-11. (Udelades)

§ 24

Paragraph 1. sections 1-17 and 19-21 do not apply to the Faroes, but § 1, 2, 4, 6-9, 11-13 and 21 by means of a royal appliance may be set in whole or in part in force for the Faroe Islands, with the changes that the ferotable conditions are worryingly.

Paragraph 2. sections 1, 2, 4 to 17 and 19-21 do not apply to Greenland, but § § 1, 2, 4, 13, 17 and 21 by means of a royal appliance may be set in full or in part by force for Greenland with the changes in Greenland's terms.

---

Law No 403 of 28. April 2014 (The introduction of rules giving pensioners the right to have the total economic value of their pension scheme transferred in the context of certain cases of reelection, directors and other senior staff members to participate in the management or operation of other business activities, requirements for the composition of the Management Board of a Fund or association which owns a mortgage company, alteration of the rules on penalties for the violation of the CO2 auctioning Regulation, regulation of : CO2 quotas, changes to the rules on the management of alternative investment funds the possibility of market alternative investment funds, including the exclusion of shares in the funds for employees and certain retailers from the requirement for special marketing authorisation and the introduction of the possibility of managing the management of the market ; from third countries may market funds for retail investors, the amendment of the universal service limit, and better insurance of smaller shareholders ' rights, prohibitions on the use of a variable-based salary, which is dependent on the achievement of a particular ; sales objectives for retailers, alteration of the rules on the supervision of shared data centres ; the surveillance of depositary for alternative investment funds, etc.) shall include the entry into force and transitional provisions :

§ 22

Paragraph 1. The law shall enter into force on the 15th. May 2014, cf. however, paragraph 1 2-4.

Strike, 2-8. (Udelades)

§ 23

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. sections 10, 11 and 20 may be set in full or in part to Greenland with the changes made by the Greenland conditions in the case of the Royal appliance.

---

Law No 1490 of 23. December 2014 (Responsibility for actions in violation of good ship rules, consumer protection by bail, requirements for bastion of board members, user protection in the provision of payment services and issuing electronic money and others) include the following entry into force and transitional provisions :

§ 14

Paragraph 1. The law shall enter into force 1. January 2015, cf. however, paragraph 1 Two and three.

Paragraph 2-11. (Udelades)

§ 16

Paragraph 1. The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. sections 1 to 5, 12 and 13, will be able to complete or in part, in full or in part, to the Faroes and Greenland, with the changes that the ferry and Greenland conditions are changing.

Paragraph 3. sections 6, 10 and 11 may, by means of a royal appliance, be set in full or in part by force for Greenland, with the changes which the Greenland conditions are saying.

---

Law No 532 of 29. April 2015 (Right to base deposit account, implementation of changes to the Transparency Directive, modernisation of the rules for the submission of annual reports, the extension of the operation of insurance undertakings by other activities, clarifying the regulation of : the refinancing risk of mortgage bonds, etc. and the execution of the mortgage credit directive, etc.) shall include the entry into force and transitional provisions :

§ 16

The law shall enter into force on the third. July 2015, cf. however, paragraph 1 2-9.

Strike, 2-8. (Udelades)

Niner. 9. The Minister for the Industry and Growth Pact provides for the entry into force of section 1 (2). 3-5, section 2, no. 7, 9-11 and 15, section 8, nr. 1-4, and section 9, no. One, three, and four, and section 12. The Minister for the Industry and Growth Minister may, in particular, provide for the entry into force of the provisions at different times.

Check it out. 10-17. (Udelades)

§ 17

The law does not apply to the Faroe Islands and Greenland, cf. however, paragraph 1 Two and three.

Paragraph 2. (Udelades)

Paragraph 3. sections 3, 6, 9, 10 and 13 may, by means of a royal appliance, be set in full or in part to Greenland with the changes which the Greenland conditions say.

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Appendix 1

The following countries are covered by Zone A :

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

1) The law provides for the implementation of parts of Directive 2003 /41/EC of the European Parliament and of the Council of 3. June 2003 on the activities and supervision of occupational pension funds (pension funds directive), EU Journals 2003, nr. L-235, page 10.

2 Law No 326 of 24. May 1989, as published in the Statten of the 27. May 1989.

3 Publicly in the Law of the 17st. 1 May 1990.

4 Publicly on the 19th. May 1994.

5 Publication no. 334 of 30. April 1996 on the entry into force of the law on securities trading and so on.

6 Publicly in the 11th of Law. June 1997.

7 Publicly in the Statten of Law 10. June 2004.

8 The Minister for the Acting and Growth Minister shall be appointed by the notice number : 136 of 22. February 2011, on the partial entry into force of Law No 516 of 12. In June 2009 amending the annual accounting law, the law on financial activities and various other laws that the law was partially entered into force on 1. The date of March 2010 and the date of publication no. 186 of 24. February 2010 on the partial entry into force of the Act on the Change of annual Accounting Act, Act on Finance and various other laws, entry into force of section 5 (2). 1 and 2, in the law on the amendment of the law on financial activities, the law on securities trading, etc., on financial stability and various other laws, and entry into force of § 1, nr. 6, 19, 61, and section 8, no. 7, on the Change of Law on Financial Company, the Act on mortgage lending and mortgage bonds, etc., Act on Denmark's National Bank and various other laws that the law in part came into force on 1. March, 2011.

9 The Minister for the Acting and Growth Minister shall be appointed by the notice number : 136 of 22. February 2011, in part entry into force of the Act amending the Accounting Act, Act on Finance, and various other laws, entry into force of section 5, paragraph 5, 1 and 2, in the law on the amendment of the law on financial activities, the law on securities trading, etc., on financial stability and various other laws, and entry into force of § 1, nr. 6, 19, 61, and section 8, no. 7, on the Change of Law on Financial Company, the Act on mortgage lending and mortgage bonds, etc., Act on Denmark's National Bank and various other laws that the law in part came into force on 1. March, 2011.

10 The Minister for Justice shall be appointed by the notice. 208 of 15. March 2011 on the entry into force of the Act on the Change of Bankrup Act and various other laws (Regulation and other laws) that the law entered into force on 1. April 2011.

11 Publicly in the Law of the 13st. June 2013.

12 The profession and growth minister set out in the notice shall be no. 314 of 28. March, 2014, on the entry into force of certain provisions of the Act amending the Act on Financial Services and various other laws (CRD IV) and changes as a result of the related Regulation (CRR) and the provisions of the applicable capital requirements ; legislation relating to SIFI is, etc.) that the law entered into force on 1. September, 2014.