Fact Book 2005 - NASDAQ OMX Trader Nordic

subordinated capital from the affiliated member firms. For
further information, please visit www.cse.dk, click 'Prices and
company info'/'Derivatives'.
Supervision
The Copenhagen Stock Exchange A/S and the FUTOP
Clearing Centre A/S are under the supervision of the Danish
Securities Council and the Danish Financial Supervisory
Authority. The Securities Council supervises the market on
the Copenhagen Stock Exchange and the FUTOP Clearing
Centre. It shall be instrumental in promoting an orderly
Danish securities market, which is so efficient, transparent
and competitive that it may attract issuers, investors and
securities dealers and which lives up to international
standards. The Securities Council has issued a number of
executive orders which supplement the provisions of the
Danish Securities Trading Act. Rules issued by the
Copenhagen Stock Exchange shall be reported to the
Securities Council.
Delegation of authorities from the Danish
Securities Council to the Copenhagen Stock
Exchange
The Copenhagen Stock Exchange performs a number of
administrative duties on behalf of the Securities Council. It
thus appears from the Danish Securities Trading Act, the
Executive Order on the delegation of authorities and the
delegation agreement signed by the Securities Council and
the Copenhagen Stock Exchange that on behalf of the
Securities Council the Exchange shall
• decide whether to approve or reject a prospectus and
whether exemption may be granted from the prospectus
rules
• ensure that listed issuers meet the obligation to
immediately publish price-sensitive information (section 27
of the Danish Securities Trading Act) and that companies
meet the obligation to immediately notify the Exchange of
their total shareholdings in the company if the nominal
value of such holdings accounts for 2 per cent or more of
the share capital (section 28 of the Danish Securities
Trading Act), and that shareholders meet the obligation to
immediately disclose when a shareholding constitutes at
least 5 per cent of the voting capital or 5 per cent of the
total share capital of the company (section 29 of the
Danish Securities Trading Act and the Executive Order on
majority shareholders)
• ensure the observance of the rules regulating takeover
bids in connection with the transfer of controlling interests
(sections 31 and 32 of the Danish Securities Trading Act
and the Executive Order on bids), including approve
mandatory offer documents and consider voluntary offer
documents
• ensure the observance of the reporting rules.
KØBENHAVNS FONDSBØRS FACT BOOK 2005 35