Financial Business Act.pdf

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While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 11.-(1) Undertakings, which carry out insurance activities shall be licensed as insurance companies, cf. however sections 30 and 31. The license shall state the activities in annexes 7 and 8 it covers. Insurance companies may only carry out the activities mentioned in annexes 7 and 8 as well as activities under sections 24-26 and section 29. The same shall apply to foreign insurance companies, which are covered by section 1(3) and fulfil the conditions in section 30 or 31. (2) The provisions in subsection (1) shall not apply for the following types of undertaking: 1) Pension funds with the objective of securing pension schemes on employment in a private undertaking, including an insurance undertaking, or on employment in such an undertaking within the same group. 2) Funeral expenses funds and cremation societies. 3) Unemployment insurance funds etc. under supervision by the state. 4) The War Insurance Institute (Krigsforsikringsinstituttet) under the ”lov om krigsforsikring af skibe” (war insurance of ships act). 5) The War Insurance Association covered by the ”lov om krigsforsikring af fast ejendom og løsøre” (war insurance of real property and chattels act). 6) Undertakings with objectives restricted to providing roadside assistance in connection with an accident or damage occurring in Denmark or abroad, provided that the assistance abroad is carried out by a corresponding foreign company pursuant to an agreement on reciprocity. 7) Undertakings which only provide assistance within a limited area and whose annual premium income does not exceed an amount laid down by the Danish FSA. 8) Falck Danmark A/S. 9) Reinsurance pursuant to the Export Credit Fund Act of extraordinary risks in connection with export. 10) Arbejdsmarkedets Tillægspension 1 and Labour Market Occupational Diseases Fund. 11) Maternity funds. (3) Undertakings licensed as insurance companies have exclusive right to use the words ”forsikringsselskab”, ”gensidigt selskab” or ”pensionskasse” in their name. Other undertakings may not use names or descriptions for their activities that may create the impression that they are insurance companies or pension funds. (4) Insurance companies have a duty to use a name that clearly indicates the nature of the companies as insurance companies. Mutual insurance companies have a duty to use the words ”gensidigt selskab” in their name, or abbreviations derived herefrom, or to indicate their nature as mutual companies in some other clear manner. Lateral pension funds (nationwide occupational pension funds) have a duty to state clearly in their name that they are a pension fund. Section 153(2)-(6) of the Public Companies Act shall apply correspondingly to mutual insurance companies and lateral pension funds (nationwide occupational pension funds). (5) An undertaking applying for a license under subsection (1) shall have a capital base corresponding to no less than the amount mentioned in section 126. 12. Banks, mortgage-credit institutions, investment companies and investment management companies shall be limited companies. Cooperative savings banks shall be cooperative societies, cf. however section 207. Savings banks shall be independent institutions, cf. EXCLUDING MINOR AMENDMENTS 1 The Labour Market Supplementary Pension Scheme (ATP)
While this translation was carried out by a professional translation agency, the text is to be regarded as an unofficial translation based on the latest official Consolidated Act no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations however section 207. Insurance companies shall be limited companies, mutual companies, or lateral pension funds (nationwide occupational pension funds). 13.-(1) Intangible assets may not be used to pay for share capital in financial undertakings. (2) Banks, investment companies, and investment management companies may not divide their share capital into classes of shares with different voting values. 14.-(1) The Danish FSA shall grant a license when 1) the requirements in sections 7, 8, 9 , 10 or 11 have been fulfilled, 2) members of the board of directors and board of management of the applicant fulfil the requirements in section 64 and, with regard to investment management companies, also fulfil the requirements in section 100(1), 3) owners of qualifying interests, cf. section 5(3), will not oppose appropriate and reasonable management of the financial undertaking or the financial holding company. 4) there are no close links, cf. section 5(1), no. 17 between the applicant and other undertakings or persons that could complicate performance of the tasks of the Authority, 5) legislation in another country outside the European Union with which the Community has not entered into an agreement for the financial area, regarding an undertaking or person with whom the applicant has close links will not complicate performance of the tasks of the Danish FSA, 6) the procedures and administrative conditions of the applicant are appropriate, 7) the applicant has headquarters and registered office in Denmark, and 8) subsection (2) or sections 18-21 and subsection (2), 1st clause are fulfilled. (2) An application for a license under sections 7-11 shall contain all information necessary for assessment by the Danish FSA of whether the requirements in subsection (1) have been fulfilled, including information on the size of the qualifying interests and the organisation of the undertaking. The application shall also contain information about the nature of the business intended. (3) In the event that the Danish FSA refuses an application for a license, the applicant shall be notified no later than six months following receipt of the application or, if the application is incomplete, no later than six months after the applicant has submitted the information necessary to make a decision. At all events, a decision shall be made no later than 12 months after receipt of the application. If the Danish FSA has not issued a statement on an application no later than six months after receipt of the application, the company may bring the matter before a court. (4) In order to comply with the provisions on suspension from the Commission in accordance with the Directives for the financial area, the Danish FSA may suspend processing of an application for a license under sections 7-11 and 16 of this Act from applicants which directly or indirectly are owned by companies domiciled in a country outside the European Union with which the Community has not entered into an agreement for the financial area. EXCLUDING MINOR AMENDMENTS (5) The Danish FSA may refuse to grant a license under subsection (1), if the objective of locating the headquarters and registered office in Denmark is solely to avoid being subject to legislation in the country, where most of the applicant's customers are domiciled.
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