Financial Business Act.pdf

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
Accounts and audit
324.-(1) The Act on Commercial Enterprises' Presentation of Financial Statements, etc. shall
apply to electronic money institutions, subject to the derogations specified in sections 75,
199(1)-(7) and 200 regarding the accounting year, auditors, and duty to disclose information.
(2) The accounting year shall be the calendar year. The first accounting period may comprise
a period which is shorter or longer than 12 months, subject however to a maximum of 18
months.
325. At the end of each six-month period, electronic money institutions shall submit accounts
to the Danish FSA. The Danish FSA shall lay down more detailed regulations hereon.
326. The Danish FSA shall lay down more detailed regulations regarding the audit of electronic
money institutions. In so doing, the Danish FSA may lay down more detailed regulations
regarding internal audits and system auditing in common data centres.
Withdrawal of licenses and cessation
327.-(1) The Danish FSA may withdraw the license to operate as an electronic money
institution if the institution so requests.
(2) The Danish FSA may withdraw the license of an electronic money institution,
1) where the electronic money institution does not commence activities within 12 months
after a license was granted,
2) where activities are not carried out for a period of more than six months,
3) where the electronic money institution is guilty of gross or repeated violations of
provisions laid down in this part of this Act or regulations issued pursuant to this Act, or
4) in the cases mentioned in section 14(1), nos. 2-7.
(3) Where the electronic money institution does not meet the solvency requirement specified
in section 317, and where the electronic money institution has not raised the capital required
prior to the time limit specified pursuant to section 317(3), the Danish FSA shall withdraw the
license. The Danish FSA may order that the board of directors shall, within a specific time limit
and notwithstanding the provisions laid down in the electronic money institution’s articles of
association in this respect, convene a general meeting and provide an account for the
electronic money institution’s financial circumstances.
328. Where the capital base of an electronic money institution does not meet the capital
requirement at the time of licensing in accordance with section 308(4), the Danish FSA may
either set a time limit, within which the capital base shall be brought up to the required
minimum, or withdraw the license immediately.
329.-(1) If the license of an electronic money institution is withdrawn, such institution shall
be wound up. Other business may not commence before winding-up is complete.
EXCLUDING MINOR AMENDMENTS
(2) Where winding-up is conducted in a manner other than liquidation, bankruptcy, or
pursuant to section 331, the form, content and operation of said winding-up shall be subject to
approval by the Danish FSA.