Financial Business Act.pdf

More documents

Recommendations

Info

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.
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 330. Sections 228, 231(1), 234(1)-(3) and sections 238 and 243 regarding withdrawal of licenses and cessation shall apply correspondingly to electronic money institutions. Merger, etc. 331. A bank or an electronic money institution may not merge with an electronic money institution without authorisation from the Danish FSA. Confidentiality 332. Section 117 shall apply correspondingly to electronic money institutions. Miscellaneous provisions 333. Part 21 regarding supervision, part 22 regarding fees and part 23 regarding delegation and complaints shall, with the necessary changes, also apply to electronic money institutions. X Savings institutions Part 20 Savings institutions Licenses of savings institutions 334.-(1) An undertaking, which carries out activities that consist of receiving deposits or other repayable funds from the general public either commercially or as a significant part of its operations, and placing of such funds in a manner other than through deposits with a bank, shall have a license as a savings institution, if said undertaking is not 1) covered by section 7(1), 2) covered by section 8(1), or 3) established in accordance with special legislation, or if establishment has not been approved in accordance with special legislation. (2) Undertakings that seek a license under subsection (1) shall have a share capital of an amount corresponding to no less than EUR 1 million. 335. Sections 13 and 14 shall apply correspondingly to savings institutions. 336.-(1) Section 15 shall apply correspondingly to savings institutions. EXCLUDING MINOR AMENDMENTS (2) The provisions of the Public Companies Act on notification and registration etc. shall apply correspondingly to savings institutions that are not limited companies.
Page 1 and 2:
While this translation was carried
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52: While this translation was carried
Page 101: While this translation was carried
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
show all

Financial Business Act.pdf

Create successful ePaper yourself

Delete template?

Save as template?