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 Management 337. Sections 70, 71 and 75 shall apply correspondingly to savings institutions. 338. The articles of association shall state the rights and obligations of depositors as well as regulations on the organisation and management etc. of the institution, and regulations on the placement of funds. Capital 339. Savings institutions shall have an own funds of an amount corresponding to no less than EUR 1 million. Financial statements 340. The accounting year shall be the calendar year. The first financial period may be shorter or longer than 12 months, but not longer than 18 months. 341.-(1) The audited and approved annual report of the savings institution shall be submitted to the Danish FSA in duplicate without undue delay after final approval. The annual report shall be received by the Danish FSA no later than four months after the end of the accounting year. (2) Savings institutions shall have at least one auditor who is a state-authorised public accountant. (3) A copy of the audit book comments from the external auditor shall be submitted to the Danish FSA at the same time as the annual report is submitted pursuant to subsection (1). (4) The Danish FSA may lay down more detailed regulations for savings institutions regarding financial statements and audit. Withdrawal of licenses and cessation 342.-(1) If the Danish FSA finds that, considering the interests of the depositors, it would be improper for a savings institution covered by this Act to continue operations, the Danish FSA may withdraw its license. (2) The provisions applying to withdrawal of licenses and cessation for banks shall, with the necessary changes, also apply to savings institutions. Miscellaneous provisions 343. Part 21 on supervision, part 22 on fees and part 23 on delegation and complaints shall, with the necessary changes, also apply to savings institutions. EXCLUDING MINOR AMENDMENTS XI Supervision and fees
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 Part 21 Supervision etc. General regulations regarding supervision 344.-(1) The Danish FSA shall supervise compliance with this Act and regulations laid down pursuant to this Act except for section 77(1) and (2). The Danish Commerce and Companies Agency shall, however, supervise compliance with section 15(1), (2) and (4) and sections 83, 87, 91 and 112. The Danish Securities Council shall, together with the Danish FSA, enforce that the regulations regarding financial information in annual reports and interim reports laid down in sections 183-193 and in regulations laid down in pursuance of section 196 are observed by financial undertakings that have issued securities admitted for listing or trading on a stock exchange, or whose securities are traded on an authorised market place, cf. section 83(2) and (3) and section 83b of the Securities Trading, etc. Act. In this connection, the Danish Securities Council shall perform the authorities laid down in section 197. (2) For branches of credit institutions licensed in another country within the European Union or in a country with which the Community has entered into agreement for the financial area, the Danish FSA shall, in accordance with provisions laid down in Directives, supervise liquidity in such branches. (3) If a bank, a mortgage-credit institution, an investment company or an investment management company is a subsidiary company of a credit institution, an investment firm or a management company with a registered office in another country within the European Union or another country with which the Community has entered into an agreement for the financial area, the Danish FSA may, upon agreement, transfer responsibility for supervision of the solvency and major exposures of the bank, mortgage-credit institution, investment company, investment management company or group to the authority which carries out consolidated supervision of the foreign parent undertaking. (4) The Danish FSA may, in special cases, utilise external assistance. (5) The Minister for Economic and Business Affairs may lay down more detailed regulations for the procedures of the Danish FSA in accordance with the provisions laid down in Community law. 345.-(1) The Minister for Economic and Business Affairs shall set up the Financial Business Council, which shall comprise 8 members. This Council shall be composed as follows: 1) A chairperson with legal or financial knowledge. 2) A deputy chairperson with legal knowledge. 3) A member with economic financial knowledge, nominated by Danmarks Nationalbank (Denmark's central bank). 4) A consumer representative, nominated by the Danish Consumer Council, 5) A representative for commercial interests, jointly nominated by the Confederation of Danish Industries (DI), the Danish Shipowners' Association, HTS (a Danish interest organisation for the transport, trade and service sectors), Danish Commerce and Services, the Danish Federation of Small and Medium-Sized Enterprises, and the Danish Agricultural Council. 6) A representative for the mortgage-credit institutions, nominated by the Council of the Danish Mortgage Banks. EXCLUDING MINOR AMENDMENTS
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