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
7) A representative for banks, etc., jointly nominated by the Danish Bankers' Association,
the Danish Securities Dealers Association, the Danish Securities Brokers Association,
and the Federation of Danish Investment Associations.
8) A representative for insurance companies, etc., jointly nominated by the Danish
Insurance Association, the Company Pension Funds Association, the Insurance Brokers’
Trade Association, the Association of Insurance Brokers, and Arbejdsmarkedets
Tillægspension (ATP) and LD Pensions (LD).
(2) The Financial Business Council shall:
1) make decisions, except for section 43 decisions, and except for cases concerning
compliance with sections 183-193 and regulations issued pursuant to section 196 for
financial undertakings which have issued securities admitted for listing or trading on a
stock exchange, or whose securities are traded on an authorised market place,
regarding supervisory matters of principle as well as supervisory matters with
significant consequences for financial undertakings and financial holding companies,
2) advise the Danish FSA in connection with issuing regulations, in connection with
matters of principle regarding honest business principles and good practice and price
information as well as in supervisory matters regarding honest business principles and
good practice and price information that have more significant consequences for
financial undertakings and financial holding companies in pursuance of section 43, and
3) assist the Danish FSA in its information activities.
(3) The Minister for Economic and Business Affairs shall appoint Council members for periods
of up to 4 years at a time. Members may be reappointed.
(4) The Minister for Economic and Business Affairs shall appoint a proxy for each member. In
the absence of a member, the relevant proxy shall participate for said member.
(5) The Minister for Economic and Business Affairs shall appoint two special experts for each
member appointed pursuant to subsection (1), nos. 4-6 and up to four special experts for each
member appointed pursuant to subsection (1), nos. 7 and 8. In connection with the work on
laying down the Council's rules of procedure, the Minister for Economic and Business Affairs
shall, cf. subsection (11), prepare a list of the organisations entitled to recommend special
experts. Subject to permission by the chairperson, the special experts may participate in the
meetings of the Council without voting rights. However, a maximum of two special experts for
each member may participate during processing of individual cases at the meetings of the
Council.
(6) The Government of the Faroe Islands and the Greenland Home Rule Government shall
each appoint one special expert who may participate in the meetings of the Council without
voting rights, subject to permission by the chairperson.
(7) Proxies and special experts appointed pursuant to subsection (4) or (5) shall be appointed
for a period corresponding to that of the member of the Council for whom the relevant expert
has been appointed. Special experts appointed pursuant to subsection (6) shall be appointed
for up to four years at a time. Proxies and special experts may be reappointed.
EXCLUDING MINOR AMENDMENTS
(8) When the Council addresses matters regarding honest business principles and good
practice and price information, cf. subsection (2), no. 2, the Consumer Ombudsman shall
participate in the relevant item on the agenda. In matters regarding honest business principles