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 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
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 and good practice and price information the Consumer Ombudsman shall have the same authority as the members of the Council. (9) Section 354 (1) shall apply to Council members and their proxies as well as the special experts. The 1st clause shall, however, not apply to matters regarding issue of regulations on honest business principles and good practice. (10) The Council shall make its resolutions subject to a simple majority of votes. In the event of parity of votes, the chairperson shall have the casting vote. (11) The Minister for Economic and Business Affairs shall lay down the rules of procedure of the Council. 346.-(1) The Danish FSA shall examine the circumstances of financial undertakings and financial holding companies. This shall include reviews of regular reports and inspections of individual undertakings. The Danish FSA may also carry out inspection visits to savings institutions. (2) Following an inspection of a financial undertaking or a financial holding company, a meeting shall be held, including as participants the undertaking’s board of directors, board of management, the responsible actuary, the external auditor, and the chief internal auditor, unless such inspection exclusively concerns clearly demarcated areas of activity within said undertaking. At said meeting, the Danish FSA shall announce its conclusions regarding the inspections. (3) Following an inspection visit, significant conclusions shall be submitted in the form of a written report to the undertaking’s board of directors, board of management, the responsible actuary, the external auditor, and the chief internal auditor. Said persons shall confirm having been made aware of said report by signing it, whereupon the report shall be returned to the Danish FSA. (4) The supervisory authorities of another country within the European Union or a country with which the Community has entered into an agreement for the financial area may, after prior notification to the Danish FSA, carry out inspections of branch offices situated in Denmark of foreign financial undertakings with registered office in the relevant country. As regards insurance companies, the Danish FSA shall participate in the inspection mentioned in the 1st clause or may, in special cases and at the request of the supervisory authority of the home country of the branch, carry out inspection of the branch alone. As regards investment firms and management companies, the Danish FSA may carry out the inspection mentioned in the 1st clause at the request of the supervisory authority of the home country of the branch. (5) The supervisory authorities of another country within the European Union or a country with which the Community has entered into an agreement for the financial area may, with the authorisation of the Danish FSA, carry out verification of information provided by the financial holding companies, financial undertakings, finance institutions or undertakings carrying out ancillary financial business, which are situated in Denmark and subject to supplementary supervision by the relevant supervisory authority under provisions laid down in Directives within the financial area. EXCLUDING MINOR AMENDMENTS 347.-(1) The financial undertakings and financial holding companies shall provide the Danish FSA with such information as is necessary for the performance of the duties of the Danish FSA. In accordance with the provisions laid down in Directives, this shall apply correspondingly to
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