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
foreign credit institutions, management companies and investment firms that carry out
activities in Denmark through establishing branches or through offering financial services.
(2) The Danish FSA may at all times, on proof of identity and without a court order, gain
access to a financial undertaking and its branches or a financial holding company with a view
to obtaining information, including during inspections.
(3) To the extent required to assess the financial position of a financial undertaking or a
financial holding company, the Danish FSA shall be entitled to obtain information and at any
time, on proof of identity and without a court order, have access to undertakings with which
said financial undertaking or financial holding company has special direct or indirect links.
(4) The Danish FSA may ask for any information, including accounts, accounting records,
printouts of books, other business records, and electronically stored data deemed necessary
for the activities of the Danish FSA or for deciding whether a natural or legal person is covered
by the provisions of this Act.
(5) The Danish FSA may collect information pursuant to subsections (1)-(4) for use by the
authorities mentioned in section 354(5), nos. 14 and 15.
348.-(1) The Consumer Ombudsman may institute legal proceedings on prohibitions and
orders regarding actions contrary to honest business principles and good practice, cf. section
43(1) and (2). The provisions of section 13(1) and section 14(1) of the Marketing Practices Act
shall apply correspondingly to legal proceedings instituted by the Consumer Ombudsman in
pursuance of this provision.
(2) The Danish FSA may order that matters which are contrary to sections 43, 57 and 72 be
rectified. In this connection the Danish FSA may carry out inspection visits of branch offices of
management companies and investment firms.
349.-(1) The Danish FSA may order the management of a financial undertaking to prepare an
account of the financial circumstances and future prospects of the undertaking. The board of
directors, board of management, the responsible actuary, the external auditor and the chief
internal auditor of such an undertaking shall confirm that they have been made aware of the
contents of the order issued by the Danish FSA by signing said order.
(2) The account shall:
1) include a statement made by the external auditor of the undertaking, unless the
account has been prepared by said auditor in its entirety,
2) be submitted for the approval by the board of directors of the undertaking, and
3) be submitted, in the form of a copy, to the Danish FSA.
350.-(1) The Danish FSA may order that a financial undertaking take the measures necessary
within a time limit specified by the Danish FSA, if
1) the financial position of the undertaking has deteriorated to such a degree that the
interests of the depositors, the insured parties, the bond owners, the investment
associations, the special-purpose associations, the approved restricted associations, the
hedge associations, other collective investment schemes or other investors are at risk,
or
EXCLUDING MINOR AMENDMENTS