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 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
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 2) there is a significant risk that the financial position of the undertaking will develop so that the undertaking loses its license. (2) Where the measures ordered have not been taken within the time limit specified, the Danish FSA may withdraw the undertaking’s license. (3) Sections 248-252 shall also apply to insurance companies. (4) Subsections (1) and (2) shall apply correspondingly to a group of companies where the parent undertaking is a financial holding company or a financial undertaking, if there is a significant risk that the financial position of the group will develop so that the group will not comply with the capital requirement for the group. 351.-(1) The Danish FSA may order that a financial undertaking remove a member of the board of management covered by section 64(2) within a time limit specified by the Danish FSA. (2) If the financial undertaking does not remove the member of the board of management before expiry of the time limit, the Danish FSA may withdraw the license of the undertaking, cf. section 224(1), no. 2. 352. The Danish FSA may independently or in collaboration with other authorities carry out such investigations as are appropriate to promote transparency within the financial market and publish the results of such investigations. 353.-(1) The Danish FSA shall submit an annual report on its activities to the Minister for Economic and Business Affairs. (2) In cooperation with the National Consumer Agency of Denmark, the Danish FSA shall submit an annual report on the status regarding issue of regulations on good practice as well as regulations on price information and regarding experience with application of such regulations to the Minister for Economic and Business Affairs, cf. section 43(2) and (3). 354.-(1) By virtue of sections 152 to 152e of the Criminal Code, employees of the Danish FSA shall be obliged to keep secret any confidential information they receive in the course of their supervisory duties. The same shall apply to persons performing services as part of the operations of the Danish FSA and experts who act on behalf of the Danish FSA. This shall also apply after the termination of the employment contract or any other contract. (2) Consent from the individual who the duty of confidentiality aims to protect shall not entitle employees of the Danish FSA or experts acting or having acted on the behalf of the Danish FSA to divulge confidential information. (3) The provision stipulated in subsection (1) shall not prevent the Danish FSA from disclosing, on its own initiative, confidential information in the form of summaries, insofar as neither individual undertakings nor their customers are identifiable. EXCLUDING MINOR AMENDMENTS (4) Confidential information may be disclosed during civil legal proceedings, where a financial undertaking has been declared bankrupt, and provided such information does not involve customers or third parties where said customers or third parties are or have been involved in attempts to save the undertaking.
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