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
however section 207. Insurance companies shall be limited companies, mutual companies, or
lateral pension funds (nationwide occupational pension funds).
13.-(1) Intangible assets may not be used to pay for share capital in financial undertakings.
(2) Banks, investment companies, and investment management companies may not divide
their share capital into classes of shares with different voting values.
14.-(1) The Danish FSA shall grant a license when
1) the requirements in sections 7, 8, 9 , 10 or 11 have been fulfilled,
2) members of the board of directors and board of management of the applicant fulfil the
requirements in section 64 and, with regard to investment management companies,
also fulfil the requirements in section 100(1),
3) owners of qualifying interests, cf. section 5(3), will not oppose appropriate and
reasonable management of the financial undertaking or the financial holding company.
4) there are no close links, cf. section 5(1), no. 17 between the applicant and other
undertakings or persons that could complicate performance of the tasks of the
Authority,
5) legislation in another country outside the European Union with which the Community
has not entered into an agreement for the financial area, regarding an undertaking or
person with whom the applicant has close links will not complicate performance of the
tasks of the Danish FSA,
6) the procedures and administrative conditions of the applicant are appropriate,
7) the applicant has headquarters and registered office in Denmark, and
8) subsection (2) or sections 18-21 and subsection (2), 1st clause are fulfilled.
(2) An application for a license under sections 7-11 shall contain all information necessary for
assessment by the Danish FSA of whether the requirements in subsection (1) have been
fulfilled, including information on the size of the qualifying interests and the organisation of the
undertaking. The application shall also contain information about the nature of the business
intended.
(3) In the event that the Danish FSA refuses an application for a license, the applicant shall be
notified no later than six months following receipt of the application or, if the application is
incomplete, no later than six months after the applicant has submitted the information
necessary to make a decision. At all events, a decision shall be made no later than 12 months
after receipt of the application. If the Danish FSA has not issued a statement on an application
no later than six months after receipt of the application, the company may bring the matter
before a court.
(4) In order to comply with the provisions on suspension from the Commission in accordance
with the Directives for the financial area, the Danish FSA may suspend processing of an
application for a license under sections 7-11 and 16 of this Act from applicants which directly
or indirectly are owned by companies domiciled in a country outside the European Union with
which the Community has not entered into an agreement for the financial area.
EXCLUDING MINOR AMENDMENTS
(5) The Danish FSA may refuse to grant a license under subsection (1), if the objective of
locating the headquarters and registered office in Denmark is solely to avoid being subject to
legislation in the country, where most of the applicant's customers are domiciled.