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
carrying out statutory audits of the accounts of the financial undertaking, cf. however
subsections (9) and (10).
16) The government customs and tax authorities in cases covered by section 6 D(2) of the
“skattekontrolloven” (act on tax control).
17) The Supervisory Authority on Auditing and the ”Disciplinærnævnet for Statsautoriserede
og Registrerede Revisorer” (the disciplinary board for state-authorised public
accountants and registered public accountants) for the performance of their duties.
18) The Faroese Minister of Finance, as part of the responsibility for economic stability in
the Faroe Islands and for crisis management of financial undertakings in the Faroe
Islands.
19) The Greenlandic Minister for Industry, Agriculture and Labour Market, as part of the
responsibility for economic stability in Greenland and for crisis management of financial
undertakings in Greenland.
20) The standing committee of the Faroese Parliament regarding the general financial
circumstances of a Faroese financial undertaking as part of parliamentary supervision of
the Faroese administration with respect to Faroese financial undertakings which are in
suspension of payments or under bankruptcy proceedings where the Faroese
Government grants guarantees or funds for the winding-up of said undertaking.
21) The standing committee of the Greenlandic Parliament regarding the general financial
circumstances of a Greenlandic financial undertaking as part of parliamentary
supervision of the Greenlandic administration with respect to Greenlandic financial
undertakings which are in suspension of payments or under bankruptcy proceedings
where the Greenlandic Government grants guarantees or funds for the winding-up of
said undertaking.
(6) All those receiving confidential information from the Danish FSA under subsections (4) and
(5) shall fall under the duty of confidentiality specified in subsection (1) with regard to said
information.
(7) Confidential information received by the Danish FSA shall only be used in the course of its
supervisory duties, to impose sanctions, or where appeals are made against the decision of the
Danish FSA to a higher administrative authority or where such a decision is brought before the
courts of law.
(8) Access to issue confidential information to the standing committee of the Danish
Parliament under subsection (5), no. 8 shall be limited to documents in cases which have been
established in the Danish FSA after 16 September 1995. As regards mortgage-credit
institutions, this limitation shall apply to documents in cases which have been established in
the Danish FSA after 1 June 1995. Access to issue confidential information to the standing
committee of the Faroese Parliament under subsection (5), no. 20, and to the standing
committee of the Greenlandic Parliament under subsection (5), no. 21, shall be limited to
documents in cases which have been established in the Danish FSA after 1 January 2006.
(9) Information may only be divulged pursuant to subsection 5, no. 15
1) on the basis of an international co-operation agreement, and
2) provided that the recipients of said information are, at a minimum, subject to a
statutory duty of confidentiality corresponding to the duty of confidentiality pursuant to
subsection (1) and that said recipients require said information to perform their duties.
EXCLUDING MINOR AMENDMENTS
(10) Confidential information from countries within the European Union or countries with
which the Community has entered into an agreement for the financial area shall only be