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
divulged pursuant to subsection (5), no. 15 where the authorities submitting said information
have granted express permission to do so, and said information shall only be used for the
purposes specified by said permission.
(11) Where a debtor, guarantor, or investor has significant exposures with several financial
undertakings, the Danish FSA may notify the relevant undertakings of this fact.
354a.-(1) In the matters mentioned in subsection (2), the Danish FSA may make public the
name of the undertaking which a decision concerns when the Danish FSA deems it to be of
interest to the customers of said financial undertaking to know the name of said undertaking.
(2) Publication may be effected in matters pertaining to
1) violation of the ban against carrying out financial business without a license, cf.
sections 7-11, 308 and 334,
2) orders to rectify matters which are contrary to the regulations on good practice and
price information in section 43 and Executive Orders issued in pursuance of section 43,
cf. section 348(2),
3) violation of sections 45 and 46 and section 49(1) and (2),
4) violation of Executive Orders on pension pools and placements of funds in securities
issued in pursuance of section 50(2),
5) violation of sections 51 and 52; section 53(1), section 54(2); and section 55(1),
6) violation of Executive Orders on information on establishment of insurance contracts
and during general customer contact and relations issued in pursuance of section 56,
7) order rectification of matters which are contrary to section 57(1), cf. section 348(2),
8) violation of section 59(1) and section 60(1),
9) violation of the regulations on disclosure of confidential information in section 117 and
section 123(3), and
10) violation of orders to take necessary measures, cf. section 350.
(3) Publication of the matters mentioned in subsection (2), nos. 2 and 7 may moreover be
effected despite the undertaking having changed its conduct, if the Danish FSA deems that the
customers of the undertakings still have an interest in knowing the matter.
(4) Publication of the matters mentioned in subsection (2), nos. 2-10 may not be effected if
this would lead to significant damage to the undertaking. Said publication may not contain
confidential information on customer relationships.
(5) The Danish FSA may make public the name of the undertaking which a decision concerns
two weeks after said undertaking has received notification regarding said decision. If the
undertaking decides to bring the matter before the Company Appeals Board within said two
weeks, publication may only be effected if the Board does not decide that the appeal is to act
as stay of proceedings.
355.-(1) Only a financial undertaking or a financial holding company, a foreign financial
undertaking or a foreign financial holding company against which a decision has been made by
the Danish FSA under this Act or regulations laid down in pursuance of this Act shall be
considered a party in relation to the Danish FSA, cf. however, subsections (2) and (3).
EXCLUDING MINOR AMENDMENTS
(2) In the instances specified below, persons natural and legal other than the undertaking
shall also be considered a party to the decision made by the Danish FSA as regards the parts
of the case which concern said person: