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 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:
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 1) The parent undertaking, where said parent undertaking is a financial holding company or a financial undertaking. 2) Undertakings with which a financial undertaking has special direct or indirect links, and where the supervisory authorities may collect information and carry out inspection visits, cf. section 347(3). 3) Any person natural or legal of whom the Danish FSA requires information to determine whether said person falls within the scope of the provisions of this Act, cf. section 347(4). 4) Any person about whom the Danish FSA receives information in connection with approval under section 64(1) and (2). 5) The acquirer or holder of a qualifying equity investment where the Danish FSA refuses to authorise this, where the Danish FSA suspends case proceedings, where the Danish FSA reacts as a result of omission to notify the Danish FSA, or where the Danish FSA withdraws the voting rights associated with the relevant equity investment, cf. section 61(1)-(7) and section 62(1)-(3). 6) An auditor of a financial undertaking where the Danish FSA removes said auditor or orders said auditor to provide information on the status and circumstances of the undertaking, as well as in cases concerning the prohibition against an auditor having business exposures, etc., with the financial undertaking audited by said auditor, cf. section 199(4)-(6) and (8). 7) Undertakings with which a bank, an investment company, an investment management company, or a mortgage-credit institution has such links that the Danish FSA decides that said undertaking shall be included in consolidation, cf. section 177(1). 8) Any undertaking applying for a license to conduct bank business, investment dealing, investment management, securities dealing, mortgage-credit business, insurance business or life-assurance business cf. sections 7(1), 8(1), 9(1), 10(1) and (2), 11(1) and 14, or if such an application is suspended, cf. section 14(4). 9) A member of the board of directors or the board of management of a financial undertaking or an owner of capital when the Danish FSA refuses to grant a license or withdraws such license in whole or in part, cf. section 14(1), nos. 1-3 and (2), section 224, and section 225(1). 10) Undertakings which the Danish FSA finds have close connections to a financial undertaking and therefore refuses or withdraws a license in accordance with section 14(1), nos. 4 and 5, and section 224. 11) Any person who violates the prohibition laid down in this Act on employing in the name or characterisation of an undertaking the words that are covered by the exclusive right of financial undertakings to names, cf. sections 7(5) and 8(5), section 9(5), 2nd clause and (6), 2nd clause, and section 11(3). 12) Any person contravening the prohibitions in this Act against carrying out activities covered by section 7(1), (3) and (4), section 8(1) and (3), section 9(1) and (3), section 10(1) and (3), and section 11(1) without permission. 13) Any person regarding whom the Danish FSA has made a decision on the extent to which said person may offer investment services without a license, cf. section 9(9). 14) Investment associations, special-purpose associations, restricted associations and other collective investment schemes when the Danish FSA makes a decision in a case regarding the investment management company that manages the investment association, special-purpose association, restricted association or the collective investment scheme. 15) The responsible actuary in cases where the actuary does not fulfil his duty to supply information to the Danish FSA, cf. section 108(5), 1st clause. EXCLUDING MINOR AMENDMENTS
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