Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
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While this translation was carried out by a professional translation agency, the text<br />
is to be regarded as an unofficial translation based on the latest official Consolidated<br />
<strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity.<br />
October 2006, GlobalDenmark Translations<br />
(3) A member of the board of directors, a responsible actuary, an auditor, a member of the<br />
board of management, or other senior employees of a financial undertaking, a financial holding<br />
company, a foreign financial undertaking or a foreign financial holding company shall also be<br />
considered a party where decisions made by the Danish FSA are aimed specifically at said<br />
person. This shall also apply to a liquidator and an administrator of a life-insurance portfolio.<br />
(4) Finally, the Danish FSA may, when instituting proceedings regarding honest business<br />
principles and good practice within the field of activity of the undertaking, cf. section 43(1) and<br />
(2) of this <strong>Act</strong>; price information, cf. section 43(3) of this <strong>Act</strong>; good securities trading<br />
practices, cf. section 3 of the Securities Trading, etc. <strong>Act</strong>; the duty of insurance companies to<br />
offer consumer insurance contracts with short periods of notice, cf. section 57 of this <strong>Act</strong>; or<br />
disclosure of confidential information, cf. part 9 of this <strong>Act</strong> in exceptional circumstances also<br />
assign authorities as party to other persons natural or legal than those specified in subsections<br />
(2) and (3). The authorities as party may only be given for such part of the case as is of direct<br />
and material importance to the party concerned. The authorities as party shall be given having<br />
regard to the protection of confidential information about the undertakings that are subject to<br />
supervision.<br />
(5) Status as party and authorities as party according to subsections (2) and (4) shall be<br />
limited to matters where the Danish FSA makes decisions after 8 October 1998, however, for<br />
mortgage-credit institutions after 20 October 1998. With regard to disclosure of confidential<br />
information, cf. part 9 of this <strong>Act</strong>, status as a party and authorities as party shall be limited to<br />
matters where the decisions of the Danish FSA are made after 1 January 2004. For investment<br />
management companies, status as a party and authorities as parties are limited to<br />
circumstances where the decisions of the Danish FSA are made after 1 January 2004.<br />
356.-(1) Employees of the Danish FSA shall not be members of the board of management,<br />
the board of directors, the shareholder committee, or be employed by undertakings which are<br />
under supervision by the Danish FSA or by the organisations of such undertakings. Nor shall<br />
such employees own or operate an independent business undertaking or take part in the<br />
management or operation of a business undertaking without authorisation from the Minister<br />
for Economic and <strong>Business</strong> Affairs. Such employees may, however, own, operate and<br />
participate in the administration of real property.<br />
(2) Employees of the Danish FSA shall not conduct or participate in speculative business at<br />
their own expense, cf. section 77(1). For the director general, deputy directors general and<br />
persons of equal status in the Danish FSA, the Minister for Economic and <strong>Business</strong> Affairs shall<br />
prepare guidelines on reporting of investments and similar transactions.<br />
(3) The director general of the Danish FSA shall not without authorisation from the Minister for<br />
Economic and <strong>Business</strong> Affairs enter into exposures with or provide collateral to financial<br />
undertakings. For other employees of the Danish FSA, the Minister for Economic and <strong>Business</strong><br />
Affairs shall lay down specific guidelines on the approval of exposures with and collateralisation<br />
provided to financial undertakings. Such guidelines may specify different procedures of<br />
approval for each employee category.<br />
EXCLUDING MINOR AMENDMENTS<br />
Time limits<br />
357.-(1) The time limits fixed in or pursuant to this <strong>Act</strong> shall take effect from the day<br />
following the day when the event triggering the time limit occurred. This shall apply to the<br />
calculation of time limits involving days, weeks, months, and years.
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