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 (3) A member of the board of directors, a responsible actuary, an auditor, a member of the board of management, or other senior employees of a financial undertaking, a financial holding company, a foreign financial undertaking or a foreign financial holding company shall also be considered a party where decisions made by the Danish FSA are aimed specifically at said person. This shall also apply to a liquidator and an administrator of a life-insurance portfolio. (4) Finally, the Danish FSA may, when instituting proceedings regarding honest business principles and good practice within the field of activity of the undertaking, cf. section 43(1) and (2) of this Act; price information, cf. section 43(3) of this Act; good securities trading practices, cf. section 3 of the Securities Trading, etc. Act; the duty of insurance companies to offer consumer insurance contracts with short periods of notice, cf. section 57 of this Act; or disclosure of confidential information, cf. part 9 of this Act in exceptional circumstances also assign authorities as party to other persons natural or legal than those specified in subsections (2) and (3). The authorities as party may only be given for such part of the case as is of direct and material importance to the party concerned. The authorities as party shall be given having regard to the protection of confidential information about the undertakings that are subject to supervision. (5) Status as party and authorities as party according to subsections (2) and (4) shall be limited to matters where the Danish FSA makes decisions after 8 October 1998, however, for mortgage-credit institutions after 20 October 1998. With regard to disclosure of confidential information, cf. part 9 of this Act, status as a party and authorities as party shall be limited to matters where the decisions of the Danish FSA are made after 1 January 2004. For investment management companies, status as a party and authorities as parties are limited to circumstances where the decisions of the Danish FSA are made after 1 January 2004. 356.-(1) Employees of the Danish FSA shall not be members of the board of management, the board of directors, the shareholder committee, or be employed by undertakings which are under supervision by the Danish FSA or by the organisations of such undertakings. Nor shall such employees own or operate an independent business undertaking or take part in the management or operation of a business undertaking without authorisation from the Minister for Economic and Business Affairs. Such employees may, however, own, operate and participate in the administration of real property. (2) Employees of the Danish FSA shall not conduct or participate in speculative business at their own expense, cf. section 77(1). For the director general, deputy directors general and persons of equal status in the Danish FSA, the Minister for Economic and Business Affairs shall prepare guidelines on reporting of investments and similar transactions. (3) The director general of the Danish FSA shall not without authorisation from the Minister for Economic and Business Affairs enter into exposures with or provide collateral to financial undertakings. For other employees of the Danish FSA, the Minister for Economic and Business Affairs shall lay down specific guidelines on the approval of exposures with and collateralisation provided to financial undertakings. Such guidelines may specify different procedures of approval for each employee category. EXCLUDING MINOR AMENDMENTS Time limits 357.-(1) The time limits fixed in or pursuant to this Act shall take effect from the day following the day when the event triggering the time limit occurred. This shall apply to the calculation of time limits involving days, weeks, months, and years.
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 (2) Where the time limit is indicated in weeks, said time limit shall expire on the day in the week when the event occasioning the time limit occurred, cf. subsection (1). (3) If the time limit is indicated in months it shall expire on the day in the month when the event triggering the time limit occurred, cf. subsection (1). If the day when the event occasioning the time limit occurred is the last day of a month or if the time limit expires on a date which does not exist, the time limit shall always expire on the last day of the month, irrespective of its length. (4) Where the time limit is indicated in years, said time limit shall expire on the day in the year when the event occasioning the time limit occurred, cf. subsection (1). (5) If a time limit expires during a weekend, on a holiday, 5 June, 24 December or on 31 December, the time limit shall be extended to the next weekday. Special regulations for insurance companies regarding supervision 358.-(1) Resolutions permitting new shares to be paid up through conversion of debt in pursuance of section 33a of the Public Companies Act shall be approved by the Danish FSA. (2) The board of directors of a parent company shall notify the board of directors of a subsidiary company and the Danish FSA as soon as a group relationship has been established. 359. Insurance companies, branches of foreign companies that have obtained a license from the Danish FSA, and the pension funds covered by this Act shall be registered with the Danish Commerce and Companies Agency. Part 22 Fees 360. The appropriation of the Danish FSA less sales of goods and services and interest income shall be covered by fees from undertakings subject to the supervision of the Danish FSA, cf. section 361-370. 361.-(1) The following undertakings shall pay an annual basic amount to the Danish FSA: 1) The Labour Market Occupational Diseases Funds shall pay DKK 510,000. 2) Arbejdsmarkedets Tillægspension (supplementary pension, temporary pension savings and special pension savings) shall pay DKK 1,180,000. 3) Stock exchanges and authorised markets shall pay basic amounts of DKK 12,000 per company listed at the end of the previous year. 4) FUTOP Clearingcentralen A/S shall pay DKK 250,000. 5) The Guarantee Fund for Depositors and Investors shall pay DKK 95,000. 6) Each licensed money-market broking company shall pay DKK 15,000. 7) Each licensed securities broking company shall pay DKK 15,000. 8) Each financial holding company shall pay DKK 5,000. 9) Each issuer of collateralised mortgage obligations and similar undertakings shall pay DKK 10,000 per series. EXCLUDING MINOR AMENDMENTS
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