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
(2) Decisions made by the Danish FSA in connection with matters covered by section 246
which are to be appealed shall be brought before the Company Appeals Board no later than 24
hours after the person concerned has been notified of the decision.
(3) If a decision made by the Danish FSA to the effect that an insurance company shall enter
into liquidation, or that its portfolio of life-assurance contracts shall be taken under
administration is overruled, the Danish Commerce and Companies Agency shall immediately
enter this fact in its register. If the company owns real property, the Danish FSA shall ensure
the necessary registration of title.
Part 24
Penalties
373.-(1) Any person violating the provisions in section 7(1)-(6); section 8(1) and (3)-(6);
section 9(1)-(3) and (5)-(7); section 10(1)-(4); section 11(1)-(4); section 24(1) 2nd clause;
section 25 2nd clause; sections 27 and 28; section 31(7)-(9); section 33(1); sections 36 and
38; section 39(1), (3) and (4); sections 40 and 44-46; section 49(1) and (2); sections 52 and
53; section 61(1) and (6)-(8); section 63(1), (2) and (4); section 64(3), cf. subsection (2),
nos. 1 and 2; sections 65-67; section 74(1) and (3); sections 75, 76 and 78; section 92(1);
section 97(1) and (2); section 101(1), (2) and (4); sections 102(2) and (3); sections 103-106
and 117; sections 118(3) and 119; section 120(1) 2nd clause and (2); section 124(1)-(3), (5)
and (6); section 125(1)-(5); section 126; section 134, no. 7; section 138, no. 8; section
139(1), nos. 5 and 6; section 145(1)-(3) and (4) 1st clause; section 146(1); section 147(1);
section 149(1)-(3); sections 150-152; section 153(1); sections 154 and 170-175; section
182(1) and (2); sections 194 and 195(1)-(3); sections 200-203; section 204(1); section 217;
section 218(1), 1st and 2nd clauses; section 226(1) and (2); section 227; section 308(1), (2)
and (7); sections 309 and 310; section 317(1) and (3) 1st clause; section 320(1) and 321;
section 322(2); sections 329 and 331; section 334(1) and (2); sections 377, 379 and 381; and
section 404(1), (2) (4) and (5) of this Act shall be liable to fines or imprisonment of no more
than four months unless more severe punishment is incurred under other legislation.
(2) Any person violating the provisions in section 50(1); section 54(2); section 56(1) and (2);
section 57a; sections 70 and 71(1), nos. 1-4; section 73(1) 1st clause and (2); sections 77
and 80(1), (2) 1st clause and (3), (7) and (8); section 108(1)-(6); section 121(1); sections
122, 123, 158, 159 and 167; section 183(1) 1st clause; section 183(5); section 184(1);
section 185(1), (2) and (3) 1st clause; sections 186 and 187; section 188(1), (2) 1st clause
and (3) 2nd clause; sections 189-191; section 192 1st clause; section 193 1st clause; sections
198 and 199(1) 1st and 2nd clauses; section 199(2) and (5); section 346(3) 2nd clause; and
section 358(2) of this Act; and Article 4 of the Council Regulation on the application of
international accounting standards shall be liable to a fine.
(3) A financial undertaking or a financial holding company which fails to comply with an order
issued pursuant to section 348(2) 1st clause, 350(1) or 351(1) of this Act shall be liable to a
fine as shall violations of section 52(1) of the Public Companies Act.
EXCLUDING MINOR AMENDMENTS
(4) In regulations issued pursuant to this Act, fines may be stipulated for any violation of the
provisions of said regulations.