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
(5) Companies, etc. (legal persons) may incur criminal liability according to the regulations in
chapter 5 of the Criminal Code.
(6) A member of the board of directors or board of management of a financial undertaking or
a financial holding company who omits to take the steps necessary in the event of losses or
imminent danger of material losses shall be liable to a fine or imprisonment for up to four
months unless more severe penalty is incurred under other legislation. This shall apply
correspondingly for members of the board of directors or the board of management in a
savings institution or electronic money institution.
(7) Persons who are connected to a financial undertaking and who submit incorrect or
misleading information on matters pertaining to said undertaking to public authorities, the
general public, any company organ, or to depositors, the insured parties, bond owners or to
any other investors in said financial undertaking, or who are guilty of gross or repeated
negligence or carelessness which may entail losses for the undertaking or its depositors, the
insured parties, bond owners or other investors in the financial undertaking shall be liable to a
fine or imprisonment for up to four months unless more severe penalty is incurred under other
legislation. This shall apply correspondingly for persons connected to a savings institution or
electronic money institution.
(8) The period of limitation for violations of the provisions in this Act or regulations issued
pursuant to this Act shall be 5 years.
374.-(1) Where the board of directors, board of management, external auditor, chief internal
auditor, responsible actuary, liquidator, general agent, branch manager or shareholder
committee fail to comply within the proper time with the duties and obligations imposed on
them under this Act or under regulations laid down pursuant to this Act towards the Danish
FSA or the Danish Commerce and Companies Agency, the Danish FSA or the Danish
Commerce and Companies Agency may as a coercive measure impose daily or weekly fines.
(2) Where an undertaking omits, as specified in section 347(3) and (4), to fulfil the duties and
obligations imposed on said undertaking under this Act, the Danish FSA may as a coercive
measure impose daily or weekly fines on said undertaking as such or on the persons
responsible for said undertaking.
(3) Default fines may be collected by means of statutory debt collection and by withholding
wages, etc. in accordance with the regulations stipulated for the collection of personal taxes in
the "kildeskatteloven" (act on taxation at source). 4
(4) The authority responsible for collection of outstanding amounts may remit default fines
under subsections (1) and (2) in accordance with the "lov om opkrævning af skatter og afgifter
m.v." (act on collection of taxes, etc.). 5
(5) In the event that a financial undertaking or a financial holding company which has issued
securities admitted for listing or trading on a stock exchange or whose securities are traded on
an authorised market place does not meet its obligations under the provisions of sections 183-
193 or provisions laid down in pursuance of section 196, the Danish Securities Council may
order the relevant undertaking to rectify the matter and to make public amended or
supplementary information. If deemed appropriate, the Danish Securities Council itself may
make public the relevant information or the order, or suspend or remove the securities
involved from the listing on a stock exchange or from the admission for trading on an
authorised market place.
EXCLUDING MINOR AMENDMENTS