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 (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
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 (6) Any financial undertaking or financial holding company not complying with an order from the Danish Securities Council or giving incorrect or misleading information to the Danish Securities Council shall be liable to a fine, unless more severe penalty is incurred under other legislation. (7) The provisions of subsections (1)-(3) shall apply correspondingly to the Danish Securities Council with regard to the enforcement by the Danish Securities Council under section 344(1), 3rd clause. Part 25 Entry into force, transitional provisions, amendments to other legislation, the Faroe Islands and Greenland Entry into force 375.-(1) This Act shall enter into force on 1 January 2004, cf. however subsections (2) and (3). (2) Sections 167 and 169(1), no. 4; section 271 and 278(4); sections 373(2), 380 and 425, no. 31 shall enter into force on the day following the publication of this Act in the Danish Law Gazette. Section 57 shall enter into force on 1 July 2004. (3) The Minister for Economic and Business Affairs shall determine the time of entry into force of sections 183-198 of this Act. (4) Notwithstanding sections 199(1) and 376, the requirement that certain financial undertakings must have no less than two auditors, cf. section 34(1) in the Commercial Banks and Savings Banks, etc., Act, section 23(2) in the Investment Companies Act, section 179(1) in the Insurance Business Act and section 90(1) in the Mortgage Credit Act, shall remain in force for the accounting year commencing 1 January 2004. (5) Section 430, no. 6 shall apply to conversions taking place on 1 January 2004 or later. 376.-(1) The following Acts and provisions shall be repealed: 1) The Financial Business Act, cf. Consolidated Act no. 660 of 7 August 2002. 2) The Commercial Banks and Savings Banks, etc. Act, cf. Consolidated Act no. 214 of 25 March 2003, cf. however sections 377 and 378 of this Act. 3) The Investment Companies Act, cf. Consolidated Act no. 787 of 19 September 2002. 4) The Insurance Business Act, cf. Consolidated Act no. 147 of 7 March 2003, cf. however sections 379 and 380 of this Act. 5) Section 1(1)-(3); sections 2, 4-20, 46, 50, 51, 53-53i, 60-95 and 98a; section 100(1)- (3); sections 100a, 101 and 102(1) of the Mortgage Credit Act, cf. Consolidated Act no. 57 of 20 January 2003, cf. however sections 381 and 382 of this Act. 6) The Electronic Money Institutions Act, cf. Consolidated Act no. 661 of 7 August 2002. 7) The Savings Institutions Act, cf. Consolidated Act no. 655 of 7 August 2002. 8) Section 6 in the ”lov om fremme af privat udlejningsbyggeri” (act no. 1090 of 17 December 2002 on the promotion of private rental housing). EXCLUDING MINOR AMENDMENTS
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