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) Executive Orders issued in pursuance of the Acts mentioned in subsection (1) shall be
maintained until they are repealed or replaced by Executive Orders issued in pursuance of this
Act.
Transitional provisions
377. Sections 29 and 30; section 31(1)-(6); section 32(1)-(3); and sections 33, 36 and 37-
37b of the Commercial Banks and Savings Banks, etc., Act, cf. Consolidated Act no. 654 of 7
August 2002, shall continue to apply up to and including the 2004 accounting year as well as
for the presentation of accounts and the accounting returns for the 2004 accounting year, cf.
section 375(3), subject to the changes following from section 378 of this Act. The provisions
shall apply correspondingly to investment companies and investment management companies.
378.-(1) The Commercial Banks and Savings Banks, etc. Act, cf. Consolidated Act no. 214 of
25 March 2003, shall be amended as follows:
1. In section 31(5), ”, cf. section 1(2), nos. 5 and 8, of the Presentation of Accounts Act” shall
be omitted.
2. In section 31(6) ”, cf. section 19a(1)” shall be omitted.
3. Section 37a shall be worded as follows:
”37a.-(1) The Danish FSA shall lay down regulations on the preparation of consolidated
accounts for groups where the parent company is a bank or a bank holding company, cf.
section 5(1), nos. 7 and 11 of the Financial Business Act.
(2) For groups covered by subsection (1), sections 29 and 30; section 31(1), (2), (4) and (5);
sections 32 and 33; section 36(1) 1st clause, (2) and (3); and section 37(1) and (6) shall
apply correspondingly to the group and the individual companies of the group. Moreover,
section 37(2)-(5) shall apply to the group, and section 36(1) 2nd clause shall apply
correspondingly to the bank holding company.
(3) Where a bank or a bank holding company alone or with other undertakings within the
group holds participating interests in a credit institution or a finance institution which is not a
subsidiary undertaking, and the credit institution or finance institution is operated jointly with
other undertakings which are not part of the group, a pro rata consolidation of the undertaking
shall take place in accordance with subsections (1) and (2) in respect of the group companies'
share of the own funds and result of the undertaking in which said participating interest is
held. Where the liability of the bank or bank holding company for the undertaking is not limited
to the ownership interest or the voting rights held, full consolidation shall take place in
accordance with subsections (1) and (2).
(4) The Danish FSA may stipulate that subsections (1) and (2) shall apply in other cases
where the bank alone or jointly has such direct or indirect links to an undertaking that
application of the regulations specified is deemed necessary.
EXCLUDING MINOR AMENDMENTS
(5) The provisions laid down in subsections (1) and (2) shall not apply to companies acquired
by a bank pursuant to section 25 of the Financial Business Act or to companies carrying out
insurance business. The Danish FSA may, however, order that said provision shall apply.