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
(6) The Danish FSA may grant exemption from the provisions of subsections (1) and (2).”
4. Section 37b shall be worded as follows:
”37b. The Danish FSA may lay down regulations regarding the presentation of consolidated
accounts for groups where the parent company is a financial holding company, cf. section 5(1),
no. 10 of the Financial Business Act.”
379. Sections 118-123, 124(1)-(5) and 125-127 of the Insurance Business Act, cf.
Consolidated Act no. 645 of 5 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
380 of this Act.
380. In the Insurance Business Act, cf. Consolidated Act no. 645 of 5 August 2002, the
following amendments shall be made:
1. In section 119, the following shall be inserted as subsection (2):
”(2) In special cases, the Danish FSA may grant exemptions from subsection (1) 1st clause.”
2. In section 124(5) ”, cf. section 91(1)” shall be omitted.
3. Section 125(1), no. 1, shall be worded as follows:
”1) the annual financial statements referred to in section 73(6) of the Public Companies Act,
and”.
4. In section 125(2), ”No later than 10 days after final approval of the financial statements”
shall be amended to: ”No later than four months after the end of the accounting year”.
5. Sections 131 and 151(4) shall be repealed.
381. Sections 88, 89(1)-(4) and 92 of the Mortgage Credit Act, cf. Consolidated Act no. 57 of
20 January 2003 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 382 of this Act.
382. In the Mortgage Credit Act, cf. Consolidated Act no. 596 of 10 July 2002, the following
amendment shall be made:
1. In section 89(4) ”, cf. section 18b(1)” shall be omitted.
383. Members of the board of management and their deputies as well as branch managers
and persons of equal status in investment companies who, as at 1 January 1996 legally
operated an independent enterprise or who as members of a board of directors, employees or
in some other way participated in the management or operation of another enterprise than the
investment company, and who have made notification to the Danish FSA pursuant to section
37(4) of the Investment Companies Act may, irrespective of the provisions of section 80 of this
Act, continue such business.
EXCLUDING MINOR AMENDMENTS