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
384. Until 1 January 2006, section 123 shall only apply to customer relationships established
after 1 January 2002, or if the customer enters into new agreements with the financial
undertaking.
385. For customer relationships established before 1 January 2002, the usual information on
customer relationships until 1 January 2006 may be passed on to group financial undertakings
unless the customer enters into new agreements with the financial undertaking or unless the
customer objects to this. In connection the information sent out annually in pursuance of
section 123(1), the customer shall be informed of his right to object under the 1st clause.
386.-(1) Section 7(5) and (6) shall not apply to FIH - Finance for Danish Industry.
(2) FIH - Finance for Danish Industry shall, no later than 1 July 2004, fulfil the liquidity
requirements in section 152.
387. Notwithstanding the provision in section 13(1), banks whose share capital was, at the
entry into force of this Act, divided into classes of shares with different voting rights may
retain any provisions in the articles of association in this respect.
388. Banks and savings banks that have legally commenced business before 28 May 1980
may continue their activities without a license. Imposition of a ban on continued operation
shall be equivalent to withdrawal of a license pursuant to section 225.
389.-(1) Undertakings that were covered by section 13(2) of Act no. 156 of 2 May 1934
before 1 May 1985 and that operated before 1 January 1983 may continue their activities
without a license provided that they were registered with the Danish FSA before 1 October
1985 as
1) cooperative savings banks, cf. sections 9-13, or
2) savings and lending institutions, cf. sections 17 and 18.
(2) Notwithstanding section 341(2), undertakings which, until the repeal of Act no. 156 of 2
May 1934 with later amendments, were covered by said Act shall have at least one auditor
who is a state-authorised public accountant or a registered public accountant.
390. A cooperative savings bank, whose cooperative capital is no more than DKK 25 million,
may not reduce the cooperative capital without a license from the Danish FSA.
391. Placement of funds in assets that are not covered by sections 50 and 51 shall not entail a
duty to sell, provided that said assets were part of the equity investments on 31 December
1992.
392. Notwithstanding section 26, banks that, on 1 June 2000, carried out other business with
banks, insurance companies, investment companies or mortgage-credit institutions that form
part of a group with said banks may continue such business if the bank notified the Danish FSA
to this effect before 30 June 2000.
EXCLUDING MINOR AMENDMENTS
393. Section 234(2), which stipulates that subordinated debt is not included in the assessment
of whether a bank, mortgage-credit institution, investment company or investment
management company is insolvent, shall only apply to subordinated debt issued after 1 July
2001.