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 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.
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 394.-(1) Section 48(4)-(6) shall apply to guarantee agreements entered into on or after 1 July 2002. (2) Section 48(4)-(7) shall not apply to guarantee agreements entered into before 1 July 2002. Section 48(1)-(3) shall only apply if the relevant services fall due after this Act enters into force. 395. Guidelines agreed upon in pursuance of section 17 of the Marketing Practices Act before entry into force of this Act shall continue to apply for financial undertakings until they are repealed or replaced by regulations issued by the Minister for Economic and Business Affairs in pursuance of section 43(2) of this Act. 396. Any provisions of the articles of association which were confirmed or brought into force before 18 December 1980 and which are not in accordance with the regulations of section 111 of this Act or those of section 59(1)-(3) of the Public Companies Act shall remain valid. 397. Mutual non-life assurance companies, which are covered by section 294(1) but which, on 1 October 1981, were subject to supervision in pursuance of section 120(1) and (3) of the Insurance Business Act, cf. Consolidated Act no. 544 of 27 October 1975, shall not be exempted from supervision except as provided by the regulations of section 301(3) of this Act. 398. Any provisions of the articles of association regarding the liquidity of the shares, which were in force before 1 October 1981, shall remain valid. 399.-(1) Section 67(1) of the Public Companies Act, according to which all shares shall carry a voting right, shall not apply to shares subscribed before 1 October 1981 and to which no voting rights were attached at that time. (2) Section 67(1) of the Public Companies Act shall not apply to shares subscribed before 1 October 1981 and having voting weights more than ten times the voting weights of any other share or any other nominal share value of the same size. 400.-(1) Insurance companies that did not have a fully paid-up share capital on 1 October 1981 may maintain this arrangement. (2) In insurance companies covered by subsection (1), a shareholder or guarantor shall not be liable for payment of shares or guarantee interests of an amount totalling more than 5 per cent of the share or guarantee capital or for amounts larger than DKK 50,000, unless collateral approved by the Danish FSA is provided for amounts in excess thereof. (3) The Danish FSA may grant exemption from the regulation set out in subsection (2). (4) In insurance companies covered by subsection (1), a share or guarantee interest that is not fully paid up may only be transferred with the approval of the board of directors. Such approval shall not be granted unless it is deemed that the transferee will be able to make the future payments or unless adequate collateral is provided. Where adequate collateral is provided, approval may not be denied unless the desired transfer is in contravention of other valid regulations restricting the transferability of the shares or guarantee interests. EXCLUDING MINOR AMENDMENTS (5) When the board of directors has approved the transfer and the transferee has issued a promissory note for the amount that has not been paid up, the obligations of the transferor shall cease.
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