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 (6) If a shareholder or guarantor in insurance companies covered by subsection (1) does not make a payment payable by him when due, said shareholder or guarantor shall, unless otherwise provided by the articles of association, pay annual interest, from the due date, on the amount due and payable at a rate as defined by section 5(1) and (2) of the ”lov om renter ved forsinket betaling m.v.” (act on interest on late payment, etc.). (7) If payment in accordance with subsection (7) is not made within the proper time, the company shall, without undue delay, seek to obtain payment of the amount due either by legal action or, where possible, after four weeks' notice to the shareholder or guarantor, by seeking to sell the share or guarantee interest for the account of the shareholder or guarantor with an obligation on the part of the transferee to pay up the amounts outstanding together with accrued interest. The sale shall be made through a stockbroking company, a credit institution with a special license, a bank or by public auction. If the sale involves the issue of a new share certificate or interim certificate, said share certificate or interim certificate shall, in addition to stating its purpose, reproduce the contents of the old share certificate or interim certificate, and shall be signed by the board of directors. Interim certificates may, however, be signed by a person authorised by the board of directors. (8) If it proves impossible to collect the amount due in any of the ways indicated, the share or guarantee interest shall be annulled, and the capital shall then be deemed to be reduced by an amount equal to the nominal value of the share or guarantee interest. The amount paid up shall be transferred to a fund that may not be reduced without the consent of the Danish FSA. (9) Notice of the capital reduction shall be sent to the Danish Commerce and Companies Agency. Moreover, proof that the conditions for annulment of the share or guarantee interest have been fulfilled shall be submitted to the Danish FSA. 401.-(1) Exposures and collateralisations entered into legally before 1 January 1998 between the elected external auditors, a chief internal auditor or deputy chief internal auditor, employees of Arbejdsmarkedets Tillægspension or LD Pensions on the one hand, and the insurance company, bank, mortgage-credit institution, securities dealer, investment company or Arbejdsmarkedets Tillægspension where the relevant person is employed on the other hand, may continue until the originally agreed expiry date. (2) Chief internal auditors or deputy chief internal auditors may, notwithstanding the ban in section 77(10), maintain and utilise financial interests owned by said chief internal auditors or deputy chief internal auditors at the entry into force of this Act. 402.-(1) Section 97 shall apply correspondingly to advances and deposits received from customers before the entry into force of this Act. (2) The provisions of the Bankruptcy Act regarding reversal shall apply correspondingly to advances and deposits transferred to a special account in a bank in pursuance of subsection (1). 403.-(1) Banks and mortgage-credit institutions that, at the entry into force of this Act, carry out activities or normally expect to carry out activities requiring a license in pursuance of section 9(1), cf. section 7(2), and section 8(2) may continue said activities if they report them to the Danish FSA before 1 July 2004. The Danish FSA shall be responsible for granting a license in pursuance of section 9(1) for said reported activities. 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 (2) The bank or mortgage-credit institution may, in the period between the report and granting of a license in pursuance of section 9(1) by Danish FSA, continue the activities reported. (3) Banks covered by section 124(2) that are granted a license under subsection (1) shall only be required to meet the capital requirement in force for said bank on the date of entry into force of this Act. 404.-(1) Management companies that, on the date of entry into force of this Act, have been approved as management companies for one or more investment associations and specialpurpose associations, shall, no later than six months after entry into force of this Act, submit application for management of investment associations and special-purpose associations to the Danish FSA. Said management company may then continue its activities in Denmark without a license until the Danish FSA has made a decision regarding the application. (2) The management companies mentioned in subsection (1) which, on the date of entry into force of this Act, do no meet the requirements for share capital mentioned in section 10(5) shall meet the capital requirements under section 127 no later than 13 February 2007. (3) The management companies mentioned in subsections (1) and (2) shall, at all times, have a capital base corresponding to the amount said management companies had on the date of entry into force of this Act, such amount being however no less than DKK 500,000, or corresponding to the amount the management company should have had in pursuance of section 127, if such amount is smaller than the own funds of the management company on the date of entry into force of this Act. If the capital base of said management companies falls below the amount mentioned in the 1st clause, the Danish FSA may set a time limit within which said management companies shall be required to bring their capital base up to said minimum amount or withdraw the license immediately. (4) Where control of an investment management company which falls within the scope of subsection (3) is taken over by another natural or legal person, the capital base of said investment management company shall meet the capital requirements in section 127 no later than three months after the date of the takeover. (5) For mergers between the investment management companies mentioned in subsection (3), the new investment management company shall, at any time, meet the capital requirement corresponding to the sum of the own funds of said merging investment management companies. The new investment management company shall, no later than 13 February 2007, meet the capital requirement mentioned in section 127. (6) Management companies solely managing special-purpose associations on the date of entry into force of this Act may continue this activity. The provisions of this Act regarding investment management companies shall, with the exception of section 10(2), apply correspondingly to the management companies mentioned in the 1st clause. If a management company wishes to manage investment associations, said company shall be converted into an investment management company. EXCLUDING MINOR AMENDMENTS 404a. Investment advisers working as investment advisers for one or more investment associations or special-purpose associations on 1 January 2004, not being licensed or registered for portfolio management, and not being subject to supervision shall, no later than 1 June 2004, either terminate their agreement with the association or submit application for approval for portfolio management.
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