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 405. Undertakings that, on the date of entry into force of this Act, are licensed to operate as issuers of prepaid cards, and who meet the requirements stipulated in this Act, may operate as electronic money institutions. 406.-(1) The capital requirement mentioned in section 339 shall not apply to savings institutions which have been granted a license before 1 January 2004 and whose own funds did not at that time meet the capital requirement in section 339. (2) If the own funds of the savings institutions mentioned in subsection (1) falls below the amount reached at 1 January 2004, the Danish FSA may either fix a time limit within which the own funds shall be brought up to the required minimum, or immediately withdraw the license. (3) Where control of a savings institution which falls within the scope of subsection (1) is taken over by another natural or legal person, the own funds of said savings institution shall meet the capital requirement in section 339 no later than three months after the date of the takeover. 407.-(1) Capital issued in pursuance of section 22(1) and (2) of the Commercial Banks and Savings Banks, etc. Act, section 53i(1) and (2) of the Mortgage Credit Act, and section 18(1) and (2) of the Investment Companies Act before 1 January 2004 may, notwithstanding section 132(1), nos. 12 and 13 and section 136(1), (3) and (5), be included in the capital base. (2) For banks that have issued capital in pursuance of section 22(2) of the Commercial Banks and Savings Banks, etc. Act before 1 January 2004, the Danish FSA may, if said banks do not meet the solvency requirement in section 124(1), no. 1, decide that the board of directors must convene the ultimate authority under the articles of association within a fixed time limit notwithstanding any provisions in the articles of association in this respect in order for the board of directors to account for the financial situation of the bank. 408.-(1) The provision in section 126(1), nos. 6-8 regarding the minimum capital requirement for insurance companies and lateral pension funds (nationwide occupational pension funds) shall not enter into force before 1 January 2007 for the classes of insurance that such insurance company or lateral pension fund (nationwide occupational pension fund) has a license for on the date of entry into force of the amendment of the ”bekendtgørelse om kapitalgrundlag og driftsplaner for forsikringsselskabers ikrafttræden” (executive order no. 84 of 6 February 2003 on capital resources and operating plans for insurance companies). (2) Before expiry of the time limit mentioned in subsection (1), the Danish FSA may, after application, permit that said time limit is extended to 1 January 2009. (3) Until the provision of section 126(1), nos. 6-8 enters into force, the minimum capital requirement shall constitute the following: 1) for insurance companies carrying out life-assurance business: EUR 0.8 million for limited companies and EUR 0.6 million for mutual companies and lateral pension funds (nationwide occupational pension funds), and 2) for insurance companies carrying out non-life-assurance business: a) for insurance classes 14 and 15: EUR 1.4 million for limited companies and EUR 1.05 million for mutual companies, 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 b) for insurance classes 10-13: EUR 0.4 million for limited companies and EUR 0.3 million for mutual companies, c) for insurance classes 1-8, 16 and 18: EUR 0.3 million for limited companies and EUR 0.225 million for mutual companies, and d) for insurance classes 9 and 17: EUR 0.2 million for limited companies and EUR 0.15 million for mutual companies. 409.-(1) Until 1 January 2007, mutual non-life assurance companies may include an additional amount for possible supplementary premiums, cf. section 135(1), no. 6, without application to the Danish FSA. (2) Additional amounts for possible supplementary premiums may be included at a maximum amount corresponding to the amount at which they were included in the capital base at the end of 2001. (3) Additional amounts for possible supplementary premiums may be included until the end of 2008. 410.-(1) Section 147(1) of this Act shall not apply to investment companies if all properties and shares (equity investments) in real-property companies have been acquired before 8 October 1998. (2) Assets covered by subsection (1) may not be revalued at a higher book value than the book value of the assets on 8 October 1998. 411.-(1) Section 147(1) shall not apply to investment management companies if all properties and shares (equity investments) in real-property companies have been acquired before introduction of the bill to the Danish Parliament on 12 March 2003. (2) Assets covered by subsection (1) may not be revalued at a higher book value than the book value of the assets at the time of introduction of the bill to the Danish Parliament on 12 March 2003. 412. Banks that, at the entry into force of this Act, have schemes according to which shareholders exercise their voting rights at the general meeting through members of the shareholder committee in pursuance of section 8a of the Commercial Banks and Savings Banks, etc., Act, cf. Consolidated Act no. 654 of 7 August 2002 may continue such schemes. 413. Any accumulated profits, cf. part 22 of this Act, to be carried forward at the end of 2001 shall be charged as extra fees from the financial undertakings and financial holding companies over the course of four years. These fees shall be distributed proportionately between the undertakings paying more than the minimum fee. 414. Persons, who on the date of entry into force of this Act, were not covered by the ban in section 19(1) of Act no. 660 of 7 August 2002 may, notwithstanding the provisions of section 77(3), section 425, no. 15 and section 426, no. 9, maintain positions taken out before 1 January 2004. EXCLUDING MINOR AMENDMENTS 415.-(1) Persons covered by section 80(1), who on the date of entry into force of this Act had duties in pursuance of section 24 of Act no. 660 of 7 August 2002 may, without the consent of
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