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 the board of directors, continue with such duties provided the relevant duties are notified to the Danish FSA no later than 30 June 2004. If, as at 1 January 2004 the financial undertaking has exposures with the undertaking for which said duties are performed, as at 1 January 2004 the exposure may continue to the originally agreed expiry date, irrespective of section 80(4). (2) Persons covered by section 80(2), 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, or who at the date of entry into force of this Act were not covered by section 24 of Act no. 660 of 7 August 2002 may, without the consent of the board of management, continue with such duties provided the relevant duties are notified to the Danish FSA no later than 30 June 2004. If, as at 1 January 2004 the financial undertaking has exposures with the undertaking for which said duties are performed, the exposure as at 1 January 2004 may continue to the originally agreed expiry date, irrespective of section 80(4). (3) For undertakings in which persons covered by section 80(1) and (2), on the date of entry into force of this Act had duties in pursuance of sections 28, 29, 34, and 35 of Act no. 660 of 7 August 2002, and with which the financial undertaking had exposures as at 1 January 2004, such exposures as at 1 January 2004 may continue to the originally agreed expiry date, irrespective of section 80(4). (4) Subsections (1)-(3) shall apply correspondingly to persons covered by section 425, no. 5 and section 426, no. 11. 416. Section 163(1), no. 5 shall not apply to assets acquired before the date of introduction of the bill to the Danish Parliament on 12 March 2003. 417. Notwithstanding the provision of section 182, financial undertakings which, on the date of entry into force of this Act, had exposures licensed under section 27 of the Commercial Banks and Savings Banks, etc. Act, section 63 of the Mortgage Credit Act, section 20a of the Investment Companies Act and section 142 and 144 of the Insurance Business Act may continue said exposures until expiry of the license by the Danish FSA, but no longer than until the date of the financial statements submitted after entry into force of this Act. Amendments to other legislation 418. In the Act on Protection against the Consequences of Industrial Injuries, cf. Consolidated Act no. 943 of 16 October 2000 as amended by section 4 of Act no. 1329 of 20 December 2000, section 1 of Act no. 488 of 7 June 2001, section 4 of Act no. 503 of 7 June 2001 and section 14 of Act no. 428 of 6 June 2002, the following amendment shall be made: 1. In section 57o ”part 7a” shall be amended to: ”part 22”. 419. In the Act on Arbejdsmarkedets Tillægspension, cf. Consolidated Act no. 689 of 20 August 2002 as amended by section 1 of Act no. 1032 of 17 December 2002 and section 4 of Act no. 1066 of 17 December 2002 the following amendments shall be made: EXCLUDING MINOR AMENDMENTS 1. In section 27a(2) ”section 65(2)” shall be amended to: ”section 345(2)”. 2. In section 27d ”part 7a” shall be amended to: ”part 22”.
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 420. The Supervision of Company Pension Funds Act, cf. Consolidated Act no. 148 of 7 March 2003, shall be amended as follows: 1. In section 6a(2) ”section 3(2)” shall be amended to: ”section 43(2)”. 2. After section 9a, the following shall be inserted: ”9b. The Minister for Economic and Business Affairs shall lay down detailed regulations on the use of digital communication, including electronic signatures, when exchanging information in accordance with this Act between citizens and undertakings on the one hand and the public administration on the other hand, as well as storage of information.” 3. In section 59(2), ”Part 15 of the Insurance Business Act” shall be amended to: ”Part 17 of the Financial Business Act”. 4. In section 65(2), ”section 65(2)” shall be amended to: ”section 345(2)”. 5. In section 67, ”part 7a” shall be amended to: ”part 22”. 421. In the Insurance Mediation Act, cf. Consolidated Act no. 680 of 15 August 2002, the following amendments shall be made: 1. After section 2, the following shall be inserted: ”2a. The Minister for Economic and Business Affairs shall lay down detailed regulations on the use of digital communication, including electronic signatures, when exchanging information in accordance with this Act between citizens and undertakings on the one hand and the public administration on the other hand, as well as storage of information.” 2. In section 12(2), ”section 3(2)” shall be amended to: ”section 43(2)”. 3. In section 21(3), ”section 65(2)” shall be amended to: ”section 345(2)”. 4. In section 29, ”part 7a” shall be amended to: ”part 22”. 422. The Guarantee Fund for Depositors and Investors Act, cf. Consolidated Act no. 656 of 7 August 2002, shall be amended as follows: 1. In section 3(1), no. 1, ”and FIH - Finance for Danish Industry” shall be omitted and in no. 2, ”and the Danish Agricultural Mortgage Bank” shall be omitted. 2. Section 3(1), no. 3, shall be worded as follows: ”3) investment companies and investment management companies with regard to the part of the activities of said companies covered by a license in pursuance of section 10(2) of the Financial Business Act, and”. EXCLUDING MINOR AMENDMENTS 3. In section 4, ”and investment companies” shall be amended to: ”investment companies and investment management companies”. 4. In section 7(2), 2nd clause, ”guarantee” shall be amended to: ”indemnities”.
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