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. 5. In section 11(1), ”ecu” shall be amended to: ”euro (EUR)”. 6. Section 13(1), 1st clause shall be worded as follows: October 2006, GlobalDenmark Translations ”13.-(1) The Fund shall not cover deposits, funds and securities belonging to members of the board of directors or members of the board of management of the institution in question, nor shall it cover companies in the same group as said institution.” 7. In section 21(2), ”part 7a” shall be amended to: ”part 22”. 8. In section 22(2), ”section 50b of the Commercial Banks and Savings Banks, etc., Act” shall be amended to: ”sections 354 and 355 of the Financial Business Act”. 423. In the ”lov om innovationsforeninger” (act on innovation associations), cf. Consolidated Act no. 657 of 7 August 2002, the following amendments shall be made: 1. In section 4a, ”section 3(2)” shall be amended to: ”section 43(2)”. 2. In section 49a, ”section 65(2)” shall be amended to: ”section 345(2)”. 3. In section 56, ”part 7a” shall be amended to: ”part 22”. 424. In the LD Pensions Act, cf. Consolidated Act no. 910 of 12 October 2001, as amended by section 13 in Act no. 428 of 6 June 2002, the following amendments shall be made: 1. In section 10(5), ”part 7a” shall be amended to: ”part 22”. 2. In section 10a, ”section 65(2)” shall be amended to: ”section 345(2)”. 425. The Investment Associations and Special-Purpose Associations Act, cf. Consolidated Act no. 658 of 7 August 2002, shall be amended as follows: 1. In section 5a, ”section 3(2)” shall be amended to: ”section 43(2)”. 2. In section 6(3), no. 3, ”management company” shall be amended to: ”investment management company”. 3. Section 8 shall be worded as follows: ”8. The Danish FSA may refuse to license an association if a member of the board of management or the board of directors does not meet the requirements of section 15a.” 4. In section 10(1), no. 9, ”management company” shall be amended to: ”investment management company”. 5. Section 15(2)-(5), shall be worded as follows: EXCLUDING MINOR AMENDMENTS ”(2) The day-to-day management may instead be left to an investment management company which is approved under the Financial Business Act so that the tasks to be performed by a member of the board of management of an association shall be performed by a member of the board of management of the investment management company. An association's choice of investment management company shall be subject to approval by the Danish FSA. The
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 provisions of subsection (1) shall apply correspondingly to investment management companies. (3) Persons employed by the board of directors of an association may not, without the consent of the board of directors, own or operate an independent enterprise, or in the capacity as a member of the board of directors, an employee, or in any other way, participate in the management or operation of another enterprise than said association, cf. however subsection (6) and section 16. (4) Other employees in an association for whom there is a significant risk of conflicts between the interests of the employee and those of the association may not, without the consent of the board of management, own or operate an independent enterprise, or in the capacity of member of the board of directors, employee, or in any other way, participate in the management or operation of a enterprise other than said association. The board of directors shall be informed of any authorisation granted by the board of management. (5) The board of directors shall decide which employees have a significant risk of conflicts between the interests of the employee and those of the association, and who shall consequently obtain the authorisation of the board of management, cf. subsection (4), to own or operate an independent enterprise, or in the capacity of member of the board of directors, employee, or in any other way, participate in the management or operation of another enterprise than the association.” 6. In section 15, the following new subsections shall be inserted after (6): ”(7) All authorisations granted by the board of directors in pursuance of subsection (3) shall appear in the minute book of the board of directors. (8) The association shall at least annually publish information on the duties and positions approved by the board of directors under subsection (3). Furthermore, the external auditors shall make a declaration in the audit book comments on the annual report stating whether the association owns securities issued by enterprises covered by subsections (3) and (4).” 7. After section 15, the following shall be inserted: ”15a.-(1) A member of the board of directors and the board of management of an association shall have adequate experience in carrying out his duties. (2) A member of the board of directors and the board of management may not carry out the duties as member of the board of directors or member of the board of management respectively in an association if 1) the person in question is deemed to have insufficient experience to hold the relevant position, including not having the necessary professional expertise to carry out the management of the type of association said member is responsible for, and to make investment decisions regarding the funds of said association, 2) the person in question is held criminally liable for violation of the Criminal Code or financial legislation, and this violation entails a risk that the duties are not carried out adequately, 3) the person in question has filed for suspension of payments, is under administration in bankruptcy, has filed for debt restructuring, or negotiations have been initiated with regard to compulsory composition for said person, EXCLUDING MINOR AMENDMENTS
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Financial Business Act.pdf

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