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 <strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 4) the financial situation of the person in question or companies owned by the person in question has caused losses or risks of losses for the financial undertaking, or 5) the person in question has behaved such that there is reason to assume that said person cannot perform the duties adequately.” 8. Section 16(1) shall be worded as follows: ”16.-(1) The board of directors may only authorise under section 15(3) and the board of management may only authorise under section 15(4) that a person may be a member of the board of directors in, or participate in the management or operation of, an investment association or special-purpose association if the relevant association does not belong to the categories of association mentioned in section 15(6). The person concerned may not, however, hold the position as chairperson of the board of directors.” 9. In section 16(2), ”the relevant company” shall be amended to: ”the relevant association”. 10. Section 16(3) and (4) shall be repealed and replaced by the following: ”(3) Section 15(7) and (8) shall apply correspondingly to authorisations granted by the board of directors in pursuance of subsection (1).” 11. Sections 17-19 shall be repealed. 12. In section 20(2), ”management company” shall be amended to: ”investment management company”. 13. In section 21, ”management company” shall be amended to: ”investment management company”. 14. Section 22 shall be repealed. 15. Section 23 shall be worded as follows: ”23.-(1) Persons employed by the board of directors of an association and employees for whom there is a significant risk of conflicts between own interests and the interests of the association shall not, at their own expense, or through companies they control, 1) take up loans or draw on previously established credits to be used for acquisitions of securities when the securities acquired are provided as collateral for said loan or credit, 2) acquire, issue, or trade in derivative financial instruments, except when the objective is hedging, 3) acquire equity investments, except for shares in investment associations and specialpurpose associations, etc., with a view to selling such shares less than six months from the date of acquisition, or 4) acquire positions in foreign currency, except for euro (EUR), if the positions are acquired with a view to anything other than payment for the purchase of securities, goods or services, or purchase or management of real property, or for use when travelling. EXCLUDING MINOR AMENDMENTS (2) The group of persons mentioned in subsection (1) shall not acquire equity investments in companies that carry out activities mentioned in subsection (1), nos. 1-4. This shall not apply, however, for purchases of shares in banks, insurance companies, mortgage-credit institutions,
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 <strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations and investment companies, as well as shares in investment associations and special-purpose associations, etc. (3) The board of directors shall decide which employees have a significant risk of conflicts between their own interests and the interests of the association, and who shall therefore be covered by the prohibition. (4) At the request of the external auditors, the persons covered by subsection (1) shall report any financial transactions carried out by them. Reporting shall be accompanied by necessary documentation. In order to check compliance with the provisions, the external auditor shall have access to making inquiries about the accounts and custody accounts owned by the relevant employee, as well as the right to demand printouts of said accounts and custody accounts from the account-holding institution. (5) On the basis of said reports, the external auditor shall declare in the audit book comments on the annual report whether the checks mentioned in subsection (4) have given rise to any observations.” 16. In section 24(1), ”management company” shall be amended to: ”investment management company”. 17. Sections 25 and 26 shall be repealed. 18. In section 27, ”management company” shall be amended to: ”investment management company”. 19. In section 35(1), ”the management company” shall be amended to: ”the investment management company”. 20. In section 35(3) 1st and 2nd clauses, ”the management company” shall be amended to: ”the investment management company”. 21. In section 37(4), ”management company” shall be amended to: ”investment management company”. 22. Section 37(5) shall be repealed. 23. In section 45(3) 1st and 2nd clauses, ”management company” shall be amended to: ”investment management company”. 24. In section 46(1), ”management companies” shall be amended to: ”investment management companies”. 25. In section 61(2), ”management company” shall be amended to: ”investment management company”. 26. In section 62(2), ”management company” shall be amended to: ”investment management company”. EXCLUDING MINOR AMENDMENTS 27. In section 62(4), ”management” shall be amended to: ”investment management”. 28. Sections 74 and 75 shall be repealed.
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Financial Business Act.pdf

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