Financial Business Act.pdf

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
43. In section 85, ”management company” shall be amended to: ”investment management
company”.
44. In section 85, the following shall be inserted as subsection (2):
”(2) Default fines may be collected by means of statutory debt collection.”
45. Section 86(1) shall be worded as follows:
”86.-(1) Unless higher punishment is incurred under the Criminal Code, violation of the
provisions of section 3(3); sections 5 and 6(1), section 14(4) and (6); section 15(1)-(3), (4)
1st clause, and (5), (7) and (8); section 15a(2); section 16(2) and (3); sections 23, 24 and
27; section 28(1); section 29(1) and (2); section 31(2), (5) and (6); sections 32, 33 and 35-
39; section 40(1), (5) and (6); sections 41 and 44(1) and (3); section 46(1); sections 47 and
59(1), (2), (4) and (5); section 60(1) and (2); sections 61 and 62(1)-(3); section 63(2);
section 64(2)-(4); sections 65(2) and 66(1) and (3); sections 67(2) and 68(2) and (3);
sections 70(2) and 72 shall be subject to a fine or imprisonment of up to four months.”
46. In section 86, subsections (2)-(4) shall be repealed and replaced by the following:
”(2) A member of the board of directors or board of management of an association or a
member of the board of management of the investment management company who omits to
take the steps necessary in the event of losses or imminent danger of material losses shall be
liable to a fine or imprisonment for up to four months unless more severe penalty is incurred
under other legislation.
(3) Persons who are connected to an association and who submit incorrect or misleading
information on matters regarding pertaining to the association to public authorities, the
general public, any association organ, or to members of said association, or who are guilty of
gross or frequent negligence or carelessness which may entail losses for the association or its
members shall be liable to a fine or imprisonment for up to four months unless more severe
penalty is incurred under other legislation.”
Subsections (5)-(7) shall hereafter become subsections (4)-(6).
47. In section 86, the following new subsection shall be inserted after subsection (6):
”(7) The period of limitation for criminal liability for violation of the provisions of this Act or
regulations issued pursuant to this Act shall be 5 years.”
426. In the Securities Trading, etc. Act, cf. Consolidated Act no. 587 of 9 July 2002 the
following amendments shall be introduced:
1. In section 1(3), ”clearing business and registration (book-entry) business, etc.” shall be
amended to: ”clearing business, registration (book-entry) business, etc. and registered
payment systems”.
EXCLUDING MINOR AMENDMENTS
2. Section 1a shall be repealed.
3. After section 3, the following shall be inserted: