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 insurance company, or who have joint and several responsibility herefor, shall have joint liability for fulfilling the agreement. If the company accepts the obligations no later than 4 weeks after registration, the relevant persons’ liability shall lapse, provided the security of the policyholder is not thus significantly impaired. Agreements of the type mentioned are not binding for the policyholder prior to the company accepting the obligations. (2) The provisions in sections 11-14 shall not obstruct the enrolment of members in order to establish a mutual insurance company, provided insurance liability does not commence and premiums are not revalued prior to the company being registered. Enrolment of a member in a mutual company in accordance with the 1st clause shall only be binding provided the company notifies the Danish Commerce and Companies Agency no later than 1 year after the enrolment. If registration is refused, the agreement shall lapse. Special regulations for mutual insurance companies regarding establishment etc. 23.-(1) Sections 3-13 of the Public Companies Act shall, subject to the necessary variations, apply correspondingly to mutual insurance companies and lateral pension funds (nationwide occupational pension funds). Furthermore, the provisions of the Public Companies Act on notification and registration etc. shall apply correspondingly. (2) For mutual insurance companies and lateral pension funds (nationwide occupational pension funds) the provisions of the Public Companies Act mentioned in subsection (1) regarding shareholder utilisation of guarantors and the provisions on share capital and shares shall apply to guarantee capital and guarantee interests with the necessary modifications. (3) Decisions in pursuance of section 9(2) of the Public Companies Act shall be endorsed by all parties with voting rights according to the draft formation document or the articles of association. Consent in pursuance of section 10(2), 3rd clause of the Public Companies Act shall be granted by all original subscribers and all parties with voting rights according to the draft formation document or the articles of association. Part 4 Other licensed activities General regulations regarding other licensed activities 24.-(1) Banks, mortgage-credit institutions and insurance companies may carry out activities ancillary to the activities licensed. The Danish FSA may decide that the ancillary activities are to be carried on by another company. (2) Banks, mortgage-credit institutions and insurance companies may, through subsidiary undertakings, carry out other financial activities. 25. Banks, mortgage-credit institutions and insurance companies may, temporarily, carry out other activities to secure or settle exposures already entered into, or with regard to restructuring enterprises. The financial undertaking must inform the Danish FSA regarding this matter. 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 26.-(1) Banks, mortgage-credit institutions, investment companies and insurance companies may, notwithstanding sections 7-9, 11, 24 and 25, carry out other activities in cooperation with others if 1) the financial undertaking does not have direct or indirect controlling influence on the undertaking, 2) the financial undertaking does not carry out the activities in cooperation with other financial undertakings which are part of a group with said financial undertaking, or with regard to insurance companies, in management cooperation with said insurance company, and 3) the activities are carried on in another company than the financial undertaking. (2) If a financial undertaking or group begins to carry out other activities contrary to section 7(1), 8(1), 9(1), 11(1) or subsection 26(1) due to an acquisition, a merger, etc., the Danish FSA may determine a time-limit for disposal of the other activities, if an immediate disposal would result in a financial loss. Special regulations for investment companies regarding subsidiary undertakings 27. Investment companies may not have subsidiary undertakings, unless these are investment companies. Special regulations for investment management companies regarding subsidiary undertakings 28. Investment management companies may not have subsidiary undertakings, unless these are investment management companies. Special regulations for insurance companies regarding other licensed activities 29.-(1) In addition to the activities included in sections 24-26, insurance companies may carry out the following activities: 1) Agency activities for insurance companies and other companies under the supervision of the Danish FSA. 2) Establishment, ownership and operation of real property as a long-term placing of funds. (2) Life-assurance companies may erect residential housing for purposes of resale when said companies have been granted a pledge for a share of the appropriation framework under section 1c or under regulations laid down in pursuance of section 1(4) of the ”lov om fremme af privat udlejningsbyggeri” (act on the promotion of private rental housing) and at least half of the residential flats are rented for year-round residence. (3) With regard to investments under subsection (2), the value of the share of residential flats erected for purposes of resale may not exceed 1 per cent of the insurance provisions. EXCLUDING MINOR AMENDMENTS (4) Life-assurance companies and lateral pension funds (nationwide occupational pension funds) may establish and manage separate SP (Special Pension Savings Scheme) accounts.
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