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
independent enterprise, or in the capacity as a member of the board of directors or an
employee, or in any other way, participate in the management or operation of another
enterprise than said limited company.
(2) Other employees in a limited company covered by section 7 for whom there is a significant
risk of conflicts between the interests of the employee and those of the limited company 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 or as an employee, or in any
other way, participate in the management or operation of another enterprise than the limited
company. The board of directors shall be informed of any license granted by the board of
management.
(3) The board of directors shall decide which employees have a significant risk of conflicts
between the interests of the employee and those of the limited company, and who shall
consequently obtain the authorisation of the board of management, cf. subsection (2).
(4) The activities mention in subsections (1) and (2) shall only be carried out where the
limited company or companies which form part of a group with said limited company do not
have and do not enter into exposures with the undertakings mentioned in subsections (1) and
(2). This shall not apply to exposures in the form of equity investments and exposures in
enterprises that form part of a group with the limited company or enterprises where limited
companies covered by section 7 jointly own more than 4/5 of the equity investments.
(5) All authorisations granted by the board of directors in pursuance of subsection (1) shall
appear in the minute book of the board of directors.
(6) The limited company shall at least annually publish information on the duties and positions
approved by the board of directors under subsection (1). Furthermore, the external auditors
shall make a declaration in the audit book comments on the annual report stating whether the
limited company has exposures with enterprises covered by subsections (1) and (2).
(7) In special cases, the Danish FSA may grant exemptions from subsection (4).”
12. Sections 12e-h shall be repealed.
13. Section 13 shall be worded as follows:
”13.-(1) The board of directors, auditors, members of the board of management and other
employees in a limited company covered by section 7(1), nos. 1 to 5 may not, without
authorisation, divulge anything, which has come to their knowledge during the performance of
their duties.
(2) Subsection (1) shall not prevent a limited company covered by section 7(1), nos. 1-5, as
part of its cooperation with other limited companies under section 7, a regulated market for
securities in a country within the European Union or a country with which the Community has
entered into a cooperation agreement for the financial area, or a foreign regulated market,
clearing centre and central securities depository recognised by the Danish FSA from divulging
information to these, provided that such information is subject to a similar duty of
confidentiality with the recipients of such information.
EXCLUDING MINOR AMENDMENTS
(3) Subsection (1) shall also include information which a limited company covered by section
7(1), nos. 1-5 receives from other limited companies covered by section 7(1), nos. 1-5 or any