Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
While this translation was carried out by a professional translation agency, the text<br />
is to be regarded as an unofficial translation based on the latest official Consolidated<br />
<strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity.<br />
October 2006, GlobalDenmark Translations<br />
438.-(1) This <strong>Act</strong> shall not extend to Greenland and the Faroe Islands, but may be brought<br />
into force by Royal Decree for these parts of the Realm subject to any variations in their<br />
operation necessitated by the specific conditions prevailing in Greenland and the Faroe Islands<br />
respectively, cf. however subsections (2)-(4).<br />
(2) This <strong>Act</strong> may not be made effective for the Faroe Islands with regard to insurance business<br />
and mortgage-credit business.<br />
(3) This shall apply correspondingly to sections 420 and 421.<br />
(4) Section 419 may not be made effective for the Faroe Islands and Greenland.<br />
<strong>Act</strong> no. 903 of 17 November 2003 contains the following provisions regarding entry into force:<br />
5.-(1) This <strong>Act</strong> shall enter into force on the day after notification in the Danish Law Gazette 6 .<br />
(2) (Omitted)<br />
(3) (Omitted)<br />
<strong>Act</strong> no. 1171 of 19 December 2003 contains the following entry into force and transitional<br />
provisions:<br />
6.-(1) This <strong>Act</strong> shall enter into force on 1 January 2004, cf. however subsections (2) and (3).<br />
(2) (Omitted)<br />
(3) Section 3, nos. 6, 20-23, 27 and 29 shall enter into force on 1 January 2005.<br />
7. (Omitted)<br />
8. (Omitted)<br />
9.-(1) The members of the board of directors who, at the time of entry into force of this <strong>Act</strong>,<br />
have duties or employments covered by the prohibitions in section 98, as stated in section 3,<br />
no. 13 of this <strong>Act</strong>, may continue as members of the board of directors of the investment<br />
management company until expiry of the period for which they are elected. After such expiry,<br />
they shall not be re-electable.<br />
(2) The members of the board of management and other senior employees who, at the time of<br />
entry into force of this <strong>Act</strong>, are members of a board of directors covered by the prohibitions in<br />
section 99(2), as stated in section 3, no. 15 of this <strong>Act</strong>, may continue as members of said<br />
board of directors until expiry of the period for which they are elected. After such expiry, they<br />
shall not be re-electable.<br />
EXCLUDING MINOR AMENDMENTS<br />
(3) The members of the board of management and other senior employees who, at the time of<br />
entry into force of this <strong>Act</strong>, are legally employed in a manner covered by the prohibitions in<br />
section 99(2), as stated in section 3, no. 15 of this <strong>Act</strong>, may continue such employment after<br />
notification to the Danish FSA.
Change language