Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
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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 />
Part 5<br />
Foreign undertakings<br />
General regulations regarding foreign undertakings<br />
30.-(1) A foreign undertaking which has been granted a license to carry out the activities<br />
mentioned in sections 7-11 in another country within the European Union or in a country with<br />
which the Community has entered into an agreement for the financial area, may begin carrying<br />
out activities in Denmark through a branch two months after the Danish FSA has received<br />
notification hereon from the supervisory authorities of the home country, cf. subsections (4)-<br />
(8). The branch may carry out the activities mentioned in annexes 2-4, 7 and 8 if these are<br />
covered by the company's license in the home country.<br />
(2) Issuance of mortgage-credit bonds, cf. annex 3, may only be carried out by credit<br />
institutions which fulfil the relevant conditions under the Mortgage-Credit Loans and Mortgage-<br />
Credit Bonds etc. <strong>Act</strong>.<br />
(3) If the undertaking is a management company, cf. section 5(1), no. 5, the branch may<br />
1) manage investment undertakings and other collective investment undertakings which<br />
have been approved in the home country, and<br />
2) carry out the activities mentioned in annex 4, schedule A, nos. 3 and 5 and schedule B,<br />
no. 5, if these are covered by the management company's license in the home country.<br />
(4) The Danish FSA shall obtain the following information from the supervisory authorities of<br />
the home country:<br />
1) a description of the activities of the branch, including information on organisation and<br />
planned activities,<br />
2) a declaration that the activities planned are covered by the company's license in the<br />
home country.<br />
3) the address of the branch, and<br />
4) the names of the branch management or of the general agent, cf. section 35.<br />
(5) If the undertaking is a credit institution, the Danish FSA shall furthermore obtain<br />
information on the undertaking's capital base and solvency ratio, as well as information on any<br />
guarantee scheme in the home country covering the depositors or investors in the branch.<br />
(6) Furthermore, if the undertaking is an investment firm or a management company, cf.<br />
section 5(1), no. 5, the Danish FSA shall obtain information on any guarantee scheme in the<br />
home country covering investors in the branch.<br />
(7) Furthermore, if the undertaking is an insurance company, the Danish FSA shall obtain a<br />
solvency certificate.<br />
EXCLUDING MINOR AMENDMENTS<br />
(8) Provided that the branch is required to hedge risks under insurance class 10, cf. annex 7,<br />
no. 10, excluding the carrier's liability, the Danish FSA shall also require a declaration stating<br />
that the branch is a member of the Danish Motor Insurers' Bureau from the supervisory<br />
authorities of the home country. For the insurance contracts issued by the branches in
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