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
question covering the risks mentioned, sections 105-108 and 110-115 of the Road Traffic Act
shall apply.
(9) The undertaking shall inform the Danish FSA of any changes regarding the conditions
mentioned in subsection (4), nos. 1-4 and subsections (5)-(8) no later than one month before
the change is implemented. If it proves impossible to notify the Danish FSA of the change no
later than one month before the change is implemented, notification must take place without
delay. However, the undertaking shall not inform the Danish FSA of changes regarding the
capital base and solvency ratio of said undertaking.
(10) The provisions laid down in the Public Companies Act on branches of foreign companies
shall apply to the branches specified in subsection (1).
31.-(1) A foreign undertaking which has been granted a license to carry out the activities
mentioned in sections 7-11 in another country within the European Union or in a country with
which the Community has entered into an agreement for the financial area, may begin
providing services in Denmark when the Danish FSA has received notification hereon from the
supervisory authorities of the home country. The foreign undertaking may carry out the
activities mentioned in annexes 2-4, 7 and 8 when the supervisory authorities in the home
country have declared that they are covered by the undertaking's license in the home country.
If the foreign undertaking is an insurance company, the Danish FSA shall also have received
the information mentioned in subsections (5) and (6) from the supervisory authorities of the
home country.
(2) Issuance of mortgage-credit bonds, cf. annex 3, may only be carried out by credit
institutions which fulfil the conditions under the Mortgage-Credit Loans and Mortgage Credit-
Bonds etc. Act.
(3) If the undertaking is a management company, the undertaking may
1) manage investment undertakings and other collective investment undertakings which
have been approved in the home country, and
2) carry out the activities mentioned in annex 4, schedule A, nos. 3 and 5 and schedule B,
no. 5, if these are covered by the management company's license in the home country.
(4) The procedure mentioned in subsection (1) shall also apply when a management company
delegates the marketing of shares in the host country to a financial undertaking which has
been granted a license under section 9(1) or 10(1).
(5) If the foreign undertaking is an insurance company, the Danish FSA shall obtain the
following information from the supervisory authorities of the home country:
1) a solvency certificate, and
2) a list of the classes of insurance, groups of classes of insurance, and any subsidiary
risks that the insurance company intends to cover in Denmark.
(6) Provided that the insurance company is required to hedge risks under insurance class 10,
cf. annex 7, no. 10, excluding the carrier's liability, the Danish FSA shall also require, from the
insurance company, information on the name and address of the representative mentioned in
subsection (7), as well as a declaration stating that the insurance company is a member of the
Danish Motor Insurers' Bureau. For the insurance contracts in question covering the risks
mentioned, sections 105-108 and 110-115 of the Road Traffic Act shall apply.
EXCLUDING MINOR AMENDMENTS