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
(7) Provided that it covers risks under insurance class 10, cf. annex 7, no. 10, excluding the
carrier's liability, the insurance company shall also appoint a representative who is domiciled or
established in Denmark. The representative shall be authorised to obtain all necessary
information regarding claims and to represent the insurance company in relation to injured
parties who may make claims, and with regard to the payment of such claims.
(8) In accordance with subsection (7), the representative shall also be authorised to represent
the insurance company in relation to the authorities as well as in legal proceedings against the
insurance company in connection with the claims mentioned in subsection (7).
(9) In accordance with subsection (7), the representative may not carry out or participate in
any form of direct insurance activities, and the appointment of the representative shall not, in
itself, be considered an establishment of a place of business, cf. section 34.
(10) The insurance company shall inform the Danish FSA of any changes regarding the
conditions mentioned in subsection (5), no. 2 and subsection (1), 2nd clause no later than at
the time the change is implemented.
32. A foreign undertaking may use the same name as it uses in its home country. If there is a
risk of confusing said name with a name used in Denmark, the Danish Commerce and
Companies Agency may require an explanation to be added to the name.
Special regulations regarding foreign credit institutions and investment firms
33.-(1) A foreign credit institution and investment firm, which has been granted a license in a
country outside the European Union, with which the Community has not entered into an
agreement for the financial area, is required to obtain a license from the Danish FSA to carry
out services with securities trading in Denmark.
(2) The Danish FSA may refuse to grant a license, if the legislation in the country, where the
credit institution and the investment firm have been granted a license and are under
supervision, will complicate the work of the Danish FSA.
(3) The Danish FSA shall lay down more detailed regulations regarding the license procedure,
including regulations as to the type of documentation required by the Danish FSA in connection
with the application.
Special regulations regarding foreign insurance companies
34.-(1) An insurance company's established place of business shall mean:
1) The registered office stated in the articles of association.
2) A branch.
3) An office managed by the staff of a foreign insurance company.
4) An independent person who has a permanent license to act on behalf of a foreign
insurance company in the same way as a branch.
EXCLUDING MINOR AMENDMENTS