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
agreement for the financial area sections 31, 36, 43, 44, 46-60, 347(1), and 348(1) shall
apply.
(6) For services with securities carried out in Denmark by credit institutions and investment
firms, which have 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 sections 33, 43,
347(1), and 348 shall apply.
(7) For services carried out in Denmark by insurance companies, which have 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 section 37 shall apply.
(8) Cooperative savings banks, which are members of the Danish Amalgamation of
Cooperative Banks, may meet the requirements of this Act jointly. The Amalgamation shall be
regarded as one single bank in relation to the provisions of this Act.
(9) For affiliated cooperative savings banks sections 5, 6, 7(1)-(6), 12, 15(2) and (4), 16, 17,
24-26, 43, 45-48, 50-52, 64-67, 69, 73, 74, 76-80, 85-88, 92, 151(2), 176 and 177, 178(1),
183-198, 199(2)-(4), (8) and (11), sections 203 and 204; section 231(1); sections 232, 235
and 241-244; sections 344-357, and 372, cf. sections 373 and 374, shall apply.
(10) Part 19 of this Act shall apply to electronic money institutions. Undertakings licensed
under section 7(1) shall not be covered by part 19 of this Act except for section 311.
(11) Part 20 of this Act shall apply to savings undertakings.
(12) Provisions regarding the board of directors or its members in section 5(1), no. 7, (b);
sections 76, 77(1) and (3) and 78(1); sections 90(2), 98 and 108(2) and (3); sections 115,
144(1) and 199(9) and (10); sections 203, 209, 247 and 296; section 327(3); and
section 358(2) shall, in European Companies with a two-string management system, only
apply to the supervisory body or its members and with the necessary changes.
(13) Provisions regarding the board of directors or its members and provisions regarding the
management in section 14(1), 2nd clause; sections 64, 65, 73-75, 80, 83, 87, 94, 110 and
117; section 179, no. 2; section 180, no. 2; sections 184 and 185; sections 233, 289(1)
and 299; section 317(3); section 346(2) and (3); section 349(2), no. 2; section 355(2), no. 9,
and (3); and sections 356, 373 and 374 shall, in European Companies with a two-string
management system, in addition to the management body and its members, cf. section 8(1) of
the Act on the European Company (the SE Act), also apply to the supervisory body or its
members and with the necessary changes.
Special regulations regarding scope for investment management companies
1a. Sections 38 and 39 shall not apply to investment management companies which are only
licensed to carry out the activities mentioned in annex 6, nos. 2-5.
EXCLUDING MINOR AMENDMENTS
Special regulations regarding scope for insurance companies