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
2) a description of the activities of the branch, including information on organisation and
planned activities,
3) the address of the branch,
4) the names of the branch management, and
5) for insurance companies, the name of the branch's general agent.
(2) When establishing a branch in a country within the European Union or in a country with
which the Community has entered into an agreement for the financial area, the Danish FSA
shall forward the information mentioned in subsection (1) to the supervisory authorities in the
host country. For banks and mortgage-credit institutions, solvency ratios, and for insurance
companies, solvency certificates, shall be submitted by the Danish FSA to the supervisory
authorities in the host country. Simultaneously, a declaration that the activities planned are
covered by the license of the financial undertaking shall be submitted.
(3) If the branch is established in a country within the European Union or in a country with
which the Community has entered into an agreement for the financial area, and if the
undertaking is a bank, mortgage-credit institution, investment company or investment
management company, the Danish FSA shall furthermore forward information about the
investor and depositor scheme, and for banks and mortgage-credit institutions the Authority
shall forward information about the undertaking's capital base. For investment management
companies and investment companies, the Danish FSA shall notify the supervisory authorities
of the host country of any changes in the information about the investor and depositor
guarantee scheme.
(4) The information required by subsections (2) and (3) shall be sent no later than three
months after receipt of the information. At the same time as the submission, the Danish FSA
shall inform the financial undertaking hereof.
(5) The Danish FSA may refrain from submitting information under subsections (2) and (3) if
there is reason to doubt that the administrative structure and financial situation are reasonable
as a basis for the establishment of a branch planned. The Danish FSA shall notify the
undertaking of this no later than two months after receipt of the information mentioned in
subsection (1).
(6) The undertaking shall notify the Danish FSA of any changes in the conditions mentioned in
subsection (1). The Danish FSA shall receive said notification no later than 1 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.
The undertaking is bound in the same way in relation to the supervisory authorities of the host
country, if the host country is another country within the European Union or a country with
which the Community has entered into an agreement for the financial area.
(7) A financial undertaking shall have a license by the Danish FSA to establish a branch in a
country outside the European Union with which the Community has not entered into an
agreement for the financial area. If there is reason to doubt that the administrative structure
and financial situation of the undertaking are reasonable as a basis for the establishment of a
branch planned, the Danish FSA may reject an application for a license.
EXCLUDING MINOR AMENDMENTS
(8) If the Danish FSA has required an insurance company to prepare a plan for restoration, cf.
section 248, the Danish FSA shall not forward a solvency certificate.