Financial Business Act.pdf

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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 59.-(1) An insurance company that writes fire insurance of buildings, shall, within the limitations of its articles of association or its license, take over insurance for any building. (2) The company may, however, refuse to insure 1) buildings not laid out appropriately against fire hazard, and 2) abandoned buildings. 60.-(1) An insurance company may not cancel a fire insurance of buildings policy because the premium has not been paid. (2) A customer may only cancel the insurance with the consent of the beneficiaries according to all rights and liabilities registered on the property, unless, without prejudicing the legal status of these, the property is insured by another company with a license to operate fire insurance of buildings. (3) The insurance company shall have a lien on premiums with accumulated interest and other costs. The company shall also have a mortgage on the insured property for one year from the due date of payments subordinated property taxes due to the state and municipality. (4) The Danish FSA shall lay down minimum terms for fire insurance of buildings written by insurance companies. IV Ownership and management etc. Part 7 Ownership 61.-(1) Any natural or legal person planning directly or indirectly to acquire a qualifying interest of 10 per cent or more, cf. section 5(3), in a financial undertaking or a financial holding company shall notify the Danish FSA in advance, and the Danish FSA shall approve the acquisition planned. The same shall apply to an increase in the qualifying interest which, after the acquisition, results in the interest equalling or exceeding a limit of 20 per cent, 33 per cent or 50 per cent respectively of the share capital or voting rights, or results in the financial undertaking or the financial holding company becoming a subsidiary undertaking. (2) Acquisition or increase of the interest mentioned in subsection (1) shall only be approved when such approval is not contrary to ensuring appropriate operation of the financial undertaking or the financial holding company. (3) The Danish FSA's approval or refusal shall be available no later than three months after the Danish FSA’s receipt of adequate notification of the projected acquisition. (4) The Danish FSA may, when approving acquisitions or increases pursuant to subsection (1), stipulate a time limit for the completion of such acquisitions or increases. EXCLUDING MINOR AMENDMENTS (5) The Danish FSA may suspend consideration of an application regarding the direct or indirect acquisition by a natural or legal person of the shares in a financial undertaking or a financial holding company specified in subsection (1) where said acquirer is domiciled outside
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 the European Union in a country with which the Community has not entered into an agreement. (6) Owners of capital holding an interest of at least 10 per cent, and who intend to reduce said interest so that it falls below one of the limits stipulated in subsection (1), shall give the Danish FSA notification hereof and state the size of the intended future interest. (7) Where a financial undertaking or a financial holding company learns of acquisitions or sales as specified in subsections (1) and (6), said undertaking or holding company shall immediately notify the Danish FSA hereof. (8) Financial undertakings and financial holding companies shall, no later than February each year, submit information to the Danish FSA of the names of the owners of capital who own qualifying interests in the financial undertaking or the financial holding company as well as information on the sizes of said interests. 62.-(1) Where owners of capital holding one of the interests mentioned in section 61(1) in a financial undertaking or a financial holding company act contrary to appropriate operation of said undertaking or holding company, the Danish FSA may order said undertaking or holding company to follow specific guidelines and withdraw the voting rights associated with the equity investments of the relevant owners. (2) The Danish FSA may withdraw the voting rights associated with equity investments owned by natural or legal persons who do not comply with the duty to submit to the Danish FSA prior notification mentioned in section 61(1). Said equity investments shall have their full voting rights restored if the Danish FSA is able to approve the acquisition. (3) The Danish FSA shall withdraw the voting rights associated with equity investments owned by natural or legal persons who have acquired equity investments as specified in section 61(1) notwithstanding the fact that the Danish FSA has refused approval of this acquisition of equity investments. (4) Where the Danish FSA has withdrawn voting rights pursuant to subsections (1)-(3), the relevant equity investment shall not be included in calculations of the voting capital present at general meetings. 63.-(1) The Danish FSA shall be notified prior to any direct or indirect acquisition by a financial undertaking or a financial holding company of a qualifying interest in a foreign financial undertaking as well as of such increases in the qualifying interest which mean that said interest comprises or exceeds a limit of 20 per cent, 33 per cent, or 50 per cent, respectively of the voting rights or share capital of the company, or that the foreign financial undertaking becomes a subsidiary undertaking. Such notification shall include information on the country in which such an undertaking is established. (2) Financial undertakings and financial holding companies holding an interest of no less than 10 per cent in a foreign financial undertaking, and which intend to reduce said interest so that it falls below one of the limits mentioned in subsection (1) shall give the Danish FSA notification hereof and state the size of the intended future interest. EXCLUDING MINOR AMENDMENTS (3) Where the foreign financial undertaking becomes a subsidiary undertaking, the notification to the Danish FSA shall include the following information on the subsidiary undertaking:
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