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 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
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. Sections 61, 62, and 170-178 shall not apply to lateral pension funds (nationwide occupational pension funds) or the mutual insurance companies included within the scope of this Act. 3. The Danish FSA may lay down special regulations or departures from this Act as regards reinsurance business and coinsurance business. 4.-(1) The regulations in this Act on groups of companies shall apply when the parent undertaking is an insurance company. (2) The Danish FSA may decide that the regulations on groups of companies in this Act or in the Public Companies Act, except for section 49(3) of the Public Companies Act, shall apply wholly or partly to several insurance companies that do not comprise a group in accordance with section 5(1), no. 9 but have such mutual links that application of the regulations mentioned is considered necessary. The relevant companies shall appoint one of the companies domiciled in Denmark and mentioned in section 12, 3rd clause as the parent undertaking. If this is not done, the Danish FSA shall appoint the parent undertaking. 5.-(1) For the purposes of this Act: 1) ”Financial undertakings” shall mean: a) Banks b) Mortgage-credit institutions c) Investment companies d) Investment management companies e) Insurance companies 2) ”Credit institution” shall mean: Part 2 Definitions An undertaking, the activity of which consists of receiving from the general public deposits or other funds to be repaid, and granting loans at its own expense. 3) ”Investment firm” shall mean: A legal or natural person the activity of whom consists of carrying out investment services. 4) ”Investment service” shall mean: The activities stated in annex 4, schedule A nos. 1-4 in connection with the instruments stated in annex 5 nos. 1-9 (securities). EXCLUDING MINOR AMENDMENTS 5) ”Management company” shall mean: A company, the activities of which consist of management of undertakings for collective investment in securities (UCITS).
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