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
General regulations regarding other duties and positions held by the management
80.-(1) Persons employed by the board of directors of a financial undertaking in accordance
with legislation or the articles of association may not, without the consent of the board of
directors, own or operate an independent enterprise, or in the capacity as a member of the
board of directors, an employee, or in any other way, participate in the management or
operation of another enterprise than said financial undertaking, cf. however section 199(9) and
(10).
(2) Other employees in a financial undertaking for whom there is a significant risk of conflicts
between the interests of the employee and those of the financial undertaking may not, without
the consent of the board of management, own or operate an independent enterprise, or in the
capacity as a member of the board of directors, employee, or in any other way, participate in
the management or operation of another enterprise than said financial undertaking. The board
of directors shall be informed of any authorisation granted by the board of management.
(3) The board of directors shall decide which employees have a significant risk of conflicts
between the interests of the employee and those of the financial undertaking, and who shall
consequently obtain the authorisation of the board of management, cf. subsection (2). The
board of directors shall ensure that the relevant employee knows of this decision. The penalty
provision in section 373(2) shall apply from the time when the employee in question has
received information hereof.
(4) The activities mentioned in subsections (1) and (2) shall only be carried on where the
financial undertaking or undertakings which form part of a group or a joint organisation of
administration with said financial undertaking do not have and do not enter into exposures
with the enterprises specified in subsections (1) and (2) or undertakings which form part of a
group with said undertakings. This shall not apply to exposures in the form of equity
investments, exposures in the undertakings mentioned in subsections (5) and (6) and
exposures in enterprises that form part of a group with the financial undertaking or enterprises
where financial undertakings jointly or financial undertakings in association with funds and
associations established under sections 207, 214 and 215 own more than 4/5 of the equity
investments.
(5) The ban on exposures stipulated in subsection (4) shall not apply in connection with
participation in the boards of directors of Danmarks Skibskredit A/S, Dansk
Udviklingsfinansiering A/S, BSU-fonden, LR Realkredit A/S, Bornholms Erhvervsfond,
Grønlandsbanken A/S, Kongeriget Danmarks Fiskeribank, stock exchanges, authorised market
places, clearing centres, central securities depositories, OMX AB, OMX Exchanges Oy,
Industrialiseringsfonden for udviklingslandene (IFU) and Industrialiseringsfonden for
Østlandene (IFØ).
(6) The ban on exposures stipulated in subsection (4) shall not apply in connection with
participation in the board of directors of an undertaking which is temporarily operated by a
bank, mortgage-credit institution or insurance company pursuant to section 25 to secure or
settle exposures already entered into.
EXCLUDING MINOR AMENDMENTS
(7) All authorisations granted by the board of directors in pursuance of subsection (1) shall
appear in the minute book of the board of directors.
(8) The financial undertaking shall at least annually publish information on the duties and
positions approved by the board of directors under subsection (1). Furthermore, the external