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
94. The board of directors and board of management of a cooperative savings bank in the
affiliation of cooperative savings banks shall provide access for both internal and external
auditors of the affiliation of cooperative savings banks to carry out the investigations deemed
necessary by said auditors and to ensure that said auditors are provided with the information
and assistance they deem necessary for the performance of their tasks.
95. Withdrawal or disqualification from an affiliation of cooperative savings banks shall require
a license from the Danish FSA and may only take place with no less than six months' notice to
the end of an accounting year. Said license may only be granted when the financial statements
for the relevant accounting year have been approved, but it shall be effective from the end of
said accounting year.
96. Section 49(1) and (2), 3rd and 4th clause and (3)-(6) and (7), 1st clause and (8); sections
50-53; section 54(1), 1st-3rd clause and (2)-(4); sections 55, 55 a, 57 and 58; section 60(1)
and (2); sections 61-64, 66, 68-69 a and 70-72; section 73(1) and (2), 4th and 5th clause and
(4) and (6), sections 74-77, 80 and 81; section 177; and section 178(1) of the Public
Companies Act shall apply to affiliations of cooperative savings banks with the changes
necessary and with the derogations appearing from the provisions of this Act.
Special regulations regarding investment companies and investment management companies
97.-(1) An investment company and an investment management company shall, without
delay, pay advances and deposits received from customers into a designated customer account
in a credit institution. Said customer account shall be separate from the funds of the
investment company or investment management company.
(2) The investment company and the investment management company shall record the
payments from the customers on designated customer accounts from which the balance of the
individual customer in the investment company or investment management company shall
appear.
(3) The Danish FSA shall lay down more detailed regulations for recording customers'
payments in investment companies and investment management companies.
Special regulations regarding investment management companies
98. The majority of the members of the board of directors in an investment management
company may neither be members of the board of directors in a depositary or another
company with which an association or other investment schemes managed by the relevant
investment management company has entered into significant agreements, nor may they be
employees in the depositary or in another company with which an association or other
investment schemes managed by the relevant investment management company has entered
into significant agreements, nor may they be members of the board of directors of or
employees in other companies within the same group as said companies.
EXCLUDING MINOR AMENDMENTS
99.-(1) The board of directors or board of management of an investment management
company may only authorise under section 80(1) and (2) that a person be a member of the
board of directors, or participate in the management or operation of, an investment
association, a special-purpose association or a restricted association if the relevant association