Financial Business Act.pdf
Financial Business Act.pdf
Financial Business Act.pdf
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While this translation was carried out by a professional translation agency, the text<br />
is to be regarded as an unofficial translation based on the latest official Consolidated<br />
<strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity.<br />
October 2006, GlobalDenmark Translations<br />
is not managed by the investment management company, and if the majority of the members<br />
of the board of directors for the relevant association are not also members of the board of<br />
directors of the investment management company. The person concerned may not hold the<br />
position as chairperson of the board of directors.<br />
(2) The board of directors or board of management of an investment management company<br />
may not authorise, under section 80(1) and (2), that members of the board of management<br />
and other senior employees may be members of the board of directors in, or participate in the<br />
management or operation of, the depositary or another company with which one of the<br />
associations or investment schemes that the investment management company manages, has<br />
entered into significant agreements, or in a company within the same group as said<br />
companies.<br />
100.-(1) The management of an investment management company shall have proper<br />
experience in connection with the type of associations managed by the investment<br />
management company.<br />
(2) An investment management company shall have an adequately qualified staff and the<br />
technical expertise required to carry out the management of the type of association managed<br />
by the investment management company, and to make investment decisions regarding the<br />
funds of said associations.<br />
101.-(1) Investment management companies shall act independently and solely in the<br />
interest of the association when managing investment associations, special-purpose<br />
associations, approved restricted associations and hedge associations.<br />
(2) In their day-to-day management, investment management companies shall safeguard the<br />
interests of the associations they manage to the best of their abilities.<br />
(3) Investment management companies shall avoid conflicts of interest between themselves<br />
and the associations, between companies that they are in a group with and the associations,<br />
and between the associations. When such conflicts of interest cannot be avoided, the<br />
investment management company shall notify the board of directors of the relevant individual<br />
association.<br />
(4) When an investment management company is also licensed to carry out portfolio<br />
management based on estimates, the company shall maintain a clear distinction between this<br />
portfolio management and the management of associations. The investment management<br />
company shall be governed by the board of directors of the individual association in matters<br />
concerning the management of said association.<br />
(5) The Danish FSA may lay down regulations on how investment management companies<br />
shall avoid conflicts of interest.<br />
The access of investment management companies to delegating tasks<br />
EXCLUDING MINOR AMENDMENTS<br />
102.-(1) If an investment management company delegates certain tasks, which the<br />
investment management company is required to carry out as part of the management of the<br />
association, to a third party, this shall be based upon a decision made by the board of directors<br />
of the association.
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