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 />
(2) Decisions may not be made stipulating that the investment management company may<br />
delegate decisions on investment of the funds of associations or on other core tasks. The<br />
Danish FSA shall lay down more detailed regulations as to which tasks are core tasks.<br />
(3) The obligations of the investment management company and the depositary shall not be<br />
affected by any delegation of tasks to a third party by the investment management company.<br />
103.-(1) An investment management company shall ensure that the undertakings to which<br />
said investment management company delegates tasks are qualified and capable of carrying<br />
out the relevant tasks. In cases where the delegation of tasks relates to investment<br />
management, said tasks may only be delegated to undertakings that are licensed for, or<br />
registered with a view to, portfolio management, and that are subject to supervision.<br />
(2) The delegation of tasks may not obstruct effective supervision of the investment<br />
management company and, in particular, it may not hinder the investment management<br />
company from operating or the association from being managed in the interests of its<br />
members.<br />
104.-(1) When delegating tasks, an investment management company shall ensure that<br />
arrangements are in place allowing the persons managing the activities of said investment<br />
management company to monitor at any time the activities of the undertaking to which the<br />
tasks have been delegated.<br />
(2) The agreement regarding delegation may not hinder the investment management<br />
company from giving further instructions at any time to the undertaking to which the task has<br />
been delegated, nor from terminating the agreement with immediate effect, if this is in the<br />
interest of the association being managed.<br />
105. The investment management company shall notify the Danish FSA no later than at the<br />
time when the agreement regarding delegation is made about the content and conditions of<br />
said agreement.<br />
Special regulations regarding depositaries for investment associations, special-purpose<br />
associations, restricted associations and hedge associations<br />
106.-(1) A depositary shall manage and keep separate the securities, cash funds and other<br />
assets of an association.<br />
(2) The depositary shall ensure that<br />
1) the issue and redemption by an association of its members' interests is carried out in<br />
compliance with the regulations in the Investment Associations and Special-Purpose<br />
Associations as well as other Collective Investment Schemes etc. <strong>Act</strong> and with the<br />
articles of association,<br />
2) securities and derivative financial instruments sold for the association's account are<br />
only surrendered when the sales amount (the consideration) is paid to the depositary,<br />
3) payment for securities and derivative financial instruments bought for the association's<br />
account only takes place when said securities and derivative financial instruments are<br />
surrendered to the depositary,<br />
EXCLUDING MINOR AMENDMENTS
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