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 114.-(1) Sections 49-55 a; section 56(1), 1st and 2nd clauses and (5); sections 57 and 58; section 60(1)-(3); sections 61-64, 68-70 and 72; section 73(1) and (2), 4th and 5th clause and (4); and section 75-77 of the Public Companies Act shall apply correspondingly to mutual insurance companies with the changes necessary and with the derogations appearing from the provisions of this Act. (2) Of the provisions mentioned in subsection (1), the provisions regarding shareholders shall apply correspondingly for guarantors, and provisions regarding share capital and shares shall apply correspondingly with the necessary relaxations for guarantee capital and guarantee interests. (3) Sections 65(2), 66, 71, 73(6), 74, 75(1) and (3), 76(2), 80 and 81 of the Public Companies Act shall also apply correspondingly to mutual insurance companies with the changes necessary and with the derogations appearing from the provisions of this Act. (4) Of the provisions mentioned in subsection (3), the provisions regarding shareholders shall apply correspondingly to all those entitled to vote at the general meeting of the mutual insurance company. (5) Sections 112 and 113 of the Public Companies Act regarding payments to shareholders shall apply correspondingly to the payment of interest to guarantors and payments to members of mutual insurance companies. Special regulations regarding lateral pension funds (nationwide occupational pension funds) 115.-(1) Unless the Minister for Economic and Business Affairs, with regard to the conditions of the pension fund, authorises another composition of the board of directors, said board of directors shall consist of a chairperson and an equal number of members of the board of directors, of which no less than half shall be elected by and amongst the members of said pension fund. (2) The articles of association may stipulate that the election of the board of directors and changes to the articles of association shall be carried out by the members of the pension fund by ballot. 116.-(1) The provisions for mutual companies in sections 23 and 114 shall apply correspondingly to lateral pension funds (nationwide occupational pension funds), cf. however subsection (2) and section 284(2) and (3). (2) Section 49(6) of the Public Companies Act shall not apply to lateral pension funds (nationwide occupational pension funds). Part 9 EXCLUDING MINOR AMENDMENTS Disclosure of confidential information 117.-(1) Members of the board of directors, members of local boards of directors or similar organs, members of the shareholder committee in a financial undertaking other than a savings bank, auditors and inspectors and their deputies, founders, valuation officers, liquidators,
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 members of the board of management, responsible actuaries, general agents and administrators in an insurance company and other employees may not without due cause disclose or use confidential information obtained during the performance of their duties. This provision shall apply correspondingly to financial holding companies. (2) Any person receiving information pursuant to subsection (1) shall fall within the scope of the duty of confidentiality specified therein. 118.-(1) Usual information on customer matters may be disclosed for the performance of administrative tasks. (2) For the performance of administrative tasks, information may be disclosed to a limited company wholly owned by Arbejdsmarkedets Tillægspension and to Arbejdsmarkedets Tillægspension, cf. sections 26b(3) and 23(4) of the Act on Arbejdsmarkedets Tillægspension, and to the administrative company of a joint administrative cooperation with regard to insurance. (3) Any person receiving information pursuant to subsections (1) and (2) shall fall within the scope of the duty of confidentiality specified in section 117(1). (4) The Danish FSA shall lay down more detailed regulations on what information constitutes usual customer information under subsection (1). 119. Information on purely private matters shall not be disclosed without the customer’s consent, unless such an action is lawful under section 117(1) or section 118(2). 120.-(1) Information may be disclosed to the parent undertaking of the financial undertaking for the purposes of risk management of undertakings within the group where such a parent undertaking is a financial undertaking or a financial holding company. This shall not, however, apply to information on purely private matters. (2) Information on private customers shall not be disclosed for the purpose of risk management, cf. subsection (1), except from in those special cases where information on a private customer concerns exposures which are or may become significant in size. 120a.-(1) Information on commercial customers may be exchanged between banks and mortgage-credit institutions, within the same group, for the purposes of risk management, including credit rating and credit administration. The same shall apply to exchanges of information with the financial holding companies and subsidiary companies of the undertakings. Information may only be exchanged with subsidiary companies that grant loans or carry out leasing activities. (2) The provision in subsection (1) shall also apply to exchanges of information between jointly owned banks and mortgage-credit institutions and owners of equity investments in the relevant bank or mortgage-credit institution when the owners mentioned are banks or mortgage-credit institutions and they jointly own more than 4/5 of the equity investments. The same shall apply to exchanges of information with those subsidiary companies of the jointly owned undertakings that grant loans or carry out leasing activities. EXCLUDING MINOR AMENDMENTS (3) Disclosure under subsections (1) and (2) shall not cover information as mentioned in section 119.
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