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
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.