Financial Business Act.pdf

More documents

Recommendations

Info

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 <strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations (4) 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). 121.-(1) Information on a private customer shall not be disclosed for the purpose of marketing or consultancy unless prior consent has been obtained from the customer. (2) Information may be disclosed under subsection (1) without consent to group undertakings which are under a duty of confidentiality as mentioned in section 117(1), and to undertakings where several financial undertakings, investment associations, special-purpose associations, approved restricted associations or hedge associations jointly own an undertaking carrying out activities that the financial undertaking is licensed to carry out through a subsidiary undertaking, or an undertaking which is ancillary to the financial undertaking under a duty of confidentiality as specified in section 117(1), where such information is general customer information forming the basis for separation of customer categories and where such disclosure is necessary to enable the undertaking receiving such information to pursue justifiable interests and regard for the private customer does not override such interests. (3) Usual information on commercial customers may be disclosed for the purposes of marketing and consultancy to a financial undertaking under a duty of confidentiality as specified in section 117(1). 122. The financial undertaking shall prepare guidelines on the extent to which information may be disclosed from the undertaking. These guidelines shall be available to the general public. 123.-(1) Consent to disclose information shall be given in writing. (2) Where an insurance contract is entered into on the basis of communication over the telephone, however, consent for disclosure of information to be used in connection with such an agreement may be given verbally. In such an event, the insurance company shall, no later than 14 days after such an insurance contract has been entered into, inform the customer in writing of the type of information disclosed with the verbal consent of said customer, for what purpose such information is disclosed, and who receives information of the basis of the verbal consent given by said customer. (3) At the request of the customer, the financial undertaking shall inform the customer of the type of information which may be disclosed with said customer's consent, for what purpose(s) such disclosure may occur, and of who may receive information on the basis of the customer’s consent. (4) When obtaining written consent, the financial undertaking shall inform customers of the possibility of receiving information on the scope of the consent pursuant to subsection (3). V Capital position of financial undertakings Part 10 Solvency General regulations regarding solvency EXCLUDING MINOR AMENDMENTS
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 <strong>Act</strong> no. 286 of 4 April 2006. Only the Danish document has legal validity. October 2006, GlobalDenmark Translations 124.-(1) The capital base of banks and mortgage-credit institutions shall constitute no less than 1) 8 per cent of the risk-weighted items (the solvency requirement), and 2) EUR 5 million (minimum capital requirement), cf. however subsection (2). (2) For banks whose capital base was less than EUR 5 million on 18 December 1989, the minimum capital requirement constitutes the capital base on 18 December 1989. The total capital base of a bank arising in connection with a merger of two or more banks covered by the 1st clause shall be no less than the total capital base of the merged banks at the time of the merger, if the merged bank does not fulfil the minimum capital requirement under subsection (1), no. 2. (3) The board of directors and board of management of banks and mortgage-credit institutions shall, on the basis of the risk profile of said bank or mortgage-credit institution, calculate the individual solvency need of the bank or mortgage-credit institution. The solvency need shall be expressed as the capital base as a percentage of the risk-weighted items. The solvency need may not be less than the solvency requirement of subsection (1), no. 1 and the minimum capital requirement of subsection (1), no. 2. (4) The Danish FSA may lay down a higher solvency requirement than the one stipulated in subsection (1), no. 1. (5) If the control over a bank covered by subsection (2), 1st clause is taken over by another natural or legal person, the capital base of the bank shall, no later than three months after the takeover, fulfil the minimum capital requirement under subsection (1), cf. however subsection (2), 2nd clause. (6) For mortgage-credit institutions, the solvency requirement shall be met for both the individual series with serial reserve funds and for the institution in general. 125.-(1) The capital base of investment companies and investment management companies shall constitute no less than 1) 8 per cent of the risk-weighted items (the solvency requirement, cf. however subsection (4)), 2) EUR 1 million (the minimum capital requirement) for investment companies wishing to become a member of a stock exchange, a central securities depository, or a clearing centre, where the company carries on clearing and settlement or wishes to carry out one or more of the services mentioned in annex 4, schedule A, nos. 2, 4 and 5, and schedule B, no. 2, 3) EUR 1 million (the minimum capital requirement) for investment management companies wishing to become a member of a stock exchange, or wishing to keep and manage the instruments mentioned in annex 5, no. 4, including becoming a member of a central securities depository, or a clearing centre, where the company carries on clearing and settlement, cf. however subsection (2), and 4) EUR 0.3 million (the minimum capital requirement) for other investment companies and investment management companies, cf. however subsection (2). EXCLUDING MINOR AMENDMENTS (2) Investment management companies shall, apart from the requirement mentioned in subsection (1), nos. 3 and 4, include an addition to the minimum capital requirement of 0.02 per cent of the part of said company's portfolio which is over EUR 250 million, cf. section 141.
Page 1 and 2: While this translation was carried
Page 43: While this translation was carried
Page 95 and 96:
While this translation was carried
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
show all

Financial Business Act.pdf

Create successful ePaper yourself

Delete template?

Save as template?