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. 6) ”Finance institution” shall mean: October 2006, GlobalDenmark Translations An undertaking which is not a credit institution and the main activity of which consists of acquiring equity investments or in carrying out one or more of the activities specified in annex 2, nos. 2-12. 7) ”Parent undertaking” shall mean: An undertaking that a) holds the majority of the voting rights of an undertaking, b) holds shares or other interests in the own funds of an undertaking (is a shareholder) and is entitled to appoint or remove a majority of the board of directors, board of management or similar management organ of the undertaking, c) participates in the undertaking and is entitled to exercise a controlling influence on the undertaking under the articles of association or other agreements with said undertaking, d) participates in the undertaking and commands the majority of the voting rights within the undertaking under agreements with other shareholders or owners of shares of the own funds within said undertaking, or e) holds equity investments in an undertaking and exercises a controlling influence on said undertaking. 8) ”Subsidiary undertaking” shall mean: An undertaking with which a parent undertaking, directly or indirectly, has one of the links specified in no. 7. 9) ”Group” shall mean: A parent undertaking and its subsidiary undertakings. 10) ”Financial holding company” shall mean: a) A parent undertaking, which is not a financial undertaking, of a group where no less than one of the subsidiary undertakings of said group is a financial undertaking, and where no less than 40 per cent of the balance sheet total of the group and the parent undertaking’s associated undertakings pertains to the financial sector, cf. however subsection (8), or b) a parent undertaking whose activity exclusively or mainly consists of ownership of equity investments in subsidiary undertakings which are financial undertakings or finance institutions, and where at least one subsidiary undertaking is a financial undertaking. 11) ”Bank holding company” shall mean: EXCLUDING MINOR AMENDMENTS A parent undertaking whose activity exclusively or mainly consists of ownership of equity investments in subsidiary undertakings which are credit institutions or finance institutions, and where the main activity of the group is to carry out bank activities.
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. 12) ”Mortgage-credit holding company” shall mean: October 2006, GlobalDenmark Translations A parent undertaking whose activity exclusively or mainly consists of ownership of equity investments in subsidiary undertakings which are credit institutions or finance institutions, and where the main activity of the group is to carry out mortgage-credit institution activities. 13) ”Investment holding company” shall mean: A parent undertaking whose activity exclusively or mainly consists of ownership of equity investments in subsidiary undertakings which are credit institutions or finance institutions, and where the main activity of the group is to carry out investment activities. 14) ”Investment management holding company” shall mean: A parent undertaking whose activity exclusively or mainly consists of ownership of equity investments in subsidiary undertakings which are credit institutions or finance institutions, and where the main activity of the group is to carry out investment management activities. 15) ”Associated undertaking” shall mean: An undertaking in which a financial undertaking and its subsidiary undertakings hold equity investments and exercise significant influence on its operation and financial management, but which is not a subsidiary undertaking of said financial undertaking. A financial undertaking and its subsidiary undertakings shall be deemed to exercise significant influence where they jointly hold 20 per cent or more of the voting rights. 16) ”Exposure” shall mean: The sum of the amounts owed that involve a credit risk for the undertaking. 17) ”Close links” shall mean: a) direct or indirect links of the nature described in no. 9, b) participating interests such that an undertaking is in direct or indirect ownership of 20 per cent or more of the voting rights or capital of another undertaking, or c) the joint links with an undertaking of several undertakings or persons, cf. a). 18) ”Zone A countries” shall mean: EU Member States, other countries with full membership of the Organisation for Economic Cooperation and Development (OECD), and other countries that have entered into special loan agreements with the International Monetary Fund (IMF) and are affiliated with the General Agreement on Borrowing (GAB). However, a country that restructures its foreign national debt due to inability to pay shall be excluded from Zone A for a period of five years. EXCLUDING MINOR AMENDMENTS 19) ”Branch” shall mean: A department which legally does not comprise an independent part of a credit institution, investment firm, management company, or insurance company, and which carries on the type of activities for which the undertaking has a license.
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