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 />
assessment basis for the redemption price. The value of the shares of the bank shall be<br />
calculated on the basis of their open market value by the auditor elected at the general<br />
meeting of the bank.<br />
(3) The purchase price shall be paid or deposited no later than 3 days after said redemption<br />
has been requested from the shareholders. This shall also apply to the purchase sum for<br />
shares called up in accordance with the Danish Official Gazette, cf. the provisions regarding<br />
this in the Public Companies <strong>Act</strong>.<br />
(4) The redemption and transfer of shares are regarded as final at the time of payment or<br />
deposit of the purchase sum, cf. subsection (3). In cases of disagreement regarding the pricing<br />
of the shares, said pricing shall be determined upon the request of either party by two auditors<br />
appointed by the Institute of State Authorized Public Accountants in Denmark. The decision<br />
may be brought before the courts no later than 2 weeks after receipt of the auditors' decision.<br />
Part 11<br />
Placement and liquidity of funds<br />
Regulations for banks and mortgage-credit institutions as well as investment companies and<br />
investment management companies regarding the placement and liquidity of funds<br />
145.-(1) An exposure, cf. section 5(1), no. 16, with a customer or group of mutually<br />
connected customers may not, after subtracting particularly secure claims, exceed 25 per cent<br />
of the capital base, cf. section 128.<br />
(2) The sum of exposures that, after subtracting particularly secure claims amount to 10 per<br />
cent or more of the capital base, may not add up to more than 800 per cent of the capital<br />
base.<br />
(3) Exposures that amount to 10 per cent or more of the capital base shall be notified to the<br />
Danish FSA each quarter.<br />
(4) If exposures exceed the limits laid down in subsection (1) or (2), the Danish FSA shall be<br />
notified immediately. The Danish FSA may allow the limit under subsection (1) to be exceeded<br />
temporarily under special circumstances.<br />
(5) The limits mentioned in subsections (1) and (2) shall not apply to exposures with<br />
undertakings which are fully included in the consolidation.<br />
(6) If an exposure is guaranteed by a credit institution in Zone A, the guaranteed part of the<br />
exposure shall be considered as an exposure with the credit institution that has provided the<br />
guarantee, cf. however, section 155.<br />
(7) Amounts subtracted from the capital base under section 139(1), no. 1 shall not be<br />
included in exposures with subsidiary companies or associated companies that carry out<br />
insurance activities.<br />
EXCLUDING MINOR AMENDMENTS<br />
(8) Amounts deducted from the capital base pursuant to section 139(1), nos. 2, 3 and 5, shall<br />
not be included in the exposure with the issuer of the equity investments.
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