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
detailing the movements in own funds, as well as a management review. When the annual
report has been audited, the audit report shall be included therein.
(2) The annual report shall be prepared in accordance with the regulations stipulated in this
part of this Act as well as regulations issued pursuant to section 196, cf. however subsections
(3)-(6).
(3) Where provisions in this part of this Act or regulations issued in pursuance hereof regulate
the same aspects as the Council Regulation on the application of international accounting
standards, cf. Article 4 of the Regulation, the provisions of this part of this Act or the
regulations issued in pursuance hereof shall not apply to the consolidated financial statements
of the undertakings covered by Article 4 of the Regulation.
(4) Financial undertakings and financial holding companies which are not listed on a stock
exchange may, notwithstanding subsection (2), decide to prepare an annual report in
accordance with the standards mentioned in subsection (3). Listed financial undertakings and
listed financial holding companies may, notwithstanding subsection (2), decide to apply the
standards mentioned in subsection (3) to those parts of their annual report that are not
covered by Article 4 of the Regulation mentioned.
(5) Financial undertakings which, pursuant to subsection (4), follow the standards mentioned
in subsection (3) shall apply all approved standards in their annual report. Where provisions of
this Act or provisions issued pursuant to section 196 regulate the same aspects as the
standards, undertakings which, pursuant to subsection (4), apply the standards shall apply the
standards instead of the relevant provisions. If said undertakings solely apply the standards to
their consolidated financial statements and not to the annual financial statements, the 1st and
2nd clauses shall only apply to the consolidated financial statements.
(6) The Danish FSA may lay down disclosure requirements for the undertakings following the
standards mentioned in subsection (3).
184.-(1) The board of directors and the board of management shall present the annual report
of the undertaking.
(2) Each individual member of the management shall be responsible for ensuring that the
annual report is prepared in accordance with the legislation and any further accounting and
reporting requirements provided for by articles of associations or by agreement. Further, each
individual member shall be responsible for ensuring that the annual report may be audited and
approved in time if auditing is required. Finally, each individual member of the board of
directors shall be responsible for ensuring that the annual report is submitted to the Danish
FSA within the time limits stipulated in legislation.
185.-(1) When the annual report has been prepared, it shall be signed and dated by all
members of the board of directors and the board of management. They shall affix their
signatures to a management endorsement, stating whether
1) the annual report has been presented in accordance with the requirements provided for
by legislation and any standards as well as any requirements provided for by the
articles of association or by agreement, and
2) the annual report gives a true and fair view of the undertaking's assets and liabilities,
financial position and results for the year, and if consolidated financial statements are
prepared, the group's assets and liabilities, financial position and results for the year.
EXCLUDING MINOR AMENDMENTS