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
(3) If a bank or a mortgage-credit institution is licensed as a securities dealer under section
9(1), its license to operate as a bank or mortgage-credit institution may be withdrawn if the
conditions of subsection (1), nos. 1-4 are met.
(4) If an insurance company has not, within the time limits set by the Danish FSA, carried out
the measures listed in the restoration plans mentioned in section 248(1) and (2), its license to
operate as an insurance company may be withdrawn.
225.-(1) If the bank, mortgage-credit institution, investment company or investment
management company does not meet the capital requirements mentioned in section 124(1),
(2) and (4)-(6) and section 125(1)-(4) and (6), and if the bank, mortgage-credit institution,
investment company or investment management company has not raised the capital required
prior to the time limit set by the Danish FSA, the Danish FSA shall withdraw the license.
(2) If raising the capital requires the ultimate authority of the bank, mortgage-credit
institution, investment company or investment management company to be convened, the
Danish FSA may decide that a meeting may be convened at shorter notice than stipulated in
the articles of association.
(3) If a group covered by sections 171-174 does not meet the solvency requirement of said
provisions, and if said group has not raised the capital required within a time limit set by the
Danish FSA, the Danish FSA may withdraw the license of the bank, mortgage-credit institution,
investment company or investment management company.
Winding-up
226.-(1) When the Danish FSA withdraws the license of a bank, mortgage-credit institution,
investment company or investment management company under sections 223-225, the
activities shall be wound up, and other activities may not be commenced before the windingup
is complete.
(2) When the Danish FSA withdraws the license under section 224(2) and (3), the activities to
which the bank, mortgage-credit institution, investment company or investment management
company is no longer licensed shall be wound up. The Danish FSA may stipulate a time limit
for the winding-up.
(3) When the Danish FSA withdraws the license of an insurance company, the Danish FSA
shall make decisions regarding whether said insurance company shall attempt to transfer its
portfolio of insurance contracts to one or more insurance companies carrying out insurance
activities in Denmark, or whether said insurance company shall attempt to terminate its
portfolio of insurance contracts in another way. With regard to life-assurance companies, the
Danish FSA may decide that the portfolio of insurance contracts is to be taken under
administration in accordance with sections 253-258.
(4) The Danish FSA may, in connection with withdrawal of the license of an insurance
company, prohibit or restrict free disposal of the insurance company's assets. Section 167(6)
and (7) shall apply correspondingly.
EXCLUDING MINOR AMENDMENTS
227. Winding-up, cf. section 226, shall be effected through liquidation or bankruptcy or
through amalgamation under section 204. Where winding-up is conducted in another manner,
the form, the content and implementation of said winding-up shall be approved by the Danish