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. 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as a securities dealer under section 9(1), its license to operate as a bank or mortgage-credit institution may be withdrawn if the conditions of subsection (1), nos. 1-4 are met.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in the restoration plans mentioned in section 248(1) and (2), its license to operate as an insurance company may be withdrawn. 225.-(1) If the bank, mortgage-credit institution, investment company or investment management company does not meet the capital requirements mentioned in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
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. FSA. October 2006, GlobalDenmark Translations 228.-(1) The Danish FSA may stipulate a time limit for such a decision on liquidation under section 116(1) of the Public Companies Act. If said time limit is exceeded, the Danish FSA may decide that the financial undertaking is to enter into liquidation. (2) A decision to wind up a financial undertaking shall be submitted to the Danish FSA immediately. 229. A company carrying out life-assurance business may not be dissolved without the consent of each individual policyholder unless said company has, in advance, transferred its entire portfolio of insurance contracts to another company in accordance with the regulations laid down in section 204, or unless the portfolio of insurance contracts of said company has been placed under administration. 230. An insurance company carrying out industrial injury insurance business may not be dissolved unless said company has, in advance, transferred its entire portfolio of industrial injury insurance contracts to another company in accordance with the regulations laid down in section 204, or unless the portfolio of industrial injury insurance contracts of said company has been placed under administration by the National Board of Industrial Injuries in accordance with section 54 of the Workers' Compensation Act. Special regulations on liquidation and bankruptcy 231.-(1) A bank, mortgage-credit institution, investment company or investment management company shall be liquidated by one or more liquidators appointed by the Minister for Economic and Business Affairs. One of the liquidators shall be a lawyer. (2) In the event of liquidation of an insurance company, the Minister for Economic and Business Affairs may, when the interests of the insured parties, shareholders, guarantors or creditors so require, after having obtained a statement from the Danish FSA, appoint a liquidator to carry out the liquidation in cooperation with the liquidators appointed by the general meeting. (3) If the Danish FSA decides under section 249 or 250 that an insurance company is to enter into liquidation, the bankruptcy court shall, after negotiations with the Danish FSA, appoint one or more liquidators and at least one shall be a lawyer. 232.-(1) The Danish FSA may suspend the articles of association of a financial undertaking during liquidation. (2) Financial statements prepared in connection with liquidation shall be submitted to the Danish FSA. 233. A petition for bankruptcy for a financial undertaking under liquidation may only be submitted by said liquidators or the Danish FSA. EXCLUDING MINOR AMENDMENTS 234.-(1) The Danish FSA may submit a petition for bankruptcy when a financial undertaking becomes insolvent. A decision made by the Danish FSA to petition for bankruptcy may not be appealed against under section 372.
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