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 />
regard to the compulsory composition, and shall ensure that no less than 40 per cent of the<br />
responses received accept commencement of such negotiations.<br />
(2) In connection with the status report that must be prepared when commencing negotiations<br />
with regard to compulsory composition, cf. section 165 of the Bankruptcy <strong>Act</strong>, the bankruptcy<br />
court may, in cases of compulsory composition of reinsurance companies, following<br />
consultation with the Danish FSA, appoint an independent actuary for the preparation of a<br />
statement of the value of the claims that have been made.<br />
(3) In cases of compulsory composition of reinsurance companies, the claims shall be made<br />
under section 176 of the Bankruptcy <strong>Act</strong> regarding the adoption of a compulsory composition<br />
in relation to the creditors present and the claims made.<br />
240. The provisions of this <strong>Act</strong> regarding the powers of the Minister for Economic and <strong>Business</strong><br />
Affairs and the Danish FSA, and regarding the obligations of financial undertakings towards the<br />
Minister for Economic and <strong>Business</strong> Affairs and the Danish FSA shall, with the necessary<br />
changes, apply to such undertakings, which have entered into suspension of payments or are<br />
being dissolved.<br />
241. Part 14 of the Public Companies <strong>Act</strong> shall, with the necessary changes, apply to savings<br />
banks, cooperative savings banks and mutual insurance companies.<br />
242. The Minister for Economic and <strong>Business</strong> Affairs shall lay down regulations with a view to<br />
compliance with Community law regarding restructuring and liquidation of credit institutions<br />
and insurance companies.<br />
243. The Danish FSA may, in pursuance of the procedures laid down under Community law in<br />
this respect, prohibit a foreign credit institution, finance institution, investment firm,<br />
investment management company or insurance company covered by section 30(1) and section<br />
31(1) domiciled in another country within the European Union or in a country with which the<br />
Community has entered into an agreement for the financial area from carrying out activities in<br />
Denmark through a branch or through offering services in Denmark. The Danish FSA may<br />
prohibit the undertakings mentioned in the 1st clause from carrying out the activities<br />
mentioned in the 1st clause if the undertaking wilfully or repeatedly has violated the provisions<br />
of this <strong>Act</strong>, regulations issued pursuant to this <strong>Act</strong> or other legislation regarding said credit<br />
institution, finance institution, investment firm, investment management company or<br />
insurance company, and if it has not been possible to cease said violation by means of orders<br />
or sanctions under this <strong>Act</strong>.<br />
Part 16<br />
Crisis management<br />
Special regulations regarding banks<br />
EXCLUDING MINOR AMENDMENTS<br />
244. The Minister for Economic and <strong>Business</strong> Affairs shall establish a measurement board, cf.<br />
section 245, which in connection with a tax-free merger or a transfer of assets between banks<br />
as a result of a bank no longer meeting, or coming close to no longer meeting, the solvency<br />
requirement in section 124, may stipulate the tax value at the date of merger of loans made<br />
by the ailing bank. The measurement board may only make decisions on request from one of