Financial Business Act.pdf

More documents

Recommendations

Info

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 IX Electronic money institutions Part 19 Electronic money institutions Introductory provisions 308.-(1) Undertakings that carry out activities comprising issuing means of payment in the form of electronic money shall be licensed as electronic money institutions. For the purposes of this Act, ”electronic money” shall mean a monetary value, as represented by a claim against the electronic money institution, which is stored on an electronic medium. Electronic money may not be issued at a premium and must be recognised as means of payment by undertakings other than the electronic money institution. (2) Apart from issuing electronic money, electronic money institutions shall only carry out activities associated with 1) delivery of closely linked financial and non-financial services, and 2) storage on the electronic medium on behalf of other companies or public institutions. (3) Electronic money institutions and banks shall have exclusive right to issue electronic money. (4) An undertaking seeking a license under subsection (1) shall have a share capital of an amount corresponding to no less than EUR 1 million. (5) Apart from subsection (7), the provisions of this part of this Act shall not apply to undertakings issuing electronic money if the maximum amount stored on the electronic medium cannot exceed EUR 150 and one of the following conditions is met: 1) the undertaking's total financial liabilities in respect of outstanding electronic amounts may never exceed EUR 6 million, cf. subsection (6). The outstanding electronic amounts may not, on average, exceed EUR 5 million, cf. subsection (6). 2) the electronic money issued by the undertaking is only recognised as a means of payment by companies within a single group, or 3) the electronic money issued by the undertaking is only recognised as a means of payment by a limited number of companies that can be clearly identified by virtue of their location at a single site or within another limited area, or by virtue of their close financial or business relationships with the undertaking, cf. however subsection (7). (6) When calculating the outstanding electronic amounts, cf. subsection (5), no. 1, outstanding electronic amounts which the issuer itself receives as a means of payment shall not be included in the calculation of the amounts. The average, cf. subsection (5), no. 1, shall be calculated as the weighted average of the last six months’ outstanding electronic amounts at the end of the month. The sum of the previous month’s electronic payments to undertakings other than the electronic money institution divided by the sum of the previous month’s total use of the prepaid funds as a means of payment shall be applied as weights. EXCLUDING MINOR AMENDMENTS (7) Undertakings which do not fall within the scope of this part of this Act, cf. subsection (5), shall submit annual statements detailing their activities, including details on the size of the
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 total financial liabilities in respect of outstanding electronic amounts. This statement shall be received by the Danish FSA no later than 1 April. 309. Electronic money institutions may not issue electronic money to a value greater than EUR 300. 310. Electronic money institutions may not have any equity investments in other companies unless such companies carry out operational or other ancillary functions in connection with electronic money issued or distributed by the relevant electronic money institution. 311.-(1) During the period of validity and up to a year after expiry thereof, the holder of electronic money may request that the electronic money institution or the issuing bank redeem the nominal value in cash or by means of a transfer to a bank account without any cost other than that necessary to complete such transaction. (2) The conditions regarding redeemability pursuant to subsection (1) shall be clearly specified in the agreement between the electronic money institution and the holder. The agreement may stipulate that amounts less than DKK 25 cannot be redeemed. Licenses, etc. 312.-(1) Sections 13-15 regarding licenses and section 30(1), (4), (5) (9) and (10); section 31(1); section 38(1), nos. 1-4, (2), (3), 1st clause and (4)-(7); section 39(1), 1st clause; section 39(2), 1st clause; and section 40 regarding carrying out activities through a branch or by providing cross-border services shall apply correspondingly to electronic money institutions with the derogations mentioned in section 313 of this Act. (2) An application for a license to issue electronic money shall contain information regarding the estimated extent of the financial liabilities in respect of outstanding electronic amounts after six months. 313.-(1) A foreign electronic money institution wishing to carry out activities in Denmark through a branch or by providing services in accordance with section 312, cf. section 30(1), (4), (5), (9) and (10) and section 31(1), may only issue electronic money. (2) An electronic money institution wishing to carry out activities through a branch or by providing services or by establishing a subsidiary undertaking in accordance with section 312, cf. section 38(1), nos. 1-4, (2), (3), 1st clause, and (4)-(7); and section 39(1), 1st clause; section 39(2), 1st clause; and section 40 may only issue electronic money. 314.-(1) The provisions laid down in this part of this Act shall apply to branches of electronic money institutions domiciled in a country outside the European Union with which the Community has not entered into an agreement for the financial area, subject to any variations necessitated by the nature of the branch or prescribed in or pursuant to international agreements. EXCLUDING MINOR AMENDMENTS (2) The provisions laid down in the Public Companies Act on branches of foreign limited companies shall apply to the branches specified in subsection (1).
Page 1 and 2:
While this translation was carried
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48: While this translation was carried
Page 97: While this translation was carried
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
show all

Financial Business Act.pdf

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?