Act on Financial Business

This Act consolidates the Act on Financial Business, pursuant to Consolidation Act No. 650 of 9 June 2025, with the amendments resulting from Section 1, items 4, 6, 7, 17, 19, 23-27, 29, 49-51, 57, 58, 61, 65, 68, 70, 84-94, 96, 97, 101, 105-107, 110, 114, 116 and 126-131, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 1, items 1, 2, 8, 9, 18, 20-22, 28, 30-36, 55, 56, 59, 60, 62-64, 66, 67, 69, 71-77, 79-83, 103, 104, 108, 109, 111-113, 115, 121, 123 and 125, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 1 January 2026, cf. Section 22, subsection 4, in Act No. 712 of 20 June 2025.

1. The Act contains provisions implementing Council Directive 86/635/EEC of 8 December 1986 (Banking Accounting Directive), Official Journal of the European Communities 1986, No. L 372, page 1, Council Directive 89/117/EEC of 13 February 1989 (Publication of annual accounts documents for branches of non-member countries), Official Journal of the European Communities 1989, No. L 44, page 40, Council Directive 91/674/EEC of 19 December 1991 (Insurance Accounting Directive), Official Journal of the European Communities 1991, No. L 374, page 7, Directive 95/26/EC of the European Parliament and of the Council of 29 June 1995 (BCCI Directive), Official Journal of the European Communities 1995, No. L 168, page 7, Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 (Banking Resolution Directive), Official Journal of the European Communities 2001, No. L 125, page 15, Directive 2002/13/EC of the European Parliament and of the Council of 5 March 2002 (Solvency I Directive), Official Journal of the European Communities 2002, No. L 77, page 17, Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 (Conglomerates Directive), Official Journal of the European Union 2003, No. L 35, page 1, parts of Directive 2006/31/EC of the European Parliament and of the Council of 5 April 2006 (Deferral Directive), Official Journal of the European Union 2006, No. L 114, page 60, Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 (Capital Participation Directive), Official Journal of the European Union 2007, No. L 247, page 1, parts of Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 (Payment Services Directive), Official Journal of the European Union 2007, No. L 319, page 1, parts of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 (UCITS Directive), Official Journal of the European Union 2009, No. L 302, page 32, parts of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 (Solvency II Directive), Official Journal of the European Union 2009, No. L 335, page 1, Commission Directive 2010/43/EU of 1 July 2010, Official Journal of the European Union 2010, No. L 176, page 42, parts of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 (CRD IV), Official Journal of the European Union 2013, No. L 176, page 338, parts of Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 (DGSD), Official Journal of the European Union 2014, No. L 173, page 149, parts of Directive 2014/50/EU of the European Parliament and of the Council of 16 April 2014, Official Journal of the European Union 2014, No. L 128, page 1, parts of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 on a framework for the recovery and resolution of credit institutions and investment firms (BRRD), parts of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 (MiFID II), Official Journal of the European Union 2014, No. L 173, page 349, parts of Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 (UCITS V Directive), Official Journal of the European Union 2014, No. L 257, page 186, parts of Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 (4th Money Laundering Directive), Official Journal of the European Union 2015, No. L 141, page 73, parts of Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018, Official Journal of the European Union 2018, No. L 156, page 43, parts of Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016, Official Journal of the European Union 2016, No. L 26, page 19, parts of Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019, Official Journal of the European Union 2019, No. L 150, page 253, parts of Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017, Official Journal of the European Union 2017, No. L 132, page 1, parts of Directive 2019/879/EU of the European Parliament and of the Council of 20 May 2019 (BRRD II), Official Journal of the European Union 2019, No. L 150, page 296, parts of Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017, Official Journal of the European Union 2017, No. L 132, page 1, parts of Directive 2019/1160/EU of the European Parliament and of the Council of 20 June 2019, Official Journal of the European Union 2019, No. L 188, page 106, parts of Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and public supervision of covered bonds and amending Directives 2009/65/EC and 2014/59/EU, Official Journal of the European Union 2019, No. L 328, page 29, parts of Commission Delegated Directive (EU) 2021/1270 of 21 April 2021 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account in connection with undertakings for collective investment in transferable securities (investment undertakings), Official Journal of the European Union 2021, No. L 277, page 141, parts of Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures to ensure a high common level of cybersecurity across the Union, Official Journal of the European Union 2022, No. L 333, page 80-152, and parts of Directive (EU) 2022/2556 of the European Parliament and of the Council of 14 December 2022, Official Journal of the European Union 2022, No. L 333, page 153-163, parts of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU as regards corporate sustainability reporting, Official Journal of the European Union 2022, No. L 322, page 15, and parts of Directive (EU) 2024/1174 of the European Parliament and of the Council of 11 April 2024 amending Directive 2014/59/EU and Regulation (EU) No 806/2014 as regards certain aspects of the minimum requirement for own funds and eligible liabilities, Official Journal of the European Union, L of 22 April 2024. The Act also includes certain provisions from Commission Regulation No 584/2010/EU of 1 July 2010, Official Journal of the European Union 2010, No. L 176, page 16, Regulation No 1092/2010/EU of the European Parliament and of the Council of 24 November 2010, Official Journal of the European Union 2010, No. L 331, page 1, Regulation No 1093/2010/EU of the European Parliament and of the Council of 24 November 2010, Official Journal of the European Union 2010, No. L 331, page 12, Regulation No 1094/2010/EU of the European Parliament and of the Council of 24 November 2010, Official Journal of the European Union 2010, No. L 331, page 48, Regulation No 1095/2010/EU of the European Parliament and of the Council of 24 November 2010, No. L 331, page 84, Regulation No 346/2013/EU of the European Parliament and of the Council of 17 April 2013, Official Journal of the European Union 2013, No. L 115, page 18, Regulation No 345/2013/EU of the European Parliament and of the Council of 17 April 2013, Official Journal of the European Union 2013, No. L 115, page 1, Regulation No 575/2013/EU of the European Parliament and of the Council of 26 June 2013 (CRR), Official Journal of the European Union 2013, No. L 176, page 1, Regulation No 600/2014/EU of the European Parliament and of the Council of 15 May 2014 (MiFIR), Official Journal of the European Union 2014, No. L 173, page 84, Regulation No 1286/2014/EU of the European Parliament and of the Council of 26 November 2014 (PRIIPs), Official Journal of the European Union 2014, No. L 352, page 1, Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets. According to Article 288 of the Treaty on the Functioning of the European Union, a regulation applies directly in each Member State. The reproduction of these provisions in the Act is therefore solely justified by practical considerations and does not affect the direct validity of the regulations in Denmark.

20 November 2025. 2 No. 1390.

The amendments resulting from Section 1, items 100 and 102, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 1 March 2026, cf. Section 22, subsection 5, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 1, items 8, 10-16, 37, 40-48, 52-54, 99, 118, 119 and 122, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 16 April 2026, cf. Section 22, subsection 6, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 1, items 117, 120 and 124, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 2 July 2026, cf. Section 22, subsection 7, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 1, items 3 and 5, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 1 January 2027, cf. Section 22, subsection 9, in Act No. 712 of 20 June 2025.

The amendment resulting from Section 1, item 98, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), is not incorporated into this Consolidation Act, as this enters into force on 16 April 2027, cf. Section 22, subsection 10, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 1, items 38, 39, 78 and 95, in Act No. 712 of 20 June 2025 amending the Act on Financial Business, the Act on Alternative Investment Fund Managers etc., the Act on Investment Funds etc., the Money Laundering Act and various other Acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibilities and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory authority for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIF-UCITS II directive, strengthening of rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submission of certain published information etc.), are not incorporated into this Consolidation Act, as these enter into force on 10 January 2030, cf. Section 22, subsection 12, in Act No. 712 of 20 June 2025.

The amendments resulting from Section 4 in Act No. 1322 of 20 November 2025 amending the Act on Credit Agreements, the Act on Marketing, the Act on Consumer Credit Businesses and various other Acts (Implementation of the revised Consumer Credit Directive) are not incorporated into this Consolidation Act, as these enter into force on 20 November 2026, cf. Section 6, subsection 1, in Act No. 1322 of 20 November 2025.

Section I

General Provisions

Chapter 1

Scope of Application

General rules on scope of application

Section 1. This Act applies to financial businesses, cf. Section 5, subsection 1, item 1, as well as businesses covered by subsections 2-11 and 15.

Subsection 2. For financial holding companies, Sections 6, 6a and 6b, Section 43, subsection 1, Chapter 7, Section 64, subsection 7, 64e, subsection 1, Sections 70, 71, 75, 79a, 117, 175a and 179-181, Chapter 13, Sections 344, 345, 346 and 347-348a, Section 350, subsection 3, Section 351, subsections 1, 2 and 6-9, Sections 355 and 357, Section 361, subsection 1, items 3 and 9, and subsection 2, Section 368, subsections 2 and 3, subsection 4, item 1, and subsection 5, and Sections 369, 370, 372, 373, 373a and 374 apply. For financial holding companies, Section 46, subsections 2 and 3, Section 64c, subsection 5, cf. subsections 1 and 4, Sections 71b, 77a-77d, 170-175, 176-178 and 182b-182f, Section 245a, subsection 5, Sections 245b and 260, Section 266, subsection 1, and Sections 271, 274-276, 310, 312, 313, 313b and 344d also apply. For mixed holding companies, Section 64, subsection 7, Section 260, Section 264, subsection 5, item 13, Section 266, subsection 1, Sections 271, 274-276, 344 and 345, Section 347, subsection 1, Section 351, subsections 1, 2 and 6-9, and Sections 355, 372 and 373 also apply.

Subsection 3. This Act applies to branches in this country of credit institutions and management companies authorized in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, with the deviations that the branch relationship necessitates, or as specified in or pursuant to international agreements. The Danish Financial Supervisory Authority may set detailed rules on the organization of businesses covered by the first sentence, including rules on capital requirements etc. The Danish Financial Supervisory Authority may set detailed rules that branches covered by the first sentence must conduct their activities in a subsidiary. The provisions of the Companies Act on branches of foreign limited liability companies apply to the branches mentioned in the first sentence.

Subsection 4. For branches in this country of foreign businesses authorized to conduct the business mentioned in Sections 7-10a in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, Sections 6, 6a, 6b, 30, 32, 43, 43b, 47-48a, 50-54, 344 and 345, Section 347, subsections 1-3, 5 and 7, and Sections 347b, 347c, 348, 354a, 354b, 360, 363a, 368-370 and 373-374 apply with the deviations specified in or pursuant to international agreements. For branches in this country of credit institutions, Section 152a, subsection 4, second sentence, applies with the deviations specified in or pursuant to international agreements. For branches in this country of a foreign business authorized to conduct the business mentioned in Sections 7-10a in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, Section 347a also applies with the deviations specified in or pursuant to international agreements. For branches and associated agents in this country of credit institutions authorized to provide investment services or perform investment activities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, and which perform such activity in this country, Sections 30, 32, 344 and 345, Section 347, subsections 1-3, 5 and 7, Sections 348, 354a and 354b and Section 363b, subsections 1 and 2, apply with the deviations specified in or pursuant to international agreements. Section 43 and rules issued pursuant thereto apply correspondingly to situations mentioned in the fourth sentence.

Subsection 5. For services provided in this country by credit institutions and management companies authorized in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, Sections 6, 6a, 6b, 31, 43 and 46-54, Section 347, subsection 1, and Section 348, subsection 1, apply with the deviations specified in or pursuant to international agreements. For services provided in this country by credit institutions authorized to provide investment services or perform investment activities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, Section 31, Section 347, subsection 1, and Section 348, subsection 1, apply with the deviations specified in or pursuant to international agreements.

Subsection 6. For securities trading services provided in this country by credit institutions authorized in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, and for which the Commission has not adopted a decision as referred to in Article 47, subsection 1, of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, or where such a decision is no longer valid, Sections 6, 6a, 6b, 33 and 43, Section 347, subsection 1, Section 348, Section 363b, subsection 4, and Section 373, subsections 3 and 5, apply.

Subsection 7. For services provided in this country by insurance companies authorized in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, Sections 6, 6a, 6b and 37 apply.

Subsection 8. Chapter 20 applies to savings institutions.

Subsection 9. Chapter 20b applies to credit rating agencies.

Subsection 10. Chapter 20f applies to CO2 quota traders.

Subsection 11. Chapter 20h applies to STS certification bodies.

Subsection 12. Provisions on the board of directors or members thereof in Section 5, subsection 1, item 6, Section 77, subsections 1 and 3, Section 78, subsection 1, item 1, Section 98, Section 144, subsection 1, Section 199, subsections 10 and 11, and Sections 203, 209 and 247 shall in SE companies with a two-tier management system only apply to the supervisory board or members thereof with the necessary adjustments.

Subsection 13. Chapter 20a applies to crowdfunding service providers.

Subsection 14. Chapter 19b applies to natural and legal persons and other businesses involved in the issuance, public offering and admission to trading of crypto-assets, or who provide services in connection with crypto-assets.

Subsection 15. Chapter 19c applies to operators of financial digital infrastructure.

Subsection 16. Provisions on the board of directors or members thereof and provisions on management in Section 14, subsection 1, item 2, Sections 64, 65, 73-75, 80 and 117, Section 124, subsections 1 and 4, Section 179, item 2, Section 180, item 2, Sections 184, 185 and 233, Section 346, subsections 2 and 3, Section 349, subsection 2, item 2, Section 351, Section 355, subsection 2, item 8, and subsection 3, and Sections 356 and 373-374 apply in SE companies with a two-tier management system not only to the management body and its members but also to the supervisory board or members thereof with the necessary adjustments.

Subsection 17. For suppliers and sub-suppliers to outsourcing businesses, cf. Section 5, subsection 1, items 21 and 22, Sections 6, 6a and 6b and Section 347, subsections 1 and 6, apply.

Subsection 18. For fund management companies covered by Article 1, subsections 2 and 5, of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on prudential requirements for investment firms and for fund management companies covered by Section 236 in the Act on Fund Management Companies and Investment Services and Activities, the provisions implementing Sections VII and VIII of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions apply.

Subsection 19. For credit institutions that are simultaneously authorized as central counterparties (CCPs) pursuant to Article 14 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, Sections 71a-71c, 177a, 177b, 182b-182f and 224a of this Act and Chapters 15a, 17 and 17a do not apply.

Sections 2-4. (Repealed)

Chapter 2

Definitions

Section 5. In this Act, the following terms are understood as:

1. Financial businesses: a) Credit institutions. b) Mortgage credit institutions. c) Investment management companies.

2. Credit institution: a) A business whose business consists of receiving deposits or other funds from the public repayable, and in granting loans for its own account. b) A business that performs all the activities referred to in Section A, points 3 and 6, of Annex I to the Act on Fund Management Companies and Investment Services and Activities, if any of the following circumstances apply