Regulatory Alerts2024-05-29
Order on Product Approval Procedures for Retail Banking Products
The Danish Financial Supervisory Authority issued this order to establish mandatory product approval procedures for financial institutions developing or distributing retail banking products to consumers. It requires product developers to implement robust governance, target group identification, product testing, and ongoing monitoring, while distributors must ensure proper sales practices and information flow. The regulation aims to protect consumer interests by minimizing risks and conflicts of interest, with enforcement powers granted to the supervisory authority.
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