Consolidated Act on Financial Business 1)

This act consolidates the Act on Financial Business, cf. Consolidated Act No. 1390 of 18 November 2025, with the amendments resulting from Section 1, Nos. 1, 2, 8-16, 18, 20-22, 28, 30-37, 40-48, 52-56, 59, 60, 62-64, 66, 67, 69 (partially), 71-77, 79-83, 99, 100, 102-104, 108, 109, 111-113, 115, 118, 119, 121-123 and 125, in Act No. 712 of 20 June 2025, Section 2 in Act No. 1636 of 16 December 2025 and Section 2, Nos. 2, 7-16 and 18-20, in Act No. 1638 of 16 December 2025.

The amendments resulting from Section 1, Nos. 117, 120 and 124, in Act No. 712 of 20 June 2025 on amendment of 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 laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-UCITS II directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for the submission of a number of published information etc.), are not incorporated into this consolidated act, as they enter into force on 2 July 2026, cf. Section 22, subsection 7, in Act No. 712 of 20 June 2025.

1. The law contains provisions implementing Council Directive 86/635/EEC of 8 December 1986 (Banking Accounting Directive), OJ 1986, No. L 372, page 1, Council Directive 89/117/EEC of 13 February 1989 (Publication of annual accounts documents for branches from non-member countries), OJ 1989, No. L 44, page 40, Council Directive 91/674/EEC of 19 December 1991 (Insurance Accounting Directive), OJ 1991, No. L 374, page 7, Directive 95/26/EC of the European Parliament and of the Council of 29 June 1995 (BCCI Directive), OJ 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), OJ 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), OJ 2002, No. L 77, page 17, Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 (Conglomerates Directive), OJ 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), OJ 2006, No. L 114, page 60, Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 (Capital Acquisitions Directive), OJ 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), OJ 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), OJ 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), OJ 2009, No. L 335, page 1, Commission Directive 2010/43/EU of 1 July 2010, OJ 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), OJ 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), OJ 2014, No. L 173, page 149, parts of Directive 2014/50/EU of the European Parliament and of the Council of 16 April 2014, OJ 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), OJ 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), OJ 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), OJ 2015, No. L 141, page 73, parts of Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018, OJ 2018, No. L 156, page 43, parts of Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016, OJ 2016, No. L 26, page 19, parts of Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019, OJ 2019, No. L 150, page 253, parts of Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017, OJ 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), OJ 2019, No. L 150, page 296, parts of Directive 2017/828/EU of the European Parliament and of the Council of 17 May 2017, OJ 2017, No. L 132, page 1, parts of Directive 2019/1160/EU of the European Parliament and of the Council of 20 June 2019, OJ 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 covered bonds and public supervision of covered bonds and amending Directives 2009/65/EC and 2014/59/EU, OJ 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), OJ 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, OJ 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, OJ 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, OJ 2022, No. L 322, page 15, parts of Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain directives as regards the creation of the common European access point and its functioning, OJ, L of 20 December 2023, parts of Directive (EU) 2024/927 of the European Parliament and of the Council of 13 March 2024 amending Directives 2011/61/EU and 2009/65/EC as regards delegation agreements, liquidity risk management, reporting for supervisory purposes, provision of depositary and safekeeping services and lending by alternative investment funds, OJ, L of 26 March 2024, Directive (EU) 2024/1619 of the European Parliament and of the Council of 31 May 2024 amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches and environmental, social and governance risks, OJ, L of 19 June 2024, 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, OJ, L of 22 April 2024. The law also includes certain provisions from Commission Regulation (EU) No 584/2010 of 1 July 2010, OJ 2010, No. L 176, page 16, Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010, OJ 2010, No. L 331, page 1, Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, OJ 2010, No. L 331, page 12, Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010, OJ 2010, No. L 331, page 48, Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010, No. L 331, page 84, Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013, OJ 2013, No. L 115, page 18, Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013, OJ 2013, No. L 115, page 1, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 (CRR), OJ 2013, No. L 176, page 1, Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 (MiFIR), OJ 2014, No. L 173, page 84, Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 (PRIIPs), OJ 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 TFEU, a regulation applies directly in each Member State. The reproduction of these provisions in the law is thus solely justified by practical considerations and does not affect the direct validity of the regulations in Denmark.

16 April 2026. 2 No. 432.

The amendments resulting from Section 1, Nos. 3 and 5, in Act No. 712 of 20 June 2025 on amendment of 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 laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-UCITS II directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for the submission of a number of published information etc.), are not incorporated into this consolidated act, as they 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, No. 98, in Act No. 712 of 20 June 2025 on amendment of 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 laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-UCITS II directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for the submission of a number of published information etc.), is not incorporated into this consolidated act, as it 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, Nos. 38, 39, 78 and 95, in Act No. 712 of 20 June 2025 on amendment of 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 laws (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for permits for credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFMD-UCITS II directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for the submission of a number of published information etc.), are not incorporated into this consolidated act, as they 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 on amendment of the Act on Credit Agreements, the Act on Marketing, the Act on Consumer Loan Businesses and various other laws (Implementation of the revised Consumer Credit Directive), are not incorporated into this consolidated act, as they enter into force on 20 November 2026, cf. Section 6, subsection 1, in Act No. 1322 of 20 November 2025.

The amendment resulting from Section 2, No. 17, in Act No. 1638 of 16 December 2025 on amendment of the Act on Capital Markets, the Act on Financial Business, the Act on Investment Funds etc. and various other laws (Abolition of national prospectus threshold, partial abolition of prohibition on share classes in financial businesses, insurance companies and fund brokerage companies, amendment of publication requirements for admission to trading on a multilateral trading facility, strengthening of the Danish Financial Supervisory Authority's independence etc.), is not incorporated into this consolidated act, as it enters into force on 6 June 2026, cf. Section 15, subsection 7, in Act No. 1638 of 16 December 2025.

The amendments resulting from Section 2, Nos. 1 and 3-6, in Act No. 1638 of 16 December 2025 on amendment of the Act on Capital Markets, the Act on Financial Business, the Act on Investment Funds etc. and various other laws (Abolition of national prospectus threshold, partial abolition of prohibition on share classes in financial businesses, insurance companies and fund brokerage companies, amendment of publication requirements for admission to trading on a multilateral trading facility, strengthening of the Danish Financial Supervisory Authority's independence etc.), are not incorporated into this consolidated act, as they enter into force on 5 December 2026, cf. Section 15, subsection 10, in Act No. 1638 of 16 December 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, No. 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 11, 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, Nos. 3 and 9, and subsection 2, Section 368, subsections 2 and 3, subsection 4, No. 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 11, Section 260, Section 264, subsection 5, No. 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 specify further rules on the organization of businesses covered by the first sentence, including rules on capital requirements etc. The Danish Financial Supervisory Authority may specify further 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 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 businesses.

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

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

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

Paragraph 12. Provisions regarding the board of directors or members thereof in Section 5, Paragraph 1, No. 6, Section 77, Paragraphs 1 and 3, Section 78, Paragraph 1, No. 1, Section 98, Section 144, Paragraph 1, Section 199, Paragraphs 10 and 11, and Sections 203, 209 and 247 shall in SE companies with a two-tier management system apply solely to the supervisory board or members thereof with the necessary adjustments.

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

Paragraph 14. Chapter 19 b applies to natural and legal persons and other undertakings involved in the issuance, offer to the public and admission to trading of crypto-assets, or which provide services in connection with crypto-assets.

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

Paragraph 16. Provisions regarding the board of directors or members thereof and provisions regarding management in Section 14, Paragraph 1, No. 2, Sections 64, 65, 73-75, 80 and 117, Section 124, Paragraphs 1 and 4, Section 179, No. 2, Section 180, No. 2, Sections 184, 185 and 233, Section 346, Paragraphs 2 and 3, Section 349, Paragraph 2, No. 2, Section 351, Section 355, Paragraph 2, No. 8, and Paragraph 3, and Sections 356 and 373-374 shall in SE companies with a two-tier management system, in addition to the management body and its members, also apply to the supervisory board or members thereof with the necessary adjustments.

Paragraph 17. For suppliers and sub-suppliers to outsourcing undertakings, cf. Section 5, Paragraph 1, Nos. 21 and 22, Sections 6, 6 a and 6 b and Section 347, Paragraphs 1 and 6 apply.

Paragraph 18. For fund brokerage companies covered by Article 1, Paragraphs 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 brokerage companies covered by Section 236 of the Act on Fund Brokerage Companies and Investment Services and Activities, the provisions implementing Title 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 on the prudential supervision of credit institutions shall apply.

Paragraph 19. For credit institutions that have simultaneously been granted authorization as central counterparties (CCPs) in accordance with Article 14 of Regulation (EU) No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, Sections 71 a-71 c, 177 a, 177 b, 182 b-182 f and 224 a and Chapters 15 a, 17 and 17 a of this Act shall not apply.

Sections 2-4. (Repealed)

Chapter 2 Definitions

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

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

2. Credit institution: a) An undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account. b) An undertaking which carries out all the activities referred to in Section A, points 3 and 6, of Annex 1 to the Act on Fund Brokerage Companies and Investment Services and Activities, if one of the following conditions applies, but the undertaking is not a commodity or emission quota trader, a collective investment undertaking or an insurance undertaking: i) The total value of the undertaking's consolidated assets amounts to or exceeds 30 billion euros. ii) The total value of the undertaking's assets is less than 30 billion euros, and the undertaking is part of a group where the total value of the consolidated assets of all the undertakings in the group, which individually have total assets of less than 30 billion euros, and which carry out one or more of the activities referred to in Section A, points 3 and 6, of Annex 1 to the Act on Fund Brokerage Companies and Investment Services and Activities, amounts to or exceeds 30 billion euros, cf. however Paragraph 8. iii) The total value of the undertaking's assets is less than 30 billion euros, and the undertaking is part of a group where the total value of the consolidated assets of all the undertakings in the group, which carry out one or more of the activities referred to in Section A, points 3 and 6, of Annex 1 to the Act on Fund Brokerage Companies and Investment Services and Activities, amounts to or exceeds 30 billion euros, if the consolidating authority decides this in consultation with the supervisory college to take into account potential risks of circumvention and potential risks to financial stability in the Union, cf. however Paragraph 8.

3. Investment services and investment activities: Activities as mentioned in Annex 1, Section A, of the Act on Fund Brokerage Companies and Investment Services and Activities in connection with the instruments listed in the same Act's Annex 2.

4. Administration company: A company that can administer UCITS (in Denmark: investment management company).

5. Finance company: An undertaking that is not a credit institution, a fund brokerage company, cf. the Act on Fund Brokerage Companies and Investment Services and Activities, or a pure industrial holding company, and whose main business consists of acquiring capital shares or carrying out one or more of the activities specified in Annex 2, Nos. 2-12 and 15.

6. Parent undertaking: An undertaking which has one or more subsidiary undertakings.

7. Subsidiary undertaking: a) An undertaking over which a parent undertaking has decisive influence, or b) a credit institution which is permanently affiliated to a central body, the central body and its respective subsidiary undertakings, cf. letter a, for the application of Sections 259-267 h and 269-271 on resolution groups, cf. No. 56, letter b, with regard to which businesses in the resolution group must meet a requirement for own funds and eligible liabilities, cf. Section 266.

8. Group: A parent undertaking and its subsidiary undertakings, cf. Section 5 a.

9. Financial holding company: a) A parent undertaking that is not a financial undertaking in a group where at least one of the subsidiary undertakings in the group is a financial undertaking, and where at least 40 percent of the total balance sheet total for the group and the parent undertaking's associated undertakings relates to the financial sector, cf. however Paragraph 7. b) A parent undertaking whose business exclusively or mainly consists of owning capital shares in subsidiary undertakings that are financial undertakings or finance companies. Subsidiary undertakings are mainly financial undertakings or finance companies if at least one is a financial undertaking and more than 50 percent of the parent undertaking's consolidated assets are linked to subsidiary undertakings that are financial undertakings or finance companies. A parent undertaking as mentioned in the first sentence is not a financial holding company if the financial subsidiary undertakings in the group exclusively are insurance undertakings.

10. Credit institution holding company: A parent undertaking whose business exclusively or mainly consists of owning capital shares in subsidiary undertakings that are credit institutions or finance companies, and where the group's main business is to operate credit institution business.

11. Mortgage credit holding company: A parent undertaking whose business exclusively or mainly consists of owning capital shares in subsidiary undertakings that are credit institutions or finance companies, and where the group's main business is to operate mortgage credit institution business.

12. Investment management holding company: A parent undertaking whose business exclusively or mainly consists of owning capital shares in subsidiary undertakings that are credit institutions or finance companies, and where the group's main business is to operate investment management business.

13. Associated undertaking: An undertaking in which a financial undertaking and its subsidiary undertakings hold capital shares and exercise significant influence on its operational and financial management, but which is not a subsidiary undertaking of the financial undertaking. A financial undertaking and its subsidiary undertakings are presumed to exercise significant influence if they together hold 20 percent or more of the voting rights.

14. Exposure: The sum of all claims on a customer or a group of interconnected customers that entails credit risk for the undertaking, and capital shares issued by the customer or by among a group of interconnected customers. As far as provisions on exposures in Sections 78 and 182 are concerned, the following claims are excluded: a) In connection with foreign exchange transactions: Claims arising in connection with the normal settlement of a transaction, within a period of 48 hours after payment has taken place. b) In connection with the purchase or sale of transferable securities: Claims arising in connection with the normal settlement of a transaction, within a period of 5 working days after payment has taken place or the transferable securities have been delivered, depending on which date comes first. c) In connection with payment intermediation, including the execution of payment orders, clearing and settlement of transferable securities in any currency and correspondent bank or offer of clearing, settlement and deposit of financial instruments to customers: Claims regarding delayed receipt of financing and other claims arising as a result of customer activity, and which do not last longer than the following working day. d) In connection with payment intermediation, including the execution of payment orders, clearing and settlement of transferable securities in any currency and correspondent bank: Intraday claims with institutions providing these services.

15. Close links: a) Direct or indirect links of the type specified in No. 8, b) capital interests, which means an undertaking's direct or indirect holding of 20 percent or more of the voting rights or capital in an undertaking, or c) several undertakings or persons' common link, cf. letter a, with an undertaking.

16. Zone A countries: The member states of the EU, other countries that are full members of the Organisation for Economic Co-operation and Development (OECD), and other countries that have entered into special loan agreements with the International Monetary Fund (IMF) and are attached to the General Arrangements to Borrow. A country that restructures its foreign state debt as a result of inability to pay is excluded from Zone A for a period of 5 years.

17. Branch: A division which legally constitutes a non-independent part of a credit institution or administration company, and which carries out business of the type that the undertaking is authorized to carry out.

18. Multilateral Trading Facility (MTF): Any system or any facility where the buy and sell interests of various third parties in financial instruments can be brought together, and which is operated in accordance with the rules in Chapters 17, 18, 20, 22 and 23 of the Act on Capital Markets.

19. Outsourcing: Any form of arrangement between an undertaking and a supplier, under which the supplier carries out a process, a service or an activity that the undertaking would otherwise carry out itself. For insurance undertakings, outsourcing is defined as an arrangement of any kind between an insurance undertaking and a service provider, where the service provider either directly or through re-outsourcing carries out a process, a service or an activity that the insurance undertaking would otherwise have carried out itself.

20. Outsourcing undertaking: A financial undertaking that outsources activities to a supplier.

21. Supplier: An undertaking that handles outsourced tasks for the outsourcing undertaking.

22. Re-outsourcing: A supplier's outsourcing of tasks that it handles in accordance with an agreement with the outsourcing undertaking, to a sub-supplier and the sub-supplier's possible re-outsourcing of the tasks to the next link in the chain of sub-suppliers and possible re-outsourcing to other links in the chain of sub-suppliers.

23. UCITS: An investment undertaking that has authorization in accordance with rules implementing the UCITS Directive, and which may be established pursuant to Article 1, Paragraph 3, a) in accordance with agreement as investment funds administered by investment management companies or administration companies (in Denmark: investment funds), b) as trusts (unit trusts) or c) in accordance with statutes as investment companies (in Denmark: investment associations and companies for investment with variable capital (SICAVs)).

24. Competent authorities: The national authorities that are authorized by law or other regulations to exercise supervision of the types of business covered by this Act.

25. Reference rate: A published interest rate calculated using a formula based on individual submissions from a number of independent submitters in accordance with agreement or regulations thereon, and which is intended to form the basis for agreed interest rate setting between credit institutions or between credit institutions and their customers.

26. Combined capital buffer requirement: The total own core capital necessary to meet the requirement for a capital conservation buffer, cf. No. 27, increased with an undertaking-specific countercyclical capital buffer, cf. No. 31, a SIFI buffer, cf. No. 31, a G-SIFI buffer, cf. No. 34, and a systemic buffer, cf. No. 36, cf. however Section 125 e, Paragraph 2.

27. Capital conservation buffer: The capital base that an undertaking must maintain in accordance with Section 125 a, Paragraph 3.

28. Undertaking-specific countercyclical capital buffer: The capital base that an undertaking must maintain in accordance with Section 125 a, Paragraph 4.

29. Countercyclical buffer rate: The rate that undertakings must use to calculate their undertaking-specific countercyclical capital buffer, and which is set in accordance with Section 125 f, Paragraphs 1-3, 5 and 6.

30. Undertaking-specific countercyclical capital buffer rate: The weighted average of the countercyclical buffer rates that apply to the countries where an undertaking's relevant credit exposures are located, cf. Section 125 f, Paragraphs 1-3, 5 and 6.

31. SIFI buffer: The capital base that a systemically important financial institution (SIFI), cf. Section 308, must maintain in accordance with Section 125 a, Paragraph 5, on an individual, sub-consolidated and consolidated basis.

32. SIFI buffer rate: The rate that a systemically important financial institution (SIFI) must use to calculate its SIFI buffer, and which is set in accordance with Section 125 g.

33. Leverage ratio buffer: The capital base that a globally systemically important financial institution (G-SIFI) must maintain in accordance with Article 92, Paragraph 1a, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms.

34. G-SIFI buffer: The capital base that a globally systemically important financial institution (G-SIFI), cf. Section 310, must maintain in accordance with Section 125 a, Paragraph 6, on a consolidated basis.

35. G-SIFI buffer rate: The rate that a globally systemically important financial institution (G-SIFI) must use to calculate its G-SIFI buffer, and which is set in accordance with Section 125 g.

36. Systemic buffer: The capital base that an undertaking must maintain in accordance with Section 125 a, Paragraph 7.

37. Systemic buffer rate: The rate that an undertaking must use to calculate its systemic buffer, and which is set in accordance with Section 125 h.

38. Variable remuneration: Remuneration schemes where part of the remuneration is not known in advance, including bonus schemes, performance contracts, one-off payments and other similar schemes that are not part of the fixed remuneration.

39. Mixed holding company: A parent undertaking that is not a financial holding company or a credit institution or a mortgage credit institution, in a group where at least one subsidiary undertaking in the group is a credit institution or a mortgage credit institution.

40. Beneficial owner: Natural person who ultimately directly or indirectly owns or controls a sufficient part of the ownership shares or voting rights, or who exercises control by other means.

41. Mortgage-like loan: A loan that at the time of borrowing has an agreed term of more than 10 years and a principal of at least 100,000 DKK. Furthermore, the loan must have collateral in a owner-occupied house, a holiday home or a farm property that can be mortgaged in accordance with the rules for owner-occupied houses and holiday homes, located in Denmark, and the loan must at the time of borrowing lie within the loan limits that follow from Section 5, or be granted pursuant to Section 7 of the Act on Mortgage Loans and Mortgage Bonds etc., and it must be able to lie as security for specially secured bonds or bonds that can be described as specially secured bonds.

42. Accessory service: Services as mentioned in Annex 1 to the Act on Fund Brokerage Companies and Investment Services and Activities.

43. Execution of orders for investors' account: Entering into agreements for the purchase or sale on behalf of investors of one or more financial instruments.

44. Trading for own account: Trading over own inventory, which results in transactions with one or more financial instruments.

45. Financial instrument: Instruments as mentioned in Annex 2 to the Act on Fund Brokerage Companies and Investment Services and Activities, including such instruments that are issued using distributed ledger technology.

46. Derivative: Derivative as defined in Article 2, Paragraph 1, No. 29, of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

47. Structured deposit: Deposit as defined in Article 2, Paragraph 1, No. 3, letter c, of Directive 2014/49/EU of the European Parliament and of the Council on deposit guarantee schemes, which shall be repaid in full at maturity under provisions that any interest or premium is paid or is at risk after a formula that includes factors such as an index or a combination of indices, except for deposits with variable interest, the return of which is directly linked to an interest index such as EURIBOR or LIBOR, a financial instrument or a combination of financial instruments, a commodity or a combination of commodities or other material or immaterial non-transferable assets or an exchange rate or a combination of exchange rates.

48. STS certification body: A legal person covered by Article 28 of Regulation 2017/2402/EU of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, which checks and declares whether a securitisation meets the criteria in Article 19-22, 23-26 or 26 b-26 e of the STS Regulation.

49. Intermediary: An undertaking that has authorization in accordance with this Act to carry out activities mentioned in Annex 1, Section A, No. 4, of the Act on Fund Brokerage Companies and Investment Services and Activities, when the undertaking provides services in relation to the custody of shares with voting rights in companies that have shares admitted to trading on a regulated market.

50. Capital manager: An undertaking that has authorization in accordance with this Act to carry out activities mentioned in Annex 1, Section A, No. 4, of the Act on Fund Brokerage Companies and Investment Services and Activities, when the undertaking provides services in relation to the portfolio management of shares with voting rights in companies that have shares admitted to trading on a regulated market.

51. Advising proxy: A financial undertaking that on a professional and commercial basis analyzes information from listed companies, and, if relevant, other information with a view to enabling investors to make informed decisions in connection with voting in the companies in question by providing research, advice or recommendations relating to the exercise of shareholders' voting rights.

52. Write-down eligible liabilities: Liabilities that are covered by bail-in, and which are covered by Section 267 a, Paragraph 1, or Section 267 e.

53. Subordinated write-down eligible instruments: Instruments that meet the conditions in Article 72 a, Article 72 b, Paragraphs 1 and 2, and Article 72 c of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

54. Resolution entity: a) An undertaking that is covered by resolution measures in a resolution plan prepared in accordance with Section 259. b) An undertaking that is covered by resolution measures in a group resolution plan prepared in accordance with Section 260.

55. Resolution group: a) A resolution entity and its subsidiary undertakings. A subsidiary undertaking is not covered by a resolution group if i) the subsidiary undertaking itself is a resolution entity, ii) the subsidiary undertaking is a subsidiary undertaking of another resolution entity or iii) the subsidiary undertaking is established in a third country, unless the subsidiary undertaking is included in the resolution group in accordance with the resolution plan. b) Credit institutions which are permanently affiliated to a central body, and the central body, when at least one credit institution or the central body is a resolution entity. The subsidiary undertakings of the credit institutions and the central body are also covered by the resolution group.

56. Liquidation entity: a) An undertaking which, according to a resolution plan prepared in accordance with Section 259, is to be taken into bankruptcy proceedings. b) An undertaking which, according to a group resolution plan prepared in accordance with Section 260, is to be taken into bankruptcy proceedings. c) An undertaking in a resolution group, which is not a resolution entity, and which is covered by a group resolution plan prepared in accordance with Section 260, for which no exercise of write-down or conversion powers is set, cf. Section 16.

24 in the Act on Restructuring and Resolution of Certain Financial Undertakings. 57) Gender-neutral pay policy: A pay policy based on equal pay for equal work or work of equal value regardless of the employee's gender. 58) Sustainability risk: Sustainability risk as defined in Article 2, point 22, of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. 59) Outgoing net cash flows: All outgoing payment flows maturing on a day, including principal and interest payments as well as payments under derivative contracts linked to the issuance of covered bonds, minus all incoming payment flows maturing on the same day for claims related to the underlying assets. 60) Severance pay: Any form of payment to which the recipient becomes entitled in connection with their departure, and which does not a) constitute salary or the value of staff benefits during the notice period, b) constitute reasonable compensation for the assumption of non-compete clauses or client clauses, or c) result from mandatory legislation. 61) Adjusted capital base: Adjusted capital base as defined in Article 4(1), point 71, of Regulation (EU) of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012. 62) Environmental, social and governance risk or ESG risk: An environmental, social and governance risk as defined in Article 4(1), point 52d, of Regulation (EU) of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation No 648/2012. 63) Climate neutrality: The overarching goal of achieving climate neutrality by 2050 as set out in Article 2(1) of Regulation (EU) of the European Parliament and of the Council on the establishment of a framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('the European Climate Law'). 64) Central Securities Depository (CSD): A central securities depository as defined in Article 2(1), point 1, of Regulation (EU) of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories. Paragraph 2. Capital interests are understood as a company's direct or indirect holding of 20 percent or more of the voting rights or capital in a company. Paragraph 3. Qualified holding is understood as direct or indirect holding of at least 10 percent of the capital or voting rights, or a holding that allows for the exercise of significant influence over the management of the financial undertaking or the financial holding company. Paragraph 4. Capital shares are understood as shares in limited liability companies (shares), in private limited companies (partnerships), and in the equity capital of other companies. Paragraph 5. In the calculation of voting rights and rights to appoint or dismiss members of management bodies, rights held by both the parent undertaking and its subsidiary undertakings are included. Paragraph 6. In this Act, the following are understood:

1. Solvency requirement in accordance with Section 124(3) and Section 126a(7).
2. Solvency need in accordance with Section 124(1) and (2), and Section 126a(1).
3. Minimum capital requirement in accordance with Sections 124 and 126a.
4. Capital base in accordance with Section 126a(9), Article 4(1), point 118, of Regulation (EU) No 575/2013 on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
5. Common equity tier 1 capital in accordance with Article 50 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
6. Tier 1 capital in accordance with Article 25 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
7. Tier 2 capital in accordance with Article 71 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
8. Additional tier 1 capital in accordance with Article 61 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
9. Tier 2 capital instruments in accordance with Article 63 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 128(1) and (2).
10. Total risk exposure in accordance with Article 92(3), Article 95(2), Article 96(2), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and rules issued pursuant to Section 142(1).
11. Additional capital requirement in accordance with Section 125. Paragraph 7. A parent undertaking that has been subject to paragraph 1, point 9, letter a, is still considered a financial holding company if at least 35 percent of the total balance sheet of the group and the parent undertaking's associated undertakings relates to the financial sector. The first sentence does not apply, however, if the total balance sheet mentioned in the first sentence has been below 40 percent for 3 consecutive years. Paragraph 8. If the undertaking is part of a third-country group, the total assets of each branch of the third-country group authorized in the Union are included in the calculation of the total value of the assets of all the group's undertakings pursuant to paragraph 1, point 2, letter b, points ii and iii. 16 April 2026. 8 No. 432.

Paragraph 9. The Danish Financial Supervisory Authority may set detailed rules on the items mentioned in paragraph 1, point 14, letters c and d. Groups Section 5a. A parent undertaking together with one or more subsidiary undertakings constitutes a group. A company can only have one direct parent undertaking. If several companies meet one or more of the criteria in Section 5b, it is only the company that actually exercises the controlling influence over the company's economic and operational decisions that is considered the parent undertaking. Section 5b. Controlling influence is the power to direct the economic and operational decisions of a subsidiary undertaking. Paragraph 2. Controlling influence with regard to a subsidiary undertaking exists when the parent undertaking directly or indirectly through a subsidiary undertaking owns more than half of the voting rights in a company, unless it can be clearly demonstrated in special cases that such ownership does not constitute controlling influence. Paragraph 3. If a parent undertaking does not own more than half of the voting rights in a company, controlling influence exists if the parent undertaking has

1. the right to exercise more than half of the voting rights by virtue of an agreement with other investors,
2. the power to direct the financial and operational matters of a company in accordance with a statute or agreement,
3. the power to appoint or dismiss the majority of the members of the top management body and this body holds the controlling influence on the company, or
4. the right to the actual majority of votes at the general meeting or in a corresponding body and thereby holds the actual controlling influence over the company. Paragraph 4. The existence and effect of potential voting rights, including subscription rights and purchase options on capital shares, that can currently be exercised or converted, must be taken into account when assessing whether a company has controlling influence. Paragraph 5. In the calculation of voting rights in a subsidiary undertaking, voting rights attached to capital shares held by the subsidiary undertaking itself or its subsidiary undertakings are disregarded. Chapter 2a Communication Section 6. The Minister for Industry, Business and Financial Affairs may set rules stating that written communication to and from the Danish Financial Supervisory Authority, the Minister for Industry, Business and Financial Affairs, and the Danish Business Authority regarding matters covered by this Act or rules issued pursuant to this Act, must be conducted digitally. Paragraph 2. The Minister for Industry, Business and Financial Affairs may set detailed rules on digital communication, including the use of specific IT systems, special digital formats, and digital signatures, etc. Section 6a. A digital message is deemed to have been received when it is available to the addressee of the message. Section 6b. Where this Act or rules issued pursuant to this Act require that a document issued by entities other than authorities, pursuant to Section 6(1), be signed, this requirement may be fulfilled by using a technique that ensures unique identification of the issuer of the document, subject to paragraph 2. Such documents are equated with documents with a personal signature. Paragraph 2. The Minister for Industry, Business and Financial Affairs may set detailed rules on derogation from the signature requirement. It may be specified that the requirement for a personal signature cannot be derogated from for certain types of documents. Section II Authorization, Exclusive Right, Business Area and Foreign Institutions Chapter 3 Authorization, Exclusive Right, etc. Authorization for credit institutions, mortgage credit institutions and investment management companies Section 7. Companies that carry on business consisting of receiving deposits or other funds repayable from the public as well as lending for their own account, but not on the basis of the issuance of mortgage bonds, pursuant to Section 8(3), must have authorization as a credit institution. Credit institutions may only carry on business as mentioned in Annex 1 as well as business pursuant to Sections 24-26. Credit institutions may provide or perform investment services and activities covered by Annex 1, Section A, of the Act on Securities Dealers and Investment Services and Activities. In the provision or performance of investment services and activities by credit institutions, Section 28, Section 30(4), Sections 45-48, 67 and 94, Section 95(1)-(5) and (7), and Sections 96, 108 and 243 and rules issued pursuant thereto, as well as Chapters 22-27 of the Act on Securities Dealers and Investment Services and Activities, apply. Companies that meet the conditions in Section 5(1), point 2, letter b, must have authorization as a credit institution. Paragraph 2. The following have the exclusive right to receive deposits and other funds repayable from the public:
5. Credit institutions.
6. Foreign credit institutions that meet the conditions in Section 2(1) or Sections 30 or 31.
7. Savings institutions.
8. The State.
9. Danmarks Nationalbank. Paragraph 3. The following may receive other funds repayable from the public, other than deposits:
10. Mortgage credit institutions.
11. A ship financing institution.
12. KommuneKredit.
13. Project owners, provided that the funds received are received as part of a crowdfunding offering covered by the rules in Regulation (EU) No 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business.
14. Companies, provided that the receipt of other funds repayable or lending business is not a significant part of the company's operations. Paragraph 4. Credit institutions, the State, and foreign credit institutions that meet the conditions in Section 2(1) and Sections 30 or 31, have the exclusive right to offer themselves as recipients of deposits by addressing the public. Paragraph 5. Credit institutions have the exclusive right to use the terms 'bank', 'savings bank' or 'cooperative bank' respectively in their name. Other companies, except banks established by law, must not use names or designations for their business that are likely to create the impression that they are credit institutions. A credit institution must not designate its business in a manner likely to create the impression that it is the country's national bank. Paragraph 6. Credit institutions must use the terms 'bank', 'savings bank' or 'cooperative bank' respectively in their name, subject to paragraph 7. The Companies Act Section 2(2)-(4), Sections 3 and 347, apply mutatis mutandis to savings banks and cooperative banks. Paragraph 7. A limited liability company that, pursuant to the rules in Sections 207-213, takes over a cooperative bank or a savings bank, is entitled to designate itself as a cooperative bank or savings bank, provided that the word 'limited liability company' or abbreviations derived therefrom must be added to the name. Paragraph 8. A company applying for authorization pursuant to paragraph 1 must have a share capital of at least an amount corresponding to EUR 5 million. Section 8. Companies that grant loans secured by registered mortgages on real estate on the basis of the issuance of mortgage bonds must have authorization as a mortgage credit institution and authorization to issue mortgage bonds. Mortgage credit institutions may only carry on business as mentioned in Annex 3 as well as business pursuant to Sections 24-26, subject to paragraph 2. Paragraph 2. Mortgage credit institutions with authorization pursuant to paragraph 1 may carry on the activities mentioned in Annex 1, Section A, points 1 and 2, of the Act on Securities Dealers and Investment Services and Activities, insofar as they relate to mortgage bonds, covered bonds, special covered mortgage bonds, and instruments derived therefrom, and the activities mentioned in Annex 1, Section A, point 3, as well as the activities mentioned in Annex 1, Section A, point 5, when investment advice is provided in connection with and as a prerequisite for customers' borrowing, redemption, refinancing, or restructuring of a loan secured by a mortgage on real estate. In the provision or performance of investment services and activities by mortgage credit institutions, Section 28, Section 30(4), Sections 45-48, 67 and 94, Section 95(1)-(5) and (7), Sections 96, 108 and 243 and rules issued pursuant thereto, as well as Chapters 22-27 of the Act on Securities Dealers and Investment Services and Activities, apply. Paragraph 3. Mortgage credit institutions and foreign credit institutions that meet the conditions for this in the Act on Mortgage Loans and Mortgage Bonds, etc., have the exclusive right to issue mortgage bonds. Paragraph 4. Financial instruments other than mortgage bonds must not bear this designation or designations likely to create the impression that they are mortgage bonds. Mortgage bonds may bear the designation European Covered Bond. Paragraph 5. Mortgage credit institutions have the exclusive right to use designations such as 'mortgage credit institution', 'mortgage credit limited company', 'credit association' or 'mortgage fund' in their name. KommuneKredit may, however, continue to use the designation Kreditforeningen af Kommuner i Danmark. Other companies must not use names or designations for their business that are likely to create the impression that they are mortgage credit institutions. Paragraph 6. Mortgage credit institutions that have been converted into limited liability companies and have previously used designations such as 'credit association', 'mortgage fund' or 'real estate loan fund' in their name must add the word 'limited liability company' or abbreviations derived therefrom after the name. Paragraph 7. A company applying for authorization pursuant to paragraph 1 must have a share capital of at least an amount corresponding to EUR 5 million. Sections 9–9b. (Repealed) Section 10. Companies must have authorization as an investment management company to carry out the daily management of investment funds and administer other UCITS, pursuant to Annex 6. Investment management companies may otherwise only carry on business as mentioned in paragraphs 2, 3 and 4 and Sections 10a, 10b and 28. Paragraph 2. Investment management companies that provide investment services covered by Annex 1, Section A, points 1, 4, 5 and 10, and Section B, point 4, of the Act on Securities Dealers and Investment Services and Activities as a regular occupation or on a professional basis, must have authorization. Activities covered by Annex 1, Section A, points 4 and 5, may be provided with instruments covered by Annex 2 of the Act on Securities Dealers and Investment Services and Activities. Activities covered by Annex 1, Section A, point 10, may only be provided with instruments covered by Annex 2, point 3. The authorization must specify the activities in Annex 1 that the authorization covers. Paragraph 3. An investment management company must have authorization to perform any function or activity for third parties that is already provided by the investment management company in connection with a UCITS that it manages in accordance with its authorization pursuant to paragraph 1 or in connection with services that it performs with authorization pursuant to paragraph 2, first sentence, provided that any potential conflict of interest arising from the provision of this function or activity to other parties is managed appropriately. Paragraph 4. An investment management company must have authorization to administer benchmarks, pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts or with a view to measuring the performance of investment funds. The investment management company cannot be authorized to administer benchmarks used in the UCITS that the investment management company manages. Paragraph 5. In the provision and performance of investment services and activities by investment management companies, Sections 16 April 2026. 10 No. 432.

45-48, 67 and 94, § 95, paragraphs 1-5 and 7, and §§ 96, 108 and 243 and rules issued pursuant thereto, as well as chapters 22-27 of the Act on Fund Brokerage Companies and Investment Services and Activities.

Paragraph 6. Investment management companies may be registered as managers of European Social Entrepreneurship Funds pursuant to Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European Social Entrepreneurship Funds.

Paragraph 7. Investment management companies may be registered as managers of Qualified Venture Capital Funds pursuant to Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European Venture Capital Funds.

Paragraph 8. Investment management companies and administration companies that meet the conditions in § 1, paragraph 3, and §§ 30 or 31, have the exclusive right to carry out the daily management of investment funds and administer other UCITS.

Paragraph 9. An investment management company must have a share capital of at least an amount equivalent to the value of 125,000 euros. However, an investment management company that must be a member of a regulated market or hold and manage the instruments mentioned in Annex 2, No. 3, of the Act on Fund Brokerage Companies and Investment Services and Activities, including being a member of a securities central or a clearing central where the company participates in clearing and settlement, must have a share capital of at least an amount equivalent to the value of 730,000 euros.

§ 10 a. An investment management company may, in addition to the activities it may carry out under this Act, manage one or more alternative investment funds, provided that the company has permission to do so pursuant to § 11 of the Act on Managers of Alternative Investment Funds etc.

§ 10 b. An investment management company may provide services with crypto-assets as specified in Article 60, paragraph 5, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets corresponding to the services for which it has been granted permission under § 10, if the company notifies the Financial Supervisory Authority at least 40 working days before these services are provided for the first time. The notification must be accompanied by the information specified in Article 60, paragraph 7, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

§ 11. (Repealed)

§ 12. Banks, mortgage credit institutions and investment management companies must be joint-stock companies. Mutual savings banks must be mutual companies, subject to § 207. Savings banks must be independent institutions, subject to § 207. Insurance companies must be joint-stock companies, mutual companies or cross-sectoral pension funds.

Paragraph 2. The financial companies mentioned in paragraph 1 must have a board of directors and an executive board.

Paragraph 3. A mutual savings bank that has not, at the time it becomes subject to § 85 a, established a restriction on voting rights such that each shareholder has 1 vote according to the articles of association, is not considered to be a mutual company.

§ 13. The share capital in financial companies and the share or partnership capital in financial holding companies must be paid in full. Intangible assets cannot be used to pay in share capital.

Paragraph 2. In credit institutions, investment management companies, mortgage credit institutions, and financial holding companies, division of the share capital or partnership capital into classes with different voting values cannot take place, subject to paragraph 3.

Paragraph 3. In mortgage credit institutions that have been converted into joint-stock companies, and where a foundation or association established in connection with the conversion is the main shareholder, the articles of association may provide for a division of the institution's share capital into share classes with and without voting rights. All shares with voting rights must have the same voting value.

Paragraph 4. If a mortgage credit institution, which has been converted into a joint-stock company, and where a foundation or association established in connection with the conversion is the main shareholder, issues non-voting shares, pursuant to paragraph 3, the Company Law's § 73 on redemption rights for minority shareholders and the Company Law's § 70 on redemption rights for the main shareholder do not apply to these shares. If the mortgage credit institution has one or more share classes admitted to trading on a regulated market or an alternative market place and a shareholding is transferred as part of a takeover bid, the first sentence does not apply.

Paragraph 5. A financial company may not acquire its own shares for consideration as property or pledge if the nominal value of the company's and its subsidiaries' total holding of shares in the company as a result of the acquisition will exceed 10 percent. The permitted holding of own shares includes shares acquired by a third party in its own name, but for the account of the company.

Paragraph 6. The Financial Supervisory Authority may set rules for own-issued instruments that can be included in the capital base, including rules on redemption and acquisition of own-issued instruments for investment management companies and for financial holding companies that are not covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

§ 13 a. The Company Law's §§ 110, 286, 306 and 318 k do not apply to credit institutions, mortgage credit institutions and financial holding companies.

§ 14. The Financial Supervisory Authority grants permission when

1. the requirements in §§ 7, 8 or 10 are met,
2. the members of the applicant's board of directors and executive board meet the requirements in § 64 and for systemically important financial institutions (SIFI) and globally systemically important institutions (G-SIFI) also § 313,
3. the employees in credit institutions who must be identified as key function holders pursuant to § 64 c, paragraph 1, meet the requirements in § 64,
4. owners of qualifying holdings, pursuant to § 5, paragraph 3, meet the criteria in § 61 a, paragraph 1,
5. there are no close links, pursuant to § 5, paragraph 1, No. 17, between the applicant and other companies or persons that could hinder the performance of the supervisory authority's tasks,
6. the legislation in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, concerning a company or a person with which the applicant has close links, will not hinder the performance of the Financial Supervisory Authority's tasks,
7. the applicant's business processes and administrative conditions are sound, including that the requirements in § 71 are met,
8. the applicant, who is seeking permission under § 10, paragraph 1, has at least two natural persons employed on a full-time basis who are resident in the European Union, who determine the investment management company's business conduct, and who meet the requirements in § 64, paragraph 1, or § 64 c, paragraph 9,
9. the applicant has its head office and domicile in Denmark and
10. paragraphs 2-4 are met.

Paragraph 2. An application for permission under §§ 7-10 a must contain the information necessary for the Financial Supervisory Authority to assess whether the conditions in paragraph 1 are met, including information on the size of the qualifying holdings and the company's organization. An application for permission under §§ 7 and 8 to carry out credit institution business must contain information on the identity of the 20 largest shareholders, if there are no owners of qualifying holdings. An application under §§ 7-10 a must also contain a business plan containing information on the nature of the intended business.

Paragraph 3. An application under § 10 must also contain an activity plan, which must at a minimum specify the investment management company's organizational structure, with detailed specification of the human and technical resources that will be used to carry out the investment management company's business, and information on the persons who effectively carry out the investment management company's business, including the following elements:

1. A description of these persons' role, title and position in management.
2. A description of these persons' reporting lines and areas of responsibility within and outside the investment management company.
3. An overview of the time that each of these persons allocates to each individual area of responsibility.
4. Information on how the investment management company intends to comply with its obligations under the rules implementing the European Parliament and Council Directive on the coordination of laws and administrative provisions concerning certain undertakings for collective investment in transferable securities (UCITS), and pursuant to Article 3, paragraph 1, Article 6, paragraph 1, point (a), and Article 13, paragraph 1, of the European Parliament and Council Regulation on sustainability-related disclosures in the financial services sector, and a detailed description of which suitable human and technical resources the investment management company must use for this purpose.

Paragraph 4. An application under § 10 must also contain information on agreements regarding delegation and sub-delegation to third parties of functions pursuant to §§ 102-105, which must at a minimum include the following:

1. The investment management company's legal name and CVR number.
2. For any person to whom responsibility is transferred: a) The person's legal name and CVR number or equivalent foreign identification code, b) the person's home country, and c) where relevant, the person's supervisory authority.
3. A detailed description of the human and technical resources that the investment management company uses to a) carry out daily portfolio management or daily risk management tasks in the investment management company and b) monitor the delegated activity.
4. For each of the UCITS that the investment company manages or intends to manage: a) A brief description of the delegated portfolio management functions, including whether each of these delegations constitutes a full or partial delegation, and b) a brief description of the delegated risk management functions, including whether each of these delegations constitutes a partial or full delegation.
5. A description of the regular measures that the investment management company must carry out to monitor the delegated activity.

Paragraph 5. If the Financial Supervisory Authority rejects an application for permission, this must be justified and communicated to the applicant no later than 6 months after receipt of the application, or, if the application is incomplete, no later than 6 months after the applicant has submitted the information necessary to make the decision. A decision must in any case be made no later than 12 months after receipt of the application. If the Financial Supervisory Authority has not made a decision no later than 6 months after receipt of a complete application for permission, the company may bring the matter before the courts.

Paragraph 6. To comply with a provision on suspension from the Commission in accordance with directives in the financial area, the Financial Supervisory Authority may suspend the processing of applications for permission under §§ 7-10 a and 16 from applicants that are directly or indirectly owned by companies with domicile in a country outside the European Union, with which the Union has not concluded an agreement in the financial area.

Paragraph 7. The Financial Supervisory Authority may refuse to grant permission under paragraph 1 if the purpose of placing the head office and domicile in Denmark is solely to avoid being subject to the legislation in the country where the majority of the applicant's customers are domiciled.

Paragraph 8. For financial companies covered by §§ 7 and 8 and § 10, paragraph 2, permission is further conditional on the business joining the Deposit and Investor Guarantee Scheme.

Paragraph 9. For a credit institution or a mortgage credit institution, permission is further conditional on the members of the applicant's board of directors and executive board meeting the requirement to allocate sufficient time, pursuant to § 64 a, and on the applicant's board meeting the requirements for sufficient collective knowledge, professional competence and experience, pursuant to § 64 e, paragraph 1.

Paragraph 10. A life insurance company that applies for permission to carry out non-life insurance business in the same company under § 11, paragraph 12, must, in addition to meeting the requirements for permission, demonstrate that it has the recognized basic capital base to cover the respective absolute minimum for the minimum capital requirement for life insurance companies and the absolute minimum for the minimum capital requirement for non-life insurance companies, pursuant to § 126 d, paragraph 5, Nos. 1 and 2. The company must also demonstrate that it can continue to meet the financial minimum requirements.

Paragraph 11. Investment management companies must notify the Financial Supervisory Authority of significant changes to the conditions for the original permission, in particular significant changes to conditions resulting from the information provided under this provision, before these changes are implemented.

§ 14 a. The Financial Supervisory Authority may grant permission to carry out business under § 7, paragraph 1, § 8, paragraph 1, and § 16 a to a bridge institution established pursuant to § 21, paragraph 1, of the Act on Restructuring and Resolution of Certain Financial Companies, which does not meet all conditions for permission, if the Financial Supervisory Authority assesses that it is necessary in order to achieve resolution objectives. The requirements in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions must, however, be met. The Financial Supervisory Authority simultaneously with the permission sets a deadline for meeting the requirements to obtain permission under § 7, paragraph 1, and § 8, paragraph 1, pursuant to §§ 14 and 16 a.

Paragraph 2. The Financial Supervisory Authority may also, when Financial Stability establishes a bridge institution pursuant to § 21, paragraph 1, of the Act on Restructuring and Resolution of Certain Financial Companies, exempt Financial Stability from complying with the rules for financial holding companies and mixed holding companies set out in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, this Act or rules issued pursuant to the Act, taking into account the purpose of the relevant rules and the resolution objectives. The Financial Supervisory Authority sets a deadline for Financial Stability's exemption from the rules for financial holding companies and mixed holding companies. The deadline may be extended if the conditions in § 22, paragraph 4, of the Act on Restructuring and Resolution of Certain Financial Companies are met.

Paragraph 3. Notwithstanding paragraph 2, chapters 9 and § 181 apply to Financial Stability as a financial holding company or mixed holding company.

§ 15. When the Financial Supervisory Authority has granted permission under § 14, the Business Authority may carry out the necessary registrations.

Paragraph 2. In connection with notification for registration, pursuant to paragraph 1, and notification of changes to the articles of association, the financial company must submit a dated copy of the articles of association with the complete new wording to the Business Authority, which forwards a copy to the Financial Supervisory Authority.

Paragraph 3. Upon granting permission or changes to permission to insurance companies, the Financial Supervisory Authority simultaneously sends a copy thereof to the Business Authority. The Business Authority registers the date of the permission.

Paragraph 4. For savings banks and mutual savings banks, the Company Law's provisions on notification and registration etc. apply correspondingly.

§ 16. The Financial Supervisory Authority may permit credit institutions, mortgage credit institutions and investment management companies to provide services with instruments and contracts that are covered by the Financial Supervisory Authority's decision pursuant to § 4, paragraph 2, of the Capital Markets Act.

§ 16 a. The Financial Supervisory Authority may permit credit institutions and mortgage credit institutions to issue covered bonds.

Paragraph 2. Credit institutions and mortgage credit institutions with permission under paragraph 1 and the ship financing institution with permission under § 2 c of the Act on a Ship Financing Institution have the exclusive right to issue covered bonds. Mortgage credit institutions with permission under paragraph 1 also have the exclusive right to issue covered mortgage bonds. Covered bonds and covered mortgage bonds may bear the designation European Covered Bond (Premium).

Paragraph 3. Bonds issued by credit institutions that have been granted permission in another country within the European Union or a country with which the Union has concluded an agreement in the financial area may also be designated as covered bonds, if they meet the conditions in Article 129 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Paragraph 4. The Financial Supervisory Authority sets detailed rules on

1. under what conditions permission may be obtained under paragraph 1, and
2. under what conditions bonds issued by credit institutions and mortgage credit institutions may obtain and retain the designation covered bonds or covered mortgage bonds.

§ 16 b. A credit institution or a mortgage credit institution may finance loans secured by real estate with covered bonds or covered mortgage bonds issued by another credit institution or mortgage credit institution.

Paragraph 2. Issuance of covered bonds or covered mortgage bonds pursuant to paragraph 1 must be approved by the Financial Supervisory Authority.

§ 16 c. If a loan is to be financed by another credit institution's or mortgage credit institution's issuance of covered bonds or covered mortgage bonds, this must be stated in the loan agreement between the lending credit institution or mortgage credit institution and the borrower. It must also be stated in the loan agreement that information about the borrower may be passed on between the lending institution and the issuing institution, pursuant to § 120 b.

Paragraph 2. It must be stated separately in the loan terms that the lending institution may increase interest rates as a result of changes 16. april 2026. 13 Nr. 432.

regarding financing terms, cf. Section 152 b, subsection 4, and Section 6 of the Act on Mortgage Loans and Mortgage Bonds etc.

Section 16 d. If a credit institution or a mortgage institution grants a loan secured by a mortgage on real estate based on the issuance of covered bonds or covered mortgage bonds by another credit institution or mortgage institution, the loan together with the accompanying mortgage deed shall be transferred to the issuing institution as owner.

Subsection 2. A transfer according to subsection 1 cannot be set aside under Sections 67, 70 or 72 of the Bankruptcy Act. However, set-aside may occur under the aforementioned provisions if the transfer did not specifically appear to be ordinary.

Section 16 e. If a credit institution or a mortgage institution grants a loan secured by a mortgage on real estate based on the issuance of covered bonds or covered mortgage bonds by another credit institution or mortgage institution, the borrower may pay with releasing effect to the lending credit institution or mortgage institution, unless the borrower receives separate notice to the contrary from the issuing credit institution or mortgage institution.

Section 16 f. The lending credit institution or mortgage institution shall keep incoming payments relating to loans secured by a mortgage on real estate based on the issuance of covered bonds or covered mortgage bonds by another credit institution or mortgage institution separate from the institution's other funds.

Subsection 2. The lending credit institution or mortgage institution shall carry out continuous control of the separation.

Subsection 3. The lending credit institution or mortgage institution shall settle incoming payments to the issuing institution according to a pre-established plan.

Subsection 4. The Danish Financial Supervisory Authority shall establish detailed rules on:

1. which assets the lending credit institution or mortgage institution may place incoming payments in until settlement takes place, and
2. the lending credit institution's or mortgage institution's control of separation and settlement to the issuing credit institution or mortgage institution.

Section 16 g. In the event of bankruptcy of the lending credit institution or mortgage institution, payments covered by Section 16 f, cf. Section 16 b, subsection 1, which the lending credit institution or mortgage institution has received and which have not yet been settled, shall belong to the issuing credit institution or mortgage institution outside of the bankruptcy estate.

Section 17. The Danish Financial Supervisory Authority shall establish rules on which instruments and contracts, in addition to the financial instruments mentioned in Annex 2 of the Act on Securities Firms and Investment Services and Activities, credit institutions may perform services with.

Sections 18-23 a. (Repealed)

Chapter 4 Other Permitted Business General Rules on Other Permitted Business

Section 24. Credit institutions and mortgage institutions may conduct business that is ancillary to the business for which permission has been granted. Digital solutions and services connected with or naturally following from the permitted business are also considered ancillary business. The Danish Financial Supervisory Authority may determine that the ancillary business shall be conducted by another company.

Subsection 2. Credit institutions and mortgage institutions may through subsidiaries conduct other financial business.

Section 25. Credit institutions and mortgage institutions may temporarily conduct other business to secure or liquidate previously assumed exposures or with a view to participating in the restructuring of commercial businesses. The financial business shall notify the Danish Financial Supervisory Authority thereof.

Section 26. Credit institutions and mortgage institutions may, regardless of Sections 7, 8, 24 and 25, jointly with others conduct other business if:

1. the financial business does not directly or indirectly have decisive influence on the business,
2. the financial business does not conduct the business together with financial businesses that are part of the same group as the financial business, and
3. the business is conducted in another company than the financial business.

Subsection 2. If a credit institution, mortgage institution, investment management company or a group comes to conduct other business in violation of Section 7, subsection 1, Section 8, subsection 1, or Section 26, subsection 1, through acquisition, merger etc., the Danish Financial Supervisory Authority may set a deadline for the disposal of the other business if an immediate disposal would be associated with an economic loss.

Subsection 3. Credit institutions may, regardless of Sections 7, 24 and 25 and the rules in subsections 1 and 2, exercise certain activities that are not covered by permitted ancillary business, if the activity follows from the credit institution's banking operations and the following conditions are met:

1. The activities are conducted in another company than the credit institution, and the risks are enclosed therein.
2. The company in which the activities are conducted is a subsidiary of the credit institution.
3. The company in which the activities are conducted is independently capitalized.
4. The company in which the activities are conducted does not constitute a significant part of the credit institution's activities.

Section 27. (Repealed)

Special Rules for Investment Management Companies Regarding Subsidiaries

Section 28. Investment management companies may not have subsidiaries, unless these are investment management companies or administration companies.

16 April 2026. 14 No. 432.

Sections 29-29 b. (Repealed)

Chapter 5 Foreign Businesses General Rules on Foreign Businesses

Section 30. A foreign business that has been granted permission to conduct the business mentioned in Sections 7-10 a in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may begin to conduct business in this country through a branch 2 months after the Danish Financial Supervisory Authority has received notice thereof from the supervisory authorities in the home country, cf. subsections 4 and 6-9. The branch may conduct the activities mentioned in Annexes 2 and 3 and in Annex 1 of the Act on Securities Firms and Investment Services and Activities, provided these are covered by the business's permission in the home country. The first sentence applies correspondingly to credit institutions that have been granted permission to perform activities as mentioned in Annex 1 of the Act on Securities Firms and Investment Services and 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 will perform such activities in this country through an associated agent established in this country, if the activities are covered by the institution's or company's permission in the home country.

Subsection 2. Issuance of mortgage bonds, cf. Annex 3, may only be conducted by credit institutions that meet the conditions for this in the Act on Mortgage Loans and Mortgage Bonds etc.

Subsection 3. If the business is an administration company, cf. Section 5, subsection 1, no. 4, the branch may:

1. administer UCITS, and
2. conduct the activities mentioned in Annex 1, Section A, no. 4, 5 and 10, in the Act on Securities Firms and Investment Services and Activities, provided these are covered by the administration company's permission in the home country.

Subsection 4. The Danish Financial Supervisory Authority shall obtain the following information from the home country's supervisory authorities:

1. A description of the branch's business, including information on organization and planned activities,
2. a declaration that the planned activities are covered by the business's permission in the home country,
3. the branch's address,
4. the names of the branch's management, and
5. for credit institutions that have been granted permission to perform activities as mentioned in Annex 1 of the Act on Securities Firms and Investment Services and Activities, information on whether the branch intends to use associated agents, and the identity of these.

Subsection 5. If the business is a credit institution that has been granted permission to perform activities as mentioned in Annex 1 of the Act on Securities Firms and Investment Services and 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 wishes to perform such activities in this country through an associated agent established in this country without establishing a branch, the Danish Financial Supervisory Authority shall obtain the following information from the home country's supervisory authorities:

1. A description of the associated agent's business, including a description of the planned use of the associated agent.
2. Information on the credit institution's organization, including reporting lines indicating how the relevant agent is integrated into the business structure.
3. The associated agent's name and address as well as the associated agent's management.

Subsection 6. If the business is a credit institution, the Danish Financial Supervisory Authority shall furthermore obtain information on the size of the business's capital base and solvency ratios and information on any guarantee scheme in the home country covering the branch's depositors or investors.

Subsection 7. If the business is an administration company, cf. Section 5, subsection 1, no. 4, the Danish Financial Supervisory Authority shall furthermore obtain information on any guarantee scheme in the home country covering the branch's investors. When an administration company wishes to offer administration in this country, the Danish Financial Supervisory Authority receives from the home country's competent authority a confirmation that the company is approved under the UCITS Directive, a description of the scope of the company's permission and any limitations on which investment institutions the company has permission to administer, as well as a description of the company's risk management process and procedures for handling complaints from investors.

Subsection 8. The business shall notify the Danish Financial Supervisory Authority of any changes to the matters mentioned in subsection 4, no. 1-5, and subsections 5-9, at the latest 1 month before the change is made. If it is not possible to notify the Danish Financial Supervisory Authority of the change at the latest 1 month before the change is made, notification shall be made as soon as possible. The business shall, however, not notify the Danish Financial Supervisory Authority of changes in the businesses' capital bases and solvency ratios.

Subsection 9. The provisions of the Companies Act regarding branches of foreign joint-stock companies apply to the branches mentioned in subsection 1.

Section 31. A foreign business that has been granted permission to conduct the business mentioned in Sections 7-10 a in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may begin to provide services in this country when the Danish Financial Supervisory Authority has received notice thereof from the supervisory authorities in the home country. The foreign business may conduct the activities mentioned in Annexes 2 and 3 and in Annex 1 of the Act on Securities Firms and Investment Services and Activities, when the supervisory authorities in the home country have declared that these are covered by the business's permission in the home country. If the foreign business is a credit institution that has been granted permission to perform activities as mentioned in Annex 1 of the Act on Securities Firms and Investment Services and Activities, the Danish Financial Supervisory Authority must furthermore have received information from the supervisory authorities in the home country on whether the business wishes to perform activities as mentioned in Annex 1 of the Act on Securities Firms and Investment Services and Activities through associated agents established in

16 April 2026. 15 No. 432.

the home country, as well as the identity of these. If the foreign business is an administration company, the Danish Financial Supervisory Authority must have received from the supervisory authorities in the home country a business plan over the administration company's intended tasks and services, cf. subsection 3, and further information on relevant guarantee schemes intended to protect investors. When an administration company wishes to offer administration in this country, the Danish Financial Supervisory Authority receives from the home country's competent authority a confirmation that the company is approved under the UCITS Directive, a description of the scope of the company's permission and any limitations on which investment institutions the company has permission to administer, as well as a description of the company's risk management process and procedures for handling complaints from investors.

Subsection 2. Issuance of mortgage bonds, cf. Annex 3, may only be conducted by credit institutions that meet the conditions for this in the Act on Mortgage Loans and Mortgage Bonds etc.

Subsection 3. If the business is an administration company, the business may:

1. administer UCITS, and
2. conduct the activities mentioned in Annex 1, Section A, no. 4, 5 and 10, in the Act on Securities Firms and Investment Services and Activities, provided these are covered by the administration company's permission in the home country.

Subsection 4. The procedure in subsection 1 applies correspondingly when an administration company delegates the marketing of shares in the host country to an investment management company.

Section 32. A foreign business may use the same name as the business uses in the home country. If there is a risk of confusion with another name used in this country, the Danish Business Authority may demand an explanatory addition.

Special Rules for Foreign Credit Institutions

Section 33. A foreign credit institution that has been granted permission in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, and for which country 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, shall have permission from the Danish Financial Supervisory Authority to provide investment services or perform investment activities with or without ancillary services, cf. the Act on Securities Firms and Investment Services and Activities, in this country to approved counterparties or professional customers.

Subsection 2. A credit institution that has been granted permission in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, which wishes to provide investment services or perform investment activities with or without ancillary services, cf. the Act on Securities Firms and Investment Services and Activities, in this country to retail customers or customers who can be treated as professional customers upon request, shall have branch permission in accordance with Section 33 a, subsection 1.

Subsection 3. The requirement in subsection 2 does not cover the provision of investment services or investment activities that are initiated exclusively on the relevant customers' own initiative.

Subsection 4. The Danish Financial Supervisory Authority may refuse permission, cf. subsection 1, if the legislation in the country where the credit institution has been granted permission and is under supervision will make it difficult for the Danish Financial Supervisory Authority to perform its tasks.

Subsection 5. The Danish Financial Supervisory Authority may withdraw a permission, cf. subsection 1, if the credit institution no longer meets the requirements for obtaining a permission, or if the Danish Financial Supervisory Authority cannot normally collect tax payment according to Section 363 b, subsection 4.

Subsection 6. The Danish Financial Supervisory Authority shall establish detailed rules on the permission procedure, cf. subsection 1, including which documentation shall be sent to the Danish Financial Supervisory Authority in connection with the application.

Section 33 a. A foreign credit institution that has been granted permission in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, shall have permission from the Danish Financial Supervisory Authority to provide investment services or perform investment activities with or without ancillary services, cf. the Act on Securities Firms and Investment Services and Activities, in this country through a branch.

Subsection 2. A foreign credit institution shall submit the following information to the Danish Financial Supervisory Authority for the purpose of the Authority's processing of the application for permission, cf. subsection 1:

1. The name of the competent authority in the home country, and if there are several competent authorities, information on their respective areas of competence.
2. Information on the foreign credit institution's name, legal form, statutory seat and address, members of the management body and relevant shareholders.
3. A description of the branch's business, including information on organization and planned activities, as well as a description of any outsourcing of significant operational functions to third parties.
4. The names of the persons responsible for the management of the branch, as well as documentation that they meet the requirements in Section 14, subsection 1, no. 2, and Section 14, subsection 9.
5. Information on the start capital that the branch has free disposal over.

Subsection 3. The Danish Financial Supervisory Authority grants permission, cf. subsection 1, when it is demonstrated that:

1. the activities for which permission is sought are covered by the foreign credit institution's permission and are subject to supervision in the home country,
2. there is an international cooperation agreement between the Danish Financial Supervisory Authority and the competent authorities in the foreign credit institution's home country, including provisions on information exchange with a view to preserving market integrity and protecting investors,
3. the branch has free disposal over sufficient start capital,
4. the branch's management meets the requirements in Section 14, subsection 1, no. 2, and Section 14, subsection 9,
5. the foreign credit institution's home country has concluded an agreement with Denmark that fully complies with the standards in Article 26 of the Organisation for Economic Co-operation and Development (OECD)...

16 April 2026. 16 No. 432.

OECD Model Tax Convention on Income and on Property, and which ensures effective information exchange on tax matters, including multilateral tax agreements, 6) the foreign credit institution is part of an investor guarantee scheme approved or recognized in accordance with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes, and 7) the branch will be able to meet the requirements of Sections 43-45, 47, 48 and 94, Section 95, subsections 1, 2 and 7, and Sections 96 and 108 of this Act, Sections 88-95, 98-109, 114 and 135-140, Section 196, subsection 2, and Sections 214 and 218 of the Act on Capital Markets, as well as Articles 3-26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and measures adopted pursuant thereto. Subsection 4. The Financial Supervisory Authority shall decide within 6 months after receipt of a complete application whether a permit may be granted. Subsection 5. Sections 223 and 224 apply mutatis mutandis to the withdrawal of a permit granted pursuant to subsection 1. In addition to the cases mentioned in Sections 223 and 224, the Financial Supervisory Authority may withdraw a permit granted pursuant to subsection 1 if the Financial Supervisory Authority cannot normally collect the tax payment pursuant to Section 363 a and Section 363 b, subsection 3. Sections 34-37 a. (Repealed) Danish financial businesses and certain financing institutions' business abroad Section 38. A financial business wishing to establish a branch in another country shall notify the Financial Supervisory Authority of this together with the following information about the branch:

1. In which country the branch is to be established,
2. a description of the branch's business, including information on its organization, and the planned activities,
3. the branch's address,
4. the names of the branch's management, and
5. for credit institutions and mortgage credit institutions, whether the branch intends to use attached agents, and the identity of these. Subsection 2. A credit institution or a mortgage credit institution wishing to carry out activities as mentioned in Annex 1 to the Act on Securities Firms and Investment Services and Activities through an attached agent established in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, where the company or institution has not established a branch, shall notify the Financial Supervisory Authority of this together with the following information:
6. In which country the attached agent is established.
7. A description of the attached agent's business, including a description of the planned use of the attached agent.
8. Information on the company's or institution's organization, including reporting lines indicating how the relevant agent is integrated into the corporate structure.
9. The name and address of the attached agent and the management of the attached agent. Subsection 3. Upon establishment of a branch or use of an attached agent established in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, the Financial Supervisory Authority shall forward the information mentioned in subsections 1 and 2 to the supervisory authorities in the host country. For credit institutions and mortgage credit institutions, solvency ratios shall also be sent to the supervisory authorities in the host country. At the same time, a declaration shall be sent stating that the planned activities are covered by the financial business's permit. Subsection 4. If the branch is established or an attached agent is used in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, and the business is a credit institution, a mortgage credit institution, or an investment management company, the Financial Supervisory Authority shall also send information on the investor and deposit guarantee scheme, and for credit institutions and mortgage credit institutions, information on the business's capital base. For investment management companies, the Financial Supervisory Authority shall notify the host country's supervisory authorities of changes in the information on the investor and deposit guarantee scheme. Subsection 5. The information pursuant to subsections 3 and 4 shall be sent no later than 3 months after receipt of the information. At the same time as sending, the Financial Supervisory Authority shall notify the financial business of this. Subsection 6. The Financial Supervisory Authority may refrain from forwarding information pursuant to subsections 3 and 4 if there is reason to doubt that the business's administrative structure and financial situation are sound as a basis for the intended establishment. The Financial Supervisory Authority shall notify the business of this no later than 2 months after receipt of the information mentioned in subsection 1. Subsection 7. The business shall notify the Financial Supervisory Authority of any changes in the matters mentioned in subsections 1 and 2. The Financial Supervisory Authority must receive the notification no later than 1 month before the change is made. If it is not possible to notify the Financial Supervisory Authority of the change no later than 1 month before the change is made, notification shall be made as soon as possible. The business is obliged to do the same vis-à-vis the host country's supervisory authorities if the host country is another country within the European Union or countries with which the Union has concluded an agreement in the financial area. The Financial Supervisory Authority shall notify the investment management company within 15 working days after receipt of the information as mentioned in the first sentence that the investment management company may not initiate the change of the branch if the investment management company no longer complies with Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as a result of the change. Subsection 8. A financial business must have the Financial Supervisory Authority's permission to establish a branch in a country outside the European Union, with which the Union has not concluded an agreement in the financial area. If there is reason to doubt that the business's administrative structure and financial situation are sound as a basis for the intended establishment, the Financial Supervisory Authority may refuse an application for permission. Section 38 a. (Repealed) Section 38 b. A financing institution which is a subsidiary of a credit institution or a mortgage credit institution or is a jointly owned company of several credit institutions or several mortgage credit institutions shall notify the Financial Supervisory Authority before the financing institution establishes a branch in another Member State within the European Union or in a country with which the Union has concluded an agreement in the financial area. The financing institution shall, together with the notification, provide the Financial Supervisory Authority with the information mentioned in Section 38, subsection 1, and state the size and composition of the financing institution's capital base. Subsection 2. The Financial Supervisory Authority shall send the information mentioned in subsection 1 and information on the parent companies' risk exposure amounts to the host country's supervisory authorities no later than 3 months after receipt of the information. Section 39. A financial business wishing to carry on business in the form of cross-border services in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area shall notify the Financial Supervisory Authority of this, stating in which country the business is to be started and which activities are to be carried out. Credit institutions and mortgage credit institutions shall also provide information if they wish to carry out activities as mentioned in Annex 1 to the Act on Securities Firms and Investment Services and Activities through attached agents based in Denmark, and the identity of these. Investment management companies shall also submit a business plan for intended tasks and services and more detailed information on relevant guarantee schemes intended to protect investors. Subsection 2. The Financial Supervisory Authority shall forward the notification mentioned in subsection 1 and a declaration that the planned activities are covered by the business's permit to the supervisory authorities in the host country no later than 1 month after receipt of the notification mentioned in subsection 1. If the Financial Supervisory Authority does not send the notification or the declaration mentioned in the first sentence within the deadline, the Financial Supervisory Authority shall notify the business of the reasons for this. If the business is a credit institution or a mortgage credit institution, the Financial Supervisory Authority shall also notify the supervisory authorities in the host country of the identity of the attached agents the business intends to use. If the business is an investment management company, the Financial Supervisory Authority shall also send information on the investor and deposit guarantee scheme. Subsection 3. If the business is an investment management company, the company is obliged to notify the Financial Supervisory Authority and the host country's supervisory authorities of any changes in the matters mentioned in subsection 1 no later than one month before the changes are made. If it is not possible to notify the Financial Supervisory Authority of the change no later than one month before the change is made, notification shall be made as soon as possible. Subsection 4. An investment management company that delegates the marketing of shares in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area to a third party shall use the procedure mentioned in Section 31, subsection 1. Subsection 5. A financial business wishing to provide services in a country outside the European Union or in a country with which the Union has not concluded an agreement in the financial area shall notify the Financial Supervisory Authority of this no later than 1 month before the activities begin, stating in which country the business is to be started and which activities are to be carried out. If it is not possible to notify the Financial Supervisory Authority of this no later than 1 month before the activities begin, notification shall be made as soon as possible. Subsection 6. The businesses shall notify the Financial Supervisory Authority of any changes in the activities mentioned in subsection 6 no later than 1 month before the change is made. If it is not possible to notify the Financial Supervisory Authority of the change within this deadline, notification shall be made as soon as possible. Investment management companies' administration of investment institutions that are UCITS from a branch or as a cross-border service Section 39 a. An investment management company wishing to administer UCITS from a branch in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, or as cross-border services, shall, in addition to sending the information appearing in Sections 38 and 39 to the Financial Supervisory Authority, send a description of the company's risk management process and procedures for handling investor complaints. When the Financial Supervisory Authority forwards the information mentioned in the first sentence to the supervisory authorities in the host country, the Financial Supervisory Authority shall also send confirmation that the company is approved under the UCITS Directive, and a description of the scope of the company's permit and any limitations on which UCITS the company has permission to administer. Subsection 2. An investment management company administering UCITS as mentioned in subsection 1 shall comply with the Act's rules on investment management companies' business, including Sections 70 and 71 on organization, procedures for risk management and internal reporting, and Sections 102-105 on delegation. Subsection 3. An investment management company administering UCITS as mentioned in subsection 1 shall comply with the rules that a UCITS' home country has established regarding the UCITS' establishment and operation, including the rules applicable to
10. establishment and approval of UCITS,
11. issuance and redemption of shares and stocks,
12. investment policy and investment limits, including the calculation of total risk exposure and gearing,
13. restrictions on borrowing, lending and naked trading,
14. valuation of a UCITS' assets and accounting,
15. calculation of the issue or redemption price and errors in the calculation of the net asset value, and compensation to investors in this connection,
16. distribution or reinvestment of dividends,
17. requirements for reporting and publication, including of the prospectus, the key investor information, and periodic reports that the relevant UCITS must comply with,
18. measures regarding marketing,
19. relations with participants,
20. merger and restructuring of a UCITS,
21. dissolution and liquidation of a UCITS,
22. the content and form of any register of participants,
23. fees for approval and supervision of a UCITS, and
24. exercise of participants' voting rights and other participant rights pursuant to items 1-13. Subsection 4. The investment management company shall comply with the obligations set out in a UCITS' fund regulations or articles of association and in the prospectus, which must be in accordance with the rules established in the home country, cf. subsection 3. Subsection 5. The competent authorities in a UCITS' home country are responsible for supervising that subsections 3 and 4 are complied with. Subsection 6. The investment management company's board of directors makes the decision and is responsible for adopting and implementing the measures and organizational decisions necessary for the investment management company to comply with the rules for the establishment and operation of UCITS, cf. subsection 3, and the obligations set out in the fund regulations or articles of association, as well as the obligations set out in the prospectus. Subsection 7. The Financial Supervisory Authority is responsible for supervising that the investment management company's measures and organization are sufficient so that the investment management company is able to comply with the obligations and rules relating to the establishment and operation of the UCITS it administers. Subsection 8. An investment management company administering a UCITS based in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area shall enter into a written agreement with the depositary on the information exchange necessary for the depositary to perform its duties. Section 39 b. An investment management company intending to administer a UCITS established in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area shall send the following documentation to the competent authorities in the relevant UCITS' home country:
25. The written agreement with the depositary mentioned in Section 39 a, subsection 8.
26. Information on delegation of tasks within investment management and administration as mentioned in Annex II to the UCITS Directive. Subsection 2. If an investment management company already administers other UCITS of the same type in the relevant UCITS' home country, reference to the documentation, cf. subsection 1, already sent to the competent authorities is sufficient. Subsection 3. The investment management company shall notify the competent authorities in the administered UCITS' home country of any subsequent significant changes in the documentation mentioned in subsection 1. Danish financial businesses' subsidiaries abroad Section 40. A financial business wishing to establish a subsidiary, which is a credit institution, an investment company, or an insurance business, in a country outside the European Union, with which the Union has not concluded an agreement, must have the Financial Supervisory Authority's permission for this. If there is reason to doubt that the business's administrative structure and financial situation are sound as a basis for the intended establishment, the Financial Supervisory Authority shall not grant permission. Subsection 2. A financial business shall notify the Financial Supervisory Authority of the establishment of subsidiaries in a country outside the European Union, with which the Union has not concluded an agreement, that are not covered by subsection 1. Section 41. (Repealed) Section 42. (Repealed) Section III Good Conduct etc. Chapter 6 Good Conduct, Price Information and Contractual Relations General rules on good conduct, price information and contractual relations Section 43. Financial businesses and financial holding businesses shall be conducted in accordance with honest business practices and good practice within the business area. Subsection 2. The Minister for Business shall establish detailed rules on honest business practices and good practice for the financial businesses. The Minister for Business shall, cf. first sentence, establish rules on the content of a basic deposit account and on the size of any fee for such an account. Subsection 3. The Minister for Business shall establish rules on cost, commission, price and risk information for financial services. Subsection 4. The Minister for Business shall establish rules on competence requirements for employees in credit institutions, mortgage credit institutions, investment management companies, providers of crypto-asset services, and branches of foreign credit institutions. The Minister shall also establish rules on competence requirements for employees in credit institutions and mortgage credit institutions who present, offer, advise on, or administer mortgage credit agreements. Subsection 5. The Minister for Business shall establish detailed rules on the issuance of key investor information to retail investors when financial businesses mediate shares in Danish UCITS. Subsection 6. The Financial Supervisory Authority may, after consultation with representatives of consumers and the relevant financial industry organizations, draw up and publish guidelines for honest business practices and good practice on specified

16. April 2026. 19 No. 432.

areas that may be considered significant, particularly from the consumer's perspective.

Subsection 7. The Minister of Business Affairs shall establish rules regarding financial companies' obligation to deliver a standardized key information document to consumers when offering mortgage and mortgage-like loans.

§ 43a. Actions contrary to rules issued pursuant to § 43, subsection 2, incur liability for damages in accordance with the general rules of Danish law.

Processing of Personal Identification Numbers

§ 43b. Financial companies may process information about personal identification numbers for the purpose of necessary unique identification in relation to existing customer relationships when performing administrative tasks and providing advice.

§ 44. (Repealed)

Special Rules on Contractual Relationships for Credit Institutions, Mortgage Credit Institutions, and Insurance Companies

§ 45. If subordinated loan capital is issued in the form of bulk debt certificates, the financial company must designate these capital certificates.

§ 46. When a credit institution or mortgage credit institution subscribes to capital contributions covered by the rules on hybrid core capital and the rules on subordinated loan capital, the company must not simultaneously loan-finance the purchase of such capital contributions by retail customers and professional customers, or parts thereof.

Subsection 2. The prohibition on loan-financing mentioned in subsection 1 applies correspondingly to the subscription and sale of shares or partnership or guarantee certificates by credit institutions, mortgage credit institutions, and financial holding companies, regardless of whether the loan is granted by the institution or the company itself or by a company affiliated within the same group with the relevant institution or financial holding company. Notwithstanding the first sentence, credit institutions, mortgage credit institutions, and financial holding companies may loan-finance the purchase of employee shares within the group as part of an employee share scheme.

Subsection 3. Subsection 2 applies only to financial holding companies where at least one subsidiary is a credit institution or a mortgage credit institution.

Special Rules for Credit Institutions, Mortgage Credit Institutions, and Investment Management Companies

§ 46a. (Repealed)

§ 46b. (Repealed)

Special Rules for Credit Institutions

§ 47. If, in a business context, a guarantee has been provided for a loan granted by a credit institution, and the borrower defaults on the payment of principal, installments, or interest, written notice must be given to any of the guarantors or to the one or more of them authorized to receive notice on behalf of all guarantors, no later than 6 months after the due date of the relevant payments. Failure to do so results in the credit institution losing its claim against the guarantors, to the extent that their right of recourse against the borrower has been impaired by the failure.

§ 48. Before entering into an agreement on a guarantee obligation outside of a business context for loans or credits granted by a credit institution, the credit institution must ensure that the guarantor is sufficiently informed about the content of the agreement and the consequences of assuming a guarantee obligation. This information must include details on what the specific guarantee obligation entails and contain a balanced description of the risks associated with it. Furthermore, the credit institution must, with the consent of the debtor whose debt is secured by the guarantee, deliver:

1. the latest annual tax assessment from SKAT,
2. the latest three payslips, or
3. the latest annual accounts, if guaranteeing the debt of a business operator.

Subsection 2. A credit institution that has not complied with subsection 1 may only enforce the guarantee obligation if the guarantor has had a sound basis for assessing the risks associated with entering into the guarantee obligation through other means.

Subsection 3. Guarantee agreements under subsection 1 must be drawn up on paper or another durable medium to be enforceable.

Subsection 4. A guarantor cannot be liable for an amount greater than the principal of the loan or the maximum amount of the credit at the time the guarantee agreement is entered into.

Subsection 5. For guarantee agreements under subsection 1, the credit institution must annually notify the guarantor in writing of the size of the debt item for which the guarantee is provided.

Subsection 6. If the borrower defaults on the payment of principal, installments, or interest, notice thereof must be given to the guarantor on paper or another durable medium no later than 3 months after the due date of the relevant payments. The first sentence applies correspondingly if the credit institution grants the borrower a moratorium without the guarantor's consent.

Subsection 7. If the deadline in subsection 6 is exceeded, the guarantee obligation may only be enforced against the guarantor for the amount that the borrower's debt under the secured claim would have amounted to if the borrower had paid all payments timely until the time point that is 3 months prior to the time point when notice is given.

Subsection 8. Exceeding the deadline in subsection 6 results, regardless of subsection 7, in the credit institution losing its claim against the guarantor, to the extent that the guarantor's right of recourse against the borrower has been impaired.

Subsection 9. A guarantee obligation under subsection 1 expires after 10 years, or if the guarantee agreement was entered into to secure a credit with a variable amount or a loan without a fixed due date, after 5 years, unless the obligation has been enforced by the credit institution beforehand. The first sentence does not apply to loans that, according to their terms, can be financed by the issuance of special covered bonds, provided the guarantor has been explicitly informed thereof and of the consequences thereof.

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Subsection 10. An agreement on a guarantee obligation under subsection 1 may be set aside wholly or partially if it is disproportionate to the guarantor's financial situation.

Subsection 11. Subsections 1-10 apply correspondingly to third-party pledges outside of business contexts.

§ 48a. §§ 53b and 53c also apply to credit institutions when they grant mortgage-like loans.

Subsection 2. § 53d also applies to credit institutions when they grant mortgage-like loans and the credit institution has notified an increase in an interest margin.

Subsection 3. Subsections 1 and 2 do not apply to pre-agreed changes in interest rates, interest ceilings, or interest floors, when these changes, according to the agreement, can only be implemented with at least 3 years between them.

§ 49. If a savings bank has lost part of its guarantee capital, the savings bank must provide information about this to persons wishing to enter as guarantors.

Subsection 2. If a cooperative bank has lost part of its cooperative capital, the cooperative bank must provide information about this to persons wishing to subscribe to cooperative capital.

Subsection 3. The rules applicable to joint-stock companies regarding the reduction of share capital apply with the necessary adaptations to the reduction of cooperative capital in cooperative banks.

§ 50. Capital pension, rate savings, self-pension, old-age savings, child savings, and housing savings in a credit institution may be placed on a deposit account either in cash or as pooled deposits and may further be placed in a separate depot.

Subsection 2. A credit institution must not receive and retain fees, commissions, or other monetary and non-monetary benefits paid by a third party or a person acting on behalf of a third party in connection with customers' savings in pools covered by rules issued pursuant to subsection 4, first sentence. If the credit institution receives such commissions, etc., as mentioned in the first sentence, they must be forwarded to the pool as soon as possible. The first sentence does not apply to non-monetary benefits of minor value that can increase the quality of the service delivered to the customer and that cannot prevent the credit institution from fulfilling its duty to act in the customer's best interest. Such non-monetary benefits must be clearly disclosed to the customer.

Subsection 3. The Minister of Business Affairs may establish detailed rules on which non-monetary benefits are covered by subsection 2, third and fourth sentences, and on requirements for credit institutions' handling of received fees, commissions, or other monetary and non-monetary benefits paid by a third party or a person acting on behalf of a third party.

Subsection 4. The Danish Financial Supervisory Authority establishes detailed rules for savings in pools in a credit institution, including rules on the placement of funds, administration, accounting, audit, and customer information. The Danish Financial Supervisory Authority also establishes detailed rules on the placement of funds in securities and on the liquidation of investments in assets, including registration and de-registration in a securities central, account statements, valuation, and deposit.

§ 51. Capital pension, rate savings, self-pension, and old-age savings placed on a deposit account must be fully covered by the Deposit and Investor Guarantee Scheme, by a corresponding scheme in the credit institution's home country in the event of the credit institution's restructuring proceedings and bankruptcy, or by a combination of both schemes.

§ 52. Credit institutions and branches of credit institutions with statutory domicile in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, which the Danish Financial Supervisory Authority has approved as a depositary company, cf. § 2, No. 11, in the Act on Investment Funds etc., for a Danish UCITS, must as depositary company act independently and exclusively in the interest of the relevant Danish UCITS.

Special Rules for Mortgage Credit Institutions

§ 53. A mortgage credit institution must inform the borrower in the loan agreement that mortgage loans granted in violation of the Act on Mortgage Loans and Mortgage Bonds etc. may be reduced pursuant to this Act.

Subsection 2. If a mortgage loan pursuant to the Act on Mortgage Loans and Mortgage Bonds etc. is to be reduced, the mortgage credit institution must provide as compensation a loan on similar terms, such that the borrower is placed in an unchanged position. All loan costs associated with the restructuring are borne by the mortgage credit institution.

Subsection 3. The borrower has no claim to a restructuring under subsection 2 if the mortgage credit institution proves that the borrower knew or should have known that the mortgage loan was granted in violation of the provisions of the Act on Mortgage Loans and Mortgage Bonds etc., or if the violation of the aforementioned provisions otherwise is due to information provided by the borrower.

§ 53a. §§ 48, subsections 1-8, 10, and 11, apply correspondingly to mortgage credit institutions, cf. however subsection 2.

Subsection 2. § 48, subsection 4, does not apply to mortgage loans when the mortgaged property is used for residence by the guarantor and the borrower, and the guarantor has been explicitly informed that the liability may exceed the principal of the loan at the time the guarantee agreement is entered into.

§ 53b. A mortgage credit institution may not in ongoing customer relationships change interest rates, fees, contributions, or other remuneration for mortgage loans to the detriment of the consumer without prior notice of 6 months.

Subsection 2. A notice under subsection 1 must contain a justification for the change. The justification must specify:

1. the circumstances that triggered the change and a reference to the parts of the contractual basis that contain the right to implement the change, and
2. information on the most significant circumstances that have had an impact on the extent of the change, and the estimated share of these circumstances in the total increase.

Subsection 3. A notice under subsection 1 must further contain the following information:

1. The market value of the consumer's loan. If the market value is not fixed, the mortgage credit institution must inform the consumer thereof and of how the consumer can obtain information on the current market value.

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2. Information that the consumer has the possibility to redeem the loan and restructure it into another loan in the same institution or with another lender, and under which conditions the consumer can redeem the loan.

3. Information that other lenders can be found on price portals operated by private providers and on the price portal for housing loans.

Subsection 4. In the event of changes to interest rates, contributions, and significant changes to other remuneration or the collection of a new remuneration, the notice must be given to the consumer on paper or another durable medium. The notice must reach the consumer no later than 6 months before the change takes effect.

Subsection 5. Subsections 1, 3, and 4 do not apply to changes justified by external circumstances over which the mortgage credit institution has no influence.

§ 53c. A mortgage credit institution may only enforce a change in interest rates, fees, contributions, or other remuneration if the mortgage credit institution has observed § 53b, subsections 1, 2, and 4, cf. however subsection 2 and § 53b, subsection 5.

Subsection 2. Subsection 1 does not apply to insignificant increases in fees and other remuneration other than interest rates and contributions.

§ 53d. If a mortgage credit institution has notified a consumer of an increase in a contribution, cf. § 53b, subsection 1, and the consumer has terminated the relevant mortgage loan within 6 months from the day the notice reached the consumer, to redemption on the first possible date with the chosen redemption method, but no later than a payment term 6 months after the termination, the mortgage credit institution may not collect fees in connection with the redemption of the relevant mortgage loan. The mortgage credit institution may, however, collect half of the fees that are collected in connection with a bond transaction for the purpose of redeeming the mortgage loan. The mortgage credit institution is obliged to carry out the bond transaction upon the consumer's request.

Subsection 2. If a mortgage credit institution grants a consumer a loan for the purpose of redeeming a mortgage loan or mortgage-like loan in cases where the consumer has terminated the relevant loan due to a notified increase in contributions or interest margins within 6 months from the day the notice reached the consumer, the receiving mortgage credit institution may only collect half of the fees that are collected in connection with a bond transaction for the purpose of redeeming the terminated mortgage loan or mortgage-like loan.

Special Rules for Investment Management Companies

§ 54. When investment management companies perform portfolio management for UCITS, including brokering securities for these, the relevant UCITS are covered by the same protection as customers under § 72.

Subsection 2. Investment management companies that have permission to perform discretionary portfolio management for customers must agree in advance with the customer whether the investment management company may place the customer's portfolio funds or part thereof in shares in UCITS that the investment management company administers.

§§ 55-60e. (Repealed)

Section IV Ownership and Management etc. Chapter 7 Ownership

§ 61. Any natural or legal person or natural and legal persons acting in concert who intend to directly or indirectly acquire a qualifying holding, cf. § 5, subsection 3, in a financial company or a financial holding company, must apply in advance to the Danish Financial Supervisory Authority for approval of the intended acquisition. The same applies to an increase in the qualifying holding that results in it, after the acquisition, amounting to or exceeding a threshold of respectively 20 pct., 33 pct., or 50 pct. of the share capital or voting rights, or results in the financial company or the financial holding company becoming a subsidiary.

Subsection 2. The Danish Financial Supervisory Authority confirms in writing and no later than after ten working days the receipt of the application, cf. subsection 1. The same applies to the receipt of material, cf. subsection 4.

Subsection 3. The Danish Financial Supervisory Authority has from the time of the written confirmation of receipt of the application, cf. subsection 2, and receipt of all documents required to be attached to the application, an assessment period of 60 working days to carry out the assessment mentioned in § 61a. Simultaneously with the confirmation of receipt of the application, cf. subsection 2, the Danish Financial Supervisory Authority notifies the intended acquirer of the date when the assessment period expires.

Subsection 4. The Danish Financial Supervisory Authority may, until the 50th working day in the assessment period, request additional information necessary for the assessment. The request must be made in writing. The first time such a request is made, the assessment period is interrupted for the period between the time of the request and the receipt of the answer thereto. The interruption may, however, not exceed 20 working days, cf. however subsection 5.

Subsection 5. The Danish Financial Supervisory Authority may extend the interruption of the assessment period as mentioned in subsection 4 by up to ten working days, if:

1. the intended acquirer is domiciled in or subject to the legislation of a country outside the European Union, with which the Union has not concluded an agreement in the financial area, or
2. the intended acquirer is a natural or legal person who has not been granted permission to carry out the business mentioned in §§ 7-10, the business mentioned in § 14, subsection 1, in the Act on Insurance Business, or the business mentioned in § 3, No. 2, in the Act on Capital Markets in Denmark, another country within the European Union, or in a country with which the Union has concluded an agreement in the financial area.

Subsection 6. If the Danish Financial Supervisory Authority rejects an application for approval of an intended acquisition, this must be justified in writing and communicated to the intended acquirer immediately after the decision. The communication must be made within the assessment period. The intended acquirer may request the Danish Financial Supervisory Authority to publish the justification for the rejection.

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Section 7. If the Danish Financial Supervisory Authority does not refuse the application for the intended acquisition in writing during the assessment period, the acquisition is deemed approved.

Section 8. The Danish Financial Supervisory Authority may set a deadline for the implementation of an acquisition or increase approved under subsection 1. The Danish Financial Supervisory Authority may extend such a deadline.

Section 9. The Danish Financial Supervisory Authority sets rules on when an acquisition shall be included in the calculation under subsection 1.

Section 10. The assessment period, cf. subsection 3, is suspended until the conclusion of the case processing under Section 175 g, if the assessment under Section 61 a is carried out simultaneously with the approval under Section 175 g.

Section 61 a. The Danish Financial Supervisory Authority must, in connection with its assessment of an application received under Section 61, subsection 1, ensure consideration for the sensible and prudent management of the undertaking in which the acquisition is intended. The assessment must further take into account the intended acquirer's likely influence on the undertaking, the intended acquirer's suitability, and the intended acquisition's financial soundness in relation to the following criteria:

1. The intended acquirer's reputation.
2. The reputation and experience of the person or persons who, after the acquisition, will manage the financial undertaking or the financial holding company.
3. The intended acquirer's financial situation, especially in relation to the nature of the business carried out or intended to be carried out in the financial undertaking or financial holding company in which the acquisition is intended.
4. Whether the undertaking can continue to comply with the supervisory requirements in legislation, in particular whether the group, which the undertaking may come to form, has a structure that makes it possible to carry out effective supervision and effective exchange of information between the competent authorities and to determine how responsibility should be distributed between the competent authorities.
5. Whether there is justified suspicion, in connection with the intended acquisition, that money laundering or terrorist financing, cf. Sections 3 and 4 of the Act on Preventive Measures against Money Laundering and Terrorist Financing, will take place.

Subsection 2. The Danish Financial Supervisory Authority may refuse an application for approval of an intended acquisition if, based on the criteria mentioned in subsection 1, there is reasonable ground to assume that the intended acquirer will hinder the sensible and prudent management of the undertaking, cf. subsection 1, or if the information provided by the intended acquirer, in the Danish Financial Supervisory Authority's assessment, is not sufficient.

Subsection 3. In the Danish Financial Supervisory Authority's assessment under subsection 1, consideration for the economic needs of the market must not be included.

Subsection 4. The Danish Financial Supervisory Authority may object to the intended acquisition if the intended acquirer is located in a third country listed as a high-risk country with strategic deficiencies in its measures against money laundering and terrorist financing, or in a third country covered by the Union's rules on financial sanctions, and the Danish Financial Supervisory Authority assesses that this affects the intended acquirer's ability to introduce the necessary practices and processes to meet the requirements for combating money laundering and terrorist financing.

Section 61 b. Any natural or legal person or natural and legal persons acting in concert who intend directly or indirectly to dispose of a qualified holding, cf. Section 5, subsection 3, or to reduce a qualified holding in a financial undertaking or a financial holding company such that the disposal causes the threshold of respectively 20 pct., 33 pct. or 50 pct. of the share capital or voting rights no longer to be reached, or causes the undertaking or holding company to cease being the subsidiary of the person concerned, must beforehand notify the Danish Financial Supervisory Authority thereof in writing, stating the size of the intended future shareholding.

Section 61 c. When a financial undertaking or a financial holding company becomes aware of acquisitions or disposals of holdings as mentioned in Section 61, subsection 1, and Section 61 b, the undertaking or holding company must immediately inform the Danish Financial Supervisory Authority thereof.

Subsection 2. Financial undertakings and financial holding companies must, no later than in February, inform the Danish Financial Supervisory Authority of the names of the shareholders who, at the end of the previous year, owned a qualified holding in the financial undertaking or the financial holding company, and of the size of these holdings.

Section 62. If shareholders, who possess one of the holdings referred to in Section 61, subsection 1, in a financial undertaking or a financial holding company, do not meet the requirements in Section 61 a, subsection 1, the Danish Financial Supervisory Authority may revoke the voting rights attached to the relevant owners' shareholdings, or order the undertaking to follow certain guidelines.

Subsection 2. The Danish Financial Supervisory Authority may revoke the voting rights attached to shareholdings owned by natural or legal persons who do not comply with the obligation in Section 61, subsection 1, to apply for approval in advance. The shareholdings are assigned full voting rights again if the Danish Financial Supervisory Authority can approve the acquisition.

Subsection 3. If a natural or legal person has acquired shareholdings as referred to in Section 61, subsection 1, despite the Danish Financial Supervisory Authority having refused to approve this acquisition of shareholdings, the Danish Financial Supervisory Authority must revoke the voting rights attached to these shareholdings.

Subsection 4. The Danish Financial Supervisory Authority must inform the relevant financial undertaking, financial holding company, or insurance holding company when the Danish Financial Supervisory Authority has revoked the voting rights attached to shareholdings in the undertaking pursuant to subsections 1-3. The Danish Financial Supervisory Authority must also inform the undertaking if shareholdings are again assigned full voting rights pursuant to subsection 2, second sentence.

Subsection 5. If the Danish Financial Supervisory Authority has revoked the voting rights pursuant to subsections 1-3, the shareholding cannot be included in the calculation of the voting capital represented at a general meeting.

Section 63. The Danish Financial Supervisory Authority must be notified in advance of financial undertakings' and financial holding companies' direct or indirect acquisition of a qualified holding in a foreign financial undertaking, as well as such increases in the qualified holding that result in this amounting to or exceeding a threshold of respectively 20 pct., 33 pct. and 50 pct. of the voting rights or respectively the share capital, or that the foreign financial undertaking becomes a subsidiary. The notification must contain information about in which country the undertaking is established.

Subsection 2. Financial undertakings and financial holding companies, which have a holding of at least 10 pct. of a foreign financial undertaking, and which intend to reduce this holding so that it falls below one of the thresholds set in subsection 1, must notify the Danish Financial Supervisory Authority thereof and state the size of the intended future holding.

Subsection 3. Where the foreign financial undertaking becomes a subsidiary, the notification to the Danish Financial Supervisory Authority must contain the following information about the subsidiary:

1. In which country the subsidiary is to be established,
2. a description of the subsidiary's business, including information on organization and planned activities,
3. the subsidiary's address, and
4. the names of the subsidiary's management.

Subsection 4. In the event of a change in a matter for which notification has been given pursuant to subsection 3, items 1-4, the financial undertaking or the financial holding company must notify the Danish Financial Supervisory Authority thereof before the change is made. If the financial undertaking or the financial holding company is not aware of the change in advance, notification to the Danish Financial Supervisory Authority must be given immediately after the financial undertaking or the financial holding company has received notification of the change.

Chapter 8 Management and Organization of the Undertaking

Section 64. A member of the board of directors or the management of a financial undertaking

1. must have sufficient knowledge, professional competence, and experience to be able to perform the office or position,
2. must have a sufficiently good reputation and be able to demonstrate honesty, integrity, and sufficient independence in performing the office or position,
3. must not be subject to criminal liability for violation of the Penal Code, financial legislation, or other relevant legislation, if the violation entails a risk that the person cannot perform their office or position in a secure manner,
4. must not have submitted a petition for or be under restructuring proceedings, bankruptcy, or debt settlement, and
5. must not have exhibited such behavior that there is reason to assume that the member will not perform the office or position in a prudent manner.

Subsection 2. When a person assumes an office as a board member or a position as a director in a financial undertaking, the Danish Financial Supervisory Authority ensures that the person meets the suitability and honesty requirements in subsection 1. The Danish Financial Supervisory Authority makes a decision on whether the person can hold the office or position in the relevant undertaking.

Subsection 3. If the Danish Financial Supervisory Authority assesses that the person does not meet the requirements in subsection 1, items 2-5, the duration of the decision must be stated in the decision.

Subsection 4. The Danish Financial Supervisory Authority may, in special cases where the Danish Financial Supervisory Authority assesses that a person does not have sufficient professional prerequisites or experience in relation to the position as a member of the management, which the person is assessed for, make a decision that the person may hold the position under specifically determined conditions.

Subsection 5. Members of the board of directors or management of a financial undertaking must inform the Danish Financial Supervisory Authority of information regarding matters mentioned in subsection 1 in connection with their entry into the financial undertaking's management and of matters mentioned in subsection 1, items 1-5, if the circumstances subsequently change. If a member of the board of directors is appointed or elected to the position of chairman of the board of directors in a credit institution, a mortgage credit institution, or an insurance company, the board member must also inform the Danish Financial Supervisory Authority of information regarding matters covered by subsection 1, item 1. The undertaking's assessment of a chairman of the board of directors' personal competencies covered by subsection 1, item 1, must be in written form.

Subsection 6. The financial undertaking must ensure that members of the board of directors or management meet the requirements in subsection 1 and Sections 64 a and 313 for SIFIs at all times. The undertaking must assess whether a potential member meets these requirements before this person assumes the office or position, and regularly thereafter when the member has assumed the office. If the undertaking becomes aware of circumstances that may affect the assessment of the member's suitability and honesty, the undertaking must re-assess the member and notify the Danish Financial Supervisory Authority thereof as soon as possible. The undertaking must ensure that information about the members' suitability and honesty is kept up to date and provided to the Danish Financial Supervisory Authority upon request.

Subsection 7. If the financial undertaking assesses that a member or potential member of the management or board of directors does not meet the requirements in subsection 1, Section 64 a, or Section 313 for SIFIs, the undertaking must, if necessary,

1. ensure that the relevant potential member does not assume the intended office or position, if the assessment is completed before the potential member assumes the office,
2. promptly dismiss such a member, or
3. promptly take further measures necessary to ensure that such a member is or becomes suitable for the relevant office or position.

Subsection 8. A systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI) that wish to appoint a member to the management or appoint a chairman of the board of directors must ensure that the Danish Financial Supervisory Authority receives a suitability and honesty application for the person as soon as possible, and no later than 30 working days before the person assumes the office or position.

Subsection 9. The suitability and honesty application mentioned in subsection 8 must be submitted via Virk.dk and include

1. a suitability and honesty information form,
2. a curriculum vitae,
3. the undertaking's internal suitability and honesty assessment, cf. subsection 6, second sentence,
4. other documents specified by the Danish Financial Supervisory Authority as soon as these are available, and
5. a statement of the appointment date and the date on which the tasks are actually commenced.

Subsection 10. The Danish Financial Supervisory Authority may require that a member covered by subsection 8 does not assume the office or position until the Danish Financial Supervisory Authority has received sufficient information to assess the member's suitability and honesty, unless the Danish Financial Supervisory Authority finds it proven that it is not possible to present such information.

Subsection 11. Subsections 1-10 apply mutatis mutandis to members of the board of directors and management of a financial holding company or a mixed holding company.

Subsection 12. For a board member in group 3 and group 4 credit institutions, who is not the chairman of the board of directors, subsection 2 and subsection 5, first sentence, apply only to the requirements in subsection 1, items 2-5.

Subsection 13. The Minister for Business Affairs may set detailed rules on competence and experience requirements pursuant to subsection 1 for members of the management of credit institutions, mortgage credit institutions, systemically important financial institutions (SIFI), and globally systemically important financial institutions (G-SIFI).

Section 64 a. A member of the board of directors or management of a financial undertaking must allocate sufficient time to perform their office as director or board member in the relevant undertaking. The management member must continuously assess whether the person has allocated sufficient time to perform their office. The assessment must include the undertaking's size, organization, and complexity.

Section 64 b. A member of the board of directors of a credit institution or a mortgage credit institution must, as soon as possible and no later than 12 months after joining the board of directors, complete a basic course in the competencies necessary to perform the obligations and functions required of board members in the type of undertaking in which the person has joined.

Subsection 2. The Danish Financial Supervisory Authority may exempt a member of the board of directors from the requirement in subsection 1 if the member's knowledge, professional competence, or experience may be considered sufficient.

Subsection 3. The Danish Financial Supervisory Authority may exempt a member of the board of directors from the requirement in subsection 1 if the member's Danish language skills are not sufficient to complete a basic course pursuant to subsection 1 and an approved course is not offered in English. The exemption is conditional on the member completing other training as soon as possible and no later than 12 months after joining the board of directors, the content framework of which is approved by the Danish Financial Supervisory Authority, including an introduction to the Danish corporate legal structure and relevant areas that are specific to Danish financial undertakings.

Subsection 4. The Danish Financial Supervisory Authority may, in special cases, allow a member of the board of directors to complete a basic course, cf. subsections 1 and 3, later than 12 months after the member's entry into the board of directors.

Subsection 5. The Danish Financial Supervisory Authority sets detailed rules on the content of a basic course as mentioned in subsection 1.

Section 64 c. A credit institution and a mortgage credit institution must, as part of its corporate governance, cf. Section 71, subsection 1, identify the institution's key persons.

Subsection 2. Key persons are employees who are part of the actual management on a daily basis, and employees who are responsible for a key function, including

1. the person responsible for the risk management function,
2. the person responsible for the compliance function,
3. the person responsible for the credit area,
4. the person responsible for internal audit,
5. the person responsible for anti-money laundering, cf. Section 7, subsection 2 of the Anti-Money Laundering Act,
6. members of the actual management who are responsible for the compliance function or anti-money laundering, but who are not the person responsible for the compliance function, cf. item 2, or the person responsible for anti-money laundering, cf. item 5, and
7. the chief financial officer, unless this person is a member of the management.

Subsection 3. A credit institution and a mortgage credit institution must without undue delay notify the Danish Financial Supervisory Authority of which employees have been identified as key persons pursuant to subsection 1, including which positions the relevant persons hold and which areas or functions the relevant persons are responsible for. A credit institution and a mortgage credit institution must also without undue delay notify the Danish Financial Supervisory Authority if there are significant changes in the areas or functions for which the relevant key person is responsible, or when an employee is no longer considered to be a key person.

Subsection 4. Section 64, subsections 1 and 5-7, apply mutatis mutandis to employees in a credit institution and a mortgage credit institution who have been identified as key persons pursuant to subsection 1, and to employees who have been identified as key persons in a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI), which are not a credit institution or a mortgage credit institution.

Subsection 5. For group 1 and 2 credit institutions, mortgage credit institutions, systemically important financial institutions (SIFI), and globally systemically important financial institutions (G-SIFI), which are not credit or mortgage institutions, Section 64, subsections 2-4, apply mutatis mutandis to employees who have been identified as key persons pursuant to subsection 1.

Subsection 6. For group 3 credit institutions, Section 64, subsections 2-4, apply mutatis mutandis to employees who have been identified as key persons pursuant to subsection 1, cf. subsection 2, items 1-5.

Subsection 7. For group 4 credit institutions, Section 64, subsections 2-4, apply mutatis mutandis to the employee who has been identified as a key person pursuant to subsection 1, cf. subsection 2, item 5.

Subsection 8. Subsection 1, subsection 2, items 1-4, and subsection 3 apply mutatis mutandis to a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI), which are not a credit institution or a mortgage credit institution.

Subsection 9. Section 64, subsections 1-5, apply mutatis mutandis to employees in an investment management company that determines the investment management company's business conduct, cf. Section 14, subsection 1, item 8.

Subsection 10. The Minister for Business Affairs may set detailed rules on competence and experience requirements for key persons

credit institutions, mortgage credit institutions, systemically important financial institutions (SIFI) and globally systemically important financial institutions (G-SIFI).

Subsection 11. A credit institution and a mortgage credit institution, a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI), which is not a credit institution or a mortgage credit institution, are obliged to ensure that key persons comply with Section 64, subsection 1.

Section 64 d. (Repealed)

Section 64 e. The board of directors of the financial undertaking shall ensure that its members have sufficient collective knowledge, professional competence and experience to be able to understand the undertaking's activities and the risks associated with them and the effects the activities cause in the short, medium and long term, taking into account ESG factors. The composition of the board of directors shall reflect a sufficiently broad experience.

Subsection 2. In group 1 and 2 credit institutions and larger mortgage credit institutions, at least 1 member of the board of directors shall have management experience from another relevant financial undertaking.

Subsection 3. In mortgage credit institutions, at least 1 member of the board of directors shall have experience or deeper insight into the bond market.

Section 65. The board of directors shall, by means of a code of conduct, make further provisions on the execution of its duties.

Subsection 2. The Danish Financial Supervisory Authority may lay down rules on the content of the code of conduct.

Section 66. The power of representation which, pursuant to Section 135, subsection 2, of the Companies Act, belongs to members of the board of directors or the executive board, may only be exercised by at least two acting jointly.

Section 67. Notice of a general meeting in a financial undertaking respectively a representative body meeting in a savings bank shall be publicly available and in accordance with the provisions of the articles of association. The press shall have access to the general meetings respectively the representative body meetings in the savings banks.

Subsection 2. Subsection 1 does not apply to undertakings which are 100 pct. owned by a financial undertaking or financial undertakings in the same group.

Subsection 3. The deadline for notice of a general meeting or a representative body meeting with a view to making a capital increase may be shortened to 10 days, if the Danish Financial Supervisory Authority has assessed that the credit institution or mortgage credit institution is covered by the rules in Chapter 15 a of this Act and the credit institution or mortgage credit institution assesses that the capital increase is necessary to prevent the credit institution or mortgage credit institution from becoming non-performing. The shortening in accordance with the first sentence may be made if the general meeting or the representative body in a savings bank with two thirds of the votes cast amends the articles of association to include this possibility.

Subsection 4. Sections 84 and 90 of the Companies Act and time limits in Sections 94, 98 and 99 of the Companies Act do not apply to general meetings and representative body meetings called in accordance with subsection 3.

Section 68. The Danish Financial Supervisory Authority exercises for financial undertakings the powers granted to the Danish Business Authority pursuant to Section 93, subsections 2 and 3, of the Companies Act.

Section 69. For the performance of certain tasks specified in the articles of association, including the election of the board of directors, a representative body may be established. The members of the representative body are subject to the same liability as the board of directors with regard to the performance of their duties. This provision does not apply to savings banks.

Section 70. The board of directors of a financial undertaking and a financial holding company shall, with a view to ensuring that the undertaking is run prudently,

1. determine which main types of business activities the undertaking shall carry out,

2. identify and quantify the undertaking's significant risks and determine the undertaking's risk profile, including determining which and how large risks the undertaking may take on,

3. determine policies for how the undertaking shall manage each of the undertaking's significant activities and the risks associated with them, taking into account the interaction between these and

4. determine a policy for diversity in the board of directors, which promotes sufficient diversity in qualifications and competences among the members of the board of directors, cf. however subsection 6.

Subsection 2. On the basis of the established risk profile and the established policies, the board of directors of the undertaking shall give the executive board written guidelines, which shall as a minimum contain

1. controllable frameworks for which and how large risks the executive board may impose on the undertaking,

2. the principles for the calculation of the individual risk types,

3. rules on which dispositions require the board of directors' approval and which dispositions the executive board may carry out as part of its position, and

4. rules on how and to what extent the executive board shall report to the board of directors on the undertaking's risks, including on the use of the frameworks in the guidelines for the executive board and on compliance with the limits set in the legislation regarding the risks that the undertaking may take on.

Subsection 3. The board of directors of the undertaking shall continuously take a position on whether the undertaking's risk profile and policies and the guidelines for the executive board are sound in relation to the undertaking's business activities, organization and resources, including capital and liquidity, as well as the market conditions under which the undertaking's activities are carried out.

Subsection 4. The board of directors of the undertaking shall continuously evaluate whether the executive board performs its tasks in accordance with the established risk profile, the established policies and the guidelines for the executive board, including whether the executive board has deviated from these, and whether the deviation, if any, has been sound. The board of directors shall take appropriate measures if this is not the case.

Subsection 5. If the board of directors decides specifically to deviate from or accept a deviation from the established risk profile, the established policies or the guidelines for the executive board, this shall be entered into the board of directors' minutes together with a statement of the reasons for the decision.

Subsection 6. In undertakings which have appointed a nomination committee pursuant to Section 80 a, the duty in subsection 1, no. 4, lies with the nomination committee.

Subsection 7. The Danish Financial Supervisory Authority may lay down further rules on the obligations incumbent on the board of directors of a financial undertaking and a financial holding company pursuant to subsections 1-4.

Section 70 a. A credit institution shall have a written policy which ensures and promotes a sound corporate culture.

Subsection 2. The board of directors shall determine the policy.

Subsection 3. The chairman of the board of directors shall in his report to the highest organ of the credit institution account for the implementation and compliance with the policy.

Subsection 4. The CEO shall ensure that the policy is implemented and complied with.

Subsection 5. The Minister for Business Affairs lays down further rules on the content and compliance with the policy.

Section 71. A financial undertaking and a financial holding company shall have effective forms of corporate governance, including

1. a clear organizational structure with a well-defined, transparent and consistent distribution of responsibilities,

2. good administrative and accounting practice,

3. written business processes for all the significant activity areas,

4. effective procedures to identify, manage, monitor and report on the risks that the undertaking is or may be exposed to, including ESG risks in the short, medium and long term,

5. the resources necessary for the proper implementation of its business, and appropriate use of these,

6. procedures with a view to separation of functions in connection with handling and prevention of conflicts of interest,

7. comprehensive internal control procedures,

8. sound control and security measures in the IT area and for network and information systems, which are established and managed in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector, and

9. personnel and financial resources necessary to ensure sufficient opportunities for introductory and further training courses for members of the board of directors and the executive board, including on ESG risks and effects and IT risks as defined in Article 4, subsection 1, no. 52c), of Regulation (EU) no. 575/2013 of the European Parliament and of the Council.

Subsection 2. Credit institutions and mortgage credit institutions shall have effective procedures for the approval of new products and services, significant changes to existing products and services and the distribution of these.

Subsection 3. A credit institution and a mortgage credit institution shall prepare, maintain and update individual declarations describing the roles and tasks for all members of the executive board, the actual management and for persons responsible for key functions. The institution shall also prepare, maintain and update an overview of the institution's management structure and work tasks for the organizational areas of responsibility which are part of the institution's business model, with further information on reporting lines, distribution of responsibilities and tasks for the persons covered. The institution shall at all times make the individual declarations and the overview available to the persons covered.

Subsection 4. For crypto assets, the institutions shall carry out prior assessments of the exposures they intend to take on, and of the adequacy of existing processes and procedures for managing market risks and counterparty risks, and report these to the Danish Financial Supervisory Authority.

Subsection 5. The Danish Financial Supervisory Authority may lay down further rules on the measures which a financial undertaking and a financial holding company shall take to have effective forms of corporate governance, cf. subsections 1 and 2.

Section 71 a. A credit institution and a mortgage credit institution, cf. however Section 71 b, shall prepare and maintain a recovery plan. The recovery plan shall be approved by the undertaking's board of directors and shall contain

1. appropriate criteria and procedures which ensure the timely implementation of the measures which the undertaking assesses should be taken to restore the financial situation in the undertaking, if there is a rapid or significant deterioration of this,

2. a wide range of recovery options and

3. a number of scenarios with severe macroeconomic and financial stress which are relevant to the undertaking, and appropriate responses to these.

Subsection 2. The recovery plan prepared pursuant to subsection 1 shall be submitted to the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority has 6 months from receipt of the recovery plan to carry out an assessment of the recovery plan. The Danish Financial Supervisory Authority may, when relevant, submit the recovery plan to any competent authorities in other countries within the European Union and in countries with which the Union has concluded an agreement in the financial field, where significant branches are located.

Subsection 3. The Danish Financial Supervisory Authority shall submit the recovery plan to Financial Stability, which may make recommendations to the Danish Financial Supervisory Authority on the content of the recovery plan.

Subsection 4. The Danish Financial Supervisory Authority lays down further rules on the requirements for the content of the recovery plans, including rules on critical functions, scenarios with severe macroeconomic and financial stress as well as on maintenance and deadlines for submission of recovery plans.

Section 71 b. In groups where the ultimate parent undertaking is located in Denmark, and where the parent undertaking is a credit institution, a mortgage credit institution or a financial holding company, the parent undertaking shall prepare and maintain a group recovery plan. The first sentence only applies to financial holding companies which have at least one subsidiary which is a credit institution or a mortgage credit institution. It shall appear from the group recovery plan which measures the parent undertaking assesses should be taken to restore the financial situation in the parent undertaking and in each individual subsidiary, if there is a rapid or significant deterioration of the financial situation in one or more of the undertakings in the group. Section 71 a, subsections 1 and 2, apply with the necessary adaptations correspondingly to the ultimate parent undertaking and for the group recovery plan.

Subsection 2. The Danish Financial Supervisory Authority may, regardless of subsection 1, order that a recovery plan shall be prepared for each individual subsidiary which is a credit institution or a mortgage credit institution in accordance with Section 71 a.

Subsection 3. The Danish Financial Supervisory Authority forwards group recovery plans prepared in accordance with subsection 1 to

1. the competent authorities which are part of the supervisory college,

2. the competent authorities in countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, where significant branches are located, if the plan is assessed to be relevant for the branch in question,

3. Financial Stability or the authority in countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which is responsible for the resolution of the group, and

4. Financial Stability or an authority in the country within the European Union or in countries with which the Union has concluded an agreement in the financial field, which is responsible for the resolution of a subsidiary.

Subsection 4. With a view to making a joint decision, the Danish Financial Supervisory Authority, in cooperation with the authorities mentioned in subsection 3, nos. 1 and 2, assesses the group recovery plan, including whether the plan meets the requirements set out in subsection 1, cf. Section 71 a, subsections 1 and 2. The authorities mentioned in subsection 3, nos. 3 and 4, may make recommendations to the Danish Financial Supervisory Authority on the content of the group recovery plan.

Subsection 5. If no joint decision is made within 4 months after the Danish Financial Supervisory Authority's forwarding of the group recovery plan, cf. subsection 4, or on reactions pursuant to Section 71 c, subsection 2, the Danish Financial Supervisory Authority makes its own decision on this. The Danish Financial Supervisory Authority notifies the group's parent undertaking, Financial Stability and the authorities mentioned in subsection 3 of this decision. If one of the authorities mentioned in subsection 3 has brought the matter before the European Banking Authority, the Danish Financial Supervisory Authority shall make a decision in accordance with the decision from the European Banking Authority.

Subsection 6. The Danish Financial Supervisory Authority lays down further rules on the requirements for the content of the group recovery plans, including rules on critical functions, scenarios with severe macroeconomic and financial stress as well as on maintenance and deadlines for submission of group recovery plans.

Section 71 c. The Danish Financial Supervisory Authority notifies the undertaking or the group's parent undertaking, if the Danish Financial Supervisory Authority assesses that the recovery plan, cf. Section 71 a, or the group recovery plan, cf. Section 71 b, has significant deficiencies, or if there are significant obstacles to its implementation. The undertaking shall submit a revised plan to the Danish Financial Supervisory Authority no later than 2 months after the notification. The Danish Financial Supervisory Authority may extend the deadline by up to 1 month.

Subsection 2. The Danish Financial Supervisory Authority may, if the undertaking does not submit a revised plan within the set deadline, or if the revised plan does not sufficiently remedy the deficiencies and obstacles pointed out in accordance with subsection 1, order the undertaking to

1. reduce the undertaking's risk profile, including liquidity risk,

2. enable timely recapitalization measures,

3. revise the undertaking's strategy and structure,

4. make changes to the financing strategy to improve the resilience of the central business areas and critical functions and

5. make changes to the undertaking's management structure.

Section 72. Boards of directors in credit institutions and mortgage credit institutions shall, as part of their corporate governance, prepare and monitor the implementation of specific ESG transition plans, which include quantifiable targets and processes with a view to monitoring and addressing the financial risks that arise in the short, medium and long term as a result of ESG factors, including those that arise as a result of the transition to a more sustainable economy in accordance with the relevant regulatory objectives and acts issued by the European Union. The ESG transition plan, cf. the first sentence, shall be designed taking into account the institution's business model, size and complexity and the nature of the institution's exposure to ESG risks.

Subsection 2. Credit institutions and mortgage credit institutions shall test their resilience to long-term negative effects of ESG factors in both baseline and stress scenarios within a specific time horizon.

Subsection 3. The Danish Financial Supervisory Authority may order credit institutions or mortgage credit institutions to reduce the risks that arise in the short, medium and long term as a result of ESG factors. The reduction may be made through orders to adjust the institution's business strategy, general management and risk management.

Subsection 4. The Danish Financial Supervisory Authority may lay down further rules on the obligations incumbent on credit institutions and mortgage credit institutions pursuant to subsections 1-3.

Section 71 a. Credit institutions, savings companies, mortgage credit institutions and investment management companies may outsource a process, a service or an activity which the undertaking would otherwise carry out itself to a supplier. The first sentence does not apply to outsourcing in the digital operational area.

Subsection 2. The Danish Financial Supervisory Authority may decide that the outsourcing company's outsourcing shall be terminated within a deadline set by the Danish Financial Supervisory Authority, if the outsourcing contract or its parties do not comply with the rules laid down pursuant to subsection 3.

Subsection 3. The Minister for Business Affairs lays down further rules on outsourcing regarding

1. management arrangements, liability, risk management, monitoring, control and reporting of outsourcing companies in connection with outsourcing to a supplier, including the supplier's further outsourcing,
2. internal guidelines of outsourcing companies regarding outsourcing,
3. handling of conflicts of interest by outsourcing companies in connection with outsourcing,
4. requirements that outsourcing companies must at a minimum ensure that suppliers or sub-suppliers always comply with, including also access, information and audit rights with suppliers and sub-suppliers,
5. requirements regarding the content of the contract,
6. outsourcing at group and sub-group level, and
7. the obligation of outsourcing companies to notify the Financial Supervisory Authority regarding outsourcing. § 72 b. (Repealed) § 72 c. (Repealed) § 73. The office of board member in a financial undertaking or as a member of the representative body in other financial undertakings than savings banks cannot be combined with the position of director in the undertaking in question. However, the board of a director may temporarily appoint one of its members or a member of the representative body as director in the event of the director's absence. The person appointed in such case may not exercise voting rights in the aforementioned bodies. The second sentence does not apply to the chairman of the board or the representative body. Subsection 2. The office of internal audit chief and deputy internal audit chief cannot be combined with the office of board member. § 74. The chairman of the board must ensure that the board holds meetings when this is necessary and must ensure that all members are summoned. Any member of the board, a director, an external auditor and the internal audit chief in a financial undertaking may demand that the board be summoned. A director, an external auditor, the internal audit chief and the responsible actuary have the right to participate in and speak at board meetings, unless the board decides otherwise in the individual case. External auditors and the internal audit chief always have the right to participate in board meetings when dealing with matters that have significance for the audit or for the preparation of the annual report. Subsection 2. External auditors and the internal audit chief are obliged to participate in the board's handling of the relevant matters, if requested by at least one board member. Subsection 3. Minutes shall be kept of the board's deliberations, which shall be signed by all members present. A board member, a director, an external auditor or the internal audit chief who disagrees with the board's decision has the right to have their opinion entered in the minutes. § 75. The financial undertaking must immediately notify the Financial Supervisory Authority of information regarding circumstances that are of decisive importance for the continued operation of the financial undertaking. The financial undertaking must as soon as possible notify the Financial Supervisory Authority of information that is of significant importance for the Financial Supervisory Authority's supervision. Subsection 2. The same applies to individual members of the board and a director in a financial undertaking. Subsection 3. If a member of a financial undertaking's board or management or the external auditor must assume that the financial undertaking does not meet the capital requirements according to § 126 a, subsections 2-6, the own funds requirement according to Article 92, subsection 1, the minimum capital requirement in Article 93 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, or the solvency requirement according to § 124, subsection 2, the person concerned must immediately notify this to the Financial Supervisory Authority. Subsection 4. Subsections 1-3 apply mutatis mutandis to financial undertakings and financial holding companies regarding circumstances in subsidiaries that are financial undertakings. § 75 a. A financial undertaking and a crowdfunding service provider must have an arrangement whereby its employees can report breaches or potential breaches of financial regulation committed by the undertaking, including by employees or members of the board of the undertaking, via a special, independent and autonomous channel. Reports to the arrangement can be made anonymously. The undertaking must follow up on reports to the arrangement and be able to document in writing how the undertaking has followed up on the reports. The Act on Protection of Whistleblowers applies to the arrangement in the first sentence, cf. however § 2 in the Act on Protection of Whistleblowers. Subsection 2. The arrangement in subsection 1 can be established via collective agreement. Subsection 3. For an investment management company, subsection 1 applies only when the company employs more than five employees. The arrangement mentioned in subsections 1 and 2 must be established no later than 3 months after the company has hired the sixth employee. Subsection 4. The Financial Supervisory Authority may in special cases, where the Financial Supervisory Authority assesses that it would be pointless to establish an arrangement, exempt from the requirement in subsection 1. § 75 b. A financial undertaking and a crowdfunding service provider must not subject employees or former employees to unfavorable treatment or unfavorable consequences as a result of the employee or former employee having reported the undertaking's breach or potential breach of financial regulation to the Financial Supervisory Authority or to an arrangement in the undertaking. The same applies to the determination, allocation and payment of variable pay to employees or former employees. Subsection 2. Employees or former employees whose rights have been infringed by a breach of subsection 1 may be awarded compensation in accordance with the principles in the Act on Equal Treatment of Men and Women with regard to Employment etc. The compensation is determined with regard to the employee's or former employee's period of employment and the circumstances of the case otherwise. Subsection 3. Subsections 1 and 2 cannot be derogated from by agreement to the detriment of the employee or former employee. 16 April 2026. 29 No. 432.

§ 75 c. If an employee or former employee and a financial undertaking or a crowdfunding service provider enter into an agreement containing a confidentiality clause, it must appear from the agreement that the employee or former employee is not barred from reporting information about breaches or potential breaches of financial regulation to public authorities. Subsection 2. Notwithstanding subsection 1, the employee or former employee is not barred from reporting information about breaches or potential breaches of financial regulation to public authorities, even if such a prohibition is included in an agreement between the employee or former employee and the financial undertaking or crowdfunding service provider. The same applies to reports to arrangements according to § 75 a. § 76. (Repealed) § 77. Persons who, according to law or articles of association, are employed by the board of a financial undertaking and employees for whom there is a significant risk of conflicts between their own interests and the financial undertaking's interests, must not for their own account or through companies they control,

1. take out loans or draw on already approved credits to purchase financial instruments, when the purchased financial instruments are pledged as security for the loan or credit,
2. acquire, issue or trade with derivative financial instruments, unless the purpose is risk hedging,
3. acquire capital shares, apart from shares in Danish UCITS, capital funds and foreign investment institutions covered by § 143, subsection 1, no. 2 and 3, in the Act on Investment Funds etc., with a view to selling these earlier than 6 months after acquisition, or
4. acquire positions in foreign currency, apart from the euro, when the position taking is done with a view to other than payment for purchase of financial instruments, goods or services or purchase or operation of real estate or for use in travel. Subsection 2. The person group mentioned in subsection 1 must not acquire capital shares in companies that carry out business as mentioned in subsection 1, no. 1-4. This does not apply, however, to the purchase of shares in credit institutions, insurance companies, mortgage credit institutions or fund brokerage companies as well as shares in Danish UCITS, capital funds and foreign investment institutions covered by § 143, subsection 1, no. 2 and 3, in the Act on Investment Funds etc. Subsection 3. The board must take a position on which employees there is a significant risk of conflicts between their own interests and the financial undertaking's interests, and who are therefore subject to the prohibition. The board must ensure that the relevant persons are aware of this. The criminal provision in § 373, subsection 2, applies from the time when the person concerned has received information about this. Subsection 4. The board must prepare guidelines for persons covered by subsection 1 for control of compliance with the prohibition in subsection 1 and subsection 2, first sentence, including regarding reporting of asset dispositions. Subsection 5. The external audit must once a year review the financial undertaking's guidelines according to subsection 4 and in the audit protocol regarding the annual report state whether the guidelines are assessed to be reassuring and have functioned appropriately, and whether the undertaking's control procedures have given rise to remarks. If no audit protocol is kept, the information mentioned in the first sentence must appear in other corresponding documentation. Subsection 6. An account-keeping institution is obliged, upon request from the board of the financial undertaking, to give the financial undertaking's external audit access to information about accounts and deposits and to issue extracts therefrom for persons covered by subsection 1. Subsection 7. The prohibition in subsection 1, no. 2, does not cover financial instruments that are derived from shares in the financial undertaking or a company that is group-related with it, and which the person concerned receives as part of their remuneration. Subsection 8. The prohibition in subsection 1, no. 1, does not cover loans to purchase employee shares as well as the instruments mentioned in subsection 7. Subsection 9. The prohibition in subsection 1, no. 3, does not cover shares that are acquired by exercising the instruments mentioned in subsection 7. Subsection 10. Internal audit and deputy internal audit chiefs must regardless of subsections 1-9 not have economic interests in the undertaking or group in which they are employed. § 77 a. In the remuneration of the board, management and other employees, whose activities have significant influence on the undertaking's risk profile, by credit institutions, mortgage credit institutions, investment management companies and financial holding companies, the undertaking must ensure that the following are fulfilled:
5. The variable pay components to a member of the board or management may at the time of calculation of the variable pay amount to at most 50 pct. of either the fee or the fixed basic salary including pension, cf. however § 77 b, subsection 1.
6. The variable pay components to other employees, whose activities have significant influence on the undertaking's risk profile, may at the time of calculation of the variable pay amount to at most 100 pct. of the fixed basic salary, including pension.
7. The undertaking's highest body may, however, decide that the variable pay components to other employees, whose activities have significant influence on the undertaking's risk profile, cf. no. 2, may amount to up to 200 pct. of the fixed basic salary, including pension, provided that the following requirements are fulfilled: a) The undertaking must no later than at the summons to the highest body's meeting inform the highest body about the wish to have the use of a higher maximum ceiling decided upon. b) The highest body must take the decision on the use of a higher maximum ceiling based on a detailed recommendation from the undertaking, which justifies the proposal, including the number of affected employees, their areas of work, the new proposed maximum ceiling and the expected impact on the undertaking's ability to maintain a sound own funds base. The shareholders must receive the recommendation no later than simultaneously with the summons to the highest body's meeting. c) The undertaking must no later than simultaneously with the communication of the recommendation to the shareholders, cf. letter b, inform the Financial Supervisory Authority about the recommendation to the shareholders, including the proposed higher maximum ceiling and the justification for the proposal. The undertaking must, upon request from the Financial Supervisory Authority, prove that the proposed higher maximum ceiling is not in conflict with the undertaking's obligations under the law, regulations pursuant to § 71, subsection 5, and § 77 h, subsection 3, and Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, including in particular the own funds requirements. d) The decision on the use of a higher maximum ceiling must be approved by the undertaking's highest body with at least 66 pct. of the votes cast, provided that at least 50 pct. of the voting capital shares are represented at the meeting. If less than 50 pct. of the voting capital shares are represented at the meeting, the decision must be approved by at least 75 pct. of the votes cast. An employee, who is a shareholder in the undertaking, must not participate in the vote on this at the highest body's meeting, if the employee has a significant interest in the decision that may be conflicting with the undertaking's interest. e) The undertaking must no later than 8 days after the highest body's meeting inform the Financial Supervisory Authority about the highest body's decision, including about the size of any decided higher maximum ceiling.
8. At least 50 pct. of a variable pay component to the board, management and other employees, whose activities have significant influence on the undertaking's risk profile, must at the time of calculation of the variable pay consist of a balance of shares, or depending on the undertaking's legal structure corresponding ownership shares, share-based instruments or corresponding instruments that reflect the undertaking's creditworthiness. Credit institutions and mortgage credit institutions, which have permission to execute orders and discretionary portfolio management, cf. Annex 1, Section A, no. 2 and 4, in the Act on Fund Brokerage Companies and Investment Services and Activities, must, where it is possible and appropriate, use instruments as regulated in Article 52 and 63 in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions or other instruments that can be converted into genuine core capital instruments or written down, and which in an appropriate degree reflect the undertaking's creditworthiness as an undertaking, whose activity is assumed to continue. The instruments can be issued in the undertaking or its parent company, which owns the undertaking fully. With reservation for the investment management company's legal structure and its fund rules and articles of association, a significant part and at least 50 pct. of a variable pay component to a member of the board and management and other employees, whose activities have significant influence on the investment management company's risk profile or on the risk profile of the managed Danish UCITS, must consist of shares, capital shares or instruments linked to capital shares in the investment management company or the managed Danish UCITS. The minimum requirement of 50 pct. in the fourth sentence does not apply if the management of Danish UCITS constitutes less than 50 pct. of the total portfolio, which is managed by the investment management company.
9. The undertaking's payment of at least 40 pct. of a variable pay component, with larger amounts at least 60 pct., takes place over a period of at least 4 years with commencement 1 year after the calculation time point, however for the board and management at least 5 years, with an equal distribution over the years or with an increasing share at the end of the period. The determination of the deferred variable pay component must be adapted to the undertaking's nature, the risks associated with it and the employee's work tasks. The length of the deferral period must be determined in accordance with the undertaking's business cycle, the undertaking's nature, the risks associated with it and the employee's work tasks.
10. The undertaking may refrain from paying a variable pay component entirely or partially, if the undertaking at the time of payment of the variable pay component does not comply with the capital requirement or solvency requirement in § 124, subsections 1-4, § 126 a, subsections 1-3, 5 and 7, and § 170 as well as Article 11, subsections 1 and 2, Article 92, subsection 1, and Articles 93, 97 and 500 in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, or if the Financial Supervisory Authority assesses that there is a nearby risk thereof.
11. The undertaking does not pay variable pay to the board and management, if the undertaking in the period, which the agreement on the variable pay concerns, and until the time point for its calculation receives a deadline from the Financial Supervisory Authority according to § 225, subsection 1 or 4, regarding compliance with the solvency requirement. Subsection 2. For the board and management in credit institutions, mortgage credit institutions, investment management companies and financial holding companies, share options or similar instruments may amount to at most 12.5 pct. of respectively the fee and the fixed basic salary including pension at the time of their calculation. Subsection 3. The credit institution, mortgage credit institution, investment management company or financial holding company must ensure that shares and instruments etc., which are transferred to the board, management or other employees, whose activities have significant influence on the undertaking's risk profile, as part of the variable pay, which is mentioned in subsection 1, no. 4, must not be disposed of by these persons in a suitable period, and that these persons must not carry out a hedging of the risk, which is linked to these shares and instruments etc. Subsection 4. The credit institution, mortgage credit institution, investment management company or financial holding company must ensure that payment of the deferred variable pay component to the board, management and other employees, whose activities have significant influence on the 16 April 2026. 30 No. 432.

16 April 2026. 31 No. 432.

the company's risk profile, is conditional on the criteria that formed the basis for the calculation of the variable pay component still being met at the time of payment, conditional on the individual having complied with appropriate requirements of fitness and propriety and not having participated in or been responsible for conduct that resulted in significant losses for the company, and conditional on the company's financial situation not having deteriorated significantly compared to the time of the calculation of the variable pay component.

Subsection 5. The credit institution, mortgage credit institution, investment management company or financial holding company shall ensure that the board of directors, the executive management and other employees, whose activities have a significant impact on the company's risk profile, and who receive variable pay, shall repay the variable pay in whole or in part, if the variable pay was paid out on the basis of information about results that can be documented to be incorrect, and if the recipient is in bad faith.

Subsection 6. The credit institution, mortgage credit institution, investment management company or financial holding company shall ensure that if the board of directors, the executive management and other employees, whose activities have a significant impact on the company's risk profile, are awarded a pension benefit that can be equated in whole or in part with variable pay components, cf. Section 77 a, subsection 1, no. 38, the company shall, if the recipient leaves the company before the pension date, retain this part of the pension benefit for 5 years in the form of instruments as mentioned in subsection 1, no. 4. Subsections 4 and 5 shall apply correspondingly to the cases mentioned in the first sentence. If the recipient is a member of the board of directors or employed by the company at the age of retirement, the company shall pay out the variable part of the pension benefit to the recipient in the form of the instruments mentioned in subsection 1, no. 4, without the possibility of disposal or utilization for a period of 5 years. Subsection 5 shall apply correspondingly to the cases mentioned in the third sentence.

Subsection 7. For persons in employment relationships covered by a collective agreement, subsections 1-6 shall only apply to agreements on variable pay components if the agreements on variable pay are not stipulated in the collective agreement.

Section 77 b. For credit institutions, mortgage credit institutions, investment management companies and financial holding companies that receive state aid or have received an undertaking of state aid, including state capital injection, or subsidiaries of Finansiel Stabilitet, the percentage mentioned in Section 77 a, subsection 1, no. 1, shall be 20 pct., provided that variable pay may only be awarded and paid out to the board of directors and the executive management if this is justified.

Subsection 2. No new share option programs or similar schemes may be initiated for the board of directors and the executive management in the companies mentioned in subsection 1.

Subsection 3. The companies mentioned in subsection 1 shall in their remuneration policy set a specified limit, in relation to the company's earnings, for the total allocation of variable pay to the board of directors, the executive management and other employees, whose activities have a significant impact on the company's risk profile.

Section 77 c. Credit institutions, mortgage credit institutions, investment management companies and financial holding companies, whose capital shares are admitted to trading on a regulated market, or which in the last two financial years at the balance sheet date on average have had 1,000 or more full-time employees, shall establish a remuneration committee, cf. however subsection 2.

Subsection 2. In groups with several companies, which pursuant to subsection 1 or Section 21, subsection 1, of the Act on Managers of Alternative Investment Funds etc. have the obligation to establish a remuneration committee, a joint remuneration committee may however be established for these companies in the group or a part thereof. The remuneration committee shall be organizationally placed in a company under the supervision of the Danish Financial Supervisory Authority, except in a financial holding company, and shall be established in a company that is the parent company of the other companies for which the committee is established.

Subsection 3. The chairman and the members of the remuneration committee shall be members of the board of directors in the company that establishes the remuneration committee, or of the boards of directors in companies that, pursuant to subsection 2, have a joint remuneration committee. The remuneration committee shall be composed such that the members have the necessary knowledge and the necessary qualifications and competencies to understand and monitor the company's remuneration policy and practice, risk management and control activities, particularly insofar as it concerns the adjustment of the company's remuneration structure to the company's risk profile and the management of capital and liquidity, and are able to make a qualified and independent assessment of whether the company's remuneration, including remuneration policy and related business practices, is in compliance with Sections 77 a and 77 b and Section 77 d, subsection 1, and rules issued pursuant to Section 77 h.

Subsection 4. The remuneration committee shall conduct the preparatory work for the board of directors' decisions regarding remuneration, including remuneration policy and other decisions thereon, which may have an impact on the company's risk management, and in this connection conduct the following:

1. The remuneration committee shall advise the board of directors on the formulation of the company's remuneration policy, assist the board of directors in ensuring compliance with the company's remuneration policy in practice and assess whether the company's remuneration policy is updated, including if necessary come up with proposals for updates of the remuneration policy.

2. The remuneration committee shall ensure that the information presented to the general meeting regarding the company's remuneration policy and practice and the information pursuant to Section 77 a, subsection 1, no. 3, letter a and b, are sufficient.

3. The remuneration committee shall assess whether the company's processes and systems are sufficient and take into account the company's risks, including risks associated with the management of capital and liquidity, in relation to the company's remuneration structure, and ensure that the company's remuneration policy and practice are in compliance with and promote sound and effective risk management and are in compliance with the company's business strategy, objectives, values and long-term interests.

4. The remuneration committee shall assess the company's and the business units' total results and ensure that the executive management has evaluated whether the result criteria that formed the basis for the calculation of variable pay to the company's members of the board of directors and executive management and other employees, whose activities have a significant impact on the company's risk profile, continue to be met at the time of payment, cf. Section 77 a, subsection 4.

5. The remuneration committee shall control selected evaluations conducted by the executive management, cf. no. 4, to test whether the conditions in Section 77 a, subsection 4, are met.

6. The remuneration committee shall ensure that the independent control functions and other relevant functions are involved, to the extent necessary for the implementation of the tasks in no. 1-5, and to the extent necessary, seek external advice.

Subsection 5. The remuneration committee may perform other tasks regarding remuneration. The committee shall in the preparatory work safeguard the company's long-term interests, including in relation to investors, and the public interest.

Subsection 6. In companies covered by subsection 1, and where there is employee representation in the board of directors pursuant to the rules in chapter 8 of the Companies Act, at least one of these representatives shall be a member of the remuneration committee established pursuant to subsection 1 or 2.

Section 77 d. A credit institution, a mortgage credit institution, an investment management company and a financial holding company shall have a written remuneration policy that is in compliance with and promotes sound and effective risk management, including by taking into account the company's risk appetite with regard to ESG risks. The company's remuneration policy shall be gender-neutral.

Subsection 2. The company's highest body shall approve the company's remuneration policy, cf. subsection 1, including guidelines for the allocation of variable pay and guidelines for severance payments, upon any significant change and at least every fourth year. The company's remuneration policy shall be published on the company's website as soon as possible after approval. The remuneration policy shall remain publicly accessible on the website as long as it is in force.

Subsection 3. In a credit institution, a mortgage credit institution, an investment management company or a financial holding company, the chairman of the board of directors shall in his report to the company's highest body account for the remuneration of the company's board of directors and executive management. The report shall contain information about the remuneration in the previous financial year and about the expected remuneration in the current and the coming financial year. The chairman of the board of directors shall explain and justify the content of the remuneration policy and its compliance in his report to the company's highest body.

Subsection 4. The company's highest body shall approve the remuneration of the company's board of directors for the current financial year.

Subsection 5. The board of directors of a credit institution, a mortgage credit institution, an investment management company and a financial holding company shall annually prepare and publish a remuneration report.

Subsection 6. The remuneration report shall contain:

1. Information about the total remuneration that each member of the board of directors and executive management as part of this office has earned from the company and other companies within the same group in the last 3 years, including information about the most important content of retention and severance schemes.

2. An account of the link between the management's remuneration and the company's strategy and relevant objectives therefor.

Subsection 7. The remuneration report shall be published on the company's website as soon as possible after the holding of the general meeting. The remuneration report shall remain publicly accessible on the website for a period of 10 years. The remuneration report may be available for a longer period than 10 years, provided that it no longer contains personal data.

Section 77 e. (Repealed)

Section 77 f. Credit and mortgage credit institutions shall ensure that the remuneration of the institution's employees is not in conflict with the institution's obligations pursuant to Section 43, subsection 1, and rules issued pursuant to Section 43, subsection 2.

Subsection 2. The remuneration policy of credit and mortgage credit institutions, cf. Section 77 d, subsection 1, shall contain measures to avoid conflicts of interest, including ensuring that the remuneration of the employees is not dependent on the number or proportion of approved applications for mortgage credit or other forms of sales targets.

Subsection 3. For persons in employment relationships covered by a collective agreement, subsections 1 and 2 shall only apply to agreements on remuneration if the agreements on remuneration are not stipulated in the collective agreement.

Section 77 g. The variable pay components to a member of the board of directors or executive management in a credit institution, a mortgage credit institution or a financing institution as defined in Article 4, subsection 1, no. 26, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, which are not located in Denmark, may not exceed 100 pct. of respectively the fee and the fixed basic salary including pension.

Subsection 2. A credit institution and a mortgage credit institution shall ensure that the employees, whose activities have a significant impact on the group's risk profile, are designated in accordance with the Commission's delegated regulation on criteria for the definition of managerial responsibilities and control functions, significant business unit and significant impact on the company's risk profile, as well as other categories of employees, whose activities have a significant impact on the company's subsidiaries within the same group.

Section 77 h. The Minister of Business Affairs may for credit institutions, mortgage credit institutions, investment management companies and financial holding companies set detailed rules on the definition of other employees, whose activities have a significant impact on the company's risk profile.

Subsection 2. The Minister of Business Affairs may for credit institutions, mortgage credit institutions, investment management companies and financial holding companies set detailed rules on the obligation to publish information about the remuneration of the board of directors, the executive management and other employees, whose activities have a significant impact on the company's risk profile.

Subsection 3. The Minister of Business Affairs may for credit institutions, mortgage credit institutions, investment management companies and financial holding companies set detailed rules on the matters mentioned in Section 77 a, subsections 1-6, and Section 77 d, subsection 1.

Subsection 4. The Minister of Business Affairs may for credit institutions and mortgage credit institutions and financial holding companies set detailed rules on compliance with rules on remuneration at group level.

Section 77 i. (Repealed)

Section 77 j. If a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company or an insurance holding company enters into an agreement on a severance scheme with a member of the executive management, and the value of the scheme exceeds an amount corresponding to the individual's total remuneration in the last 2 financial years including pension, the company shall publish the size of the total remuneration, including the size of the individual remuneration components, and a justification for the size of the remuneration components.

Subsection 2. The publication pursuant to subsection 1 shall take place on the company's website in the same place where the company's remuneration policy is published, and shall take place as soon as possible and no later than 3 business days after the agreement is entered into. The information about a member of the executive management's severance scheme shall be available as long as the agreement is in force.

Section 77 k. Salary in an agreed notice period to a member of the executive management in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company or an insurance holding company, which is not matched by a usual work obligation, shall be paid out monthly during the notice period.

Section 77 l. A severance payment to a member of the executive management in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company or an insurance holding company shall reflect the results achieved in performing the position, and must not reward misconduct or lack of results.

Subsection 2. The severance payment shall be paid out in monthly installments corresponding to the size of the recipient's average monthly salary including pension in the last financial year.

Subsection 3. The payment of the severance payment may earliest begin after any salary in the notice period is fully paid out.

Subsection 4. The board of directors shall recommend the payment of the severance payment if the board of directors assesses that the director during his employment has exhibited conduct that must be considered to constitute serious managerial negligence. The board of directors shall withhold the payment of the severance payment if the company is charged with criminal offenses that can be attributed to the director, or if the board of directors becomes aware that the director is charged with criminal offenses committed in connection with his employment in the company.

Subsection 5. The board of directors shall demand repayment of a severance payment that has been paid out in whole or in part, before the board of directors became aware of conduct or circumstances covered by subsection 4.

Section 77 m. Sections 77 j-77 l cannot be derogated from by agreement, including by agreement on a severance scheme for a member of the executive management in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company or an insurance holding company, which is entered into with another company in the group, which is not covered by the rules.

Section 78. A financial company must not without the board of directors' approval and entry thereof in the board of directors' minutes

1. grant exposure to or receive security from board members and directors in the financial company or companies where board members and directors in the financial company are directly or indirectly holders of a qualifying holding or are board members or directors, or

2. enter into an agreement with a director, when the agreement involves larger dispositions in relation to the director's economic situation, or with a third party, in which the director has a significant interest that may be conflicting with the financial company.

Subsection 2. Members of the board of directors shall compensate for losses that the financial company suffers as a result of grants, securities or agreements covered by subsection 1, which are approved by the board of directors, unless the board of directors proves that the loss could not have been prevented through the care and diligence that the management of the financial company is required to exercise.

Subsection 3. A director who without the board of directors' approval grants exposures, receives securities or enters into agreements covered by subsection 1, is liable for the loss that the financial company thereby may be caused, unless the director is liable pursuant to the Companies Act Section 215, subsection 2, cf. Section 210.

Subsection 4. If a grant or security covered by subsection 1, no. 1, is entered into without the board of directors' approval with a board member in the financial company or a company in which the board member directly or indirectly holds a qualifying holding or is a board member or director, the board member is liable for the loss that the financial company thereby may be caused, unless the board member is liable pursuant to the Companies Act Section 215, subsection 2, cf. Section 210.

Subsection 5. Exposures and agreements pursuant to subsection 1 shall be granted or entered into in accordance with the financial company's usual business terms and on market-based terms, unless the exposure is entered into with an employee-elected board member on employment terms. If no audit minutes are kept, the declaration mentioned in the second sentence shall appear in other corresponding documentation.

Subsection 6. The executive management and the board of directors shall especially monitor the prudence and progress of exposures and agreements pursuant to subsection 1.

Subsection 7. The rules in subsections 1-6 also apply to exposures to and agreements with persons who are linked to directors by

marriage, cohabitation for at least 2 years, or kinship in the direct ascending or descending line or as siblings, and with companies where such persons are directors or hold a qualified share of 10 percent or more of the capital or voting rights, or where these persons can exercise significant influence or are members of the board.

Subsection 8. A financial undertaking or undertakings within the same group must not grant exposure to or accept security from an external auditor or the internal audit or deputy audit chief. This does not apply to loans granted by a life insurance company within the repurchase value of a life insurance policy issued by the life insurance company.

Section 79. The rules on group representation in the Companies Act do not apply to employees in companies through which a financial undertaking temporarily carries out other business in accordance with this Act.

Section 79a. In financial undertakings and financial holding companies that have financial instruments admitted to trading on a regulated market in an EU/EEA country, or that have a balance sheet total of DKK 500 million or more in 2 consecutive financial years, the board shall:

1. set targets for the proportion of members elected by the general meeting or a corresponding meeting, which is the undertaking's highest authority, of the underrepresented sex in the board, unless there is an equal distribution of women and men among these members in the board,
2. set targets for the proportion of the underrepresented sex in the undertaking's other management levels, unless there is an equal distribution of women and men in the other management levels, and
3. draw up a policy to increase the proportion of the underrepresented sex in the undertaking's other management levels, unless there is an equal distribution of women and men in the other management levels, cf. however subsection 5.

Subsection 2. For parent companies that prepare group accounts, the calculation in subsection 1 shall be based on the group accounts.

Subsection 3. Other management levels are understood as two management levels below the board. The first management level below the board includes the executive board and the persons who are organizationally at the same management level as the executive board. The second management level includes persons with personnel responsibility who report directly to the first management level below the board.

Subsection 4. The board shall set a new and higher target for the proportion of the underrepresented sex according to subsection 1, nos. 1 and 2, when the undertaking has reached its previously set target, or a new target when the time horizon for the expected fulfillment has expired.

Subsection 5. Undertakings that in the most recent financial year have employed fewer than 50 employees may refrain from drawing up a policy to increase the proportion of the underrepresented sex in their other management levels.

Subsection 6. If an undertaking is covered by both this provision and the provisions on gender composition in the highest management body in the Companies Act, the Act on Commercial Foundations, or the Act on Certain Commercial Undertakings, this provision takes precedence.

Subsection 7. In undertakings that have appointed a nomination committee in accordance with Section 80a, the duty in subsection 1, nos. 1 and 2, lies with the nomination committee.

Subsection 8. Subsections 1-7 do not apply to undertakings covered by the Gender Balance Act.

General rules on other offices of management

Section 80. Persons who, according to law or articles of association, are employed by the board in a financial undertaking may not, without the board's permission, own or operate independent commercial business or, as a board member, employee, or in any other way participate in the management or operation of other commercial business than the financial undertaking, cf. however Section 199, subsection 10 and 11.

Subsection 2. Other employees in a financial undertaking, for whom there is a significant risk of conflict between their own interests and the financial undertaking's interests, may not, without the executive board's permission, own or operate independent commercial business or, as a board member, employee, or in any other way participate in the management or operation of other commercial business than the financial undertaking. The board shall be informed about permissions granted by the executive board.

Subsection 3. The board shall decide which employees have a significant risk of conflict between their own interests and the financial undertaking's interests and who therefore need the executive board's permission, cf. subsection 2. The board shall ensure that the relevant persons are aware of this. The criminal provision in Section 373, subsection 2, applies from the time when the relevant person has received information about this.

Subsection 4. The company mentioned in subsections 1 and 2 can only be contested if the financial undertaking or undertakings that are part of the group or administrative community with the financial undertaking do not have or assume exposures to the commercial undertakings mentioned in subsections 1 and 2 or undertakings that are part of a group with these undertakings. Excluded from this are exposures in the form of capital shares, exposures to the undertakings mentioned in subsections 5 and 6, and exposures to commercial undertakings that are part of a group with the financial undertaking or commercial undertakings where financial undertakings jointly or together with foundations and associations established in accordance with Sections 207 and 214 own more than 4/5 of the capital shares.

Subsection 5. The exposure prohibition mentioned in subsection 4 does not apply in connection with participation in the boards of Danmarks Skibskredit A/S, Banker og Sparekassers Ungdomskontakt, LR Realkredit A/S, Bornholms Erhvervsfond, Grønlandsbanken A/S, regulated markets, clearing houses, securities depositories, NASDAQ OMX Stockholm AB, NASDAQ OMX Helsinki Oy, IFU – Investment Fund for Developing Countries, IØ – Investment Fund for Eastern Countries, Bankernes Kontantservice A/S, Fundcollect A/S, Fundconnect A/S, and DLR Kredit A/S.

Subsection 6. The exposure prohibition mentioned in subsection 4 does not apply in connection with participation in the board of a company that is temporarily operated by a credit institution or mortgage credit institution in accordance with Section 25 to secure or liquidate previously assumed exposures.

Subsection 7. All permissions granted by the board in accordance with subsection 1 shall appear in the board's minutes.

Subsection 8. The financial undertaking shall at least once a year publish information about the offices that the board has approved in accordance with subsection 1. Furthermore, the external auditor shall in the audit report regarding the annual report give a statement on whether the financial undertaking has exposure to commercial undertakings covered by subsections 1 and 2. If no audit report is kept, the statement mentioned in the second sentence shall appear in other corresponding documentation.

Subsection 9. The Danish Financial Supervisory Authority may grant dispensation from subsection 4 in special cases.

Nomination and risk committees

Section 80a. A credit institution and a mortgage credit institution that have capital shares admitted to trading on a regulated market, or that in the 2 most recent financial years at the balance sheet date on average have had 1,000 or more full-time employees, shall appoint a nomination committee.

Subsection 2. The chairman and members of the nomination committee shall be members of the board of the relevant credit institution or mortgage credit institution.

Subsection 3. The nomination committee shall manage the following:

1. Propose candidates for election to the board.
2. Set targets for the proportion of the underrepresented sex in the board and draw up a policy for how the target is to be achieved.
3. Establish a policy for diversity in the board that promotes sufficient diversity in qualifications and competencies among the board members.
4. Continuously and at least once a year evaluate the board's size, structure, composition, and results in relation to the tasks to be performed, and report and make recommendations for any changes to the full board.
5. Continuously and at least once a year evaluate whether the full board has the necessary combination of knowledge, professional competence, diversity, and experience, and whether each individual member meets the requirements in Section 64, and report and make recommendations for any changes to the full board.
6. Continuously review the board's policy for the selection and appointment of members of the executive board, if such a policy has been drawn up, and make recommendations to the board regarding this.

Subsection 4. When the nomination committee proposes candidates elected to the board in accordance with subsection 3, no. 1, the nomination committee shall draw up a description of the functions and qualifications required for the specific post, and indicate the time expected to be allocated to this.

Subsection 5. The nomination committee shall continuously ensure that the board's decision-making is not dominated by a single person or a small group of persons in a way that harms the undertaking's interests as a whole.

Subsection 6. The nomination committee shall have the opportunity to utilize all the resources that the committee deems necessary, including external advice, and the relevant credit institution or mortgage credit institution shall ensure that the nomination committee has sufficient financial resources for this.

Section 80b. A credit institution and a mortgage credit institution that have capital shares admitted to trading on a regulated market, or that in the 2 most recent financial years at the balance sheet date on average have had 1,000 or more full-time employees, shall appoint a risk committee.

Subsection 2. The chairman and members of the risk committee shall be members of the board of the relevant credit institution or mortgage credit institution and shall have the necessary knowledge and the necessary qualifications and competencies to understand and monitor the undertaking's risks.

Subsection 3. The risk committee shall manage the following:

1. Advise the board on the undertaking's overall current and future risk profile and strategy.
2. Assist the board in ensuring that the board's risk strategy is implemented correctly in the organization.
3. Evaluate whether the financial products and services that the credit institution or mortgage credit institution deals with are in accordance with the undertaking's business model and risk profile, including whether the earnings on the products and services reflect the risks associated with them, and draw up proposals for remediation if the products or services and the earnings associated with them are not in accordance with the undertaking's business model and risk profile.
4. Evaluate whether the incentives in the undertaking's remuneration structure take into account the undertaking's risks, including those arising as a result of the effects of ESG factors, capital and liquidity, and the probability and timing of profits.

Subsection 4. The risk committee shall have access to information about the undertaking's risks, including at the risk management function, and, to the extent necessary and relevant, the possibility of using external advice.

Subsection 5. The risk committee shall continuously evaluate and decide on the type, quantity, and frequency of information from the undertaking that shall be available to the committee.

Publication

Section 80c. A financial undertaking that has a website shall publish information on how the undertaking complies with the requirements in Section 70, subsection 1, no. 4, and subsection 4, Section 71, subsection 1, no. 9, Section 77a, subsections 1-6, Section 77b, subsections 1 and 3, Section 77c, and Section 80a, subsection 1, and subsection 3, no. 3, to the extent that the relevant requirements apply to the undertaking.

Subsection 2. A credit institution and a mortgage credit institution that have a website shall publish information on how the undertaking establishes, implements, and monitors the undertaking's management arrangements, which ensure effective and prudent management of the undertaking, including separation of tasks in the organization and prevention of conflicts of interest.

Subsection 3. Publication in accordance with subsections 1 and 2 shall take place on the undertaking's website in a place where it naturally belongs.

Special rules for savings banks

Section 81. The representative body is the savings bank's highest authority.

Subsection 2. The representative body shall have at least 21 members. The representatives are elected for a period of 4 years. If the representative body becomes smaller than 21 members due to departure, supplementary elections shall take place.

Subsection 3. Those entitled to vote in the election of representatives are the savings bank's depositors and guarantors with voting rights. Each depositor can only cast 100 votes. A guarantor has from 0 to and including 100 votes for every DKK 1,000 deposited guarantee capital, but at most 2,000 votes. Rules on the electoral system, on voting rights, and on the conduct of elections shall appear in the articles of association.

Subsection 4. The depositors and guarantors who cast votes in the election of the representative body elect such a large part of this as corresponds to the ratio between the number of votes cast and the total number of votes that belong to the savings bank's depositors and guarantors, but at least 1/3 of the representatives. The other members are elected solely by the eligible guarantors and in savings banks without eligible guarantors by the outgoing representative body. It should be sought to ensure that the representative body is composed diversely both geographically and in terms of business.

Subsection 5. If every depositor in the savings bank has the right to enter as a guarantor and the number of votes that can be cast by guarantors is at least 100,000, it may be stipulated in the savings bank's articles of association, regardless of the provisions in subsections 3 and 4, that the representative body is elected solely by the guarantors. A guarantor has from 0 to and including 100 votes for every DKK 1,000 deposited guarantee capital, but at most 2,000 votes. If the representative body is elected solely by the savings bank's guarantors, at least one guarantor's guarantee capital must be voting.

Section 81a. If the part of the equity that is not guarantee capital in a savings bank is less than 20 percent of the savings bank's equity, the savings bank's statutory voting rights restrictions set out in Section 81, subsection 3, sentence 3, and Section 81, subsection 5, sentence 2, cease to apply. The savings bank's statutory voting rights restrictions in Section 81, subsection 3, sentence 3, and Section 81, subsection 5, sentence 2, do not re-enter, even if the part of the equity that is not guarantee capital again comes to constitute 20 percent or more of the equity.

Subsection 2. For savings banks covered by subsection 1, a change to the articles of association shall be carried out at the latest at the next representative body meeting, after the savings bank has become covered by subsection 1, so that it clearly appears in the savings bank's articles of association that the savings bank is not covered by the statutory voting rights restrictions. A savings bank may regardless of subsection 1 stipulate voting rights restrictions in the savings bank's articles of association.

Subsection 3. The assessment of whether the part of the equity that is not guarantee capital constitutes less than 20 percent of the savings bank's equity shall be based on the most recently audited annual report, the most recently audited interim report, or the most recently audited quarterly accounts.

Section 81b. The savings bank shall obtain information about the savings bank's beneficial owners, including information about the beneficial owners' rights.

Subsection 2. Any person who directly or indirectly owns or controls the savings bank shall, upon the savings bank's request, provide the savings bank with the information about the ownership structure that is necessary for the savings bank's identification of beneficial owners, including information about the beneficial owners' rights.

Subsection 3. The savings bank shall register the information, including information about the beneficial owners' rights, in the Danish Business Authority's IT system as soon as possible after the savings bank has become aware that a person has become a beneficial owner. Any change to the information registered about the beneficial owners shall be registered as soon as possible after the savings bank has become aware of the change. The registered members of the savings bank's executive board shall be regarded and registered as beneficial owners in the Danish Business Authority's IT system if the savings bank, after having exhausted all possibilities for identification, has no beneficial owners or no beneficial owners can be identified.

Subsection 4. The savings bank shall at least once a year investigate whether there are changes to the registered information about beneficial owners. The result of the annual investigation shall be presented at the board meeting where the board approves the annual report.

Subsection 5. The savings bank shall keep documentation for the information obtained about the savings bank's beneficial owners for 5 years after the beneficial ownership ends. The savings bank shall furthermore keep documentation for the information obtained about attempts to identify beneficial owners for 5 years after the implementation of the identification attempt.

Subsection 6. The savings bank shall, upon request, provide information about the savings bank's beneficial owners, including about the savings bank's attempts to identify the savings bank's beneficial owners, to the Danish Financial Crime Authority. The savings bank shall furthermore, upon request, provide the mentioned information to other competent authorities when these authorities assess that the information is necessary for their performance of supervisory or control tasks.

Subsection 7. The Danish Financial Crime Authority and other competent authorities may freely pass on information about beneficial owners that are registered, cf. subsection 3, or obtained, cf. subsection 6, to other EU member states' competent authorities and financial intelligence units.

Subsection 8. The Danish Business Authority sets detailed rules on the registration, availability, and publication of information in accordance with subsections 1, 3, and 5 in the Danish Business Authority's IT system, including which information the savings bank shall register in the authority's IT system.

Section 81c. Savings banks that shall obtain, keep, and register information about beneficial owners, cf. Section 81b, shall, upon request, provide persons and companies that, in accordance with the Money Laundering Act, shall perform customer due diligence procedures, with information about the savings bank's ownership structure.

16 April 2026. 37 No. 432.

Section 2. If the Danish Financial Supervisory Authority receives reports under the Money Laundering Act regarding discrepancies in relation to the registered information on a savings bank's beneficial owners, the Danish Financial Supervisory Authority shall investigate the matter. The Danish Financial Supervisory Authority may set a deadline for the savings bank to rectify the matter.

Section 3. Upon request from the Danish Financial Supervisory Authority, the Danish Business Authority may, concurrently with the investigation referred to in Section 2, publish a notice regarding the report in the Danish Business Authority's IT system. The savings bank must be given the opportunity to object to the report before it is published, unless the purpose of publishing the notice regarding the report is thereby defeated.

Section 82. Board members are elected by the representative assembly for a maximum of 4 years at a time.

Section 83. A savings bank's articles of association must contain provisions on:

1. the name of the savings bank and any additional names,
2. the size, interest rate, and voting distribution of the guarantee capital,
3. guarantors and the obligations incumbent on them,
4. the representative assembly, board, and management,
5. summons to meetings of the representative assembly and elections to the representative assembly, cf. Section 81, subsection 3,
6. time and place of the ordinary meeting of the representative assembly,
7. which matters are to be processed at the ordinary meeting of the representative assembly,
8. preparation of accounts and use of profit,
9. amendment of the articles of association, and
10. voluntary termination of the business.

Section 83a. If a savings bank's articles of association contain a cap on or limitation of dividend payments and interest on the guarantee capital, this shall not prevent the capital from being counted towards the savings bank's actual core capital.

Section 83b. Holders of guarantee capital may not have claims on redemption.

Section 84. Sections 87 and 88, Section 89, subsections 1 and 3, Section 90, subsections 1 and 2, Sections 91 and 93, Section 94, subsection 1, Section 96, subsection 1, Sections 98, 100a, 101, 102, 105, 108 and 109, Section 111, subsection 1, item 1, and subsections 2 and 4, Sections 112-115, Section 117, subsection 1, Sections 118, 119, 121, 124, 127, 131 and 134, Section 135, subsections 1, 2 and 5, Sections 136-138 and 140-143, and Section 160, subsection 1, first and second sentences, of the Companies Act shall apply correspondingly to savings banks, with the necessary adjustments and with the deviations that appear from the provisions of this Act.

Subsection 2. Cancellation of guarantee certificates without court order may take place according to the rules in Section 66, subsection 3, of the Companies Act with the same notice as in the case of cancellation of share certificates that are not negotiable instruments.

Special rules for cooperative banks

Section 85. The general meeting is the highest authority of the cooperative bank and consists of the members of the cooperative bank.

Subsection 2. Every member has the right to attend the general meeting and speak there. Each member has one vote. Members of cooperative banks covered by Section 85a are allocated votes in accordance with the member's share of the cooperative bank's total member capital, unless otherwise provided in the cooperative bank's articles of association.

Section 85a. If the part of the equity capital that is not member capital in a cooperative bank is less than 20 percent of the cooperative bank's equity capital, the statutory voting restrictions set out in Section 85, subsection 2, second sentence, shall cease to apply to the cooperative bank. The statutory voting restrictions in Section 85, subsection 2, second sentence, shall not re-enter into force, even if the part of the equity capital that is not member capital again comes to constitute 20 percent or more of the equity capital.

Subsection 2. For cooperative banks covered by subsection 1, an amendment to the articles of association must be implemented at the latest at the next general meeting after the cooperative bank has become covered by subsection 1, so that it clearly appears from the cooperative bank's articles of association that the cooperative bank is not covered by the statutory voting restrictions. A cooperative bank may, regardless of subsection 1, set voting restrictions in the cooperative bank's articles of association.

Subsection 3. The assessment of whether the part of the equity capital that is not member capital constitutes less than 20 percent of the cooperative bank's equity capital shall be based on the most recently audited annual report, the most recently audited interim report, or the most recently audited quarterly accounts.

Section 85b. The cooperative bank must obtain information about the cooperative bank's beneficial owners, including information about the beneficial owners' rights.

Subsection 2. Any person who directly or indirectly owns or controls the cooperative bank must, upon the cooperative bank's request, provide the cooperative bank with the information about the ownership structure that is necessary for the cooperative bank's identification of beneficial owners, including information about the beneficial owners' rights.

Subsection 3. The cooperative bank must register the information, including information about the beneficial owners' rights, in the Danish Business Authority's IT system as soon as possible after the cooperative bank has become aware that a person has become a beneficial owner. Any change to the information registered about the beneficial owners must be registered as soon as possible after the cooperative bank has become aware of the change. The registered members of the cooperative bank's management shall be regarded and registered as beneficial owners in the Danish Business Authority's IT system if the cooperative bank, after having exhausted all possibilities for identification, has no beneficial owners or cannot identify any beneficial owners.

Subsection 4. The cooperative bank must investigate at least once a year whether there are changes to the registered information about beneficial owners. The result of the annual investigation shall be presented at the board meeting where the board approves the annual report.

Subsection 5. The cooperative bank must keep documentation for the information obtained about the cooperative bank's beneficial owners for 5 years after the beneficial ownership ends. The cooperative bank must also keep documentation for the information obtained about attempts to identify beneficial owners for 5 years after the implementation of the identification attempt.

Subsection 6. The cooperative bank must, upon request, provide information about the cooperative bank's beneficial owners, including information about the cooperative bank's attempts to identify the cooperative bank's beneficial owners, to the Money Laundering Secretariat. The cooperative bank must also, upon request, provide the aforementioned information to other competent authorities when these authorities assess that the information is necessary for their performance of supervisory or control tasks.

Subsection 7. The Money Laundering Secretariat and other competent authorities may, free of charge, pass on information about beneficial owners that is registered, cf. subsection 3, or obtained, cf. subsection 6, to competent authorities and financial intelligence units in other EU member states.

Subsection 8. The Danish Business Authority sets detailed rules on the registration, availability, and publication of information in subsections 1, 3, and 5 in the Danish Business Authority's IT system, including which information the cooperative bank must register in the authority's IT system.

Section 85c. Cooperative banks that must obtain, keep, and register information about beneficial owners, cf. Section 85b, must, upon request, provide persons and companies that are required to perform customer due diligence procedures under the Money Laundering Act with information about the cooperative bank's ownership structure.

Subsection 2. If the Danish Financial Supervisory Authority receives reports about discrepancies in the registered information about a cooperative bank's beneficial owners under the Money Laundering Act, the Danish Financial Supervisory Authority shall investigate the matter. The Danish Financial Supervisory Authority may set a deadline for the cooperative bank to rectify the matter.

Subsection 3. Upon request from the Danish Financial Supervisory Authority, the Danish Business Authority may, concurrently with the investigation referred to in subsection 2, publish a notice regarding the report in the Danish Business Authority's IT system. The cooperative bank must be given the opportunity to object to the report before it is published, unless the purpose of publishing the notice regarding the report is thereby defeated.

Section 86. Board members are elected by the general meeting, cf. however Section 69.

Section 87. A cooperative bank's articles of association must contain provisions on:

1. the name of the cooperative bank and any additional names,
2. the size of the member capital and each member's share in the cooperative bank's equity capital,
3. the conditions for membership, including the right to admission and the right to withdraw,
4. the obligations incumbent on the members,
5. general meeting, board, management,
6. summons to the general meeting,
7. time and place of the ordinary general meeting,
8. which matters are to be processed at the ordinary general meeting,
9. preparation of accounts and use of profit,
10. adoption of proposals at the general meeting, including amendments to the articles of association,
11. voluntary termination of the business, and
12. provisions on redemption of member capital.

Section 87a. If a cooperative bank's articles of association contain a cap on or limitation of dividend payments and interest on the member capital, this shall not prevent the capital from being counted towards the cooperative bank's actual core capital.

Section 87b. Holders of member capital may not have claims on redemption.

Section 88. Section 80, subsections 1-3, Sections 81, 87 and 88, Section 89, subsections 1 and 3, Section 90, subsections 1 and 2, Sections 91 and 93, Section 94, subsection 1, Section 96, subsection 1, Sections 98, 100a, 101, 102, 105, 108 and 109, Section 111, subsection 1, item 1, and subsections 2 and 4, Sections 112-115, Section 117, subsection 1, Sections 118, 119, 121, 124, 127, 131 and 134, Section 135, subsections 1, 2 and 5, Sections 136-138 and 140-143, and Section 160, subsection 1, first and second sentences, of the Companies Act shall apply correspondingly to cooperative banks, with the necessary adjustments and with the deviations that appear from the provisions of this Act.

Subsection 2. Section 96, subsection 2, Section 106, subsection 1, and Section 107, subsections 1 and 2, items 1-4, 6 and 7, of the Companies Act shall, with the necessary adjustments and with the deviations that appear from the provisions of this Act, additionally apply to cooperative banks that are covered by Section 85a, subsection 1, and where the cooperative bank has not set voting restrictions corresponding to the statutory voting restrictions in the cooperative bank's articles of association.

Subsection 3. Cancellation of membership certificates without court order may take place according to the rules in Section 66, subsection 3, of the Companies Act with the same notice as in the case of cancellation of share certificates that are not negotiable instruments.

Sections 89-97. (Repealed)

Special rules for investment management companies

Section 98. Investors in the UCITS and investment funds that an investment management company administers, and investors with whom the investment management company has concluded an agreement on discretionary portfolio management, cf. Annex 1, Section A, item 4, of the Act on Securities Companies and Investment Services and Activities, cf. Section 10, subsection 2, have the right to elect a member of the board of the investment management company through an investor forum. Investor and consumer organizations have access to propose candidates to the board to the investor forum. The election is carried out at an election meeting or by electronic voting according to rules set out in the investment management company's articles of association. Investors may be represented by proxy.

Subsection 2. The investment management company's articles of association must determine whether investors can vote in proportion to their relative share of the assets that the investment management company administers for UCITS, investment funds, and investors with whom the investment management company has concluded an agreement on discretionary portfolio management, cf. Annex 1, Section A, item 4, of the Act on Securities Companies and Investment Services and Activities, cf. Section 10, subsection 2, or whether each investor has one vote regardless of the invested amount. If investors vote according to their relative share of the assets, the number of votes is calculated based on the net asset value after the last published price or the price on a predetermined date.

Subsection 3. When an investment management company only administers investment funds, SIKAVs, and investment funds that own the company, cf. Section 26, subsection 1, of the Act on Investment Funds etc., the company is exempt from the requirement in subsection 1 to establish an investor forum, provided that at least one member of the board of the administered funds and SIKAVs is elected as a member of the investment management company's board.

Section 99. The board or management of an investment management company may only grant permission in accordance with Section 80, subsections 1 and 2, for a director or employee to be a board member or participate in the management or operation of an investment fund, provided that the investment fund is not administered by the investment management company, and provided that there is no overlap of personnel between the majority of the members of the board of the relevant investment fund and the board of the investment management company. The person concerned may not perform the role of chairman of the board.

Subsection 2. The board or management of an investment management company may not grant permission for directors and other senior employees to be board members or participate in the management or operation of the depositary company or another company with which one of the investment funds administered by the investment management company has concluded significant agreements, or in a company that is affiliated with these companies.

Subsection 3. The board or management may, regardless of subsection 2, however, grant permission for a director or employee to be a board member in the investment management company's subsidiaries or affiliated companies that could be subsidiaries, cf. Section 28.

Section 100. An investment management company must have sufficient qualified staffing and the necessary professional expertise to:

1. perform the administration of the type of UCITS that the investment management company administers,
2. assess the performance of the tasks that the investment management company has delegated, cf. Sections 102-105,
3. be able to make investment decisions for the administered UCITS,
4. assess the investments made and results achieved when an investment fund's board or an investment management company's board for a SIKAV or securities fund has concluded an agreement on portfolio management regarding the assets of the relevant UCITS or a section thereof, and
5. take sustainability risks into account when fulfilling the requirements in Section 71, subsection 1, when performing the administration of UCITS.

Section 101. Investment management companies must, in the performance of their tasks for a Danish UCITS, act honestly, fairly, professionally, independently, and exclusively in the interest of the relevant UCITS and its investors.

Subsection 2. Investment management companies must, in daily management, best safeguard the interests of the UCITS they administer.

Subsection 3. The board of investment management companies must:

1. set a policy regarding conflicts of interest between UCITS, sections, and share classes inter se, as well as between these on the one hand and the investment management company and other companies it is part of a group with, and other contractual partners respectively other customers of the investment management company, including investment funds, on the other hand,
2. be able to identify conflicts of interest that may harm a UCITS' investors,
3. limit conflicts of interest as much as possible, and
4. if the organizational or administrative arrangements implemented to manage conflicts of interest are not sufficient to reasonably guarantee that the risk of harming a UCITS, investment fund, or investor is avoided, in the specific case inform the relevant UCITS, investment fund, or investor about the general content of the conflicts of interest before the parties enter into an agreement, or, if an agreement has been entered into, when the conflict of interest is identified.

Subsection 4. When an investment management company also has permission to perform discretionary portfolio management, it must maintain a clear separation between this portfolio management and the administration of UCITS. The investment management company is, in matters concerning the administration of investment funds, subject to the instruction authority of the individual investment fund's board, and in matters concerning other UCITS, subject to the company's board's instruction authority, unless other rules apply in a foreign UCITS' home state.

Subsection 5. An investment management company must, taking into account any potential conflicts of interest, submit detailed explanations and documentation of its compliance with subsections 1-4 to the Danish Financial Supervisory Authority when the investment management company manages or intends to manage a UCITS on the initiative of a third party, including in cases where the relevant UCITS uses the name of a third-party initiator, or where the investment management company appoints a third-party initiator as the one to whom functions or services are delegated in accordance with Sections 102-105.

Subsection 6. The information that the investment management company must provide to the Danish Financial Supervisory Authority in accordance with subsection 5 must in particular specify what reasonable steps the investment management company has taken to prevent conflicts of interest that arise as a result of the relationship with the third party, or, if such conflicts of interest cannot be prevented, how the investment management company identifies, handles, monitors, and, where relevant, discloses conflicts of interest to prevent them from harming the UCITS' and its investors' interests.

Subsection 7. The Danish Financial Supervisory Authority may set detailed rules on how investment management companies must identify and limit conflicts of interest.

Special rules for asset managers, intermediaries, and advisory representatives regarding shareholder rights

Section 101a. An asset manager must prepare and publish a policy on active ownership in companies that have shares listed for trading on a regulated market, describing how the asset manager integrates active ownership into its investment strategy.

Paragraph 2. The policy on active ownership, cf. paragraph 1, shall describe how the capital manager

1. monitors companies in which investments are made, within relevant areas, including strategy, financial and non-financial results, risk, capital structure, social and environmental impact, and good corporate governance,
2. holds dialogue with companies in which investments are made,
3. exercises voting rights and other rights attached to shares,
4. cooperates with other shareholders,
5. communicates with relevant stakeholders in companies in which investments are made, and
6. handles actual and potential conflicts of interest in connection with the company's active ownership.

Paragraph 3. A capital manager shall once a year publish how the manager's policy on active ownership has been implemented, including a general description of voting and a report on the most significant votes and the manager's use of advisory proxies' services.

Paragraph 4. A capital manager shall publish how the manager has voted on behalf of shareholders at general meetings in companies in which the manager manages shares as part of its portfolio management. Votes that are insignificant due to the subject matter of the vote or the size of the shareholding in the relevant company may be omitted from the publication.

Paragraph 5. A capital manager may choose not to comply with one or more of the requirements in paragraphs 1-4, if the capital manager publishes a clear and reasoned explanation of why the manager has chosen this.

Paragraph 6. The information that is to be published according to paragraphs 1-5 shall be freely available on the capital manager's website.

Paragraph 7. Rules on conflicts of interest in other legislation that apply to a capital manager shall apply correspondingly in connection with activities regarding active ownership.

Section 101 b. A capital manager shall once a year notify Group 1 insurance companies that carry out business covered by Annex 2 to the Act on Insurance Business, and insurance companies that carry out reinsurance of life insurance liabilities, with which a capital management agreement has been concluded, cf. Section 177, paragraph 2, of the Act on Insurance Business, how the capital manager's investment strategy and its implementation in relation to investments in shares that are admitted to trading on a regulated market are in compliance with the capital management agreement and contribute to the return of these companies' or funds' assets in the medium to long term. The same applies if the capital manager has concluded an agreement as mentioned in the first sentence with the Labour Market Supplementary Pension and the Wage Earners' Inflation Fund.

Paragraph 2. The notification, cf. paragraph 1, shall include reporting on

1. significant risks in the medium to long term associated with the investments,
2. the portfolio composition,
3. turnover and turnover costs,
4. the use of advisory proxies for activities regarding active ownership, and
5. the capital manager's policy on securities lending, and how the policy is used if applicable for activities regarding active ownership, particularly at the time of the general meeting in the companies invested in.

Paragraph 3. The notification, cf. paragraph 1, shall contain information on

1. whether and, if applicable, how the capital manager makes investment decisions based on an evaluation of medium to long-term results, including non-financial results, for the companies in which investments are made, and
2. whether conflicts of interest have arisen in connection with active ownership, what conflicts of interest were involved, if any, and how the capital manager has handled these.

Paragraph 4. If information as mentioned in paragraphs 1-3 is already publicly available, the capital manager is not obliged to notify the information directly to the Group 1 insurance company that carries out business covered by Annex 2 to the Act on Insurance Business, insurance companies that carry out reinsurance of life insurance liabilities, or the Labour Market Supplementary Pension and the Wage Earners' Inflation Fund.

Section 101 c. An intermediary that stores information about shareholders' identity shall, upon request from an issuer or from a third party appointed by the issuer, as soon as possible notify the issuer of information about the identity. An issuer may request an intermediary to collect and forward information about shareholders' identity, including from other intermediaries in the chain of intermediaries, to the issuer.

Paragraph 2. If there is more than one intermediary in a chain of intermediaries, the request according to paragraph 1, first sentence, shall be forwarded between the intermediaries as soon as possible.

Paragraph 3. An intermediary shall notify an issuer of contact details for the next intermediary in the chain of intermediaries as soon as possible after request from the issuer or from a third party appointed by the issuer.

Section 101 d. Personal data about shareholders may only be used for the identification of existing shareholders with a view to fulfilling the provisions in Sections 101 c and 101 e-101 h. An intermediary must not store the personal data, cf. Section 101 c, paragraph 1, for more than 12 months after becoming aware that the person in question has ceased to be a shareholder, unless otherwise follows from other legislation.

Paragraph 2. An intermediary's forwarding of information about a shareholder's identity, cf. Section 101 c, is not considered a breach of the duty of confidentiality that applies according to a contract or other legislation.

Section 101 e. An intermediary shall as soon as possible forward the following information from the issuer to a shareholder or to a third party appointed by the shareholder:

1. Information that the issuer is obliged to give a shareholder, cf. the Companies Act Section 49 a, paragraph 4, to enable the shareholder to exercise shareholder rights, and which is addressed to all shareholders with shares in the relevant class, or
2. a notification of where on the company's website the information as mentioned in no. 1 can be found, if the information is available to the shareholders on the issuer's website.

Paragraph 2. Paragraph 1 does not apply when the issuer sends the information or a notification according to paragraph 1 directly to all its shareholders or to a third party appointed by the shareholders.

Paragraph 3. When there is more than one intermediary in a chain of intermediaries, the information, cf. paragraph 1 and Section 101 f, shall be forwarded between the intermediaries as soon as possible, unless the information can be sent directly by the intermediary to the shareholder or to a third party appointed by the shareholder.

Section 101 f. An intermediary shall as soon as possible forward information about the shareholder's exercise of shareholder rights, which the intermediary has received from a shareholder, to the issuer.

Facilitation of the exercise of shareholder rights

Section 101 g. An intermediary shall facilitate the exercise of shareholder rights, including the right to participate and vote in connection with general meetings, by

1. initiating the necessary arrangements so that a shareholder or a third party appointed by the shareholder can exercise the rights themselves, or
2. offering to exercise the shareholder rights on explicit authorization and instruction from a shareholder and for the benefit of the shareholder.

Paragraph 2. An intermediary shall as soon as possible forward electronic confirmations of receipt of votes and registration of votes and that votes have been counted, which the intermediary has received from an issuer, to a shareholder or to a third party appointed by the shareholder.

Paragraph 3. When there is more than one intermediary in a chain of intermediaries, the electronic confirmations, cf. paragraph 2, shall be forwarded between the intermediaries as soon as possible, unless the confirmation can be sent directly to a shareholder or a third party appointed by the shareholder.

Fees

Section 101 h. An intermediary shall separately for each individual service, which is delivered according to the provisions in Sections 101 c-101 g, publish the size of any fees.

Paragraph 2. Fees that an intermediary charges from a shareholder, an issuer, or another intermediary shall be non-discriminatory and proportionally adjusted in relation to the actual costs associated with the delivery of the services.

Paragraph 3. An intermediary may only differentiate between any fees that are charged in connection with national and cross-border exercise of rights, when the fees are duly justified and reflect fluctuations in the actual costs incurred in connection with the delivery of these services.

Paragraph 4. Fees are charged to the shareholder, issuer, or intermediary that requests a service.

Special rules for advisory proxies regarding transparency

Section 101 i. An advisory proxy shall once a year publicly present a reference to a code of conduct that the advisory proxy uses, and annually update the report on the use of this code of conduct.

Paragraph 2. If the advisory proxy uses a code of conduct but deviates from one or more of the code's recommendations, the advisory proxy shall indicate which parts of the code are deviated from, present the reasons for this, and state which alternative measures have been taken, if any.

Paragraph 3. An advisory proxy that does not use a code of conduct shall present a clear and reasoned report on why this is the case.

Paragraph 4. The information mentioned in paragraphs 1-3 shall be published and made freely available on the advisory proxy's website.

Section 101 j. An advisory proxy shall once a year publish the following information about the preparation of its investigations, advice, and recommendations regarding voting in listed companies:

1. The most significant characteristics of the methodologies and models used.
2. The most important information sources.
3. The procedures introduced to ensure the quality of investigations, advice, and recommendations regarding voting and the qualifications of the personnel involved.
4. Whether, and if so how, consideration is given to conditions in the Danish market and to legal, regulatory, and company-specific conditions.
5. The most significant elements of the voting policies used for the individual markets.
6. Whether there is dialogue with the companies that are the subject of the advisory proxy's investigations, advice, and recommendations regarding voting, and with the companies' stakeholders, and if so, the extent and nature thereof.
7. The policy for the prevention and handling of potential conflicts of interest.

Paragraph 2. The information mentioned in paragraph 1 shall be published on the advisory proxy's website and shall be freely available for at least 3 years after the date of publication. The information does not need to be published separately if it is presented as part of the information mentioned in Section 101.

Paragraph 3. An advisory proxy shall identify and as soon as possible notify its customers of actual or potential conflicts of interest and business connections that may affect the preparation of the advisory proxy's investigations, advice, or recommendations regarding voting, and the measures taken to remove, limit, or handle actual or potential conflicts of interest.

Paragraph 4. Paragraphs 1-3 apply correspondingly to advisory proxies that neither have their statutory seat nor their head office in the European Union but carry out activities through a business establishment located in the Union.

Access of investment management companies to delegate tasks regarding the administration of SIKAVs, securities funds, and foreign UCITS

Section 102. The board of directors of an investment management company may delegate functions, cf. Annex 6 to this Act, and services, cf. Section 10 of this Act and Annex 1, section A, no. 1, 4, 5, and 10, of the Act on Securities Brokerage Companies and Investment Services and Activities, which form part of the administration of a SIKAV, securities fund, or foreign UCITS, to a company that has permission to carry out the relevant tasks. The investment management company must be able to objectively justify its entire delegation structure.

Paragraph 2. The board may enter into agreements on portfolio management with a company that meets the conditions in Section 103, paragraph 1, and which is not the depositary for the SIKAV, the securities fund, or the foreign UCITS or another company, whose interests may conflict with the interests of the relevant SIKAV, securities fund, or foreign UCITS and its investors.

Paragraph 3. When the investment management company's board makes a decision on delegation, cf. paragraphs 1 and 2, the delegation must result in more efficient operation of the investment management company's business and more efficient administration of the SIKAV, securities fund, or foreign UCITS that the delegation concerns, and comply with the conditions set out in Sections 103-105.

Paragraph 4. The obligations of the investment management company and the depositary, cf. Sections 106-106 c and 107, are not affected by the board having delegated functions and services to third parties.

Paragraph 5. The board must ensure supervision of the execution of the delegated tasks, cf. Sections 103-105.

Paragraph 6. The board must not delegate such a large part of the administrative tasks in the form of functions or services that the investment management company is no longer considered to be the manager of the administered SIKAVs, securities funds, or foreign UCITS or provider of the services in Section 10 of this Act and Annex 1, section A, no. 1, 4, 5, and 10, of the Act on Securities Brokerage Companies and Investment Services and Activities, and to such an extent that the investment management company becomes an empty company, as far as tasks in connection with the administration of a SIKAV, securities fund, or foreign UCITS are concerned.

Paragraph 7. If the marketing function, cf. Annex 6, no. 3, is handled by one or more distributors who act on their own behalf and who market a SIKAV, securities fund, or foreign UCITS in accordance with the European Parliament and Council Directive on markets in financial instruments or through insurance-based investment products in accordance with the European Parliament and Council Directive on insurance distribution, this is not considered a delegation covered by the requirements for delegation, cf. Sections 102-105, regardless of any distribution agreement between the administration company and the distributor.

Section 103. An investment management company must ensure that the companies to which the company delegates functions or the delivery of services are qualified and capable of carrying out the relevant functions or delivering the relevant services. In cases where the delegation concerns investment management, the board may only delegate tasks to companies that have permission to or are registered for the management of assets, cf. however Section 102, paragraph 2, and which are subject to supervision.

Paragraph 2. The company to which the investment management company has delegated tasks may only re-delegate the delegated tasks or part thereof to another company with individual permission from the investment management company's board, and only if this delegation results in more efficient administration of the administered SIKAVs, securities funds, or foreign UCITS.

Paragraph 3. The board's delegation of tasks must not prevent effective supervision of the investment management company and the administered SIKAVs, securities funds, or foreign UCITS, and must not prevent the investment management company from operating or prevent the SIKAV, securities fund, or foreign UCITS from being managed in the interest of investors and customers.

Paragraph 4. The board may only delegate tasks in connection with investment management to companies that have their seat in a country outside the European Union or countries with which the Union has concluded an agreement in the financial area, when the Financial Supervisory Authority can cooperate with the supervisory authorities in the relevant country.

Section 104. In the delegation of tasks, an investment management company must ensure that the delegation agreement gives the investment management company's management the opportunity at any time to effectively monitor the activities carried out by the company to which the task is delegated.

Paragraph 2. The delegation agreement must not prevent the investment management company from at any time giving further instructions to the company to which functions or the delivery of services is delegated, and from terminating the agreement with immediate effect, if it is in the interest of the administered SIKAV, securities fund, or foreign UCITS and the investment management company's customers.

Paragraph 3. The investment management company ensures that the execution of the functions and services mentioned in Section 10 and Annex 6 to this Act and Annex 1, section A, no. 1, 4, 5, and 10, of the Act on Securities Brokerage Companies and Investment Services and Activities, is in compliance with rules that implement the European Parliament and Council Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. This obligation applies regardless of the legislative status of

the entity to whom responsibility is delegated, and regardless of where this entity is located.

§ 105. Investment management companies that intend to delegate the performance of one or more functions or services to third parties, pursuant to § 102, subsection 1, and § 103, subsection 2, shall notify the Danish Financial Supervisory Authority of the content and conditions of the agreement before the delegation arrangements enter into force.

Subsection 2. The Danish Financial Supervisory Authority shall set detailed rules on:

1. when the conditions in subsection 1, § 102, subsections 1-3 and 5, and §§ 103 and 104 are met,
2. when an investment management company is deemed to have delegated tasks to such an extent that the company is considered a shell company pursuant to § 102, subsection 6, and can no longer be considered to be managing the Danish UCITS, the investment fund, or the foreign UCITS, and
3. which tasks in relation to delegation are considered significant.

Special rules for depositaries of Danish UCITS

§ 106. An investment management company must ensure that one depositary is appointed for each individual Danish UCITS that it manages, in accordance with the rules in this chapter.

Subsection 2. A depositary must manage and keep the financial assets of a Danish UCITS separately for the Danish UCITS’ share classes. The depositary must be able to provide sufficient financial and professional security to be able to genuinely perform the duties for the Danish UCITS.

Subsection 3. In performing its duties for the Danish UCITS, the depositary must act honestly, fairly, professionally, independently, and solely in the interest of the UCITS in question and its investors.

Subsection 4. The depositary must not carry out activities that can create conflicts of interest between a Danish UCITS, its investors, the investment management company, and the depositary itself, unless the depositary has functionally and hierarchically separated the performance of its depositary duties from its other activities that can create conflicts of interest, and the potential conflicts of interest are fully identified, managed, monitored, and disclosed to the UCITS’ investors.

Subsection 5. The depositary must execute instructions from the investment management company or investment companies that have not delegated the daily management to an investment management company, unless the instructions contravene applicable legislation or the Danish UCITS’ articles of association or fund rules.

§ 106 a. The depositary must ensure that:

1. the issuance and redemption of a Danish UCITS and the mortification of investors’ shares are carried out in accordance with the rules in the Act on Investment Companies etc. and the articles of association or fund rules,
2. the calculation of the net asset value per share is carried out in accordance with applicable legislation and the Danish UCITS’ articles of association or fund rules,
3. the consideration in connection with transactions entered into by the Danish UCITS is delivered to the Danish UCITS within usual time limits on the relevant market,
4. the payment of dividends or the allocation of profits to increase the assets takes place in accordance with the Danish UCITS’ articles of association or fund rules,
5. the value of a Danish UCITS’ holding of mortgage bonds is assessed in accordance with the rules regarding this, and
6. the purchase and sale of other assets than those mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities, including mortgage bonds, are carried out at prices that are not less favorable than the market value.

Subsection 2. When the depositary is the depositary for a Danish UCITS that is managed by an administration company with its seat in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, the depositary, the board of directors of the investment company or the AIFM, and the administration company must enter into a written agreement on the exchange of information that is necessary for the depositary to perform its duties under this Act, the Act on Investment Companies etc., and rules issued pursuant to these Acts.

Subsection 3. When the depositary is the depositary for a Danish UCITS that is a master fund or feeder fund, pursuant to § 2, item 20 and 21, in the Act on Investment Companies etc., but is not the depositary for both funds in the master-feeder structure, it must enter into a written agreement pursuant to § 4, subsection 4, item 1, in the Act on Investment Companies etc. with the other depositary on the exchange of information to ensure that both depositaries can perform their duties.

Subsection 4. The depositary for a Danish UCITS that is a master fund, pursuant to § 2, item 20, in the Act on Investment Companies etc., must immediately notify the Danish Financial Supervisory Authority if it becomes aware of irregularities in relation to the master fund. If the irregularities are considered to have negative consequences for a feeder fund, the depositary must also notify the feeder fund, its investment management company or administration company, and its depositary.

Subsection 5. The Danish Financial Supervisory Authority may set detailed rules on:

1. the depositary’s duties towards Danish UCITS for which it is the depositary,
2. the depositary’s duty to notify a feeder fund and its depositary, pursuant to subsection 3,
3. the depositary’s duty to notify the Danish Financial Supervisory Authority of matters concerning Danish UCITS for which it is the depositary, and
4. the content of the agreement mentioned in subsection 2.

§ 106 b. The depositary must monitor the Danish UCITS’ cash flows.

Subsection 2. The depositary must exercise special control to ensure that all payments made by or on behalf of the investors in connection with the subscription of shares in the Danish UCITS are received and booked on cash accounts in the name of the Danish UCITS, the depositary, or the investment management company, when these act on behalf of the Danish UCITS, with entities covered by the rules implementing Article 18, subsection 1, points a-c, of Directive 2006/73/EC of 10 August 2006 on the implementation of Directive 2004/39/EC of the European Parliament and of the Council as regards the organisational requirements for and conditions for the operation of investment firms and definitions of terms for the purposes of the said Directive, and are booked in accordance with the principles set out in Article 16 of Directive 2006/73/EC of 10 August 2006 on the implementation of Directive 2004/39/EC of the European Parliament and of the Council as regards the organisational requirements for and conditions for the operation of investment firms and definitions of terms for the purposes of the said Directive.

Subsection 3. If cash accounts are opened in the name of the Danish UCITS’ depositary pursuant to subsection 2, neither funds from the account-holding entity nor from the depositary may be booked on such accounts.

§ 106 c. The assets of the Danish UCITS must be transferred to the depositary for safekeeping according to the following rules:

1. For the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities, which can be kept in custody, the following applies: a) The depositary must keep the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities that can be registered on an account or in a depot opened with the depositary. b) The depositary must keep physical instruments covered by Annex 2 to the Act on Securities Companies and Investment Services and Activities that can be delivered to the depositary. c) The depositary must ensure, while observing § 95 in the Act on Securities Companies and Investment Services and Activities and rules issued pursuant thereto, that the instruments kept, which are covered by Annex 2 to the Act on Securities Companies and Investment Services and Activities, are registered on accounts or in depots that are separate from the depositary’s own, and that the accounts and depots used are opened in the name of the Danish UCITS or its investment management company, so that they can at all times be identified as belonging to the Danish UCITS.
2. For other assets, the following applies: a) The depositary must verify that the Danish UCITS is the owner of the assets, based on documentation presented by the Danish UCITS or its investment management company and on any existing external documentation. b) The depositary must maintain an updated register of the assets that the depositary has verified, pursuant to point a.

Subsection 2. The depositary must regularly provide the Danish UCITS or its investment management company with a comprehensive overview of the UCITS’ assets.

Subsection 3. The depositary or a third party to whom the depositary function has been delegated, pursuant to § 106 d, must not sell, pledge, or otherwise dispose of the Danish UCITS’ assets without prior consent from the UCITS or its investment management company. The assets that are kept in custody with the depositary or by a third party to whom the depositary function has been delegated may furthermore only be sold, pledged, or otherwise disposed of if:

1. the disposal is made on behalf of the Danish UCITS,
2. the disposal is made after instructions from the investment management company or the Danish UCITS,
3. the disposal is in the interest of the Danish UCITS and its investors,
4. the disposal is covered by a high-quality liquid security, which is provided to the Danish UCITS by transfer of ownership rights, and
5. the market value of the security at all times amounts to at least the market value of the assets covered by the transaction plus a margin.

§ 106 d. The depositary may not delegate tasks covered by § 106 a, subsection 1, and § 106 b to third parties.

Subsection 2. The depositary may delegate tasks covered by § 106 c, subsection 1, to third parties if the following conditions are met:

1. The tasks are not delegated with the intention of evading the requirements of this Act.
2. The depositary must be able to objectively justify the delegation.
3. The depositary must have exercised due skill, care, and diligence in connection with the selection and appointment of any third party to whom the depositary intends to delegate certain of its duties, unless the third party is a central securities depository acting as an issuer central securities depository as defined in Article 1, point f, of Commission Delegated Regulation (EU) 2017/392 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council as regards regulatory technical standards for requirements relating to authorisation, supervision and operation in connection with central securities depositories, and continues to exercise ongoing control, pursuant to item 4.
4. The depositary must exercise due skill, diligence, and care in the ongoing control and monitoring of the third party’s performance of the delegated tasks and the related arrangements that the third party has made with regard to the delegated tasks.

Subsection 3. The depositary must ensure that the third party, in connection with the performance of the delegated tasks, at all times meets the following conditions:

1. The third party’s organization and competencies must be sufficient relative to the nature and complexity of the assets that have been transferred for safekeeping with the third party.
2. As far as delegation of tasks covered by § 106 c, subsection 1, is concerned, the third party must be subject to effective regulatory supervision, including minimum capital requirements and supervision in the relevant jurisdiction, and periodic external audit to ensure that the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities are in the third party’s possession, subject to subsection 4.
3. The third party must keep the depositary’s customers’ assets separate from the depositary’s and the third party’s own assets in a manner such that they can at all times be identified as belonging to the specific customer of the depositary.
4. The third party must take the necessary steps to ensure that a Danish UCITS’ assets, which are kept in custody with the third party, in the event of the third party’s insolvency, cannot be distributed or realized for the benefit of the third party’s creditors.
5. The third party must comply with § 101, subsection 1, § 106, subsection 3, and § 106 c, subsections 1 and 3, as well as § 5, subsections 2-4, in the Act on Investment Companies etc.

Subsection 4. The depositary may delegate tasks to third parties, even if the requirements in subsection 3, item 2, are not met, if the following conditions are met:

1. The delegation must concern the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities, where the legislation of a third country requires that these be kept in custody with a local entity.
2. The delegation does not go further than required by the legislation of the third country.
3. No local entity meets the requirements for delegation in subsection 3, item 2.
4. The investors in the Danish UCITS must be duly informed prior to their investment in the UCITS that the delegation is required due to the legislation of a third country, about the circumstances justifying the delegation, and about the risks associated with it.
5. The Danish UCITS or its investment management company must have instructed the depositary to delegate the safekeeping of the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities to the local entity.

Subsection 5. Delegation under the exception in subsection 4 may only be maintained as long as all the conditions in subsection 4, items 1-3, are met.

Subsection 6. The provision of services from a central securities depository acting as an issuer central securities depository as defined in Article 1, point e, of Commission Delegated Regulation (EU) 2017/392 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council as regards regulatory technical standards for requirements relating to authorisation, supervision and operation in connection with central securities depositories, is not considered as delegation of the depositary’s safekeeping functions. The provision of services from a central securities depository acting as an investor central securities depository as defined in the aforementioned delegated act shall be considered as delegation of the depositary’s safekeeping functions.

Subsection 7. A third party may re-delegate the tasks that the third party has been delegated by the depositary, pursuant to subsections 2 and 4, if the re-delegation meets the same requirements that apply to the depositary’s delegation. § 107, subsections 1 and 2, apply to the relevant parties in the event of re-delegation.

§ 107. The depositary is liable to the Danish UCITS and the UCITS’ investors for the loss of the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities, which are kept in custody pursuant to § 106 c, subsection 1, item 1, where the loss is caused by the depositary or the third party to whom the task has been delegated pursuant to § 106 d, subsection 2, subject to subsection 2.

Subsection 2. The depositary is not liable for loss pursuant to subsection 1 if the depositary can prove that the loss is due to an external event which the depositary could not reasonably have been expected to have control over, and whose consequences would have been inevitable even if all reasonable precautions had been taken by the depositary.

Subsection 3. In the event of loss pursuant to subsection 1, the depositary must without undue delay provide compensation to the Danish UCITS or its investment management company on behalf of the UCITS in the form of the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities of the same type or an amount corresponding to the value of these.

Subsection 4. The depositary is liable to the Danish UCITS and its investors for any other loss that they may suffer as a result of the depositary’s negligent or intentional breach of its obligations under this Act.

Subsection 5. The depositary is liable, regardless of whether delegation has occurred pursuant to § 106 d.

Subsection 6. The depositary may not by agreement release itself from or limit its liability for compensation in connection with the loss of instruments covered by Annex 2 to the Act on Securities Companies and Investment Services and Activities, which are kept in custody pursuant to § 106 c, subsection 1, item 1, with the depositary or the third party to whom the task has been delegated pursuant to § 106 d, subsection 2. Agreements contrary to the first sentence are invalid.

Subsection 7. Investors in Danish UCITS may make claims against the depositary either directly or indirectly through the Danish UCITS or its investment management company. This must, however, not lead to double compensation or unequal treatment of the investors.

§ 107 a. The depositary must, upon request, make all information available to the Danish Financial Supervisory Authority that the depositary has obtained in the performance of its duties and which may be necessary for the Danish Financial Supervisory Authority as the supervisory authority for a Danish UCITS and its investment management company.

Subsection 2. If the investment management company’s competent authorities are different from the depositary’s, the Danish Financial Supervisory Authority must immediately forward the received information to the investment management company’s competent authorities.

§ 107 b. The Danish Financial Supervisory Authority may set detailed rules for the following:

1. The conditions for the performance of the depositary functions in § 106, subsection 5, § 106 a, subsection 1, items 1-3 and 5, § 106 b, and § 106 c, subsection 1, including: a) Which types of the instruments mentioned in Annex 2 to the Act on Securities Companies and Investment Services and Activities are covered by the depositary’s safekeeping obligation, pursuant to § 106 c, subsection 1, item 1.

b) The conditions for how the depositary company shall perform its custody tasks with regard to the instruments mentioned in Annex 2 to the Act on Fund Brokerage Companies and Investment Services and Activities, which are registered with a securities central. c) The conditions for how the depositary company shall securely and in accordance with Section 106 c, subsection 1, no. 1, store the instruments mentioned in Annex 2 to the Act on Fund Brokerage Companies and Investment Services and Activities, which are issued to bearer and registered with an issuer or registrar. 2) The depositary company's obligations in connection with the selection and monitoring of third parties when delegating depositary company tasks, cf. Section 106 d, subsection 2, no. 3 and 4. 3) The requirements placed on third parties regarding the separation of the depositary's own assets from the depositary's customers' assets, cf. Section 106 d, subsection 3, no. 3. 4) The steps that a third party must take to ensure that a Danish UCITS' assets, which are stored in custody with the third party, in the event of the third party's insolvency, cannot be distributed or realized for the benefit of the third party's creditors, cf. Section 106 d, subsection 3, no. 4. 5) When financial assets, for which the depositary company is responsible, are to be considered lost, cf. Section 107, subsection 1. 6) What is to be understood as external events, which the depositary company could not reasonably be expected to have control over, and whose consequences would have been unavoidable even if the depositary company had taken all reasonable precautions, cf. Section 107, subsection 2. 7) The conditions for fulfilling the independence requirement in Section 101, subsection 1, and Section 106, subsection 3. Sections 108-116. (Repealed) Chapter 9 Disclosure of Confidential Information Section 117. Board members, members of local boards and similar, members of the representative body in a financial company that is not a savings bank, auditors and examiners as well as their substitutes, founders, valuers, liquidators, directors, and other employees must not unauthorizedly disclose or exploit confidential information that they have become aware of in the course of their duties, cf. however subsection 3. The provision applies correspondingly to financial holding companies. Subsection 2. The person who receives information according to subsection 1 is subject to the confidentiality obligation mentioned in subsection 1. Subsection 3. Subsection 1 does not apply to credit institutions' disclosure of confidential information that takes place in connection with the transfer of a lender's rights or a defaulted credit agreement, cf. Section 2, no. 13, in the Act on Credit Service Companies and Credit Buyers, to a credit buyer, cf. Section 2, no. 6, in the Act on Credit Service Companies and Credit Buyers. Section 117 a. A credit institution may disclose information about a customer's name and address to the person who transferred money to a customer's account as a result of an erroneous transfer of money to the relevant customer's account, such that the relevant person can pursue a potential claim against the customer in connection with the transaction. A credit institution may correspondingly disclose information about a customer's name and address to a payee, when the customer has used a payment instrument to pay for goods or services with the payee and an erroneous transaction has occurred. Subsection 2. The credit institution must notify the customer of the disclosure before information about the customer's name and address can be disclosed. Subsection 3. If a customer has name and address protection according to the Act on the Central Person Register, the credit institution cannot disclose information about the relevant person, cf. subsection 1. Section 118. Usual information about customer relationships may be disclosed for use in carrying out administrative tasks. Subsection 2. For use in carrying out administrative tasks, information may be disclosed to a joint-stock company that is wholly owned by Labour Market Supplementary Pension, and to Labour Market Supplementary Pension, cf. the Act on Labour Market Supplementary Pension Section 26 b, subsection 3, and Section 23, subsection 4, and to the managing company in an insurance administration association. Subsection 3. Information about a capital or rate pension, which is established in a credit institution as part of a labour market pension scheme, may be disclosed from the credit institution to an insurance administration association that is affiliated within the same group with the credit institution, for use in advising on the scheme. Subsection 4. The person who receives information according to subsections 1-4 is subject to the confidentiality obligation mentioned in Section 117, subsection 1. Subsection 5. The Danish Financial Supervisory Authority establishes detailed rules on which information constitutes usual customer information according to subsection 1. Section 118 a. A financial company may disclose information about a customer's name and contact details, including personal identification number and CVR number, to an association or company that wholly or partially owns the financial company, if the customer relationship in the financial company means that the customer is or may become a member of the association or participant in the company. The information may only be disclosed for use in communication about the membership and the associated rights in the association or company that owns the financial company. Subsection 2. The person who receives information according to subsection 1 is subject to the confidentiality obligation mentioned in Section 117, subsection 1. Section 119. Information about purely private matters must not be disclosed without the customer's consent, unless the disclosure is justified according to Section 117, subsection 1, or Section 118, subsection 2. Section 120. Information may be disclosed to the financial company's parent company for use in risk management of companies in the group, provided that the parent company is a financial company or a financial holding company. This does not apply, however, to information about purely private matters. Subsection 2. Information about private customers cannot be disclosed for use in risk management, cf. subsection 1, except in the special cases where the information about a private customer concerns obligations that have or may have a significant size. Section 120 a. Information about business customers may be exchanged between credit institutions and mortgage credit institutions that are affiliated within the same group, for use in risk management, including credit assessment and credit administration. The same applies to the exchange of information with these companies' financial holding companies and subsidiaries. Exchange of information may only take place with subsidiaries that provide loans or operate leasing business. Subsection 2. The provision in subsection 1 also applies when exchanging information between jointly owned credit and mortgage credit institutions and holders of capital shares in the relevant credit or mortgage credit institution, when the aforementioned holders are credit or mortgage credit institutions and jointly hold more than 4/5 of the capital shares. The same applies to the exchange of information with the subsidiaries of the jointly owned companies that provide loans or operate leasing business. Subsection 3. Disclosure according to subsections 1 and 2 does not include information as mentioned in Section 119. Subsection 4. The person who receives information according to subsections 1 and 2 is subject to the confidentiality obligation mentioned in Section 117, subsection 1. Section 120 b. A lending credit institution or mortgage credit institution may disclose information about a borrower to the issuing credit institution or mortgage credit institution, if a loan agreement has been entered into, from which it appears that the loan can be financed by another credit institution's or mortgage credit institution's issuance of special covered bonds or special covered mortgage bonds. Exchange of information between the lending credit institution or mortgage credit institution and the credit institution or mortgage credit institution that issues the special covered bonds or special covered mortgage bonds, with which the loan is financed, may take place, to the extent that it is necessary with regard to risk management and administration of the portfolio in the register or the portfolio in a series or group of series with a series reserve fund. Section 121. Information about a private customer must not be disclosed for use in marketing or advice, unless the customer has given consent thereto, cf. however Section 118, subsection 3. Subsection 2. To group companies that are subject to confidentiality as mentioned in Section 117, subsection 1, and to companies where several financial companies or Danish UCITS jointly own a company that carries out business that the financial company must carry out through a subsidiary, or a company that is accessory to the financial company that is subject to a confidentiality obligation as mentioned in Section 117, subsection 1, disclosure according to subsection 1 may take place without consent, if it concerns general customer information that forms the basis for classification into customer categories, and if the disclosure is necessary for the company to which the information is disclosed to pursue a legitimate interest, and the consideration for the private customer does not outweigh this interest. Subsection 3. Usual information about business customer relationships may be disclosed for use in marketing and advice to a financial company that is subject to confidentiality as mentioned in Section 117, subsection 1. Section 122. The financial company must draw up guidelines on the extent to which information is disclosed from the company. The guidelines must be publicly accessible. Section 123. (Repealed) Part V Capital Conditions of Financial Companies Chapter 10 Solvency General rules on solvency Section 124. The board and management of a credit institution and a mortgage credit institution must ensure that the institution has a sufficient capital base and has internal procedures for risk measurement and risk management for continuous assessment and maintenance of a capital base of a size, type, and distribution that is appropriate to cover the institution's risks. These procedures must be subject to regular internal control to ensure that they continue to be sufficient and stand in reasonable proportion to the nature, scope, and complexity of the institution's business. Subsection 2. The board and management of a credit institution and a mortgage credit institution must, on the basis of the assessment according to subsection 1, calculate the institution's individual solvency needs. The solvency need is calculated as the sufficient capital base as a percentage of the total risk exposure. The part of the solvency need that concerns the risk of excessive gearing is calculated as a percentage of the total non-risk-weighted exposure. The solvency need cannot be less than the capital base requirement according to Article 92, subsection 1, letter c, and the minimum capital requirement in Article 93 or the leverage ratio requirement according to Article 92, subsection 1, letter d, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. Subsection 3. The Danish Financial Supervisory Authority may individually set a higher requirement for the capital base in the form of a supplement to the capital base requirement, which appears from Article 92, subsection 1, letter c, or to the leverage ratio requirement, which appears from Article 92, subsection 1, letter d, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. This individual solvency requirement is an expression of the Danish Financial Supervisory Authority's assessment of the institution's sufficient capital base as a percentage of the total risk exposure and as a percentage of the non-risk-weighted exposure, if the solvency requirement concerns the risk of excessive gearing. Subsection 4. The Danish Financial Supervisory Authority may set an additional capital base requirement for a group of credit institutions or mortgage credit institutions with similar risk profiles, which takes into account special risks in this group of institutions. Subsection 5. If a credit institution and a mortgage credit institution are bound by the output floor in Article 92, subsection 3, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the following applies:

1. The Danish Financial Supervisory Authority shall, as soon as possible and in any case no later than at the end date of the next control and assessment process, review the solvency need supplement according to subsections 2-4 and remove all elements therein that would involve double counting of risks that are already fully covered, by a credit institution and a mortgage credit institution being bound by the output floor.
2. The nominal value of the solvency need supplement according to subsections 2-4 to counteract other risks than the risk of excessive gearing must not increase, as a result of a credit institution or mortgage credit institution becoming bound by the output floor, before the control according to no. 1 is completed. Subsection 6. As long as a credit institution and a mortgage credit institution are bound by the output floor according to Article 92, subsection 3, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the calculation of the solvency need according to subsection 2 and the setting of a higher requirement for the capital base for a credit institution and a mortgage credit institution in accordance with subsections 3 and 4 must not involve double counting of risks that are already fully covered, by the institution being bound by the output floor. Subsection 7. The Danish Financial Supervisory Authority may impose on the credit institution or mortgage credit institution to write down assets etc. for use in calculating the capital base. Subsection 8. For mortgage credit institutions, Article 92, subsection 1, letter c, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions must be fulfilled both in the individual series with series reserve funds and in the institution otherwise. Subsection 9. The Danish Financial Supervisory Authority may establish detailed rules on credit institutions' and mortgage credit institutions' publication of their calculation of the individual solvency need, cf. subsection 2, and the individual solvency requirement, cf. subsection 3. Subsection 10. The Minister for Business establishes detailed rules on which type of capital can be used to fulfill the individual solvency supplement, cf. subsection 3. Section 124 a. The Danish Financial Supervisory Authority annually sets an indicative level of additional capital base for the individual credit institutions and informs the credit institutions about this. The indicative level of additional capital base is based on a supervisory stress test and is calculated as a percentage of the total risk exposure and as a percentage of the total non-risk-weighted exposure. Subsection 2. The part of the guidance on additional capital base that is set to take into account other risks than the risk of excessive gearing must be fulfilled with own core capital beyond the own core capital, which is maintained to fulfill
3. the capital base requirement in Article 92, subsection 1, letters a-c, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,
4. the part of the individual solvency requirement set in accordance with Section 124, subsection 3, or individual solvency needs set in accordance with Section 124, subsection 2, which is set to remedy other risks than the risk of excessive gearing, and
5. the combined capital buffer requirement in accordance with Section 125 a. Subsection 3. The part of the indicative level of additional capital base that is set to take into account the risk of excessive gearing must be fulfilled with core capital beyond the core capital, which is maintained to fulfill
6. the capital base requirement in Article 92, subsection 1, letter d, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,
7. the part of the individual solvency requirement set in accordance with Section 124, subsection 3, or individual solvency needs set in accordance with Section 124, subsection 2, which is set to remedy the risk of excessive gearing, and
8. the leverage ratio buffer requirement in Article 92, subsection 1a, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. Subsection 4. The Danish Financial Supervisory Authority must, in the event of repeated or persistent breaches of the indicative level of additional capital base, assess whether a higher solvency requirement should be set for the institution, cf. Section 124, subsection 3. Section 124 b. Credit institutions must introduce internal systems and apply the standard method or the simplified standard method to identify, assess, manage, and mitigate the risks that arise as a result of potential changes in interest rates, which affect both the economic value of an institution's capital base and the net interest income from an institution's non-trading activities. Subsection 2. The Danish Financial Supervisory Authority may require a credit institution to use the standard method mentioned in subsection 1, if the Danish Financial Supervisory Authority assesses that the institution's internal systems are not satisfactory. Subsection 3. The Danish Financial Supervisory Authority may require a small and non-complex credit institution as defined in Article 4, subsection 1, no. 145, in Regulation No 575/2013/EU of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions to use the standard method mentioned in subsection 1, if the Danish Financial Supervisory Authority finds that the simplified standard method is not sufficient to take into account the interest rate risk that arises as a result of the institution's non-trading activities. Subsection 4. The Danish Financial Supervisory Authority may use supervisory powers according to Section 344, subsection 1, or indicate that a company must use other modeling and parameter assumptions than specified in Commission Delegated Regulation (EU) 2024/856 of 1 December 2023, as a minimum, where the company's economic value falls by more than 15 pct. of its core capital or the company experiences a large drop in its net interest income as a result of a sudden and unexpected change in interest rates. Section 125. A financial conglomerate, cf. Section 307 b, must fulfill a supplementary capital requirement. Subsection 2. The supplementary capital requirement and capital to cover this are calculated quarterly, and the result of the calculation is reported to the Danish Financial Supervisory Authority. Subsection 3. In financial conglomerates, Section 124, subsection 1, applies with the necessary adjustments for the supplementary capital requirement. The top parent company in the conglomerate ensures compliance with this provision. Subsection 4. If a financial conglomerate does not fulfill the supplementary capital requirement, or there is a probability that the requirement

16. april 2026. 49 Nr. 432.

If not met, the Financial Supervisory Authority may order the parent company in the conglomerate to limit distributions. Distribution restrictions include the actions mentioned in Section 125 b, paragraph 5.

Paragraph 5. If a financial conglomerate does not meet the supplementary capital requirement, Section 125 c and Section 125 d, paragraph 1, apply with the necessary adjustments. The top parent company in the conglomerate ensures compliance with this provision.

Paragraph 6. The Financial Supervisory Authority establishes detailed rules for the calculation of the supplementary capital requirement, cf. paragraph 1, and capital to cover it.

Section 125 a. A credit institution and a mortgage credit institution must meet a combined capital buffer requirement.

Paragraph 2. The capital conservation buffer in a company as referred to in paragraph 1 must be at least 2.5% of the company's total risk exposure calculated in accordance with Article 92, paragraph 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Paragraph 3. The company-specific countercyclical capital buffer in a company as referred to in paragraph 1 must be at least the company's total risk exposure calculated in accordance with Article 92, paragraph 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions multiplied by the company-specific countercyclical capital buffer rate.

Paragraph 4. The SIFI buffer in a systemically important financial institution (SIFI), cf. Section 308, must on an individual, sub-consolidated and consolidated basis be at least the systemically important financial institution's (SIFI) total risk exposures calculated in accordance with Article 92, paragraph 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions multiplied by the SIFI buffer rate.

Paragraph 5. The G-SIFI buffer in a globally systemically important financial institution (G-SIFI), cf. Section 310, must on a consolidated basis be at least the globally systemically important financial institution's (G-SIFI) total risk exposure calculated in accordance with Article 92, paragraph 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions multiplied by the G-SIFI buffer rate.

Paragraph 6. A systemic buffer in a company as referred to in paragraph 1 must be at least the company's total risk exposure based on the exposures to which the systemic buffer applies pursuant to Section 125 h, calculated in accordance with Article 92, paragraph 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions multiplied by the systemic buffer rate.

Paragraph 7. The combined capital buffer requirement must be met with common equity tier 1 capital in addition to:

1. Common equity tier 1 capital that must be maintained to meet the capital base requirement in Article 92, paragraph 1, points (a)-(c), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
2. Common equity tier 1 capital that is maintained to meet the part of the individual solvency requirement established pursuant to Section 124, paragraph 3, or individual solvency needs established pursuant to Section 124, paragraph 2, which is set to address risks other than the risk of excessive leverage.
3. Common equity tier 1 capital that is maintained to meet the part of the indicative level of additional capital base that is set to address risks other than the risk of excessive leverage.
4. Common equity tier 1 capital that is maintained to meet the risk-based elements of requirements for write-down eligible liabilities as set out in Section 266.

Paragraph 8. The Financial Supervisory Authority establishes detailed rules on the calculation of the combined capital buffer requirement.

Section 125 b. A credit institution and a mortgage credit institution do not meet the combined capital buffer requirement established pursuant to Section 125 a, paragraph 1, if the institution or company does not simultaneously have a sufficient capital base to meet the requirements in Article 92, paragraph 1, points (a)-(c), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the individual solvency requirement established pursuant to Section 124, paragraph 3, or Section 125, paragraph 3, and the individual solvency need established pursuant to Section 124, paragraph 2, to address risks other than the risk of excessive leverage.

Paragraph 2. A globally systemically important financial institution (G-SIFI) designated pursuant to Section 310 does not meet the leverage ratio buffer requirement, cf. Article 92, paragraph 1a, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, if the globally systemically important financial institution (G-SIFI) does not simultaneously have a sufficient capital base to meet the requirements in Article 92, paragraph 1, point (d), of the Regulation on prudential requirements for credit institutions and investment firms as well as the parts of the individual solvency requirement, cf. Section 124, paragraph 3, and the individual solvency need, cf. Section 124, paragraph 2, which are set to address the risk of excessive leverage.

Paragraph 3. A credit institution and a mortgage credit institution that meet the combined capital buffer requirement, cf. Section 125 a, paragraph 1, and the leverage ratio buffer requirement, where the leverage ratio buffer requirement applies, must not make distributions relating to common equity tier 1 capital, cf. paragraph 7, to the extent that this reduces the common equity tier 1 capital to a level where the combined capital buffer requirement or the leverage ratio buffer requirement is no longer met, subject to paragraph 9.

Paragraph 4. A company as referred to in paragraph 3 that does not meet the combined capital buffer requirement, or a globally systemically important financial institution (G-SIFI) as referred to in paragraph 2 that does not meet the leverage ratio buffer requirement, must calculate the relevant maximum distribution amount and immediately notify the Financial Supervisory Authority thereof.

Paragraph 5. A company as referred to in paragraph 3 that does not meet the combined capital buffer requirement, or a globally systemically important financial institution (G-SIFI) as referred to in paragraph 2 that does not meet the leverage ratio buffer requirement, must not carry out the following actions before the company has calculated the maximum distribution amount and notified the Financial Supervisory Authority pursuant to Section 125 d:

1. Make distributions relating to common equity tier 1 capital, cf. paragraph 7.
2. Incur an obligation to pay variable remuneration or estimated pension benefits or pay variable remuneration, if the obligation to pay was incurred at a time when the company did not meet the combined capital buffer requirement or the leverage ratio buffer requirement.
3. Make payments relating to hybrid tier 1 capital instruments.

Paragraph 6. A company as referred to in paragraph 1 and a globally systemically important financial institution (G-SIFI) as referred to in paragraph 2 must not distribute more than the maximum distribution amount through actions covered by paragraph 5, points 1-3, subject to paragraph 9.

Paragraph 7. For the purposes of paragraphs 3 and 5, distribution relating to common equity tier 1 capital means:

1. Payment of cash dividends.
2. Distribution of fully or partly paid fund shares or other capital instruments referred to in Article 26, paragraph 1, point (a), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
3. Redemption or repurchase by a company of its own shares or other capital instruments referred to in Article 26, paragraph 1, point (a), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
4. Repayment of amounts paid in connection with the capital instruments referred to in Article 26, paragraph 1, point (a), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
5. Distribution of items referred to in Article 26, paragraph 1, points (b)-(e), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Paragraph 8. A company as referred to in paragraph 1 and a globally systemically important financial institution (G-SIFI) as referred to in paragraph 2 must take necessary measures to ensure that the size of the profits that can be distributed and the maximum distribution amount are calculated accurately. The company must be able to document this accuracy to the Financial Supervisory Authority upon request.

Paragraph 9. Paragraphs 3 and 6 apply only to payments that result in a reduction of common equity tier 1 capital or a reduction of profits, and where suspension of payment or failure to pay is not equivalent to default or would not lead to the initiation of insolvency proceedings.

Paragraph 10. The Financial Supervisory Authority establishes rules on the calculation and reporting of the maximum distribution amounts.

Section 125 c. A credit institution and a mortgage credit institution that do not meet the combined capital buffer requirement, cf. Section 125 a, paragraph 1, or the leverage ratio buffer requirement, cf. Article 92, paragraph 1a, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, must prepare and submit a capital preservation plan to the Financial Supervisory Authority no later than 5 working days after the company should have found that it does not meet the requirement, subject to paragraph 2.

Paragraph 2. The Financial Supervisory Authority may, upon request from the company, extend the deadline in paragraph 1 by up to 5 working days based on the company's individual situation and taking into account the scope and complexity of the company's activities.

Paragraph 3. The Financial Supervisory Authority approves a capital preservation plan if it can reasonably be expected that the company, with the capital preservation plan, can maintain or raise sufficient capital to enable the company to meet the combined capital buffer requirement, cf. Section 125 a, paragraph 1, or the leverage ratio buffer requirement, cf. Article 92, paragraph 1a, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, within a deadline set by the Financial Supervisory Authority.

Paragraph 4. If the Financial Supervisory Authority does not approve the capital preservation plan, cf. paragraph 3, the Financial Supervisory Authority orders the company to increase its capital base within a deadline set by the Financial Supervisory Authority. The Financial Supervisory Authority may also impose stricter restrictions on distributions than those following from Section 125 b, if deemed necessary.

Paragraph 5. The Financial Supervisory Authority establishes detailed rules on the content of a capital preservation plan.

Section 125 d. A credit institution and a mortgage credit institution that do not meet the combined capital buffer requirement, cf. Section 125 a, paragraph 1, or the leverage ratio buffer requirement, cf. Article 92, paragraph 1, point (a), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, if the leverage ratio buffer requirement applies, and which intend to carry out an action covered by Section 125 b, paragraph 5, points 1-3, must immediately notify the Financial Supervisory Authority thereof and provide:

1. The size of the capital that the company maintains, distributed into a) common equity tier 1 capital, b) hybrid tier 1 capital, and c) supplementary capital.
2. The size of the interim profit and the profit at year-end.
3. The maximum distribution amount.
4. The size of the profits that the company intends to distribute into a) dividend payments, b) purchase of own shares, c) payments relating to hybrid tier 1 capital instruments, and d) payment of variable remuneration or estimated pension benefits either by incurring a new obligation to pay or by paying in accordance with an obligation to pay incurred at a time when the company did not meet the combined capital buffer requirement.

Paragraph 2. In groups in which a credit institution or a mortgage credit institution is included, paragraph 1 applies correspondingly to the Danish group or sub-group. The top credit institution or mortgage credit institution in the group or sub-group ensures compliance with this provision.

Section 125 e. In groups in which a credit institution or a mortgage credit institution is included, Sections 125 a-125 c apply to the Danish group or sub-group. The top credit institution or mortgage credit institution in the group or sub-group ensures compliance with these provisions.

Paragraph 2. In groups in which a globally systemically important financial institution (G-SIFI), cf. Section 310, and a systemically important financial institution (SIFI), cf. Section 308, are included, and where both a G-SIFI buffer and a SIFI buffer apply on a consolidated basis, the higher of the G-SIFI buffer and the SIFI buffer applies.

Section 125 f. The Minister for Business Affairs sets a countercyclical buffer rate regarding credit exposures in Denmark on a quarterly basis, taking into account inter alia the credit cycle, the risks resulting from excessive lending growth, and special conditions in the national economy. The Minister for Business Affairs decides from which date credit institutions and mortgage credit institutions must apply the countercyclical buffer rate to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3. The Minister for Business Affairs publishes a notice about the quarterly setting of the countercyclical buffer rate on the Ministry of Business Affairs' website.

Paragraph 2. A countercyclical buffer rate between 0 and 2.5% set in another country must be used by credit institutions and mortgage credit institutions to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, in connection with credit exposures located in that country, subject to paragraph 6.

Paragraph 3. The Minister for Business Affairs may decide that a countercyclical buffer rate of over 2.5% set in another country must be used by credit institutions and mortgage credit institutions to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, in connection with credit exposures located in that country. If the Minister for Business Affairs has decided to apply a buffer rate of over 2.5% pursuant to the first sentence, the Minister for Business Affairs also decides from which date companies must apply the buffer rate to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3. The Minister for Business Affairs publishes a notice about a buffer rate set pursuant to the first sentence on the Ministry of Business Affairs' website. If the Minister for Business Affairs has not made a decision on the application of a countercyclical buffer rate of over 2.5% pursuant to the first sentence, credit institutions and mortgage credit institutions must apply a buffer rate of 2.5% to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, in connection with credit exposures located in that country.

Paragraph 4. A countercyclical buffer rate between 0 and 2.5% for another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, set pursuant to paragraph 2 or 3, applies from the date indicated on the website of the competent authority for that country, subject to paragraph 9. A countercyclical buffer rate between 0 and 2.5% for a country outside the European Union, with which the Union has not concluded an agreement in the financial area, set pursuant to paragraph 2 or 3, applies 12 months after the date on which a change in the buffer rate has been published by the competent authority for that country in accordance with that country's national rules, subject to paragraph 9.

Paragraph 5. If no countercyclical buffer rate has been set in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, the Minister for Business Affairs may set a countercyclical buffer rate that credit institutions and mortgage credit institutions must use to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, in connection with credit exposures located in that country. The Minister for Business Affairs may set a buffer rate pursuant to the first sentence if it can reasonably be assumed that a buffer rate should be set to protect companies covered by Section 125 a, paragraph 1, against the risk of excessive lending growth in that country.

Paragraph 6. If a countercyclical buffer rate has been set in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, the Minister for Business Affairs may set a different buffer rate for use by credit institutions and mortgage credit institutions to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, in connection with credit exposures located in that country. The Minister for Business Affairs may set a buffer rate pursuant to the first sentence if it can reasonably be assumed that the buffer rate set by that country is not sufficient to adequately protect companies covered by Section 125 a, paragraph 1, against the risk of excessive lending growth in that country.

Paragraph 7. If the Minister for Business Affairs sets a buffer rate pursuant to paragraph 5 or 6, which increases the applicable countercyclical buffer rate, the Minister for Business Affairs decides from which date credit institutions and mortgage credit institutions must apply the relevant buffer rate to calculate their company-specific countercyclical capital buffer.

Paragraph 8. The Minister for Business Affairs publishes any setting pursuant to paragraphs 5 and 6 of a countercyclical buffer rate for a country outside the European Union, with which the Union has not concluded an agreement in the financial area, on the Ministry of Business Affairs' website.

Paragraph 9. A credit institution and a mortgage credit institution may apply a reduced countercyclical buffer rate to calculate their company-specific countercyclical capital buffer, cf. Section 125 a, paragraph 3, from the day on which a reduced countercyclical buffer rate has been published.

Section 125 g. The G-SIFI buffer rate depends on which sub-category the globally systemically important financial institution (G-SIFI) is placed in, cf. rules issued pursuant to Section 310, paragraph 3.

Paragraph 2. The Minister for Business Affairs sets G-SIFI buffer rates for the individual sub-categories of globally systemically important financial institutions (G-SIFI).

Paragraph 3. The SIFI buffer rate depends on which category the systemically important financial institution (SIFI) is placed in, cf. Section 308, paragraph 7.

Paragraph 4. The Minister for Business sets a SIFI buffer rate for the individual categories of systemic importance, cf. Section 308, paragraph 7, for a systemically important financial institution (SIFI).

Section 125 h. The Minister for Business may set a systemic buffer rate for the purpose of calculating a systemic buffer, taking into account the prevention and limitation of long-term systemic or macro-prudential risks not covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. A systemic buffer rate may not be used to mitigate risks covered by the countercyclical buffer rate, cf. Section 125 f, the SIFI buffer rate, or the G-SIFI buffer rate, cf. Section 125 g, or risks that are fully covered by the calculation in Article 92, paragraph 3, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms. The Minister for Business further determines which exposures the buffer rate shall apply to, which credit institutions and mortgage credit institutions shall be covered by the buffer rate, and from which date the companies shall apply the buffer rate for the calculation of their systemic buffer, cf. Section 125 a, paragraph 6. The Minister for Business may set different rates for different groups of the covered companies. The Minister for Business publishes a notice on the setting of a systemic buffer rate on the Ministry of Business's website.

Paragraph 2. The Minister for Business may decide that a systemic buffer rate set in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area shall be used by credit institutions and mortgage credit institutions for the calculation of their systemic buffer, cf. Section 125 a, paragraph 6, in connection with exposures in the relevant country. The Minister for Business also decides from which date the companies shall apply the buffer rate for the calculation of their systemic buffer, cf. Section 125 a, paragraph 6. The Minister for Business publishes a notice on a buffer rate pursuant to the first sentence on the Ministry of Business's website.

Paragraph 3. If the Minister for Business assesses that a systemic buffer rate recognized by the Minister for Business pursuant to paragraph 2 prevents and limits a risk that can be equated with a risk covered by a systemic buffer rate set pursuant to paragraph 1, the highest of these buffer rates shall apply to the companies in connection with exposures in the relevant country for the purpose of calculating their systemic buffer, cf. Section 125 a, paragraph 6. If the relevant buffer rates are assessed to address different risks, the Minister for Business may decide whether the buffer rates are cumulative in the calculation of their systemic buffer, cf. Section 125 a, paragraph 6.

Paragraph 4. The Minister for Business assesses at least every second year whether a systemic buffer rate set pursuant to paragraph 1 or 2 remains justified and re-establishes the buffer rate if necessary. The Minister for Business publishes a notice on the re-establishment of a systemic buffer rate on the Ministry of Business's website.

Paragraph 5. The Minister for Business sets detailed rules on which subgroups of exposures the systemic buffer may apply to, on the calculation of the systemic buffer, and on the publication of information about the systemic buffer.

Section 125 i. (Repealed)

Section 126. (Repealed)

Section 126 a. The board of directors and management of an investment management company must ensure that the company has a sufficient capital base and has internal procedures for risk measurement and risk management for the ongoing assessment and maintenance of a capital base of a size, type, and distribution that is appropriate to cover the company's risks. Based on the assessment pursuant to the first sentence, the board of directors and management shall calculate the company's individual solvency requirement. The solvency requirement is calculated as the sufficient capital base. The solvency requirement may not be less than the minimum capital requirement in paragraph 2 or the requirements for the capital base in paragraph 5.

Paragraph 2. The capital base in an investment management company must at least amount to

1. 730,000 euros (minimum capital requirement) for investment management companies that are members of a regulated market or have permission to store and manage the instruments mentioned in Annex 2, No. 3, in the Act on Securities Firms and Investment Services and Activities, including to become connected to a securities central or a clearing central, where the company participates in clearing and settlement, cf. however paragraph 3, and
2. 125,000 euros (minimum capital requirement) for other investment management companies, cf. however paragraph 3.

Paragraph 3. An investment management company must regardless of the requirement in paragraph 2 include a supplement to the minimum capital requirement of 0.02 percent of the part of the company's portfolio, cf. paragraph 6, that exceeds 250 million euros. The minimum capital requirement and the supplement must together amount to a maximum of 10 million euros. Investment management companies must annually adjust the supplementary capital based on the audited annual report. The adjustment must be made before June 1 of the following year.

Paragraph 4. The Financial Supervisory Authority may allow up to 50 percent of the supplement pursuant to paragraph 3 to be covered by a guarantee from a credit institution or an insurance company. The credit institution or insurance company must have its statutory seat in a country within the European Union, in a country with which the Union has concluded an agreement in the financial area, or in a country with which the Union has not concluded such an agreement but which has supervisory rules corresponding to the rules in the European Union.

Paragraph 5. An investment management company must regardless of the requirements in paragraphs 2 and 3 have a capital base corresponding to at least one quarter of the previous year's fixed costs. The Financial Supervisory Authority may adjust this requirement if there have been changes in the company's business since the previous year that the Financial Supervisory Authority considers significant. If a company has not been in operation for 1 year, it must have a capital base corresponding to at least one quarter of the fixed costs stated in the business plan for the first year of operation, unless this plan is required to be amended by the Financial Supervisory Authority.

Paragraph 6. The portfolio of the investment management company, cf. paragraph 3, includes the assets of UCITS that the investment management company is approved to manage, and the assets of alternative investment funds that the investment management company has permission to manage. Portfolios that the investment management company has been assigned to manage pursuant to the rules on delegation shall not be included in the company's portfolio, cf. paragraph 3.

Paragraph 7. The Financial Supervisory Authority may set requirements for a higher capital base than the requirements stated in paragraphs 1-3 and 5.

Paragraph 8. The Financial Supervisory Authority may order the investment management company to write down assets etc. for the purpose of calculating the capital base.

Paragraph 9. The capital base for investment management companies is calculated in accordance with Articles 25-88 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and rules issued pursuant to Articles 25-88.

Sections 126 b-127. (Repealed)

Section 128. The Financial Supervisory Authority sets rules for the calculation of the capital base, including own core capital, hybrid core capital, and supplementary capital for the top parent company in Denmark and the group, insofar as these are covered by Section 170, paragraphs 1, 3, and 4.

Paragraph 2. The Financial Supervisory Authority may for credit institutions and mortgage credit institutions, and for financial holding companies where consolidation is carried out in accordance with Article 11, paragraphs 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, set rules for the calculation of the capital base, including own core capital, hybrid core capital, and supplementary capital, while observing the possibilities thereof in Article 49 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 128 a. The Financial Supervisory Authority may set rules on the issuance of debt instruments with terms for conversion into share, partnership, guarantee, or membership capital by financial companies and financial holding companies, including to what extent Chapter 10 of the Companies Act applies.

Section 128 b. A credit institution's shareholdings acquired for trust funds where customers bear the risk do not enter into the calculation of deductions in the capital base. A credit institution's shareholdings acquired for trust funds where customers do not bear the risk must be deducted in the calculation of the capital base pursuant to rules on deductions for shareholdings in Part 2 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Sections 129-139. (Repealed)

Section 140. In mortgage credit institutions, the requirement for the capital base in series with repayment obligations, which were opened before January 1, 1973, can be fulfilled with the part of the series reserve funds in mortgage credit institutions in series with repayment obligations that corresponds to the requirement in Section 124, paragraph 8.

Paragraph 2. In series with repayment obligations opened before January 1, 1973, series reserve funds in mortgage credit institutions in series where there is no repayment obligation to borrowers, as well as the part of the series reserve funds in series with repayment obligations, cf. Section 25 in the Act on Mortgage Loans and Mortgage Bonds etc., which cannot be paid out, and which are not used to cover the requirement for the series' capital base, can be included in the fulfillment of the requirement for the capital base for mortgage credit institutions otherwise.

Section 141. (Repealed)

Section 142. The Financial Supervisory Authority may set rules for the calculation of the total risk exposure for the top parent company in Denmark and the group, insofar as these are covered by the requirements in Section 170, paragraphs 1, 3, and 4.

Section 143. The Financial Supervisory Authority sets detailed rules for

1. calculations pursuant to Section 124, paragraphs 1 and 2, and Section 126 a, paragraph 1,
2. reporting of the solvency requirement for financial companies and groups covered by Sections 171-174, reporting of the requirement for the minimum basic capital, reporting of the total risk exposure, the capital base requirement, and the capital base for the top parent company in Denmark and the group, insofar as these are covered by Section 170, paragraphs 1, 3, and 4, and reporting of the capital base for investment management companies and for the top parent company in Denmark and the group, insofar as these are covered by Section 170, paragraph 2,
3. calculation of share purchase and share sale transactions etc.,
4. calculation of investment management companies' fixed costs and the fixed costs for the top parent company in Denmark and the group, insofar as these are covered by Section 170, paragraphs 2 and 3, as well as the conditions for which the Financial Supervisory Authority may adjust the requirement that a company must have a capital base of at least one quarter of the previous year's fixed costs in case of significant changes in the company's business,
5. transitional rules for groups where the top parent company in Denmark and the group, insofar as these are covered by Section 170, paragraphs 1, 3, and 4, use an internal method for calculating the total risk exposure to credit risk, cf. Section 143, paragraph 3, and
6. benchmarking of calculations of expected credit losses for companies using internal methods for calculating risk-weighted exposures for credit risk, and for significant companies using the standard method, and benchmarking for companies with permission to use internal methods for calculating risk-weighted exposures or capital base requirements and companies using the standard method for market risk for calculating risk-weighted exposures or capital base requirements, and where the extent of the company's on-balance sheet and off-balance sheet activities exposed to market risk is equal to or over 500 million euros, cf. Article 325 a, paragraph 1, letter b, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms.

Paragraph 2. The Financial Supervisory Authority may set detailed rules for the disclosure obligations of credit institutions, mortgage credit institutions, and investment management companies towards customers regarding their rating.

Section 143 a. The Financial Supervisory Authority may decide on more frequent publication of the information in Part 8 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions than set in Articles 433-433c in the regulation. The Financial Supervisory Authority may set a deadline for when companies covered by Articles 433a and 433c in Regulation (EU) No 575/2013 of the European Parliament and of the Council must send information to the European Banking Authority, and set requirements for the use of another medium for publication than the European Banking Authority's website or the annual report.

Paragraph 2. The Financial Supervisory Authority may require parent companies or institutions in a group to publish a description of the group's legal and organizational structure and management. The publication may be made by reference to already published material.

Special rules on forced redemption for credit institutions

Section 144. In a credit institution that does not meet the capital base requirement in Article 92, paragraph 1, letter c, or the minimum capital requirement in Article 93 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and where the Financial Supervisory Authority has set a deadline pursuant to Section 225, paragraphs 1 and 4, the board of directors may, upon request from a shareholder owning 70 percent or more of the shares in the credit institution, make a decision with an ordinary majority to redeem the other shareholders' shares in the credit institution. The same applies in cases where the request is made by a shareholder who, after a capital injection that is part of a reconstruction plan, comes to own 70 percent or more of the shares in the credit institution, even if the credit institution again meets the capital base requirement in Article 92, paragraph 1, letter c, or the minimum capital requirement in Article 93 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions as a result of the capital injection. Own shareholdings and subsidiary shareholdings in the parent company are not included in the calculation of votes and ownership shares. The board's decision on forced redemption of shares must be approved by the Financial Supervisory Authority. Redemption of shares must be carried out no later than 30 days after the request pursuant to the first sentence.

Paragraph 2. The board must simultaneously invite the shareholders to an informational meeting regarding the forced redemption. This meeting must be held no later than eight days after the decision, and the necessary costs thereof are borne by the party whose request the forced redemption is made.

Paragraph 3. The minority shareholders covered by a decision on redemption of shares, cf. paragraph 1, must be requested in writing to transfer their shares to the shareholder mentioned in paragraph 1 no later than 3 days after receipt of the request. The request must contain information on the terms of the redemption and the valuation basis for the redemption price. The value of the credit institution's shares is determined from the shares' trading value by the auditor chosen by the credit institution's general meeting.

Paragraph 4. The purchase price must be paid or deposited no later than 3 days after the redemption is claimed against the shareholders. This also applies to the purchase price for shares called in via the Business Authority's IT system, cf. the rules thereon in the Companies Act.

Paragraph 5. The redemption and transfer of shares are considered final at the time of payment or deposit of the purchase price, cf. paragraph 4. In case of disagreement on the price determination of the shares, this is subsequently decided upon request by one of the parties by two auditors appointed by the Association of State Authorized Public Accountants. The decision may be brought before the court no later than 2 weeks after receipt of the auditors' decision.

Chapter 11 Placement of Funds and Liquidity Rules for credit and mortgage institutions and investment management companies regarding the placement of funds and liquidity

Section 145. A credit institution, a mortgage credit institution, or a financial holding company covered by Section 175 g, which intends directly or indirectly to acquire a shareholding of 15 percent or more of the acquiring company's adjusted capital base, must apply in writing to the Financial Supervisory Authority for permission prior to the acquisition.

Paragraph 2. If the shareholding, cf. paragraph 1, amounts to 15 percent or more of the adjusted capital base based on the parent company's consolidated calculation for the group, and the parent company has its seat in the European Union, the parent company must in addition to paragraph 2 notify the supervisory authority in the parent company's home country.

Paragraph 3. Financial holding companies covered by Section 175 g calculate the shareholding in relation to the capital base, cf. paragraph 1, based on the company's consolidated calculation for the group.

Section 145 a. The Financial Supervisory Authority confirms in writing and no later than after 10 working days the receipt of the application, cf. Section 145, paragraph 1. The same applies upon receipt of material, cf. paragraph 5. Simultaneously with the confirmation of receipt of the application, the Financial Supervisory Authority notifies the company of the date when the assessment period expires.

Paragraph 2. The Financial Supervisory Authority has 60 working days from the time of the written confirmation of receipt of the application, cf. paragraph 1, and receipt of all documents required to be attached to the application, to carry out the assessment mentioned in Section 145 b, cf. however paragraph 3.

Paragraph 3. The assessment period pursuant to paragraph 2 expires, however, no earlier than simultaneously with the assessment period pursuant to Section 61, paragraph 3, if the acquisition is covered by both Section 61, paragraph 1, and Section 145, paragraph 1.

Paragraph 4. The assessment period is suspended until the conclusion of the case handling under Section 175 g or a corresponding conclusion of the handling in another Member State within the European Union, where such handling is a prerequisite for the acquisition.

Paragraph 5. The Financial Supervisory Authority may, until the 50th working day of the assessment period, request further information necessary for the assessment. The request must be made in writing. The first time such a request is made, the assessment period is interrupted for the period between the time of the request and the receipt of the answer thereto. However, the interruption may not exceed 20 working days, cf. however Paragraph 6.

Paragraph 6. The Financial Supervisory Authority may extend the interruption of the assessment period as mentioned in Paragraph 5 by up to 10 working days if

1. the target company is located in or subject to the regulatory framework in a country outside the European Union, which the Union has not concluded an agreement with in the financial area, or
2. the Financial Supervisory Authority exercises supervision over the applicant in accordance with the Money Laundering Act.

Paragraph 7. If the Financial Supervisory Authority rejects an application for approval of a contemplated acquisition, this must be justified in writing and communicated to the contemplated acquirer within 2 working days after the decision thereof. The notification must be made within the assessment period, cf. Paragraph 2.

Paragraph 8. If the Financial Supervisory Authority does not issue a written rejection of the application for the contemplated acquisition during the assessment period, the acquisition is deemed approved.

Paragraph 9. The Financial Supervisory Authority may, upon approval of an acquisition, set a deadline for the implementation thereof. The Financial Supervisory Authority may extend such a deadline.

Section 145 b. The Financial Supervisory Authority must, in connection with its assessment of an application received pursuant to Section 145, Paragraph 1, ensure consideration of the need for sound and prudent management of the business, in particular the risks to which the business is or may become exposed after the contemplated acquisition in relation to the following criteria:

1. The business will be able to comply with and continue to comply with the requirements in this Act, Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions or other relevant regulation.
2. There is no justified suspicion that the acquisition will involve money laundering or the financing of terrorism, or that the acquisition will increase the risk thereof.

Paragraph 2. The Financial Supervisory Authority shall reject an application if the assessment pursuant to Paragraph 1 indicates this, or if the business has not submitted sufficient information upon request thereof.

Paragraph 3. The Financial Supervisory Authority's assessment pursuant to Paragraph 1 must be made, regardless of whether applications have been submitted from several businesses pursuant to Section 145, Paragraph 1, in relation to the same target business.

Paragraph 4. The Financial Supervisory Authority is not obliged to carry out an assessment pursuant to Paragraph 1 if the acquisition takes place between entities covered by Article 113, Paragraph 6 or 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. If the Financial Supervisory Authority does not carry out an assessment in such cases, the Financial Supervisory Authority must notify the applicant thereof.

Section 145 c. A credit institution, a mortgage credit institution or a financial holding company, which is covered by Section 175 g, and which contemplates directly or indirectly to dispose of a capital share, cf. Section 145, Paragraph 1, must notify the Financial Supervisory Authority in writing of the disposal before the disposal, stating the size of the contemplated future capital share.

Section 145 d. The Financial Supervisory Authority may revoke the voting rights attached to capital shares acquired without prior application pursuant to Section 145, Paragraph 1. The capital shares are assigned full voting rights again if the Financial Supervisory Authority grants permission for the acquisition.

Paragraph 2. The Financial Supervisory Authority must revoke the voting rights attached to capital shares acquired in violation of the Financial Supervisory Authority's rejection pursuant to Section 145 a, Paragraph 7.

Paragraph 3. The Financial Supervisory Authority must inform the relevant target business when the Financial Supervisory Authority has revoked the voting rights attached to capital shares in the business pursuant to Paragraph 1 or 2.

Paragraph 4. If the Financial Supervisory Authority has revoked the voting rights pursuant to Paragraph 1, the capital share may not be included in the calculation of the voting capital represented at a general meeting.

Section 146. Credit institutions, mortgage credit institutions and investment management companies' capital shares in other businesses must not exceed 100% of the capital base. Capital shares acquired for pooled funds are not included in the calculation according to the first sentence.

Paragraph 2. Share purchase and share sale transactions must be included in the calculation of the limit according to Paragraph 1.

Paragraph 3. Capital shares that must be deducted from the capital base, and capital shares in businesses that are fully included in the consolidation, are not included in the limit according to Paragraph 1.

Paragraph 4. The Financial Supervisory Authority may grant exemption from the limit in Paragraph 1.

Section 145 a. Securities and derivative financial instruments acquired for pooled funds may, in connection with the calculation of the credit institution's capital requirements, be regarded as hedged by the pooled fund deposit contract entered into with the customer, unless the credit institution has assumed an unhedged position in the placement of pooled funds. The risk associated with an unhedged position must be included in the calculation of the capital base requirement in Article 92 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions according to the rules for positions in the trading book. At the same time, the obligations corresponding to the unhedged position must be included in the calculation of the capital base requirement in Article 92 of the European Parliament and of the Council Regulation (EU) No 575/2013 on prudential requirements for credit institutions according to the rules for items outside the trading book in the European Parliament and of the Council Regulation (EU) No 575/2013 on prudential requirements for credit institutions.

April 16, 2026. 56 No. 432.

Section 147. Credit institutions, mortgage credit institutions and investment management companies may not own real estate or have capital shares in real estate companies for more than 20% of the capital base. For credit institutions and mortgage credit institutions' real estate, loans and guarantees to subsidiary companies that are real estate companies are included. Properties that a credit institution, a mortgage credit institution or an investment management company has acquired to operate business or ancillary business therefrom are, however, not covered by the provision.

Paragraph 2. The Financial Supervisory Authority may grant exemption from the provision in Paragraph 1, first sentence.

Section 147 a. The Minister for Business Affairs may set rules on a liquidity coverage requirement for credit institutions and mortgage credit institutions.

Section 148. (Repealed)

Special rules for credit institutions on the placement of funds and liquidity

Section 149. A credit institution must not have residual risks on leasing agreements, cf. Paragraph 2, if the value together with real estate and capital shares covered by Section 147 amounts to more than 25% of the capital base.

Paragraph 2. The residual risk on a leasing agreement is understood as the difference between the purchase price of the leasing asset and the present value of the leasing tenant's obligation to the credit institution under the leasing agreement.

Paragraph 3. If a third party is liable for part of the residual risk, this part may be deducted when calculating the residual risk. The third party's obligation must be added to the relevant exposure in accordance with Article 395, Paragraph 1, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Paragraph 4. The Financial Supervisory Authority may grant exemption from Paragraph 1.

Section 150. Loans for subscription of share, partnership or guarantee capital in a credit institution beyond 5% of the total share, partnership or guarantee capital can only be granted if security is provided for the excess amount. The security must be at least of the same character as particularly secure parts, cf. Article 400 in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 151. A savings bank must not acquire or receive as pledge its own guarantee certificates.

Paragraph 2. A cooperative bank must not acquire or receive as pledge its own partnership certificates.

Section 152. The Financial Supervisory Authority may set a specific liquidity requirement for a credit institution or a group of credit institutions with similar risk profiles, which takes into account special liquidity risks in the credit institution or group of credit institutions.

Paragraph 2. The Financial Supervisory Authority may set detailed rules on credit institutions' strategies and systems for measuring and managing liquidity risks as well as credit institutions' preparation of stress tests and contingency plans in relation to liquidity risks.

Section 152 a. Credit institutions that have been permitted to issue covered bonds must establish and maintain a group of assets that must be kept separate from the credit institution's other assets. All payment obligations regarding covered bonds must be covered by payment claims relating to the covering assets in the individual registers. In calculating the payment obligations relating to the issued covered bonds, payment obligations in the form of principal and interest, payment obligations in accordance with financial instruments used to hedge risks between the covering assets and issued covered bonds, and the expected costs associated with maintenance and management upon dissolution of the administration estate, cf. Section 247 a, Paragraph 1, must be included. In calculating the payment claims relating to the covering assets, payment claims in the form of principal and interest on loans, payment claims in accordance with financial instruments used to hedge risks between the covering assets and issued covered bonds, and payment claims in accordance with other assets that lie as security for covered bonds must be included.

Paragraph 2. The nominal value of the total principal on the covering assets must correspond to or exceed the total principal on the issued covered bonds. The nominal value of the total principal on the covering assets must be added with an overcollateralization of at least 2% of the outstanding covered bonds.

Paragraph 3. Financial instruments used to hedge risks between the covering assets and issued covered bonds must be measured according to the same method as the covering assets and the issued covered bonds, if the risks they hedge.

Paragraph 4. If the value of the assets mentioned in Paragraph 1 no longer corresponds to the value of the issued covered bonds or does not comply with the loan limits that were valid at the time the loan was granted, the credit institution must provide supplementary security to meet the requirement and notify the Financial Supervisory Authority thereof. The duty to provide supplementary security and the expenses thereof may not be imposed on the borrowers for loans issued in Denmark, if the falling property values have triggered the requirement for the supplementary security.

Paragraph 5. If the credit institution does not provide supplementary security pursuant to Paragraph 4, all bonds issued in the relevant register, cf. Section 152 g, Paragraph 1, lose the designation of covered bonds. If the bonds subsequently again meet the requirements for covered bonds, the Financial Supervisory Authority may permit the bonds to again be designated covered bonds.

Paragraph 6. Security provided in accordance with Paragraph 4 cannot be set aside pursuant to Section 70 or Section 72 in the Bankruptcy Act. However, set-aside may occur pursuant to the mentioned provisions if the security provision did not specifically appear as ordinary.

Section 152 b. Credit institutions that have been permitted to issue covered bonds may take loans for use to fulfill the duty to provide supplementary security, cf. Section 152 a, Paragraph 4, or to increase the overcollateralization in a register.

April 16, 2026. 57 No. 432.

Paragraph 2. It must appear from the loan agreement which register, cf. Section 152 g, Paragraph 1, the loan funds borrowed pursuant to Paragraph 1 can be attributed to.

Paragraph 3. Loan funds borrowed pursuant to Paragraph 1 must be placed in the asset types mentioned in Article 129, Paragraph 1, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. The assets must from the time the loan is taken be placed on a separate account, in a separate depot or otherwise marked as originating from the relevant loan.

Paragraph 4. For loans financed by the issuance of covered bonds, where the maturity of the bonds is shorter than the maturity of the underlying loans, it must appear from the bond terms, the prospectus or other offering material that the administrator in situations covered by Section 247 a and in accordance with the conditions in Section 247 h, Paragraph 4, can extend the bonds by 1 year. The nominal interest rate on the extended bonds is set to a variable reference rate plus up to 5 percentage points. It must also appear from the bond terms, the prospectus or other offering material that the administrator can redeem the bonds at par.

Paragraph 5. For loan agreements entered into after January 1, 2015, it must appear separately from the loan terms that the administrator can raise the interest rate due to changed financing conditions, cf. Paragraph 4.

Paragraph 6. If covered bonds are extended in accordance with Paragraph 4, the maturity of loans taken as extra security in accordance with Paragraph 1 must be extended corresponding to the maturity of the changed bonds.

Paragraph 7. The maturity of covered bonds must at the time of issuance be over 24 months.

Paragraph 8. The Minister for Business Affairs sets detailed rules on the extension of bonds in accordance with Paragraph 4, including on interest rate setting.

Section 152 c. A covered bond must not be issued with security in both real estate and ships.

Section 152 d. For loans secured by registered mortgage in real estate and granted on the basis of the issuance of covered bonds, the maturities and repayment profiles set in Sections 3 and 4 of the Act on Mortgage Loans and Mortgage Bonds etc. apply, cf. however Paragraph 2.

Paragraph 2. For loans secured by registered mortgage in real estate and granted on the basis of the issuance of covered bonds to properties covered by Section 5, Paragraph 1, of the Act on Mortgage Loans and Mortgage Bonds etc., Sections 3 and 4 of the Act on Mortgage Loans and Mortgage Bonds etc. do not apply if the loan limit does not exceed 75%.

Paragraph 3. Loans with mortgage in holiday homes that are not rented out commercially must at the time of registration in the register or at the time the loan is disbursed lie within 75% of the property's value.

Paragraph 4. Accessories covered by Section 38 in the Land Registration Act may be included in the valuation of the real estate.

Paragraph 5. Fittings installed in a commercial property for use in its operation may be included in the valuation. For agricultural properties, the livestock belonging to the property, insofar as the livestock is included in the continuous production, may furthermore be included in the valuation. When mortgaging agricultural properties, the value of livestock that is included in the continuous production may at most be included with 30% of the value of land and buildings.

Paragraph 6. Accessories in the form of pipes, cables, antennas etc., that connect two or more real estates and are a prerequisite for the operation of the properties, cf. Section 37 a in the Land Registration Act, may be included in the valuation of the real estates.

Section 152 e. Loans with mortgage in real estate granted on the basis of the issuance of covered bonds must be secured by a separate mortgage deed and must not be granted against security in the form of owner's mortgage deeds and indemnity deeds, cf. however Paragraph 2 and 3. It must appear from the mortgage deed that it can lie as security for a loan financed by the issuance of covered bonds.

Paragraph 2. Mortgage deeds in real estate that are registered before July 1, 2007, can lie as security for loans financed by the issuance of covered bonds.

Paragraph 3. The Financial Supervisory Authority may grant exemption from Paragraph 1 for loans granted to real estate located outside Denmark, the Faroe Islands and Greenland.

Section 152 f. For loans covered by Article 129, Paragraph 1, first paragraph, letter g, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the maturity may at most amount to 15 years at the loan's disbursement time.

Section 152 g. In credit institutions, registers must be kept over assets covered by Sections 152 a and 152 b and over financial instruments that meet the conditions in Paragraph 7. A credit institution can keep one or more registers. A register must not contain assets that have security in both real estate and ships.

Paragraph 2. For loans covered by Section 152 e, Paragraph 1, that must be entered in a register, it applies that the loan limit must be met at the time the loan is to be entered in the register or at the time the loan has been disbursed. If the loan limit has been met at the loan's disbursement time and is exceeded at the registration time, security must be provided in relation to the loan limit for the relevant loan upon registration. The security cannot be provided in the form of other loans where the loan limit has been exceeded.

Paragraph 3. Paragraph 2, first sentence, does not apply to

1. registration or disbursement of a loan in a register where the loan is granted for redemption of a mortgage loan granted by a mortgage credit institution, or where the loan is granted for redemption of a loan that is included in a register in another credit institution with permission to issue covered bonds, or
2. loans covered by the rules in Sections 16 b-16 g, where the loan is granted for redemption of a mortgage loan granted by a mortgage credit institution, or where the loan is granted for redemption of a loan that is included in a register in a credit institution with permission to issue covered bonds, and where the loan is transferred to the receiving credit institution at the latest 6 months after disbursement.

Paragraph 4. Loans covered by Paragraph 3 must at the time the loan is to be entered in the register or disbursed, at most April 16, 2026. 58 No. 432.

constitute an amount corresponding to the redemption amount and the costs associated with the redemption and provision of loans.

Subsection 5. For loans covered by subsection 3 or Section 7, subsection 2, of the Act on Mortgage Loans and Mortgage Bonds, the issuing institution is obliged to provide the receiving institution with information on whether the loan to be redeemed is included in a register in the issuing credit institution, and information on the already passed interest-only period for the relevant loan, if the borrower has consented to this.

Subsection 6. Supplementary security must be registered separately and individualized in relation to the other assets that serve as security for the issued covered bonds.

Subsection 7. Financial instruments may only be included in a register of assets if they are used to hedge risks between assets in the register on the one hand and the issued covered bonds on the other, and where it is determined in the agreement on the financial instrument that the credit institution's reconstruction proceedings, bankruptcy, or failure to comply with the duty to provide supplementary security under Section 152 a, subsection 4, does not constitute a breach of contract.

Subsection 8. Assets, including financial instruments, in a register serve to satisfy the holders of the covered bonds and the counterparties with whom the financial instruments have been entered into, and subsequently to satisfy loans borrowed under Section 152 b, subsection 1.

Subsection 9. The credit institution reports to the Danish Financial Supervisory Authority which assets etc. are included in the register. The Danish Financial Supervisory Authority or the entity authorized by the Danish Financial Supervisory Authority to do so verifies the presence of these assets.

Subsection 10. Security provided to a register belonging to a credit institution that has permission to issue covered bonds, and which is provided by a financial counterparty to cover financial instruments, belongs to the register. The same applies to security provided by another part of the credit institution as a counterparty to the register, even if the register was part of the credit institution's business at the time the security was provided. Security under the first and second sentences may not be used by the register as a basis for the issuance of covered bonds.

Subsection 11. The register must at all times have a liquidity buffer composed of liquid assets that are available to cover outgoing net cash flows in connection with the register, which covers the total maximum outgoing net cash flows for the next 180 days.

Subsection 12. Liquid assets according to subsection 11 include assets that meet the conditions for Level 1, Level 2A, or Level 2B assets according to Commission Delegated Regulation (EU) No 2015/61 of 10 October 2014 supplementing Regulation (EU) No 575/2013 as regards liquidity coverage requirements for credit institutions, and which are valued in accordance with the aforementioned delegated regulation, and are not issued by the credit institution itself that issues the covered bonds, or by its parent company, unless this is a public entity that is not a credit institution, its subsidiaries, or other subsidiaries of the parent company.

Subsection 13. For bonds covered by the rules in Section 247 h, subsection 4, the calculation of the liquidity buffer requirement may be based on the final maturity date of the relevant bonds.

Section 152 h. The Danish Financial Supervisory Authority sets detailed rules on:

1. the valuation of the issued covered bonds and the ongoing calculation of the value of the assets in relation to the covered bonds,
2. the valuation of the assets that serve as security for the issuance of covered bonds,
3. under what conditions building loans may be granted for the new construction or reconstruction of ships,
4. the design, registration, and verification of the presence of the assets in the registers, cf. Section 152 g,
5. credit institutions' provision of loans financed by the issuance of covered bonds with mortgage in real estate in cases where there is no final registered mortgage deed, and to what extent alternative security must be provided, and if the security is provided in the form of a guarantee from a credit institution, to what extent this should not be included in the 15-percent limit or the 10-percent limit, cf. Article 129, subsection 1, point (c), and subsection 1a, of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms,
6. limiting risks in connection with the issuance of covered bonds, including interest rate risks, currency risks, and option risks, and meeting the requirement for a liquidity buffer,
7. reporting of supplementary security for covered bonds and compliance with the requirements for coverage and minimum over-coverage, and
8. credit institutions' publication and submission of information for use by investors in assessing the characteristics and risks of the issued covered bonds.

Sections 152 i-152 y. (Repealed)

Special rules for mortgage credit institutions regarding the placement of funds and liquidity

Section 153. The Danish Financial Supervisory Authority may set a specific liquidity requirement for a mortgage credit institution or a group of mortgage credit institutions with similar risk profiles, taking into account special liquidity risks in the mortgage credit institution or groups of mortgage credit institutions.

Section 154. Funds in series may not be deposited as hybrid core capital or subordinated loan capital in other series or in the mortgage credit institution generally.

Subsection 2. Funds in the mortgage credit institution generally may not be deposited in series as hybrid core capital or subordinated loan capital, unless at least an equivalent amount of hybrid core capital or subordinated loan capital has been raised in the mortgage credit institution generally.

Section 155. (Repealed)

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Special rules for investment management companies regarding the placement of funds and liquidity

Section 156. (Repealed)

Section 157. Investment management companies may place the company's capital base in shares and bonds that are admitted to trading on a regulated market, as well as in units in UCITS, investment funds, and foreign investment institutions that correspond to investment funds, if the articles of association of the investment fund or the foreign investment institution contain the limitations set out in Sections 157 a and 157 b.

Section 157 a. The articles of association of an investment fund or a foreign investment institution covered by Section 157, subsection 1, first sentence, must contain provisions on:

1. That the investment fund or the foreign investment institution must redeem the investor's share of the assets with funds derived from the assets upon the investor's request.
2. That the divisions of the investment fund or the foreign investment institution may not provide guarantees for third parties or grant or borrow loans. However, the divisions of the investment fund or the foreign investment institution may borrow short-term loans up to a maximum of 10 percent of the assets, except for loans with investment purposes.
3. That the investment fund or the foreign investment institution may invest its assets in liquid funds, including currency, or in the financial instruments mentioned in Annex 2 to the Act on Securities Firms and Investment Services and Activities, in accordance with the requirements imposed on instruments and their issuers in Chapter 14 of the Act on Investment Funds etc.
4. Risk diversification, cf. Section 157 b.

Section 157 b. An investment fund or a foreign investment institution covered by Section 157, subsection 1, first sentence, must specify in its articles of association that the assets may be invested in accordance with the rules in subsection 2, 3, 4, or 5.

Subsection 2. The assets may be invested in accordance with Chapter 14 of the Act on Investment Funds etc.

Subsection 3. The assets may be invested in liquid funds, including currency or the instruments mentioned in Annex 2 to the Act on Securities Firms and Investment Services and Activities. At most 10 percent of the assets may be invested in financial instruments issued by the same issuer or issuers in the same group. The second sentence does not apply in the following cases:

1. Where the division invests in bonds issued by a country or an international institution of a public character, which one or more countries in the European Union or countries with which the Union has concluded an agreement in the financial field participates in, and which are approved by the Danish Financial Supervisory Authority, cf. Section 147, subsection 1, No. 4, of the Act on Investment Funds etc.
2. Where the division invests in the following types of bonds, provided that at most 30 percent of the assets are placed in bonds issued by a single issuer or issuers in the same group: a) Treasury and ship credit bonds issued by Danmarks Skibskredit A/S, mortgage bonds issued by Danish mortgage credit institutions, and similar mortgage bonds issued by credit institutions that are approved by a country within the European Union or a country with which the Union has concluded an agreement in the financial field, when a competent authority has notified the bond issuances and issuers to the Commission. b) Special mortgage bonds (SDRO) and covered bonds (SDO) issued by Danish credit institutions, mortgage credit institutions, or Danmarks Skibskredit A/S, or similar covered bonds issued by similar credit institutions that are approved by a country within the European Union or a country with which the Union has concluded an agreement in the financial field, when a competent authority has notified the bond issuances and issuers to the Commission.

Subsection 4. The assets may be invested exclusively in money market instruments, with at most 30 percent of the assets placed in money market instruments issued by the same issuer or issuers in the same group, provided that the assets may be fully invested in money market instruments issued by a country or an international institution of a public character, which one or more countries in the European Union or countries with which the Union has concluded an agreement in the financial field participates in, and which are approved by the Danish Financial Supervisory Authority, cf. Section 147, subsection 1, No. 4, of the Act on Investment Funds etc.

Subsection 5. The assets may be invested in units in divisions of UCITS, investment funds, or foreign investment institutions, if the articles of association contain the limitations set out in Section 157 a, provided that at most 75 percent of the assets may be placed in units issued by a single division of these UCITS, investment funds, or foreign investment institutions.

Sections 158-169. (Repealed)

Chapter 12 Group Rules, Consolidation etc. Group Rules

Section 170. In groups where the ultimate parent undertaking in Denmark is a financial holding company, the rules on the size of the capital base in Article 92, subsection 1, point (c), and subsection 2, point (c), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions apply to both the top financial holding company and the group, subject to subsection 3. The parent undertaking ensures compliance with these provisions. In the calculation of the group's capital base, cf. Section 128, capital paid in by companies in the group that do not participate in the consolidated calculation for the group is deducted.

Subsection 2. The capital requirement rules for investment management companies in Section 126 a, subsections 2-6, in groups where the ultimate parent undertaking in Denmark is an investment management holding company or an investment management company, apply to the top financial holding company and the group. The first sentence applies only to investment management holding companies that do not have a subsidiary that is a credit institution, a mortgage credit institution, or a securities firm I. The parent undertaking ensures compliance with these provisions. In the calculation of the group's capital base, cf. Section 126 a, subsection 9, capital paid in by companies in the group that do not participate in the consolidated calculation for the group is deducted.

Subsection 3. Subsections 1 and 2 do not apply to the ultimate parent undertaking in Denmark that is part of a group where consolidation is carried out in accordance with Article 11, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Subsection 4. For groups where the ultimate parent undertaking in Denmark is a credit institution, a mortgage credit institution, an investment management holding company, or another financial holding company, where consolidation is carried out in accordance with Article 11, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the rule in Article 92, subsection 1, point (c), and subsection 2, point (c), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions applies to the parent undertaking. The first sentence applies only to investment management holding companies that have a subsidiary that is a credit institution, a mortgage credit institution, or a securities firm, which is covered by Article 4, subsection 1, No. 1, point (b), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, including as a result of a decision under Section 230 of the Act on Securities Firms and Investment Services and Activities.

Section 170 a. A credit institution, a mortgage credit institution, and a financial holding company must ensure that the arrangements, processes, and mechanisms required in Chapter 2, Section II, of the Directive of the European Parliament and of the Council on the taking up and pursuit of the business of credit institutions and on the prudential supervision of credit institutions and investment firms, which are implemented by this Act or regulations issued pursuant to this Act, are implemented in a consistent and well-integrated manner in subsidiaries that are not covered by the directive. The company must also ensure that the subsidiary can provide relevant data and information for supervisory purposes. The first sentence does not apply if this conflicts with the legislation of the third country where the subsidiary is established.

Section 170 b. The ultimate parent undertaking in Denmark and the group of a credit institution or a mortgage credit institution may calculate the total risk exposure using internal methods, if the parent undertaking is covered by Section 170, subsections 1, 3, and 4. The use of internal methods requires permission from the Danish Financial Supervisory Authority.

Subsection 2. Credit institutions and mortgage credit institutions calculate their total risk exposure amount without a floor in accordance with Article 92, subsection 4, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, when the credit institution's or mortgage credit institution's ultimate parent undertaking in Denmark calculates the total risk exposure using Article 92, subsection 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 171. In groups where the parent undertaking is a credit institution or a credit institution holding company, Section 124, subsections 1-4 and 7, and Sections 146, 147, 149, 150, 152, and 182 apply to the group. The calculation of the capital requirements in Section 124, subsections 1-4 and 7, shall be carried out in accordance with Part Two of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and to the extent and in the manner prescribed in Part One, Title II, Chapter 2, Section 2 and 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. The parent undertaking ensures compliance with these provisions. In the calculation of the group's capital base, capital paid in by companies in the group that do not participate in the consolidated calculation for the group is deducted.

Section 172. In groups where the parent undertaking is a mortgage credit institution or a mortgage credit institution holding company, Section 124, subsections 1-4 and 7, and Sections 146-147 and 182 additionally apply to the group. The calculation of the capital requirements in Section 124, subsections 1-4 and 7, shall be carried out in accordance with Part Two of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and to the extent and in the manner prescribed in Part One, Title II, Chapter 2, Section 2 and 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. The parent undertaking ensures compliance with these provisions. In the calculation of the group's capital base, capital paid in by companies in the group that do not participate in the consolidated calculation for the group is deducted.

Section 173. (Repealed)

Section 174. In groups where the ultimate parent undertaking in Denmark is an investment management holding company or an investment management company, Section 126 a, subsections 1, 7, and 8, Sections 146 and 147, and Article 395 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions apply to the group. The first sentence applies only to investment management holding companies that do not have a subsidiary that is a credit institution, a mortgage credit institution, or a securities firm I. The parent undertaking ensures compliance with these provisions. In the calculation of the group's capital base, cf. Section 128, capital paid in by companies in the group that do not participate in the consolidated calculation for the group is deducted.

Subsection 2. A consolidated calculation must be carried out in accordance with the rules in subsection 1 and Section 170, subsection 2, between an investment management company that is itself a subsidiary of a credit institution, a mortgage credit institution, an investment management company, or a financial holding company, and the investment management company's subsidiary that is

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an administration company that is not subject to legislation in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area.

Subsection 3. The Financial Supervisory Authority may determine that subsection 1 and Section 170, subsection 2, apply in other cases where investment management companies alone or jointly have such a direct or indirect connection to a company that it is considered necessary to apply the aforementioned rules.

Section 175. The Financial Supervisory Authority may determine that Article 395 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions applies to groups where the top parent company in Denmark is a financial holding company that is not a securities brokerage or investment management holding company, and which does not form part of a group where consolidation is carried out in accordance with Article 11, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 175 a. Groups where the top parent company in Denmark is a financial holding company or a financial company shall report once a year all exposures, cf. Section 5, subsection 1, item 14, that amount to more than 10 percent of the group's capital base.

Subsection 2. The Financial Supervisory Authority sets detailed rules for reporting pursuant to subsection 1.

Subsection 3. Subsection 1 and rules issued pursuant to subsection 2 do not apply to the top parent company in Denmark that forms part of a group where consolidation is carried out in accordance with Article 11, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Sections 175 b-175 e. (Repealed)

Special rules for groups with parent company in a country outside the European Union

Section 175 f. A credit institution or mortgage credit institution shall appoint a common intermediate parent company within the European Union if

1. the company is part of a group whose parent company is located outside the European Union and outside a country with which the Union has concluded an agreement in the financial area,

2. the group has two or more credit institutions, mortgage credit institutions or securities brokerage companies located within the European Union or in a country with which the Union has concluded an agreement in the financial area, and

3. the group has assets with a total value of 40 billion euros or more in the European Union or in a country with which the Union has concluded an agreement in the financial area.

Subsection 2. The Financial Supervisory Authority may grant permission for the company to appoint two intermediate parent companies within the European Union if

1. the parent company of the group referred to in subsection 1, item 1, is subject to separation of activities in the third country where the company is located, or

2. the competent resolution authority for the intermediate parent company has assessed that resolution would be more effective with two intermediate parent companies in the European Union.

Subsection 3. An intermediate parent company must have permission as a credit institution or mortgage credit institution or be an approved financial holding company or mixed financial holding company, cf. however subsection 4.

Subsection 4. A securities brokerage company or an investment firm that has permission to provide or perform investment services and activities covered by Annex I, Section A, items 3 or 6, of the Act on Securities Brokerage Companies and Investment Services and Activities may be appointed as an intermediate parent company if the intermediate parent company is appointed pursuant to subsection 2, item 1.

Section 175 g. A parent company that is a financial holding company and which in the group is the top parent company located in Denmark must be approved by the Financial Supervisory Authority and the consolidating supervisory authority, where the consolidating supervisory authority is different from the Financial Supervisory Authority, cf. subsection 8, cf. however subsection 4. A parent company that is a financial holding company and which in the group is the top parent company located in the Union must be approved by the Financial Supervisory Authority as the consolidating supervisory authority and the competent authority in the member state where the holding company is located, cf. subsection 8. Other financial holding companies must be approved when they are covered by this Act or Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions at the level of subsidiary consolidation, or when they are appointed as responsible for ensuring the group's compliance with supervisory requirements at consolidated level as mentioned in subsection 4, item 3.

Subsection 2. Approval is granted to a financial holding company if the following conditions are met:

1. The internal arrangements and the distribution of tasks within the group are appropriate with a view to meeting the requirements of this Act and Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions at consolidated or subsidiary consolidated level, and are in particular sufficient to

a) coordinate the financial holding company's subsidiaries, including if necessary through a suitable distribution of tasks among credit institutions that are subsidiaries,

b) prevent or handle conflicts internally in the group and

c) enforce the group's policies set by the financial holding company throughout the group.

2. The organizational structure of the group in which the financial holding company is included does not prevent effective supervision of credit institutions that are subsidiaries or parent institutions, as regards the individual, consolidated and possibly subsidiary consolidated obligations they are subject to. In this assessment, account is taken in particular of

a) the position of the financial holding company in a group with several levels,

b) the ownership structure and

c) the role the financial holding company has in the group.

3. The criteria regarding shareholders and company participants in credit institutions in Section 14, subsection 2, and Sections 61 a and 64 are met.

Subsection 3. If the conditions in subsection 2 are not met, the financial holding company is subject to appropriate supervisory measures, which may include:

1. Suspension of the exercise of voting rights attached to the shares of the financial holding company in credit institutions that are subsidiaries.

2. Prohibition addressed to the financial holding company or members of the management body.

3. Issuance of instructions or guidelines addressed to the financial holding company to transfer the capital interests in credit institutions that are subsidiaries to its shareholders.

4. Appointment on an interim basis of another financial holding company or another institution within the same group as responsible for ensuring compliance with the requirements of this Act and Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions at consolidated level.

5. Restriction of or prohibition on distributions or interest payments to shareholders.

6. Requirement that financial holding companies divest or limit capital shares in credit institutions or other entities in the financial sector.

7. Requirement that financial holding companies submit a plan to immediately comply with the conditions in subsection 2 anew.

Subsection 4. The financial holding company or the mixed financial holding company may apply for exemption from approval pursuant to subsection 1, which is granted if the following conditions are met:

1. The main activity of the financial holding company consists of acquiring capital shares in subsidiaries.

2. The financial holding company is not designated as a resolution entity in accordance with the resolution strategy established by the relevant resolution authority.

3. A credit institution that is a subsidiary, or a financial holding company or a mixed financial holding company that is a subsidiary and approved in accordance with this provision, is designated as responsible for ensuring the group's compliance with supervisory requirements at consolidated level and has all the necessary resources and legal authority to fulfill these obligations in an effective manner.

4. The financial holding company does not participate in managerial, operational or financial decisions that affect the group or its subsidiaries that are credit institutions or financing institutions.

5. There are no obstacles to effective supervision of the group at consolidated level.

Subsection 5. If the conditions in subsection 4 are no longer met, the financial holding company must apply for approval.

Subsection 6. As part of the application for approval pursuant to subsection 1, financial holding companies must inform the Financial Supervisory Authority and the consolidating supervisory authority, if it is not the same authority, of the following:

1. The organizational structure of the group in which the financial holding company is included, with clear indication of its subsidiaries and any parent companies as well as the location and type of activity each entity carries out in the group.

2. Information about the nomination of at least two persons who carry out the actual management of the financial holding company and compliance with the requirements in Section 64 regarding qualifications for a member of the board or management.

3. Information about compliance with the criteria in Section 14, subsection 2, and Section 61 a regarding shareholders and company participants, if the financial holding company has a mortgage credit institution or credit institution as a subsidiary.

4. The internal organization and distribution of tasks within the group.

5. All other information that the Financial Supervisory Authority or the consolidating supervisory authority finds necessary to carry out assessments in accordance with subsections 2 and 4.

Subsection 7. The Financial Supervisory Authority continuously monitors as the consolidating supervisory authority compliance with the conditions referred to in subsection 2 or 4. The Financial Supervisory Authority shares relevant information connected therewith with the competent authority in the member state where the financial holding company is located.

Subsection 8. If the Financial Supervisory Authority as the consolidating supervisory authority is different from the competent authority in the member state where the financial holding company is located, a joint decision on approval or exemption from approval, cf. subsections 2, 4 and 15, and on the supervisory measures in subsection 3 and 5 is taken. For this purpose, the Financial Supervisory Authority as the consolidating supervisory authority prepares an assessment of relevant matters referred to in subsections 2-4, 7 and 15, and sends this assessment to the competent authority.

Subsection 9. The Financial Supervisory Authority and other supervisory authorities must, within 2 months after the Financial Supervisory Authority has made and sent its assessment mentioned in subsection 8, reach a joint decision, cf. however subsection 13. If a joint decision is reached, the Financial Supervisory Authority as the consolidating supervisory authority notifies the decision to the applicant.

Subsection 10. If no joint decision is reached within 2 months, the Financial Supervisory Authority refers the matter to the European Banking Authority, which makes a decision within 1 month after receipt of the referral. The Financial Supervisory Authority as the consolidating supervisory authority notifies this decision to the applicant.

Subsection 11. After the expiry of the 2-month period, cf. subsection 9, or after a joint decision has been made, the matter can no longer be referred to the European Banking Authority.

Subsection 12. If a financial holding company cannot be approved, or exempted from approval, cf. subsection 4, the Financial Supervisory Authority as the consolidating supervisory authority notifies the applicant of the reasons therefor. The reasons must be communicated to the applicant no later than 4 months after the supervisory authority's receipt of all the information necessary to take a position on the application for approval.

Subsection 13. However, a decision must in all cases be made to grant or refuse approval within a period of 6 months after receipt of the application.

Subsection 14. Subsections 1-13 do not apply to investment management holding companies, cf. Section 5, subsection 1, item 12.

Subsection 15. The Financial Supervisory Authority and the consolidating supervisory authority, where the consolidating supervisory authority is different from the Financial Supervisory Authority, may regardless of subsection 4 grant permission for financial holding companies or mixed financial holding companies, which are exempted from approval, cf. subsection 4, to be excluded from consolidation if the following conditions are met:

1. The exclusion does not affect the effectiveness of supervision of the credit institution that is a subsidiary or of the group.

2. The financial holding company or the mixed financial holding company has no share exposure other than the share exposure in the credit institution that is a subsidiary or in the intermediate financial parent holding company or the intermediate mixed financial holding company that controls the credit institution that is a subsidiary.

3. The financial holding company or the mixed financial holding company does not use gearing to a significant extent and has no exposures that do not relate to its ownership of the credit institution that is a subsidiary, or of the intermediate financial parent holding company or the intermediate mixed financial holding company that controls the credit institution that is a subsidiary.

Consolidation

Section 176. If an investment management company or a financial holding company alone or together with other companies in the group holds capital interests in a credit or financing institution that is not a subsidiary, and the credit or financing institution is operated jointly with other companies that do not form part of the group, a pro rata consolidation of the company must be carried out in accordance with Sections 170 and 174 in relation to the group companies' share of equity and profit in the company in which the capital interest is held.

Subsection 2. If the investment management company's or the financial holding company's responsibility for the company is not limited to the shareholding or voting rights, full consolidation must be carried out in accordance with Sections 170 and 174.

Subsection 3. Subsections 1 and 2 do not apply to the top parent company in Denmark that forms part of a group where consolidation is carried out in accordance with Article 11, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 177. Insurance companies and insurance companies' subsidiaries and companies temporarily operated by financial companies shall not be included in the consolidation in accordance with Sections 170 and 174. The Financial Supervisory Authority may, however, determine that these companies must be included.

Subsection 2. Credit institutions, mortgage credit institutions or financing institutions that are subsidiaries of insurance companies must be included in the consolidation in accordance with Section 170 if the top parent company in Denmark is an investment management holding company.

Section 177 a. In groups where the top parent company is located in Denmark, and where the parent company is a credit institution, a mortgage credit institution, a mixed holding company or a financial holding company that has at least one subsidiary that is a credit institution or a mortgage credit institution, Sections 243 a and 243 c apply.

Subsection 2. If a parent company as mentioned in subsection 1 meets the conditions for the Financial Supervisory Authority to apply one or more of the prohibitions mentioned in Sections 243 a or 243 c, the Financial Supervisory Authority must consult the other competent authorities in the supervisory college and notify the European Banking Authority before a prohibition pursuant to Sections 243 a or 243 c is imposed on the parent company.

Subsection 3. If the Financial Supervisory Authority as the consolidating authority receives a consultation as mentioned in Section 177 b, subsection 1, pursuant to subsection 1, the Financial Supervisory Authority must give its assessment of the intended prohibition's impact on the group within 3 working days after receipt.

Subsection 4. If more than one competent authority in the supervisory college wishes to impose one or more prohibitions pursuant to Sections 243 a or 243 c on a group covered by subsection 1, the Financial Supervisory Authority assesses in cooperation with the other competent authorities in the supervisory college whether it is most appropriate to appoint the same interim administrator, cf. Section 243 c, for all affected companies or to coordinate the application of one or more prohibitions in Section 243 a on more than one company. The Financial Supervisory Authority and the other competent authorities in the supervisory college must strive to reach a joint decision no later than 5 working days after the consultation mentioned in subsection 2. If a joint decision is reached, the Financial Supervisory Authority sends this to the parent company.

Subsection 5. If no joint decision is reached no later than 5 working days after the consultation mentioned in subsection 2, cf. subsection 4, the Financial Supervisory Authority makes a decision on the application of one or more prohibitions, cf. Sections 243 a or 243 c, against the parent company. The Financial Supervisory Authority notifies the parent company and the other relevant competent authorities in the supervisory college of this decision. The Financial Supervisory Authority must postpone the decision and decisions pursuant to subsection 2, if one of the competent authorities in the supervisory college has brought the matter before the European Banking Authority, and must thereafter make a

16. april 2026. 62 Nr. 432.

viduelle, konsoliderede og eventuelt delkonsoliderede forpligtelser, de er underlagt. I denne vurdering tages der navnlig hensyn til a) positionen af den finansielle holdingvirksomhed i en koncern med flere niveauer, b) ejerstrukturen og c) den rolle, den finansielle holdingvirksomhed har i koncernen. 3) Kriterierne vedrørende aktionærer og selskabsdeltagere i kreditinstitutter i § 14, stk. 2, og §§ 61 a og 64 er opfyldt. Stk. 3. Er betingelserne i stk. 2 ikke opfyldt, underlægges den finansielle holdingvirksomhed passende tilsynsforanstaltninger, som kan omfatte:

1. Suspension af udøvelsen af de stemmerettigheder, der er knyttet til den finansielle holdingvirksomheds aktier i kreditinstitutter, der er dattervirksomheder.
2. Påbud mod den finansielle holdingvirksomhed eller medlemmerne af ledelsesorganet.
3. Afgivelse af instrukser eller udstedelse af retningslinjer rettet mod den finansielle holdingvirksomhed om at overføre kapitalinteresserne i kreditinstitutter, der er dattervirksomheder, til sine aktionærer.
4. Udpegning på foreløbigt grundlag af en anden finansiel holdingvirksomhed eller et andet institut inden for samme koncern som ansvarlig for at sikre overholdelse af kravene i denne lov og Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 om tilsynsmæssige krav til kreditinstitutter på konsolideret niveau.
5. Begrænsning af eller forbud mod udlodninger eller rentebetalinger til aktionærer.
6. Krav om, at finansielle holdingvirksomheder afhænder eller begrænser kapitalandele i kreditinstitutter eller andre enheder i den finansielle sektor.
7. Krav om, at finansielle holdingvirksomheder forelægger en plan for straks at overholde betingelserne i stk. 2 på ny. Stk. 4. Den finansielle holdingvirksomhed eller den blandede finansielle holdingvirksomhed kan anmode om fritagelse for godkendelse efter stk. 1, som tildeles, hvis følgende betingelser er opfyldt:
8. Den finansielle holdingvirksomheds hovedaktivitet består i at erhverve kapitalandele i dattervirksomheder.
9. Den finansielle holdingvirksomhed er ikke udpeget som afviklingsenhed i overensstemmelse med afviklingsstrategien fastsat af den relevante afviklingsmyndighed.
10. Et kreditinstitut, der er dattervirksomhed, eller en finansiel holdingvirksomhed eller en blandet finansiel holdingvirksomhed, der er datterselskab og godkendt i overensstemmelse med denne bestemmelse, er udpeget som ansvarlig for at sikre koncernens overholdelse af tilsynskrav på konsolideret niveau og har alle de fornødne midler og den retlige beføjelse til at indfri disse forpligtelser på en effektiv måde.
11. Den finansielle holdingvirksomhed tager ikke del i ledelsesmæssige, operationelle eller finansielle beslutninger, der påvirker koncernen eller dens dattervirksomheder, der er kreditinstitutter eller finansieringsinstitutter.
12. Der er ikke nogen hindringer for et effektivt tilsyn med koncernen på konsolideret niveau. Stk. 5. Er betingelserne i stk. 4 ikke længere opfyldt, skal den finansielle holdingvirksomhed søge om godkendelse. Stk. 6. Som led i ansøgning om godkendelse efter stk. 1 skal finansielle holdingvirksomheder oplyse Finanstilsynet og den konsoliderende tilsynsmyndighed, hvis den ikke er den samme myndighed, om følgende:
13. Organisationsstrukturen for den koncern, hvori den finansielle holdingvirksomhed indgår, med klar angivelse af dens dattervirksomheder og eventuelle modervirksomheder samt placeringen og den type aktivitet, de enkelte enheder udøver i koncernen.
14. Oplysninger om nomineringen af mindst to personer, der varetager den faktiske ledelse af den finansielle holdingvirksomhed, og overholdelse af kravene i § 64 til kvalifikationer for et medlem af bestyrelsen eller direktionen.
15. Oplysninger om overholdelse af kriterierne i § 14, stk. 2, og § 61 a vedrørende aktionærer og selskabsdeltagere, hvis den finansielle holdingvirksomhed har et realkreditinstitut eller pengeinstitut som dattervirksomhed.
16. Den interne organisation og fordelingen af opgaver inden for koncernen.
17. Alle andre oplysninger, som Finanstilsynet eller den konsoliderende tilsynsmyndighed finder nødvendige for at udføre vurderinger i overensstemmelse med stk. 2 og 4. Stk. 7. Finanstilsynet overvåger løbende som den konsoliderende tilsynsmyndighed overholdelsen af betingelserne omhandlet i stk. 2 eller 4. Finanstilsynet deler relevante oplysninger forbundet hermed med den kompetente myndighed i den medlemsstat, den finansielle holdingvirksomhed er beliggende i. Stk. 8. Er Finanstilsynet som konsoliderende tilsynsmyndighed forskellig fra den kompetente myndighed i den medlemsstat, den finansielle holdingvirksomhed er beliggende i, tages en fælles beslutning om godkendelse eller fritagelse for godkendelse, jf. stk. 2, 4 og 15, og om tilsynsforanstaltningerne i stk. 3 og 5. Til brug herfor udarbejder Finanstilsynet som den konsoliderende tilsynsmyndighed en vurdering af relevante forhold omhandlet i stk. 2-4, 7 og 15, og sender denne vurdering til den kompetente myndighed. Stk. 9. Finanstilsynet og andre tilsynsmyndigheder skal, inden for 2 måneder efter at Finanstilsynet har foretaget og sendt sin vurdering nævnt i stk. 8, nå frem til en fælles beslutning, jf. dog stk. 13. Opnås en fælles beslutning, meddeler Finanstilsynet som den konsoliderende tilsynsmyndighed beslutningen til ansøgeren. Stk. 10. Foreligger der ikke inden for 2 måneder en fælles beslutning, henviser Finanstilsynet sagen til Den Europæiske Banktilsynsmyndighed, som træffer beslutning inden for 1 måned efter modtagelsen af henvisningen. Finanstilsynet meddeler som den konsoliderende tilsynsmyndighed denne beslutning til ansøgeren.

16. april 2026. 63 Nr. 432.

Stk. 11. Efter udløbet af perioden på 2 måneder, jf. stk. 9, eller efter at der er truffet en fælles beslutning, kan sagen ikke længere henvises til Den Europæiske Banktilsynsmyndighed. Stk. 12. Kan en finansiel holdingvirksomhed ikke godkendes, eller fritages for godkendelse, jf. stk. 4, underretter Finanstilsynet som den konsoliderende tilsynsmyndighed ansøgeren om begrundelsen herfor. Begrundelsen skal meddeles til ansøgeren senest 4 måneder efter tilsynsmyndighedens modtagelse af alle de oplysninger, der er nødvendige for at tage stilling til ansøgningen om godkendelse. Stk. 13. Der skal dog i alle tilfælde træffes beslutning om at meddele eller afvise godkendelse inden for en frist på 6 måneder efter ansøgningens modtagelse. Stk. 14. Stk. 1-13 finder ikke anvendelse for investeringsforvaltningsholdingvirksomhed, jf. § 5, stk. 1, nr. 12. Stk. 15. Finanstilsynet og den konsoliderende tilsynsmyndighed, hvor den konsoliderende tilsynsmyndighed er forskellig fra Finanstilsynet, kan uanset stk. 4 give tilladelse til, at finansielle holdingvirksomheder eller blandede finansielle holdingvirksomheder, som er fritaget for godkendelse, jf. stk. 4, udelukkes fra konsolideringen, hvis følgende betingelser er opfyldt:

1. Udelukkelsen påvirker ikke effektiviteten af tilsynet med kreditinstituttet, der er datterselskab, eller med koncernen.
2. Den finansielle holdingvirksomhed eller den blandede finansielle holdingvirksomhed har ingen aktieeksponering ud over aktieeksponeringen i kreditinstituttet, der er datterselskab, eller i det mellemliggende finansielle moderholdingvirksomhed eller det mellemliggende blandede finansielle holdingvirksomhed, som kontrollerer kreditinstituttet, der er datterselskab.
3. Den finansielle holdingvirksomhed eller den blandede finansielle holdingvirksomhed benytter sig ikke i væsentlig grad af gearing og har ingen eksponeringer, der ikke vedrører dens ejerskab af kreditinstituttet, der er datterselskab, eller af den mellemliggende finansielle moderholdingvirksomhed eller den mellemliggende blandede finansielle holdingvirksomhed, som kontrollerer kreditinstituttet, der er datterselskab. Konsolidering § 176. Besidder et investeringsforvaltningsselskab eller en finansiel holdingvirksomhed alene eller sammen med andre virksomheder i koncernen kapitalinteresser i et kredit- eller finansieringsinstitut, der ikke er en dattervirksomhed, og drives kredit- eller finansieringsinstituttet i fællesskab med andre virksomheder, der ikke indgår i koncernen, skal der foretages en pro rata-konsolidering af virksomheden i henhold til §§ 170 og 174 i forhold til koncernvirksomhedernes andel af egenkapital og resultat i den virksomhed, hvori kapitalinteressen besiddes. Stk. 2. Hvis investeringsforvaltningsselskabets eller den finansielle holdingvirksomheds ansvar for virksomheden ikke er begrænset til ejerandelen eller stemmerettighederne, skal der foretages en fuld konsolidering i henhold til §§ 170 og 174. Stk. 3. Stk. 1 og 2 finder ikke anvendelse for den øverste modervirksomhed i Danmark, som indgår i en koncern, hvor der foretages konsolidering i henhold til artikel 11, stk. 1 og 2, i Europa-Parlamentets og Rådets forordning (EU) nr. 575/2013 om tilsynsmæssige krav til kreditinstitutter. § 177. Forsikringsselskaber og forsikringsselskabers dattervirksomheder og virksomheder, der midlertidigt drives af finansielle virksomheder, skal ikke medtages ved konsolideringen i henhold til §§ 170 og 174. Finanstilsynet kan dog bestemme, at disse virksomheder skal medtages. Stk. 2. Pengeinstitutter, realkreditinstitutter eller finansieringsinstitutter, der er dattervirksomheder af forsikringsselskaber, skal medtages i konsolideringen i henhold til § 170, hvis den øverste modervirksomhed i Danmark er en investeringsforvaltningsholdingvirksomhed. § 177 a. I koncerner, hvor den øverste modervirksomhed er beliggende i Danmark, og hvor modervirksomheden er et pengeinstitut, et realkreditinstitut, en blandet holdingvirksomhed eller en finansiel holdingvirksomhed, som mindst har én dattervirksomhed, som er et pengeinstitut eller et realkreditinstitut, finder §§ 243 a og 243 c anvendelse. Stk. 2. Opfylder en modervirksomhed som nævnt i stk. 1 betingelserne for, at Finanstilsynet kan anvende et eller flere af de i §§ 243 a eller 243 c nævnte påbud, skal Finanstilsynet høre de øvrige kompetente myndigheder i tilsynskollegiet og underrette Den Europæiske Banktilsynsmyndighed, inden et påbud efter §§ 243 a eller 243 c påbydes modervirksomheden. Stk. 3. Modtager Finanstilsynet som konsoliderende myndighed efter stk. 1 en høring som nævnt i § 177 b, stk. 1, skal Finanstilsynet give sin vurdering af det påtænkte påbuds indvirkning på koncernen inden for 3 arbejdsdage efter modtagelsen. Stk. 4. Ønsker mere end én kompetent myndighed i tilsynskollegiet at give et eller flere påbud efter §§ 243 a eller 243 c til en koncern, som er omfattet af stk. 1, vurderer Finanstilsynet i samarbejde med de øvrige kompetente myndigheder i tilsynskollegiet, om det er mest hensigtsmæssigt at udpege den samme midlertidige administrator, jf. § 243 c, for alle berørte virksomheder eller at koordinere anvendelsen af et eller flere påbud i § 243 a på mere end én virksomhed. Finanstilsynet og de øvrige kompetente myndigheder i tilsynskollegiet skal tilstræbe at nå en fælles beslutning senest 5 arbejdsdage efter den i stk. 2 nævnte høring. Opnås en fælles beslutning, fremsender Finanstilsynet denne til modervirksomheden. Stk. 5. Foreligger der ikke senest 5 arbejdsdage efter den i stk. 2 nævnte høring en fælles beslutning, jf. stk. 4, træffer Finanstilsynet beslutning om anvendelse af et eller flere påbud, jf. §§ 243 a eller 243 c, over for modervirksomheden. Finanstilsynet underretter modervirksomheden og de øvrige relevante kompetente myndigheder i tilsynskollegiet om denne beslutning. Finanstilsynet skal udskyde beslutningen og beslutninger efter stk. 2, såfremt en af de kompetente myndigheder i tilsynskollegiet har indbragt sagen for Den Europæiske Banktilsynsmyndighed, og skal herefter træffe

16. april 2026. 64 Nr. 432.

decision in accordance with the decision of the European Banking Authority.

§ 177 b. In cases where one or more subsidiaries, which are credit institutions or mortgage credit institutions, are subject to supervision by the Financial Supervisory Authority, but another authority within the European Union or in countries with which the Union has concluded agreements in the financial field is the consolidating authority for the group in question, the Financial Supervisory Authority shall, when the conditions for applying §§ 243 a or 243 c are met in relation to one or more subsidiaries, consult the consolidating authority before the Financial Supervisory Authority issues one or more orders to the subsidiary pursuant to §§ 243 a or 243 c. The Financial Supervisory Authority shall notify the consolidating authority and the other competent authorities in the supervisory college of the decision.

Subsection 2. In a group where consolidated supervision is not with the Financial Supervisory Authority, pursuant to subsection 1, the Financial Supervisory Authority may decide to apply one or more orders, pursuant to §§ 243 a or 243 c, to a credit institution or a mortgage credit institution subject to supervision by the Financial Supervisory Authority, if a joint decision as referred to in § 177 a, subsection 4, second sentence, is not available within the deadline set in § 177 a, subsection 4, second sentence. The Financial Supervisory Authority shall notify the credit institution or mortgage credit institution of this decision. The Financial Supervisory Authority shall defer the decision if the matter has been referred to the European Banking Authority, and shall thereafter make a decision in accordance with the decision of the European Banking Authority.

Exceptions

§ 178. The Financial Supervisory Authority may, in special cases, exempt from the requirements in §§ 170 and 174.

Separation, Divestment and Intra-Group Transactions

§ 179. The Financial Supervisory Authority may order a parent company owning capital shares in financial companies to separate the financial companies and financing undertakings in a sub-group under a financial holding company, if

1. the group is structured in such a way that the parent company is not required to meet the solvency requirement in § 170, Article 92(1), in conjunction with Article 11(1) and (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,

2. a member of the parent company's board of directors or management is subject to one of the circumstances in § 64(1), No. 3-5, or

3. the structure otherwise complicates the performance of supervisory tasks.

§ 180. The Financial Supervisory Authority may order a financial holding company or an insurance holding company to divest capital shares in a financial company, if

1. the parent company or the group does not meet the solvency requirement in § 170 or Article 92(1), in conjunction with Article 11(1) and (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,

2. a member of the holding company's board of directors or management does not have sufficient experience to perform the role or position or is subject to one of the circumstances in § 64(1), No. 3-5, or

3. the parent company hinders sound and prudent management of the financial company.

§ 181. The Financial Supervisory Authority lays down detailed rules for transactions entered into between a financial company and

1. companies directly or indirectly connected to the financial company as subsidiaries, associated undertakings or parent companies or as the parent company's associated undertakings and other subsidiaries,

2. companies or persons connected to the financial company through close links, pursuant to § 5(1), No. 15, or

3. companies not covered by No. 1 and 2, where the persons in the management of the majority of the companies are the same, or where the companies are subject to joint management pursuant to an agreement or articles of association.

Subsection 2. Intra-group transactions carried out in breach of the rules laid down pursuant to subsection 1 shall be revoked, such that services are returned if possible, including that any security provided ceases. Payments from the financial company made in connection with intra-group transactions in breach of the rules laid down pursuant to subsection 1 shall be refunded together with an annual interest on the amount corresponding to the interest rate set pursuant to § 5(1) and (2) of the Act on Interest and Other Matters Regarding Delayed Payment.

§ 182. A credit institution or a mortgage credit institution may not, without permission from the Financial Supervisory Authority, have exposures to other companies within the same group, except for exposures to subsidiaries, subject to §§ 182 b-182 f.

Subsection 2. A credit institution or a mortgage credit institution may not otherwise have an exposure to companies or persons who directly or indirectly have decisive influence on the credit institution or mortgage credit institution, or who are dominated by companies or persons with such influence.

Subsection 3. The Financial Supervisory Authority may exempt from subsection 2.

Subsection 4. For companies with state capital injection pursuant to the Act on State Capital Injection in Credit Institutions, permission in accordance with subsection 1 presupposes that the company can demonstrate that the exposure is not a consequence of the state capital injection and is not in conflict with § 8(2), No. 7, of the Act on State Capital Injection in Credit Institutions.

§ 182 a. For credit institutions meeting the criteria in Article 10 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, § 124 applies only on a consolidated basis.

§ 182 b. Companies within a group, which are either credit institutions, mortgage credit institutions, financing undertakings, mixed holding companies or financial holding companies with at least one subsidiary which is a credit institution, a mortgage credit institution or a financing undertaking, may, with the permission of the Financial Supervisory Authority, pursuant to subsection 3, enter into an agreement on intra-group financial support for one or more of the parties to the agreement, if one of the parties subsequently comes into a situation where the conditions for early intervention in Chapter 15 a are met. An agreement on intra-group financial support must be compatible with the conditions set out in § 182 d.

Subsection 2. When entering into an agreement on intra-group financial support, pursuant to subsection 1, the companies which are parties to the agreement shall act in their own interest. The agreement on intra-group financial support shall establish principles for the calculation of the remuneration to be paid for transactions in accordance with the agreement.

Subsection 3. An application for permission to enter into an agreement on intra-group financial support, pursuant to subsection 1, shall be submitted to the Financial Supervisory Authority by the parent company in the group, when the ultimate parent company within the European Union is under consolidated supervision by the Financial Supervisory Authority. The application shall contain a draft of the intended agreement, information on which companies intend to participate in the agreement, and other information necessary for the Financial Supervisory Authority's assessment of whether the agreement is compatible with the conditions set out in § 182 d.

Subsection 4. The Financial Supervisory Authority shall immediately forward the application for permission to enter into an agreement on intra-group financial support submitted pursuant to subsection 3 to the competent authorities for each of the subsidiaries wishing to participate in the agreement, in order to reach a joint decision.

Subsection 5. The Financial Supervisory Authority grants permission for the intended agreement in accordance with the procedures in subsections 7 and 8, if the agreement is assessed to be compatible with the conditions set out in § 182 d for providing intra-group financial support.

Subsection 6. The Financial Supervisory Authority may, in accordance with the procedures in subsections 7 and 8, prohibit the entry into the intended agreement on intra-group financial support, if the agreement is considered incompatible with the conditions set out in § 182 d for providing intra-group financial support.

Subsection 7. The Financial Supervisory Authority shall, together with the authorities mentioned in subsection 4, within 4 months of receiving the application mentioned in subsection 3, reach a joint decision on the application. If a joint decision is reached, the Financial Supervisory Authority shall forward this to the company.

Subsection 8. If no joint decision is reached within the deadline of 4 months, pursuant to subsection 7, the Financial Supervisory Authority shall make its own decision on the application. The Financial Supervisory Authority shall notify the company and the authorities, pursuant to subsection 4, of the decision.

Subsection 9. The Financial Supervisory Authority shall defer the decision if any of the authorities mentioned in subsection 4 has referred the matter to the European Banking Authority, and shall thereafter make a decision in accordance with the decision of the European Banking Authority.

§ 182 c. If the Financial Supervisory Authority has granted permission for an agreement on intra-group financial support pursuant to § 182 b(1), the agreement shall be approved by the shareholders in each of the companies wishing to participate in the agreement.

Subsection 2. The board of directors for each of the companies participating in the agreement on intra-group financial support shall annually report to the shareholders on the implementation of the decisions made pursuant to the agreement.

§ 182 d. A company, pursuant to § 182 b, may only provide intra-group financial support in accordance with the agreement entered into, pursuant to § 182 b(1), to another company meeting the conditions in Chapter 15 a on early intervention, when the following conditions are met:

1. It can reasonably be expected that the intra-group financial support will remedy the significant financial problems in the recipient company.

2. The intra-group financial support aims to preserve or restore financial stability in the group as a whole or in one of the companies and is in the interest of the providing company.

3. The intra-group financial support is provided on market-based terms, including against remuneration, pursuant to § 182 b(2).

4. There is a reasonable prospect that the remuneration for the intra-group financial support will be paid, including that the loan will be repaid by the recipient company, if the support is provided in the form of a loan.

5. The provision of the intra-group financial support will not threaten the liquidity or solvency of the providing company.

6. The provision of the intra-group financial support will not pose a threat to financial stability, in particular in countries within the European Union or in countries with which the Union has concluded agreements in the financial field, where the providing company is established.

7. The providing company meets the capital and liquidity requirements at the time of providing the intra-group financial support, and the provision of the support does not result in the requirements no longer being met, unless the Financial Supervisory Authority or the competent authority in countries within the European Union or in countries with which the Union has concluded agreements in the financial field, responsible for supervising the providing company, has granted specific permission for this.

8. The providing company meets the requirements for large exposures set out in Part Four of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions at the time of providing the intra-group financial support, unless the competent authority in countries within the European Union or in countries with which the Union has concluded agreements in the financial field, responsible for supervising the providing company, has granted specific permission for the non-compliance.

9. The provision of the intra-group financial support does not change the possibilities for resolution of the providing company.

§ 182 e. The board of directors of the providing company shall decide to provide intra-group financial support in accordance with the agreement thereon, if the conditions in § 182 d are met. The board of directors of the recipient company shall decide to accept intra-group financial support in accordance with the agreement.

Subsection 2. The board of directors of the providing company shall, prior to providing intra-group financial support in accordance with an approved agreement thereon, pursuant to § 182 b(5), notify

1. the Financial Supervisory Authority,

2. the consolidating supervisory authority, if this is not the Financial Supervisory Authority,

3. the competent authority for the recipient company, if this is not covered by No. 1 or 2, and

4. the European Banking Authority.

Subsection 3. Notification pursuant to subsection 2 shall contain the board's reasoned decision, pursuant to subsection 1, and detailed information on the intended intra-group financial support, including a copy of the agreement on intra-group financial support.

Subsection 4. The Financial Supervisory Authority has 5 working days from the time of receipt of the notification, pursuant to subsection 2, and receipt of the required information, pursuant to subsection 3, to prohibit or limit the intra-group financial support, if the Financial Supervisory Authority assesses that the conditions in § 182 d are not met.

Subsection 5. The Financial Supervisory Authority's decision to accept, prohibit or limit the intra-group financial support shall be communicated immediately to

1. the consolidating supervisory authority, if this is not the Financial Supervisory Authority,

2. the competent authority for the recipient company, and

3. the European Banking Authority.

Subsection 6. If the Financial Supervisory Authority does not prohibit or limit the intra-group financial support within the deadline stated in subsection 4, intra-group financial support may be provided in accordance with the notification.

Subsection 7. The board's decision to provide intra-group financial support shall be sent to the authorities mentioned in subsection 2. The Financial Supervisory Authority shall immediately notify the other members of the supervisory college and the members of the resolution college, if the Financial Supervisory Authority has consolidated supervision of the group.

§ 182 f. A company which is a party to an agreement on intra-group financial support, pursuant to § 182 b, shall publish on its website a description of the general conditions of the agreement as well as names and identification numbers in the form of CVR numbers for Danish companies which are parties to the agreement.

Subsection 2. Publication pursuant to subsection 1 shall take place at least once a year simultaneously with the publication of the annual report. Publication pursuant to subsection 1 shall also take place if there are significant changes in the agreement on intra-group financial support or in the company during the year. Articles 431-434 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions shall apply correspondingly.

Section VI Annual Report, Audit and Use of Year's Surplus Chapter 13 Annual Report, Audit and Use of Year's Surplus General Rules on Annual Report and Audit

§ 183. Financial companies and financial holding companies shall prepare an annual report consisting of a management report, a management statement and an annual accounts statement consisting of a balance sheet, an income statement, other comprehensive income, notes, including a statement of accounting policies, and a summary of movements in equity. When an annual accounts statement has been audited, the auditor's report forms part of the annual report. If a statement on sustainability reporting has been issued, pursuant to § 193 a(1), this shall form part of the annual report.

Subsection 2. The annual report shall be prepared in accordance with the rules in this chapter and rules laid down pursuant to § 196, subject to subsections 3-6.

Subsection 3. Where provisions in this chapter or rules issued pursuant thereto regulate the same matters as the Council Regulation on the application of international accounting standards regulates, pursuant to Article 4 of the Regulation, the provisions in this chapter or the rules issued pursuant thereto shall not have validity for the consolidated accounts of the companies covered by Article 4 of the Regulation.

Subsection 4. Financial companies and financial holding companies which do not issue transferable securities admitted to trading on a regulated market in this country, in another country within the European Union or in a country with which the Union has concluded agreements in the financial field, may, regardless of subsection 2, choose to apply the standards mentioned in subsection 3 to their consolidated accounts.

Subsection 5. Financial companies which, pursuant to subsection 4, follow the standards mentioned in subsection 3, shall apply all approved standards in their consolidated accounts. Where provisions in this Act or provisions issued pursuant to § 196 regulate the same matters as the standards, companies which, pursuant to subsection 4, apply the standards, shall apply the standards instead of the relevant provisions.

Subsection 6. The Financial Supervisory Authority may lay down disclosure requirements for companies following the standards mentioned in subsection 3.

§ 184. The board of directors and management shall prepare the annual report for the company.

Subsection 2. Each individual member of management is responsible for ensuring that the annual report is prepared in accordance with legislation and any additional requirements for accounts in the articles of association or agreement. Furthermore, each individual member is responsible for ensuring that the annual accounts and any consolidated accounts can be audited in good time, and for ensuring that the annual report can be approved in good time. Finally, each individual member of the board of directors is responsible for ensuring that the annual report is submitted to the Financial Supervisory Authority, pursuant to § 194.

1, and the Danish Business Authority, pursuant to Section 195, subsection 1, within the time limits set by legislation.

Subsection 3. Furthermore, each individual member of the governing management bodies is responsible for:

1. ensuring that the annual report can be audited and approved in good time, and
2. ensuring that any declaration on sustainability reporting can be issued, so that the annual report can be approved in good time.

Subsection 4. Each individual member of the highest management body is responsible for ensuring that the annual report is submitted to the Financial Supervisory Authority, pursuant to Section 194, subsection 1, and the Danish Business Authority, pursuant to Section 195, subsection 1, within the time limits set by the law.

Section 185. When the annual report has been prepared, all members of the board of directors and the executive management must sign it and date the signature. They must give their signature in connection with a management statement, in which the name and function of each individual member in relation to the company are clearly indicated, and in which they declare whether:

1. the annual report is drawn up in accordance with the requirements of the legislation and any requirements in the articles of association or agreement,
2. the annual accounts and any group accounts give a true and fair view of the company's and, if group accounts have been prepared, the group's assets and liabilities, financial position as well as the result, and
3. the management report contains a true and fair account of the development in the company's and, if group accounts have been prepared, the group's activities and economic affairs as well as a description of the most significant risks and uncertainties that the company or group may be affected by, and that any sustainability reporting has been drawn up in accordance with the rules in this chapter and the rules issued pursuant to Section 193 a, subsection 6, and Section 196.

Subsection 2. If the annual report is signed digitally, pursuant to Section 6 b, the requirement in subsection 1 that the signature and the dating of the signature must be given in connection with the management statement is waived. The signer's name must, however, appear clearly in connection with the management statement.

Subsection 3. If the management has added supplementary reports to the annual report, the members of the board of directors and the executive management must declare in the management statement whether the report gives a true and fair account within the framework of generally accepted guidelines for such reports.

Subsection 4. Even if a management member disagrees completely or partially with the annual report or has objections to its approval with the content that has been decided, the member cannot refrain from signing. The management member may, however, indicate their objections with a concrete and comprehensive justification in connection with their signature and the management statement.

Section 186. The annual accounts and any group accounts must give a true and fair view of the company's and group's assets and liabilities, financial position as well as the result. The management report must contain a true and fair account of the matters dealt with in the report.

Subsection 2. If the application of the provisions of this law or the rules issued pursuant to Section 196 is not sufficient to give a true and fair view as mentioned in subsection 1, additional information must be given in the annual accounts or group accounts.

Subsection 3. If the application of the provisions of this chapter or rules issued pursuant to Section 196 in special cases would conflict with the requirement in subsection 1, first sentence, they must be departed from so that this requirement is met. Such a departure must be disclosed in the notes every year and always justified concretely and comprehensively with information about the impact, including as far as possible the monetary impact, the departure has on the company's or group's assets and liabilities, financial position as well as the result.

Section 187. In order for the annual accounts and group accounts to give a true and fair view, and for the management report to contain a true and fair account, pursuant to Section 186, the requirements in subsections 2 and 3 must be met.

Subsection 2. The annual report must be prepared in such a way that it supports the users of the accounts in their economic decisions. The users of the accounts mentioned are persons, companies, organizations and public authorities etc., whose economic decisions are normally expected to be affected by an annual report, including current or future business participants, creditors, employees, customers, alliance partners, the local community as well as grant-giving and tax authorities. The decisions mentioned must at least concern:

1. the allocation of the user's own resources,
2. the management of the company's resources by the management, and
3. the distribution of the company's resources.

Subsection 3. The annual report must be prepared in such a way that it provides information on matters that are normally relevant to the users of the accounts, pursuant to subsection 2. The information must also be reliable in relation to what the users of the accounts normally expect.

Section 188. The annual report must be prepared according to the following basic assumptions:

1. It must be prepared in a clear and understandable manner (clarity).
2. Account must be taken of the actual circumstances and not of formalities without real content (substance).
3. All relevant matters must be included in the annual report, unless they are insignificant (materiality). If several insignificant matters are considered together to be significant, they must, however, be included.
4. The operation of an activity is assumed to continue (going concern), unless it is not to or is not assumed to be able to continue. If an activity is discontinued, the classification and presentation as well as recognition and measurement must be adapted to this discontinuation.
5. Any change in value must be shown, regardless of the impact on equity and profit and loss account (neutrality).
6. Transactions, events and changes in value must be recognized when they occur, regardless of the time of payment (accrual basis).
7. Recognition methods and measurement bases must be applied consistently to the same category of matters (consistency).
8. Each transaction, event and change in value must be recognized and measured separately, and the individual matters must not be offset against each other (gross value).
9. The opening balance for the financial year must correspond to the closing balance for the preceding financial year (formal continuity).

Subsection 2. Presentation and classification, consolidation method, recognition method and measurement basis as well as the monetary unit used must not be changed from year to year (real continuity). Change may, however, be made if this thereby better achieves a true and fair view, or if the change is necessary as a result of a change in law or new rules issued pursuant to Section 196.

Subsection 3. The Financial Supervisory Authority may, regardless of subsection 1, item 8, set rules on the obligation to offset.

Subsection 4. The provisions in subsection 1, items 6-9, and subsection 2 may be departed from in special cases. In that case, Section 186, subsection 3, second sentence, applies correspondingly.

Section 189. Assets and liabilities of financial businesses must, unless otherwise provided pursuant to Section 196, be measured at fair value. Assets and liabilities are written up and down in accordance herewith, and write-ups and write-downs are recognized in the profit and loss account, unless otherwise provided pursuant to Section 196.

Section 190. Supplementary reports, e.g. reports on knowledge and employees' matters (knowledge accounts), on environmental matters (green accounts), on the company's social responsibility (social accounts) and on the company's ethical objectives and follow-up thereof (ethical accounts), must give a true and fair account within the framework of generally accepted guidelines for such reports. They must meet the quality requirements in Section 187, subsection 3, and with the relaxations that follow from the nature of the matter, the basic assumptions in Section 188, subsections 1 and 2.

Subsection 2. The methods and measurement bases according to which the reports are drawn up must appear in the supplementary reports.

Section 191. The financial year must follow the calendar year.

Subsection 2. The first financial period may cover a shorter or longer period than 12 months, but at most 18 months.

Subsection 3. Parent companies and subsidiary companies must ensure that the subsidiary company has the same financial year as the parent company, unless this is not possible due to circumstances beyond the control of the parent company and the subsidiary company.

Subsection 4. The Financial Supervisory Authority may in special cases grant exemption from the requirement in subsection 1.

Section 192. Recognition, measurement and information in monetary units must be carried out in Danish kroner or in euros. The Financial Supervisory Authority may in rules issued pursuant to Section 196 determine that the amounts are stated in other foreign currencies that are relevant to the company or the company's group.

Section 193. The annual report must be audited by the company's external auditors, pursuant to Section 199. The audit does not cover the management report and the supplementary reports included in the annual report, pursuant to Section 190. The auditor must, however, issue an opinion on the management report.

Section 193 a. A company that is obliged to draw up sustainability reporting must have the sustainability reporting accompanied by a declaration on sustainability reporting.

Subsection 2. The declaration pursuant to subsection 1 must be issued by an auditor who is approved to issue declarations on sustainability reporting in accordance with the Auditor Act, or through an independent assurance provider who is registered in accordance with the Act on Independent Assurance Providers regarding Sustainability Reporting.

Subsection 3. Section 199, subsections 6-8 and 11, apply with the necessary adaptations correspondingly to the sustainability reporting.

Subsection 4. Sections 118 a, 144 and 145-149 b of the Companies Act apply with the necessary adaptations to the sustainability reporting.

Subsection 5. The board of directors may allow internal audit and deputy audit chiefs to perform audit actions as the basis for the declaration on sustainability reporting, pursuant to subsection 1. The provisions in Section 199, subsection 10, apply with the necessary adaptations correspondingly to the audit actions of internal audit and deputy audit chiefs in connection with the issuance of a declaration on sustainability reporting.

Subsection 6. The Financial Supervisory Authority sets rules on the implementation of the auditor's or the independent assurance provider's issuance of declarations on sustainability reporting. The Financial Supervisory Authority may also set rules on internal audit, insofar as it concerns sustainability reporting.

Section 193 b. For companies covered by Section 193 a, subsection 1, which before December 31, 2025, have chosen one or more auditors or independent assurance providers, pursuant to Section 149 a, subsection 1, of the Companies Act, to issue a declaration on sustainability reporting, deregistration of the chosen auditor(s) or independent assurance provider(s) does not require separate resolution.

Subsection 2. In the case of deregistration pursuant to subsection 1, Section 149 a, subsections 2 and 3, of the Companies Act do not apply.

Subsection 3. Deregistration pursuant to subsection 1 cannot be carried out after the next ordinary general meeting or similar meeting in a corresponding approval body held on December 31, 2025, or later.

Section 194. The annual report must, in the form in which it is presented and approved by the board of directors, be submitted to the Financial Supervisory Authority by digital communication without undue delay after the board meeting where the annual report is finally approved.

Subsection 2. The external auditor's audit protocol regarding the annual report as well as, for companies with an internal auditor, the internal audit chief's audit protocol regarding the annual report, must be submitted to the Financial Supervisory Authority by digital communication simultaneously with the submission of the annual report pursuant to subsection 1. If the external auditor does not keep an audit protocol regarding the annual report, other corresponding documentation is submitted.

Section 195. The approved annual report must be submitted to the Danish Business Authority without undue delay after final approval and at the latest 4 months after the end of the financial year. Companies that are obliged to draw up interim reports must also submit the drawn-up interim report to the Danish Business Authority at the latest 3 months after the end of the interim period.

Subsection 2. The submitted annual report must at least contain the mandatory components and the full audit opinion or other declaration from the auditor or an independent assurance provider, pursuant to Section 193 a. If the company wishes to publish supplementary reports as mentioned in Section 190, these must be submitted together with the mandatory components of the annual report, so that the mandatory components and the supplementary reports together appear as one document designated "annual report".

Subsection 3. A company that is obliged to draw up sustainability reporting, and which according to other legislation is obliged to have parts of its sustainability reporting verified by an accredited independent third party, must make the report from the independent third party available on the company's website.

Subsection 4. The Financial Supervisory Authority may, after consultation with the Danish Business Authority, set detailed rules on the submission of annual reports and interim reports to the Danish Business Authority and rules on the publication of annual reports and interim reports. Detailed rules may be set hereunder that annual reports and interim reports must be submitted digitally to the Danish Business Authority, and that communication in connection with this must take place digitally.

Section 195 a. Subsidiary companies and branches that must draw up a sustainability report on behalf of the highest parent company or a foreign company that is not subject to the legislation of the European Union or a country with which the Union has concluded an agreement in the financial area, must submit the sustainability report and a declaration on sustainability reporting, issued by a legal or natural person authorized to issue such a declaration according to the legislation of the country in question, to the Danish Business Authority at the latest 12 months after the end of the financial year to which the sustainability report relates.

Subsection 2. The companies mentioned in subsection 1 must submit a declaration that the sustainability report is drawn up on the basis of the information that the subsidiary company or branch possesses, if the highest parent company or the foreign company has not made the necessary information available for the use in drawing up the sustainability report. Any declaration must be submitted to the Danish Business Authority at the latest 12 months after the end of the financial year to which the sustainability report relates.

Subsection 3. Subsidiary companies and branches that are exempt from drawing up a sustainability report themselves, because the highest parent company, or the foreign company, has drawn up a sustainability report, must submit to the Danish Business Authority at the latest 12 months after the end of the financial year to which the report relates, the sustainability report drawn up by the highest parent company or the foreign company, together with a declaration on sustainability reporting, issued by a legal or natural person authorized to issue such a declaration according to the legislation of the country in question, or any declaration that the highest parent company or the foreign company has not issued a declaration on sustainability reporting.

Subsection 4. The Financial Supervisory Authority may, after consultation with the Danish Business Authority, set detailed rules on the submission of the sustainability report, the declaration on sustainability reporting and any declarations pursuant to subsections 2 and 3 to the Danish Business Authority.

Section 196. The Financial Supervisory Authority sets detailed rules for the annual report, including rules on the recognition and measurement of assets, liabilities, income and expenses, the presentation of the profit and loss account and balance sheet as well as requirements for notes and the management report.

Subsection 2. The Financial Supervisory Authority also sets rules for group accounts, including rules on when an annual report must include group accounts, and which companies this must cover.

Subsection 3. The Financial Supervisory Authority may set rules for the preparation and publication of accounting reports covering periods shorter than the annual report.

Subsection 4. The Financial Supervisory Authority sets rules on sustainability reporting, including rules on content and form.

Section 197. With the aim of ensuring that the annual reports and sustainability reports of financial businesses and financial holding companies drawn up by subsidiary companies and branches on behalf of the highest parent company or a foreign company that is not subject to the legislation of the European Union or a country with which the Union has concluded an agreement in the financial area, are in accordance with the rules in this chapter and the rules issued pursuant to Section 196, and that the group accounts of financial businesses covered by Article 4 of the Council Regulation on the application of international accounting standards are in accordance with the international accounting standards, the Financial Supervisory Authority may:

1. provide guidance,
2. point out violations, and
3. order that errors be corrected and violations be brought to an end.

Section 198. Financial businesses and financial holding companies must make regular accounting reports to the Financial Supervisory Authority in accordance with forms and guidelines thereto drawn up by the Financial Supervisory Authority. The reports must be submitted to the Financial Supervisory Authority in electronic form.

Subsection 2. The Financial Supervisory Authority may grant exemption from Section 198, subsection 1, second sentence.

Section 199. Financial businesses and financial holding companies must have at least one state-authorised auditor, and this auditor must, if it concerns the audit of credit institutions or mortgage credit institutions, also be certified by the Financial Supervisory Authority. If more than one auditor is chosen or an auditor is appointed after the third sentence, the additional chosen or appointed auditors must...

auditors must be state-certified and, in the case of audits of credit institutions or mortgage credit institutions, the signing auditor(s) must also be certified by the Financial Supervisory Authority. The Financial Supervisory Authority may in special cases appoint an additional auditor. This auditor functions under the same terms and according to the same rules as the auditors elected by the general meeting.

Subsection 2. The auditors of a financial undertaking or a financial holding company must also be auditors of the undertaking's subsidiaries. If a financial undertaking or a financial holding company has a subsidiary that is a credit institution or a mortgage credit institution, the elected signing auditors must be certified by the Financial Supervisory Authority to audit these types of financial undertakings, cf. subsection 1. However, it is sufficient that they are jointly certified to audit the individual types of financial undertakings in the group.

Subsection 3. Subsection 2 does not apply to parent and subsidiary undertakings that are not established in Denmark.

Subsection 4. The Financial Supervisory Authority may deprive an auditor of their certification, cf. subsection 1, first sentence, and thereby the right to audit the specific type of financial undertaking, and instead appoint another auditor, cf. subsection 1, third sentence, until a new election has been made, if

1. the auditor cannot within a deadline set by the Financial Supervisory Authority document that they meet the requirements for certification, or
2. the Financial Supervisory Authority finds that the auditor has not functioned satisfactorily, wholly or partially, and where there is reason to assume that the person in question will not perform the audit in a proper manner.

Subsection 5. Auditors who, in accordance with subsection 4, are deprived of their certification may demand that the Financial Supervisory Authority's decision be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been communicated to the person concerned. The request does not have suspensive effect, but the court may by order determine that the auditor in question may maintain their position as auditor for the specific type of financial undertaking during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks. The case is instituted in the form of civil procedure.

Subsection 6. In the event of a change of auditor, the undertaking and the outgoing auditor must each provide a statement to the Financial Supervisory Authority no later than 1 month after leaving office, if the change is due to special circumstances.

Subsection 7. The Financial Supervisory Authority may require the auditor and, for undertakings with an internal auditor, the head of internal audit, to provide information regarding the circumstances in a financial undertaking, a financial holding company, or such undertakings' subsidiaries.

Subsection 8. The Financial Supervisory Authority may arrange an extraordinary audit in a financial undertaking, a financial holding company, or such undertakings' subsidiaries. The financial undertaking may be ordered to pay for the execution of the audit. The Financial Supervisory Authority approves the size of the remuneration.

Subsection 9. Sections 144-149 of the Companies Act on auditing apply with the necessary adjustments correspondingly to financial undertakings and financial holding companies that are not limited liability companies.

Subsection 10. The board of directors may not permit, cf. Section 80, subsection 1, that internal audit and deputy internal audit heads perform audit tasks in undertakings outside the group. The board of directors may not also permit that internal audit and deputy internal audit heads perform other work than audit tasks in undertakings within the group or in undertakings within the same administrative community. The Financial Supervisory Authority may in special cases grant a dispensation from the first sentence.

Subsection 11. The board of directors may not permit, cf. Section 80, subsection 1, that internal audit and deputy internal audit heads take on positions that cause them to conflict with impartiality rules corresponding to those that apply to external auditors of public interest undertakings pursuant to the Auditors Act and Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of undertakings of public interest.

Subsection 12. The Financial Supervisory Authority lays down rules on the implementation of auditing in financial undertakings, financial holding companies, and such undertakings' subsidiaries, including rules on internal auditing.

Subsection 13. The Financial Supervisory Authority lays down detailed rules on the certification of auditors, cf. subsection 1 and 4.

Section 200. An external auditor and a head of internal audit must immediately notify the Financial Supervisory Authority of any matter and any decision concerning the financial undertaking of which the auditor becomes aware in the exercise of their duties as auditor, and which may

1. constitute a significant breach of statutory provisions or regulations that set the conditions for the grant of authorization, or that specifically concern the undertaking's activities,
2. affect the undertaking's continued operation, or
3. lead to a refusal to sign the accounts or to the conclusion being modified.

Subsection 2. The duty to notify also covers any matter and any decision covered by subsection 1, which the external auditor and a head of internal audit become aware of as auditor for an undertaking that has close connections with the financial undertaking.

Section 200 a. (Repealed)

Special rules on the use of the year's profit in credit institutions

Section 201. A credit institution must make the provisions that are necessary according to the institution's economic position. The articles of association may prescribe a duty to make provisions.

Section 202. A savings bank's profit must be allocated to equity capital, except for amounts that are added to the savings bank's employees as part of agreements on profit sharing, amounts that the savings bank's board of representatives decides to use for the interest on the savings bank's guarantee capital, and amounts that are distributed to holders of hybrid core capital issued by the savings bank, if the guarantee capital or the hybrid core capital meets the conditions for being equity capital. The board of representatives may not set a higher interest on the guarantee capital than proposed or approved by the board of directors.

Subsection 2. The board of representatives may, however, determine that amounts from the savings bank's annual profit are to be used for public or charitable purposes. Such amounts may eventually be allocated to a special fund for later payment.

Subsection 3. Transfers to the guarantee capital from the savings bank's other equity capital are prohibited.

Section 203. A decision on the distribution of the profit amount that a cooperative has at its disposal after the annual accounts is made by the general meeting. The general meeting may not decide on the distribution of a higher dividend than proposed or approved by the board of directors.

Subsection 2. The general meeting may decide that gifts are to be made from the cooperative's funds for public or similar purposes, insofar as this is considered reasonable with regard to the intention of the gift, the cooperative's economic position, and the circumstances in general. The board of directors may use amounts for the purposes mentioned in the first sentence, which are of minor significance in relation to the cooperative's economic position.

Part VII Intervention in or termination of the financial undertaking Chapter 14 Merger and conversion Merger

Section 204. The Financial Supervisory Authority must approve mergers, cf. subsection 6, and divisions, cf. subsection 7, for credit institutions, mortgage credit institutions, and financial holding companies covered by Section 175 g, where the surviving undertaking is subject to the supervision of the Financial Supervisory Authority. The Financial Supervisory Authority must also approve mergers and divisions when the surviving undertaking is located in a country outside the European Union with which the Union has not concluded an agreement in the financial area.

Subsection 2. A credit institution, a mortgage credit institution, or a financial holding company covered by Section 175 g must submit an application in accordance with subsection 1 prior to the implementation of the agreement. Several undertakings covered may submit a joint application.

Subsection 3. Where the surviving undertaking simultaneously must apply for authorization in accordance with Section 14 or approval in accordance with Section 175 g, this is not covered by subsection 1, cf. however Sections 207 and 211, cf. Section 208, subsection 4.

Subsection 4. Mergers and divisions covered by the Act on Restructuring and Winding Up of Certain Financial Undertakings are not covered by the approval requirement in subsection 1.

Subsection 5. Section 238, subsection 2, Section 239, subsection 2, Section 242, second sentence, Section 256, subsection 2, Section 257, subsection 2, Section 260, second sentence, Section 277, second sentence, and Section 297, second sentence, of the Companies Act do not apply to mergers covered by subsection 1.

Subsection 6. A merger in accordance with subsection 1 is understood as,

1. one or more companies transferring all assets and liabilities to another existing company in connection with dissolution without liquidation, in exchange for their company participants being allocated consideration,
2. one or more companies transferring all assets and liabilities to another existing company in connection with dissolution without liquidation without the issuing of new capital shares by the surviving company, provided that one person directly or indirectly holds all the capital shares in the merged companies, or that the participants in the merged companies hold their capital shares in the same proportion in all the merged companies,
3. two or more companies transferring all assets and liabilities to a new company in connection with their dissolution without liquidation, in exchange for their company participants being allocated consideration, or
4. a company transferring all assets and liabilities to the company that holds all the capital shares in the company in connection with the company's dissolution without liquidation.

Subsection 7. A division in accordance with subsection 1 is understood as,

1. a company transferring all its assets and liabilities to several companies after dissolution without liquidation, in exchange for the company participants in the divided company being allocated consideration,
2. a company transferring all its assets and liabilities to several newly established companies after dissolution without liquidation, in exchange for the company participants in the divided company being allocated consideration,
3. a combination of no. 1 and 2,
4. a divided company transferring part of its assets and liabilities to one or more receiving companies, in exchange for the participants in the divided company being allocated consideration, or
5. a divided company transferring part of its assets and liabilities to one or more receiving companies in exchange for consideration.

Section 204 a. A decision pursuant to Section 204, subsection 1, must be communicated to the applicant no later than 2 months after the receipt of the application. If the application is incomplete, a decision must be communicated no later than 2 months after the applicant has submitted the information necessary to make the decision. A decision must in any case be made no later than 6 months after the receipt of the application. If the merger or division concerns exclusively financial interests from the same group, subsections 2-5 apply.

Subsection 2. If the merger or division concerns exclusively financial interests from the same group, the Financial Supervisory Authority confirms in writing and no later than after 10 working days the receipt of the application, cf. Section 204, subsection 1. The same applies to the receipt of material, cf. subsection 4.

Subsection 3. The Financial Supervisory Authority has 60 working days from the time of the written confirmation of the receipt of the application, cf. subsection 2, first sentence, and the receipt of all documents required to be attached to the application, to make the assessment mentioned in Section 204 b. Simultaneously with the confirmation of the receipt of the application, cf. subsection 2, first sentence, the Financial Supervisory Authority notifies the intended acquirer of the date when the assessment period expires.

Subsection 4. The Financial Supervisory Authority may, until the 50th working day in the assessment period, cf. subsection 3, request additional information that is necessary for the assessment. The request must be in writing. The first time such a request is made, the assessment period is interrupted in the period between the time of the request and the receipt of the answer thereto. The interruption may, however, not exceed 20 working days, cf. however subsection 5.

Subsection 5. The Financial Supervisory Authority may extend the interruption of the assessment period as mentioned in subsection 4 by up to 10 working days, if

1. the intended acquirer is established or subject to the legislation in a country outside the European Union with which the Union has not concluded an agreement in the financial area, or
2. an exchange of information with the authorities responsible for the supervision of the undertaking pursuant to the Money Laundering Act is necessary to make the assessment mentioned in Section 204 b, subsection 1.

Subsection 6. The Financial Supervisory Authority's decision must be reasoned and communicated in writing to the financial undertaking no later than 2 working days after the conclusion of the assessment pursuant to Section 204 b.

Subsection 7. If the merger or division concerns exclusively financial interests from the same group, and the Financial Supervisory Authority does not reject the application for the intended merger or division in writing during the assessment period, the merger or division is deemed to be approved.

Subsection 8. The Financial Supervisory Authority may, upon approval pursuant to Section 204, subsection 1, set a deadline for the implementation of the merger or division. The Financial Supervisory Authority may extend such a deadline.

Section 204 b. The Financial Supervisory Authority assesses an application received pursuant to Section 204, subsection 1, in relation to the following criteria, cf. however subsection 3:

1. The reputation of the financial interests involved in the intended merger or division.
2. The financial solidity of the financial interests involved in the intended merger or division.
3. Whether the entity resulting from the intended merger or division will be able to comply with and continue to comply with supervisory requirements.
4. Whether the plan for the implementation of the intended merger or division is realistic and prudent from a supervisory perspective.
5. Whether there are reasonable grounds in connection with the intended merger or division to suspect that money laundering or financing of terrorism has occurred or is occurring or has been attempted, or that the intended merger or division may increase the risk thereof.

Subsection 2. The Financial Supervisory Authority must refuse approval pursuant to Section 204, subsection 1, if the criteria in subsection 1 are not met, or if the Financial Supervisory Authority has not received sufficient information despite a request for this.

Subsection 3. The Financial Supervisory Authority may refrain from assessing one or more of the criteria in subsection 1 in mergers or divisions that concern exclusively financial interests from the same group. If the Financial Supervisory Authority does not make an assessment in such cases, the Financial Supervisory Authority must notify the applicant thereof.

Section 204 c. A credit institution, a mortgage credit institution, or a financial holding company covered by Section 175 g that transfers assets or liabilities corresponding to at least 10 percent of the undertaking's total assets or liabilities must notify the Financial Supervisory Authority in writing prior to the transfer, cf. however Section 204 d. The percentage in the first sentence is increased to 15 percent if the transfer is made between entities in the same group.

Subsection 2. Undertakings covered by Section 175 g calculate the percentage in subsection 1 based on their consolidated situation.

Subsection 3. In the calculation of the percentage in subsection 1, the following are disregarded:

1. Transfers of non-performing assets.
2. Transfers of assets that are to form part of a cover pool as defined in Article 3, no. 3, of Directive (EU) 2019/2162 of the European Parliament and of the Council.
3. Transfers of assets that are to be securitized.
4. Transfers of assets or liabilities covered by the Act on Restructuring and Winding Up of Certain Financial Undertakings.

Subsection 4. The undertaking must notify the Financial Supervisory Authority no later than 30 days before the implementation of the transfer. The Financial Supervisory Authority confirms in writing and no later than after 10 working days the receipt of the notification in accordance with subsection 1.

Subsection 5. All credit institutions, mortgage credit institutions, and financial holding companies involved in the transfer must notify the Financial Supervisory Authority. The undertakings may submit a joint notification to the Financial Supervisory Authority.

Section 204 d. The Financial Supervisory Authority must approve a transfer in accordance with Section 204 c, subsection 1, if the receiving undertaking is located in a country outside the European Union with which the Union has not concluded an agreement in the financial area.

Subsection 2. A decision pursuant to subsection 1 must be communicated to the applicant no later than 2 months after the receipt of the application. If the application is incomplete, a decision must be communicated no later than 2 months after the applicant has submitted the information necessary to make the decision. A decision must in any case be made no later than 6 months after the receipt of the application.

Section 205. The Minister for Industry, Business and Financial Affairs may lay down rules that the provisions regarding merger in chapters 15 and 16 of the Companies Act apply with the necessary adjustments to

1. merger of cooperative and savings banks, and
2. merger of savings and cooperative banks with a limited liability company.

Section 206. No later than 1 month before the merger of a credit institution or a mortgage credit institution or a specific business part of these, cf. Section 204, the credit institution or mortgage credit institution must...

the institute shall inform depositors or investors thereof, if this has significance for the coverage of depositors and investors under Sections 9 and 10 of the Act on a Depositor and Investor Guarantee Scheme.

Subsection 2. The Danish Financial Supervisory Authority may grant permission for a shorter period than that mentioned in subsection 1, if the Danish Financial Supervisory Authority assesses that the interest in protecting business secrets or financial stability so requires.

Subsection 3. Subsections 1 and 2 apply with the necessary adjustments correspondingly to branches located in Denmark of credit institutions established in another country.

Conversion of Savings Banks and Cooperative Banks into Joint-Stock Companies

Section 207. In savings banks that have conducted business since January 1, 1989, and in cooperative banks that have conducted business since January 1, 1995, the representative body or the general meeting may, in accordance with the rules in this chapter, decide that the savings bank or cooperative bank is dissolved without liquidation by transferring the assets and liabilities of the savings bank or cooperative bank as a whole to a joint-stock company owned or established by the savings bank or cooperative bank, which has permission to conduct banking business (savings bank joint-stock company/cooperative bank joint-stock company). Shares in the joint-stock company corresponding to the value of the contributed assets after deduction of the savings bank's or the individual cooperative bank's liabilities, subject to Section 208, subsection 2, are transferred in savings banks to a foundation, in cooperative banks to a foundation or an association. The foundations are considered commercial foundations. The associations are covered by the Act on Certain Commercial Enterprises, and the members of the associations must be shareholders in the joint-stock company.

Subsection 2. A decision in accordance with subsection 1 is made with the majority required for the dissolution of the savings bank or cooperative bank.

Subsection 3. In the event of the dissolution of an association established pursuant to subsection 1 that owns shares in a cooperative bank joint-stock company, the equity capital may not be distributed to the association's members.

Section 208. Sections 236-251 and 271-290 of the Companies Act apply with the necessary modifications to the merger, pursuant to Section 207, subsection 1, between the joint-stock company as the continuing company and the savings bank or cooperative bank as the dissolved company. Section 238, subsection 2, Section 239, subsection 4, and Section 242, second sentence, of the Companies Act do not apply.

Subsection 2. The guarantors in the savings bank and the members in the cooperative bank must be offered either a conversion at market price of their guarantee certificates and membership certificates into shares in the joint-stock company, cash redemption, or a combination thereof. If cash redemption is offered, this must take place before the merger plan is signed. Cash redemption of guarantee capital or membership capital is conditional on the conversion being carried out.

Subsection 3. The merger plan mentioned in Section 237, subsection 1, items 3 and 4, of the Companies Act must contain information and provisions regarding the rights granted to the guarantors and members.

Subsection 4. The Minister for Business Affairs must approve the merger pursuant to Section 204, subsection 1.

Section 209. The foundations or associations established pursuant to Section 207, subsection 1, which own shares in a savings bank joint-stock company or a cooperative bank joint-stock company, are managed by a board of at least 3 members. The boards of the foundations and associations mentioned in the first sentence must safeguard the interests of the foundation or association.

Subsection 2. The following persons may not together or individually appoint or constitute a majority of the board of the foundation or association mentioned in subsection 1:

1. Members of the board, the representative body or similar representative organs, and employees of the savings bank joint-stock company or cooperative bank joint-stock company, pursuant to Section 207, subsection 1.
2. Members of the board, the representative body or similar representative organs, and employees of the foundation's or association's subsidiaries or associated undertakings.
3. Shareholders in the savings bank joint-stock company or cooperative bank joint-stock company, if their voting rights directly or indirectly constitute at least 5 percent of the voting rights of the share capital, or if the nominal value directly or indirectly constitutes at least 5 percent of the share capital.

Subsection 3. The chairman of the board of the savings bank joint-stock company or cooperative bank joint-stock company may not simultaneously be a member of the board of the foundations or associations mentioned in subsection 1.

Subsection 4. One member of and among the employee representatives of the savings bank joint-stock company or cooperative bank joint-stock company is appointed to the board of the foundations or associations mentioned in subsection 1, unless the rules on group representation in the Act on Commercial Foundations apply. The rules in the Companies Act on group representation apply correspondingly to the relevant member.

Subsection 5. Foundations and associations covered by subsection 1 must provide the Danish Financial Supervisory Authority with the information necessary for the authority's operations. Section 347, subsection 3, applies correspondingly.

Subsection 6. The provisions in subsections 1-5 do not apply if the savings bank joint-stock company or cooperative bank joint-stock company is wound up pursuant to Sections 226 and 227 and the savings bank joint-stock company or cooperative bank joint-stock company is not considered to be continued. When the savings bank joint-stock company or cooperative bank joint-stock company is wound up and cannot be considered continued, the foundation is still considered a commercial foundation, pursuant to Section 207, subsection 1. The Danish Business Authority must, as the foundation authority, permit the changes to the foundation's articles of association that are necessary pursuant to the Act on Commercial Foundations. The same applies to associations, pursuant to Section 207, subsection 1, where the Danish Business Authority must permit the changes to the association's articles of association that are necessary pursuant to the Act on Certain Commercial Enterprises.

Section 210. (Repealed)

Section 211. In savings banks that have conducted business since January 1, 1989, the representative body may decide that the savings bank is dissolved without liquidation by transferring the savings bank's assets and liabilities as a whole to a joint-stock company owned or established by the savings bank, which has permission to conduct banking business, and that a restricted savings bank reserve corresponding to the value of the contributed assets after deduction of the savings bank's liabilities is created in the joint-stock company.

Subsection 2. Section 7, subsection 7, Sections 207 and 208 apply correspondingly.

Section 212. The restricted savings bank reserve, pursuant to Section 211, may be used to cover deficits that are not covered by amounts that can be used for dividends in the joint-stock company.

Subsection 2. In the event of the termination of the credit institution, distribution to shareholders may only take place when the obligations pursuant to subsection 4 are fulfilled.

Subsection 3. In the event of a merger with another credit institution, the continuing company assumes the savings bank reserve on the same terms that were valid until the merger.

Subsection 4. In the event of the termination of the credit institution, the savings bank reserve is used for public or charitable purposes in accordance with detailed rules established in the decision pursuant to Section 211.

Section 213. In addition to the provisions set forth in Section 201, 10 percent of the part of the year's profit that is not used to cover deficits from previous years must be allocated annually to the restricted savings bank reserve, pursuant to Section 211. If the allocation would exceed a return on the savings bank reserve corresponding to the interest rate set in subsection 2, less a proportional share of the year's corporate tax, only an amount corresponding to this return is allocated.

Subsection 2. The Danish Financial Supervisory Authority establishes rules for the calculation of the interest rate that applies pursuant to subsection 1.

Mortgage Funds and Mortgage Associations that have been Mortgage Institutions

Section 214. Funds that have been mortgage institutions, and funds that are established in connection with the conversion of mortgage institutions into joint-stock companies, are covered by the Act on Commercial Foundations.

Subsection 2. Despite the fact that a mortgage joint-stock company is wound up pursuant to Sections 226 and 227 and is not considered to be continued, the fund, pursuant to subsection 1, is still considered to be a commercial foundation. Changes to the fund's articles of association that are necessary pursuant to the Act on Commercial Foundations must be approved by the Danish Business Authority, which is the foundation authority.

Section 214a. Associations that have been mortgage institutions are covered by the Act on Certain Commercial Enterprises, pursuant to Section 1a of the Act.

Section 215. (Repealed)

Section 216. A fund or association that has been a mortgage institution, and a fund that is established in connection with the conversion of a mortgage institution into a joint-stock company, must be managed by a board of at least 5 members if the fund or association owns the mortgage joint-stock company.

Subsection 2. The members of the association or the borrowers in the mortgage joint-stock company, respectively, the holders of mortgage bonds and other financial instruments issued by the mortgage joint-stock company, each elect one or more members of the board of the fund or association covered by subsection 1. These members must together constitute more than half of the board. Members elected by the holders of mortgage bonds and other financial instruments may not constitute more than half of the board.

Subsection 3. The following groups of persons may not together or individually appoint or constitute a majority of the board of the fund or association mentioned in subsection 1:

1. Members of the board, representative bodies or similar representative organs, and employees of the mortgage joint-stock company.
2. Members of the board, the representative body or similar representative organs, and employees of the fund's or association's subsidiaries or associated undertakings.
3. Shareholders in the mortgage joint-stock company, if their voting rights directly or indirectly constitute at least 5 percent of the voting rights of the share capital, or if their shareholding in the mortgage joint-stock company has a nominal value that directly or indirectly constitutes at least 5 percent of the share capital.

Subsection 4. The chairman of the board of the mortgage joint-stock company may not simultaneously be a member of the board of the fund or association mentioned in subsection 1.

Subsection 5. If the fund or association mentioned in subsection 1 does not own other assets than mortgage bonds and similar items or capital instruments issued by financial enterprises or financial holding companies in the group, which at the time of acquisition formed part of the relevant company's equity capital or core capital, subsections 3 and 4 do not apply. In such cases, at least 1 member of the board of the fund or association may not simultaneously be a member of the board of or employed by the mortgage joint-stock company or in other companies in the group.

Section 217. (Repealed)

Section 218. (Repealed)

Section 219. In the event of the winding up of an association that has been a mortgage institution, the equity capital may not be distributed to the association's members.

Section 220. Mortgage institutions that have been converted into joint-stock companies under the encapsulation model may use the restricted fund reserve to cover deficits that are not covered by amounts that can be used for dividends in the joint-stock company.

Subsection 2. Upon the merger of the mortgage institution pursuant to Section 204, the continuing company assumes the fund reserve on the same terms that were valid until the merger.

Subsection 3. In the event of the termination of the mortgage institution, the fund reserve is used for public or charitable purposes in accordance with detailed rules established in the conversion decision. Distribution to shareholders may only take place when the obligations in the first sentence are fulfilled.

Section 221. Mortgage institutions that have been converted into joint-stock companies under the encapsulation model must allocate 10 percent of the year's profit, which is not used to cover deficits from previous years, to the fund reserve. If the allocation would exceed the return on the fund reserve corresponding to the interest rate established by the Danish Financial Supervisory Authority pursuant to Section 213, subsection 2, less a proportional share of the year's corporate tax, only an amount corresponding to this return is allocated.

Section 222. (Repealed)

Chapter 15 Termination Withdrawal of Permission

Section 223. The Danish Financial Supervisory Authority may withdraw permission to conduct business as a credit institution, mortgage institution, and investment management company, as well as securities dealer, if the business so requests.

Section 224. The Danish Financial Supervisory Authority may further withdraw permission to conduct business as a credit institution, mortgage institution, and investment management company,

1. if the financial business is guilty of serious or repeated violations of this Act, the Money Laundering Act, the Capital Markets Act, or the Act on Mortgage Loans and Mortgage Bonds and similar items, regulations issued pursuant to these Acts, Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, regulations and rules issued pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, regulations issued pursuant to 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 and investment firms, or Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, or Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets,
2. if the financial business does not meet the requirements for obtaining permission, including the requirements in Chapter 3, subject to Section 126a, subsection 2, items 1 and 2, and Article 93, subsections 1 and 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,
3. if business as financial business is not commenced within 12 months after the Danish Financial Supervisory Authority has granted the business permission,
4. if financial business is not conducted for a period of more than 6 months,
5. if the credit institution exclusively uses its permission to perform activities covered by Section 5, subsection 1, item 2, letter b, and for a period of 5 consecutive years has average total assets that lie below the thresholds set in Section 5, subsection 1, item 2, letter b, items i-iii, or
6. if the conditions in Section 4, subsection 1, items 1 and 2, of the Act on Restructuring and Winding Up of Certain Financial Businesses are met, but the condition in Section 4, subsection 1, item 3, of the same Act is not met.

Subsection 2. If an investment management company has permission as a securities dealer pursuant to the Act on Securities Brokerage Companies and Investment Services and Activities, the permission as a securities dealer may be withdrawn if the conditions in subsection 1, items 1-4, are met.

Subsection 3. If a credit institution or mortgage institution has permission to issue covered bonds, the permission may be withdrawn if

1. the credit institution is guilty of serious or repeated violations of Sections 152a-152g or regulations established pursuant to Section 16a, subsection 4, or Section 152h,
2. the mortgage institution is guilty of serious or repeated violations of Sections 33a-33e of the Act on Mortgage Loans and Mortgage Bonds and similar items, or regulations established pursuant to Section 16a, subsection 4, of this Act or Section 33f of the Act on Mortgage Loans and Mortgage Bonds and similar items, or
3. the issuance of covered bonds has not commenced within 12 months after the Danish Financial Supervisory Authority has granted the institution permission.

Subsection 4. If a credit institution or a mortgage institution does not meet the liquidity coverage requirement in Article 412, subsection 1, or the net stable funding ratio in Article 413, subsection 1, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and has not provided the prescribed liquidity or funding within a deadline set by the Danish Financial Supervisory Authority, the Danish Financial Supervisory Authority may withdraw the permission. The Danish Financial Supervisory Authority may extend the deadline if the Danish Financial Supervisory Authority deems this necessary.

Subsection 5. The Danish Financial Supervisory Authority may suspend an investment management company's permission to conduct business if the conditions in subsection 1, items 1-4, are met.

Section 224a. A credit institution or a mortgage institution is considered non-performing or likely non-performing if

1. the business violates, or if there are objective indicators to support that the business in the near future will violate, the requirements to maintain its permission in a manner that makes it possible for the Danish Financial Supervisory Authority to withdraw the permission pursuant to Section 224, subsection 1, item 1 or item 2, or Section 225, subsection 1, or Section 350, subsection 2,
2. there are objective indicators to support a finding that the business in the near future will be unable to pay its debts or other obligations as they fall due, and the Danish Financial Supervisory Authority can therefore withdraw the permission pursuant to Section 224, subsection 4, or
3. the business receives extraordinary financial support from the public, unless the support is given to avoid or remedy a serious disturbance to the Danish economy and to maintain financial stability and takes one of the following forms: a) State guarantee to cover liquidity facilities provided by Danmarks Nationalbank. b) State guarantee for recently issued obligations. c) Injection of capital base or purchase of capital instruments to handle a capital shortage that has been identified in national stress tests or stress tests conducted at the EU level.

Subsection 2. A group is considered non-performing or likely non-performing when the group at consolidated level is in one of the situations mentioned in subsection 1.

Subsection 3. The Financial Supervisory Authority makes a decision that a credit institution, a mortgage credit institution, or a group is distressed or expected to become distressed, after hearing Financial Stability.

Section 225. If a credit institution, a mortgage credit institution, or an investment management company does not meet the capital requirements in Article 92(1) and Articles 93, 97, and 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Section 124(3) and (8), and Section 126a(2)-(7), and has not raised the required capital within a deadline set by the Financial Supervisory Authority, the Financial Supervisory Authority shall withdraw the authorization, subject to Subsections 2, 5, and 6.

Subsection 2. A credit institution or a mortgage credit institution that meets the capital base requirement under Article 92(1) and the minimum capital requirement in Article 93 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, but does not meet the individual solvency requirement established pursuant to Section 124(3) or Article 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, must take the necessary measures to comply with this solvency requirement. The Financial Supervisory Authority may order the institution to take the necessary measures within a deadline set by the Financial Supervisory Authority, which may be extended. The Financial Supervisory Authority may continuously set additional measures if deemed necessary. The Financial Supervisory Authority may set a deadline pursuant to Subsection 1 for compliance with the individual solvency requirement established pursuant to Section 124(3) or Article 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, after which the authorization shall be withdrawn pursuant to Subsection 1 if the institution does not take the necessary measures after the second and third sentences.

Subsection 3. If the raising of capital requires the convening of the highest authority of the credit institution, mortgage credit institution, or investment management company, the Financial Supervisory Authority may determine that the convening may take place with a shorter deadline than that specified in the articles of association.

Subsection 4. If a group covered by Sections 171-174 does not meet the solvency requirement in the relevant provisions and has not raised the required capital within a deadline set by the Financial Supervisory Authority, the Financial Supervisory Authority may withdraw the authorization of the credit institution, mortgage credit institution, or investment management company, subject to Subsections 5 and 6.

Subsection 5. The Financial Supervisory Authority sets the deadline in Subsections 1, 2, and 4 taking into account the nature of the case and the specific circumstances. The deadline may be extended if the Financial Supervisory Authority deems it necessary.

Subsection 6. The Financial Supervisory Authority may refrain from withdrawing the authorization pursuant to Subsections 1, 2, and 4 when considerations of appropriate crisis management or resolution speak in favor of this.

Resolution

Section 226. When the Financial Supervisory Authority withdraws the authorization of a credit institution, mortgage credit institution, or investment management company pursuant to Section 223, Section 224(1) and (2), and Section 225, the business shall be wound up, and no other business may be commenced until the winding up is completed.

Subsection 2. When the Financial Supervisory Authority withdraws the authorization pursuant to Section 224(2), the business that the investment management company no longer has authorization for shall be wound up. The Financial Supervisory Authority may set a deadline within which the winding up must be carried out.

Section 227. Winding up, pursuant to Section 226, takes place through liquidation or bankruptcy or through merger pursuant to Section 204. If the winding up takes place in another manner, the Financial Supervisory Authority must approve the form, content, and implementation of the winding up.

Section 227a. In the event of the winding up of a credit institution that issues covered bonds, the Financial Supervisory Authority must cooperate with Financial Stability to ensure the preservation of the rights and interests of investors in covered bonds, including by at least supervising the ongoing and prudent management of the covered bond program during the resolution process.

Section 228. The Financial Supervisory Authority may set a deadline for the adoption of a decision on liquidation pursuant to Section 217 of the Companies Act. If the deadline is exceeded, the Financial Supervisory Authority may decide that the financial business shall enter liquidation.

Subsection 2. A decision on the winding up of a financial business must be communicated immediately to the Financial Supervisory Authority.

Sections 229-230a. (Repealed)

Special rules on liquidation and bankruptcy

Section 231. A credit institution, a mortgage credit institution, or an investment management company is liquidated by one or more liquidators appointed by the Minister of Industry and Business. One of the liquidators must be a lawyer.

Section 232. The Financial Supervisory Authority may suspend the articles of association of a financial business during the liquidation.

Subsection 2. Accounts prepared in connection with liquidation must be submitted to the Financial Supervisory Authority.

Section 233. A petition for bankruptcy of a financial business that is under liquidation may only be submitted by the liquidators or the Financial Supervisory Authority.

Section 234. The Financial Supervisory Authority may submit a petition for bankruptcy when a financial business becomes insolvent. The Financial Supervisory Authority's decision to submit a petition for bankruptcy cannot be appealed pursuant to Section 372.

Subsection 2. Notwithstanding Section 17(2) of the Bankruptcy Act, credit institutions or mortgage credit institutions that do not fulfill their obligations with regard to subordinated capital raised as hybrid core capital or as supplementary capital instruments are not considered insolvent. The same applies to other financial businesses covered by this Act, if they do not fulfill their obligations with regard to subordinated capital raised as hybrid core capital or as liable loan capital.

Subsection 3. After the pronouncement of the bankruptcy decree, the bankruptcy court appoints one or more trustees after consultation with the Financial Supervisory Authority. One of the trustees must be a lawyer.

Section 234a. (Repealed)

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Section 235. The Financial Supervisory Authority has the right to participate in meetings of the creditors' committee and in the creditors' meeting. The draft final account and final distribution in the bankruptcy estate must be submitted by the trustee to the Financial Supervisory Authority for comment before the trustee submits it to the bankruptcy court.

Section 236. If a savings bank or a cooperative bank is declared bankrupt, the trustee gives notice to the Danish Business Authority and the Financial Supervisory Authority of the beginning and end of the bankruptcy.

Section 237. (Repealed)

Reconstruction proceedings

Section 238. The Financial Supervisory Authority may submit a petition for reconstruction proceedings for financial businesses when the interests of depositors, bondholders, investors, or policyholders so require.

Subsection 2. A petition for reconstruction proceedings pursuant to Subsection 1 is accompanied by the Financial Supervisory Authority's proposal for who should be appointed as the reconstruction administrator and the trustee during the reconstruction proceedings, as well as a declaration from the relevant parties stating that they are willing to do so and meet the conditions in Section 238 of the Bankruptcy Act.

Section 239. (Repealed)

Section 240. The provisions of this Act or of regulations issued pursuant to this Act regarding the powers of the Minister of Industry and Business and the Financial Supervisory Authority and the obligations of financial businesses towards the Minister of Industry and Business and the Financial Supervisory Authority apply with the necessary adjustments to such businesses that are under reconstruction proceedings or dissolution.

Section 241. Chapter 14 of the Companies Act applies with the necessary adaptations to savings banks and cooperative banks.

Section 242. The Minister of Industry and Business sets rules with a view to fulfilling EU legal rules on the rehabilitation and liquidation of credit institutions and insurance companies.

Section 242a. (Repealed)

Section 243. The Financial Supervisory Authority may, according to the procedures established in EU legal rules on this matter, prohibit a foreign credit institution, finance company, or investment management company covered by Section 30(1) and Section 31(1), with its home country in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, from conducting business in this country through a branch or by providing services in this country. The Financial Supervisory Authority may prohibit the businesses mentioned in the first sentence from conducting business as mentioned in the first sentence if the business has grossly or repeatedly violated provisions in this Act, regulations issued pursuant to the Act, or other legislation directed at the credit institution, finance company, or investment management company, and it has not been possible to bring the violation to an end through orders or sanctions under this Act.

Chapter 15a Early Intervention

Special rules for credit institutions and mortgage credit institutions

Section 243a. If a credit institution or a mortgage credit institution violates or it is predominantly likely that it will violate in the near future due to a significant or rapid deterioration of the business's financial situation, the requirements set out in this Act, regulations issued pursuant to the Act, or Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Title II of Directive 2014/65/EU on markets for financial instruments, or Articles 3-7, 14-17, and 24-26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets for financial instruments, the Financial Supervisory Authority may order the business to take one or more of the measures in Subsections 2 and 3 within a deadline set by the Financial Supervisory Authority. The Financial Supervisory Authority may extend the deadline if deemed necessary.

Subsection 2. The Financial Supervisory Authority may, pursuant to Subsection 1, order the business to:

1. initiate or update its recovery plan, which is prepared in accordance with Sections 71a and 71b,
2. prepare and submit an action plan to the Financial Supervisory Authority,
3. convene the business's highest authority,
4. one or more members of the board of directors or management shall resign from their positions, pursuant to Section 64,
5. prepare and submit a plan for negotiations on the restructuring of the business's debt,
6. change its business strategy,
7. change its legal or operational structure, and
8. contact potential buyers with a view to preparing a winding up of the business.

Subsection 3. When convening the business's highest authority, pursuant to Subsection 2, item 3, the Financial Supervisory Authority sets the agenda. Sections 90 and 91 of the Companies Act do not apply to convenings pursuant to the first sentence. If a business does not comply with an order pursuant to Subsection 2, item 3, the Financial Supervisory Authority may, on behalf of the business, convene the business's highest authority and set the agenda for this. Sections 89-91 and 93 of the Companies Act do not apply to convenings pursuant to the third sentence.

Section 243b. The Financial Supervisory Authority may order one or more members of the board of directors or management of a credit institution or a mortgage credit institution to resign from their positions if the business's financial situation deteriorates significantly or if there are one or more serious violations of financial legislation.

Subsection 2. The Financial Supervisory Authority may use Subsection 1 if the orders in Section 243a are not assessed as sufficient to restore the business's financial situation.

Subsection 3. The appointment of a new management, board of directors, or members thereof must take place in accordance with this Act, regulations issued pursuant to the Act, the Companies Act, regulations issued pursuant to the Companies Act, and the business's articles of association.

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Temporary Administrator

Section 243c. The Financial Supervisory Authority may order a credit institution or a mortgage credit institution to appoint one or more temporary administrators, pursuant to Subsection 2 or 3, if the credit institution's or mortgage credit institution's financial situation deteriorates significantly or if there are one or more serious violations of financial legislation and it is assessed that an order pursuant to Section 243b is not sufficient to restore the business's financial situation.

Subsection 2. The Financial Supervisory Authority may, pursuant to Subsection 1, order the business to:

1. the temporary administrator takes the place of the entire board of directors, or
2. the temporary administrator assists the board of directors in its work.

Subsection 3. The provisions of this Act and the Companies Act regarding a business's board of directors apply with the necessary adaptations to a temporary administrator who takes the place of the board of directors, pursuant to Subsection 2, item 1.

Subsection 4. At the time of the appointment of a temporary administrator who takes the place of the entire board of directors, the board of directors resigns, and the temporary administrator is granted signing and representation rights in accordance with Section 135 of the Companies Act and the business's articles of association.

Subsection 5. No later than at the time of the order, pursuant to Subsection 1, the Financial Supervisory Authority must have established the detailed framework for the temporary administrator's work, including which decisions the temporary administrator must submit to the Financial Supervisory Authority for approval. Convening the business's highest authority always requires the Financial Supervisory Authority's prior approval. The Financial Supervisory Authority may continuously change the framework for the temporary administrator's work if the Financial Supervisory Authority deems it necessary to restore the business's financial situation. The Financial Supervisory Authority may decide that the temporary administrator must report to the Financial Supervisory Authority.

Subsection 6. A temporary administrator is appointed for a period of up to 1 year. This period may be extended by the Financial Supervisory Authority in special cases. The Financial Supervisory Authority must justify an extension to the business's shareholders. A temporary administrator, pursuant to Subsections 2 and 3, may be dismissed by the Financial Supervisory Authority at any time. Section 82 of this Act and Section 120 of the Companies Act do not apply to a temporary administrator who takes the place of the entire board of directors, and the business's highest authority cannot dismiss a temporary administrator. Section 121(1) of the Companies Act does not apply to the temporary administrator, who must give the Financial Supervisory Authority a warning of at least 2 months before a planned withdrawal.

Subsection 7. The Financial Supervisory Authority ensures that the temporary administrator is independent and possesses the necessary competencies to perform the task.

Subsection 8. A temporary administrator who, in the performance of their duties, intentionally or with gross negligence causes loss to the business, must compensate for this loss. The same applies when the damage is caused to shareholders or third parties. The Financial Supervisory Authority cannot be held liable for the temporary administrator's actions and omissions under the general rules of Danish law on compensation.

Subsection 9. The provision in Section 117 applies correspondingly to a temporary administrator.

Subsection 10. The Financial Supervisory Authority may set detailed rules regarding the temporary administrator.

Section 243d. An order from the Financial Supervisory Authority pursuant to Sections 243a-243c does not in itself constitute a ground for satisfaction or insolvency proceedings as defined in Section 5, item 7, of the Capital Markets Act, provided that the affected business continues to fulfill the contract's essential material obligations, including payment and delivery obligations and requirements for collateral.

Subsection 2. If the affected business continues to fulfill the contract's essential obligations, including payment and delivery obligations and requirements for collateral, an order pursuant to Sections 243a-243c or measures directly connected thereto will not in itself entitle the business's contractual partner to:

1. terminate, suspend, modify, net, or set off against the contract,
2. take possession of, exercise control over, or seek satisfaction in any asset belonging to the business, or
3. exercise influence on the business's contractual rights otherwise.

Subsection 3. Subsections 1 and 2 apply correspondingly to contracts entered into by a subsidiary, provided that the parent company or another company in the group guarantees or supports the subsidiary's obligations, and to contracts entered into by a group-affiliated company that contains provisions on cross-default.

Subsection 4. Subsections 1-3 apply correspondingly where an order corresponding to an order pursuant to Sections 243a-243c has been initiated in a country outside the European Union, with which the Union has not concluded an agreement in the financial sector.

Chapter 16 Crisis Management

Section 244. The Minister of Industry and Business must establish a valuation board, pursuant to Section 245, which in connection with a tax-free merger or transfer of assets between credit institutions as a result of a credit institution no longer meeting the requirements in Article 92(1) and Articles 93 and 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions or being in close risk thereof, may set the tax value on the merger date of the loans and guarantees etc. in the distressed credit institution. Similarly, the board may make a decision on the tax value of loans and guarantees etc. at the time of transfer in connection with a taxable transfer, where the transfer takes place as part of the winding up of a distressed credit institution. The board may only make a decision upon request from one of the involved credit institutions.

Section 245. The valuation board must consist of 3 members. The Minister of Industry and Business appoints, after agreement with the Minister of Tax,

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The Minister appoints the members and substitutes of the Board. The members and substitutes are appointed for a period of 4 years.

Subsection 2. The Chairman of the Board must represent legal, economic, or accounting expertise, and the other members must have special expertise in the valuation of assets and liabilities.

Subsection 3. The Minister for Business Affairs sets detailed rules regarding payment for the Board's decisions.

Subsection 4. The Board must make a decision no later than 5 days after the Board has received a sufficient basis for a decision.

Subsection 5. The Board's decisions cannot be brought before a higher administrative authority and must be taken into account by the tax authorities in their assessment.

Subsection 6. The Minister for Business Affairs may, in agreement with the Minister of Taxation, set rules for the Board's operations.

§ 245 a. A credit institution and a mortgage credit institution, as well as subsidiaries thereof, shall, upon request from the Financial Supervisory Authority or Financial Stability, submit the necessary statements and information to the Financial Supervisory Authority and Financial Stability:

1. for use in an assessment of whether the business is non-performing or expected to become non-performing, cf. § 224 a,
2. for use in the exercise of the powers in §§ 243 a-243 c, or
3. for use in the exercise of the write-down and conversion power, cf. § 272.

Subsection 2. The statements and information mentioned in subsection 1 shall be submitted no later than 12 hours after the close of business. Balance sheets for mortgage credit institutions, however, shall be submitted no later than 24 hours after the close of business.

Subsection 3. A credit institution and a mortgage credit institution must have effective procedures and systems that ensure that the submission of information according to subsection 1 can take place within the set deadlines in subsection 2, and that restructuring and resolution, cf. the Act on Restructuring and Resolution of Certain Financial Undertakings, can be carried out effectively.

Subsection 4. The Financial Supervisory Authority may order a credit institution and a mortgage credit institution to prepare a register of financial contracts that the business has entered into.

Subsection 5. Subsections 1-3 apply with the necessary adaptations to mixed holding companies, financial holding companies, and finance companies, if the finance company is one subsidiary of a credit institution, a mortgage credit institution, a financial holding company, a mixed holding company, or a credit institution that has been granted permission in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, and the finance company is included in the supervision of the parent company on a consolidated basis. The first sentence applies only to financial holding companies that have at least one subsidiary that is a credit institution or a mortgage credit institution.

Subsection 6. The Financial Supervisory Authority may, after hearing Financial Stability, set detailed rules on which statements and information the business must provide, including requirements for the register of financial contracts, and which measures and systems are necessary to ensure this, rules on measures and systems necessary to ensure the effective implementation of restructuring and resolution, cf. the Act on Restructuring and Resolution of Certain Financial Undertakings, and derogations from subsections 1-3.

§ 245 b. Credit institutions, mortgage credit institutions, mixed holding companies, and financial holding companies shall notify the Financial Supervisory Authority of the names and identification numbers (CVR numbers) of Danish businesses in the form of CVR numbers for the finance companies that are subsidiaries of the respective businesses and are included in the Financial Supervisory Authority's consolidated supervision of the group. The first sentence applies only to financial holding companies that have at least one subsidiary that is a credit institution or a mortgage credit institution.

Subsection 2. Subsection 1 applies correspondingly to finance companies located in Denmark that are subsidiaries of the businesses referred to in subsection 1, but where the consolidated supervision of the group is located in another country within the European Union or countries with which the Union has concluded an agreement in the financial area.

§ 245 c. The Financial Supervisory Authority shall assess whether a credit institution is able to repay a deposit, if the Financial Supervisory Authority is satisfied that the credit institution has not paid out a deposit that is directly connected to the credit institution's financial situation and which has become due for payment.

Subsection 2. The assessment shall be made as soon as possible and no later than 5 working days after it has been proven to the Financial Supervisory Authority that a deposit covered by subsection 1 has not been repaid.

Subsection 3. The Financial Supervisory Authority shall immediately notify the Deposit Guarantee Fund if the Financial Supervisory Authority finds that a credit institution cannot repay a deposit for reasons directly connected to the credit institution's financial situation, and the credit institution has no immediate prospect of being able to repay the deposit.

§ 246. If a credit institution does not meet the capital requirement in § 124, subsections 3 and 8, and Article 92(1), Article 93, and Article 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and a deadline has been set by the Financial Supervisory Authority for the restoration of capital, cf. § 225, subsection 1, the board of directors may summon the credit institution's highest authority with 3 days' notice to decide on necessary measures to meet the requirements of this Act in accordance with § 124, subsections 3 and 8, and Article 92(1), Article 93, and Article 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. For credit institutions that are limited liability companies and whose shares are admitted to trading on a regulated market, the summons must, regardless of the provisions of the articles of association, be given with a notice of at least 3 weeks.

Subsection 2. The board of directors of the credit institution may, in the situation mentioned in subsection 1, transfer the credit institution's business wholly or partially to another credit institution, cf. however § 204, subsection 1, regarding the Minister for Business Affairs' approval. The agreement on the transfer must be conditional on this approval. The board of directors must simultaneously summon the credit institution's highest authority, cf. subsection 1. The board of directors must at the general meeting or in the savings bank's representative body account for the credit institution's situation and the agreement entered into. If a decision is made at the general meeting or in the savings bank's representative body on other measures that imply that the credit institution meets the capital requirement in § 124, subsections 3 and 8, and Article 92(1), Article 93, and Article 500 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, or on liquidation on terms that the Financial Supervisory Authority can approve, the agreement on transfer mentioned in the second sentence is annulled.

Subsection 3. The summons is sent to all known shareholders, partners, or in savings banks, members of the representative body. At the same time, there must be a public summons in accordance with § 67.

Subsection 4. No later than 24 hours before the holding of the general meeting or the savings bank's representative body meeting, the agenda and the complete proposals must be presented for review by the shareholders, partners, or in savings banks, members of the representative body at the credit institution's head office. For summons to a general meeting in credit institutions that are limited liability companies and whose shares are admitted to trading on a regulated market, cf. subsection 1, second sentence, §§ 95-98 of the Companies Act apply.

Subsection 5. A decision on measures in accordance with subsection 1 can, regardless of §§ 106 and 107 of the Companies Act, always be made with two-thirds of the represented capital. If half of the share capital is represented at the general meeting, a decision on measures can be made with a simple majority. In savings banks and cooperative banks, where the cooperative bank has statutory restrictions on voting rights or corresponding restrictions in the articles of association, a decision on measures in accordance with subsection 1 can always be made with two-thirds of the members present in the savings bank's representative body and in cooperative banks, the partners.

Subsection 6. The procedures mentioned in subsections 1-5 apply regardless of the provisions of the articles of association.

§ 247. If the credit institution has lost its equity capital, or is insolvent, or is expected to become insolvent, the board of directors may transfer the credit institution's business wholly or partially to another credit institution, cf. however § 204, subsection 1, regarding the Minister for Business Affairs' approval.

Subsection 2. The board of directors must simultaneously invite the shareholders, partners, or in savings banks, members of the representative body to an informative meeting regarding the disposition. This meeting must be held no later than 8 days after the decision, and the necessary costs thereof are borne by the taking-over credit institution, which has the right to participate in the meeting.

Subsection 3. The procedures mentioned in subsections 1 and 2 apply regardless of the provisions of the articles of association.

§ 247 a. If the Financial Supervisory Authority withdraws a credit institution's permission pursuant to § 224, subsection 1, no. 1 or 2, submits a petition for bankruptcy pursuant to § 234, subsection 1, or the credit institution is declared bankrupt upon petition by others, the Financial Supervisory Authority shall make a decision that the credit institution's repayment to holders of special covered bonds issued by the credit institution is taken under administration. The Financial Supervisory Authority may also, in situations covered by § 224, subsection 3, no. 1, make a decision that the credit institution's repayment to holders of special covered bonds issued by the credit institution is taken under administration. The Financial Supervisory Authority simultaneously appoints an administrator to jointly with any co-administrators manage the administration of the repayment to holders of special covered bonds.

Subsection 2. When a credit institution's repayment to holders of special covered bonds issued by the credit institution is taken under administration, the Financial Supervisory Authority shall ensure that the decisions on the initiation of the administration and the appointment of the administrator are registered or otherwise published in the Danish Business Authority. The administration estate must furthermore notify the borrowers that future payments regarding the individual borrower's services on the loan can only be made to the administration estate with releasing effect.

Subsection 3. The administration estate is an independent legal person.

Subsection 4. The administrator must meet the eligibility requirements corresponding to the requirements for trustees etc. in § 238, subsections 1 and 2 of the Bankruptcy Act. The administrator and any co-administrators must not be the same person as a trustee in a bankruptcy estate after the credit institution. The administrator and any co-administrators must not be employed in the same business as the trustee.

Subsection 5. The administrator may appoint one or more co-administrators with insight into matters that are relevant for the administration.

Subsection 6. Remuneration for the administrators and other expenses in connection with the administration are paid by the administration estate. The size of the remuneration is determined after negotiation with the Financial Supervisory Authority.

Subsection 7. The administration estate is subject to the supervision of the Financial Supervisory Authority. § 152 h, no. 4 and 6, apply to the administration estate.

Subsection 8. The provisions of this Act on the powers of the Minister for Business Affairs and the Financial Supervisory Authority and the duties of financial businesses towards the Minister for Business Affairs and the Financial Supervisory Authority apply with the necessary adaptations to the administration estate.

Subsection 9. If the administrator and any co-administrators do not already have a liability insurance that can be considered sufficient to cover the administration estate's liability for errors and omissions during the administration of the estate, the administrator must immediately after appointment take out such insurance.

Subsection 10. The administrator must immediately after appointment by taking out a usual surety insurance or in another similar manner secure the estate against loss. The size of the security must at all times correspond to 1 pct. of the value of the assets, however maximum 100 mio. DKK. In the period until an assessment of the value of the registered assets has been made according to § 247 b, subsection 3, the security must be calculated based on a value estimated by the administrator. The expense for the surety insurance is borne as an estate expense.

§ 247 b. At the beginning of the administration, the registered assets, cf. § 152 g, subsection 1, must immediately be handed over to the administration estate. The administration estate, through the administrator, must be entitled to dispose of these assets. As far as fund assets are concerned, this must be registered in a securities central, as far as rights to real estate are concerned, this must be registered in the land register, and as far as ships are concerned, this must be registered in a ship register.

Subsection 2. If a credit institution is declared bankrupt, the trustee immediately hands over the assets mentioned in subsection 1 to the administrator.

Subsection 3. The administrator must have the registered assets valued in accordance with rules set in accordance with § 152 h, no. 2.

Subsection 4. The credit institution continues to be liable for there being the necessary assets in the register, despite this being placed under administration. If it is found during the assessment according to subsection 3 that the value of the registered assets does not correspond to the value of the bonds, financial instruments, and loans according to § 152 b, subsection 1, for which the assets lie as security, the administrator must bring a claim against the credit institution for fulfillment of the register, so that the value of the assets corresponds to the value of bonds, financial instruments, and loans. Correspondingly, the administrator must bring a claim against the credit institution for fulfillment of the register if it is found at a time during the administration that there is under-coverage in the register. If the administrator transfers the whole or part of the register, the buyer cannot bring new claims against the credit institution if further under-coverage arises after the transfer. If only parts of the register are transferred, the credit institution continues to be liable for any under-coverage in the remaining part of the register. If the credit institution is declared bankrupt, the provisions of § 247 d apply.

Subsection 5. If it is found during the assessment of the registered assets that the administration estate is insolvent, the administrator must submit a petition for bankruptcy. The administrator must also submit a petition for bankruptcy if the administrator subsequently finds that the administration estate is insolvent. The administration estate is insolvent if it cannot fulfill its obligations as they fall due, unless the illiquidity is assumed to be only temporary.

Subsection 6. The administration estate cannot be concluded before the estate's obligations according to § 247 a and the registered assets covered by this paragraph are transferred, cf. § 247 g, a petition for bankruptcy has been submitted and the bankruptcy proceedings are concluded, or all the bonds for which the assets in the register lie as security are redeemed, and the financial instruments are terminated. If there are surplus funds in the estate at the conclusion, these must be returned to the credit institution or the credit institution under bankruptcy, cf. § 247 d, subsection 4.

Subsection 7. If a credit institution is declared bankrupt after the administration has begun, the bankruptcy has no effect on the administration estate.

Subsection 8. The administrator must manage the assets received from the credit institution and may demand at the credit institution, possibly with the help of the bailiff, all material necessary for the administration to be handed over.

§ 247 c. If a credit institution is declared bankrupt, or if a credit institution does not fulfill the obligation to provide supplementary security according to § 152 a, subsection 2, this cannot be claimed by the holders of the special covered bonds or by lenders according to § 152 b, subsection 1, as a reason for early fulfillment of payment obligations. It also does not deprive the borrowers, if loans have been granted on the basis of the special covered bonds, of their possible right to make full or partial fulfillment of the loan in accordance with the fulfillment terms that apply to the loan.

§ 247 d. If a credit institution is declared bankrupt, the assets in the register, including financial instruments, calculated after deduction of expenses for the administrator, are used to pay claims from the holders of the special covered bonds and counterparties on the financial instruments, for which the registered assets and agreements lie as a basis. Thereafter, loans that the credit institution has taken up according to § 152 b, subsection 1, are covered. Surplus funds enter the bankruptcy estate, cf. § 32 in the Bankruptcy Act.

Subsection 2. The individual holders of special covered bonds, counterparties on the financial instruments, and lenders according to § 152 b, subsection 1, cannot make claims against the estate. On the other hand, the administrator on behalf of the administration estate can register claims against the estate for what, after assessment, is missing to satisfy the holders of the special covered bonds, counterparties on the financial instruments, and lenders according to § 152 b, and claims on the interest that has accrued on the mentioned claims from the pronouncement of the bankruptcy decree, so that the bondholders, counterparties on the financial instruments, and lenders according to § 152 b can be satisfied.

Subsection 3. If the funds in the register are insufficient to satisfy the holders of the special covered bonds and counterparties on the registered financial instruments, as well as to cover debt that the credit institution has taken up according to § 152 b, subsection 1, the administrator may at the conclusion of the administration estate register uncovered remaining claims in the credit institution's bankruptcy estate as simple claims.

Subsection 4. Any surplus funds in a register cannot be transferred to other registers, but must be transferred to the bankruptcy estate.

Subsection 5. Set-off from a creditor as referred to in § 42 of the Bankruptcy Act cannot take place to fulfill a claim that belongs to the credit institution and concerns loans taken up on the basis of special covered bonds issued by the credit institution.

§ 247 e. The proceeds from loans that credit institutions have taken up according to § 152 b, subsection 1, and which do not enter a register, must in the event of the credit institution's bankruptcy serve to cover holders of the special covered bonds and counterparties on the financial instruments in the register to which the loans were taken up. Any surplus funds must be paid out to the lender.

§ 247 f. Holders of bonds that have lost the designation of special covered bonds, cf. § 152 a, subsection 5, first sentence, and counterparties on the registered agreements on financial instruments, for which the registered assets and agreements lie as a basis, retain the bankruptcy legal position that is assigned to holders of special covered bonds and financial

16. april 2026. 82 Nr. 432.

counterparties, cf. Section 247 d, subsection 1, first sentence. The same applies to loans taken by the credit institution in accordance with Section 152 b, subsection 1.

Subsection 2. Any remaining claims shall be reported by the administrator in the bankruptcy estate of the credit institution as simple claims.

Subsection 3. The provisions in Section 152 a, subsection 1, first sentence, Sections 152 b-152 h and Sections 247 a-247 e apply mutatis mutandis to bonds that have lost the designation of special covered bonds, cf. Section 152 a, subsection 5, as well as financial instruments linked thereto.

Section 247 g. The administrator shall, after the registered assets have been assessed, cf. Section 247 b, subsection 3, work towards the transfer of the estate's obligations in accordance with Section 247 a and registered assets covered by Section 247 b to a credit institution that has been granted permission in a country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, and which has permission to issue special covered bonds as defined in Annex VI, Part 1, points 68-71, of the Directive on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.

Subsection 2. If the administrator cannot transfer the estate's obligations in accordance with Section 247 a and the registered assets covered by Section 247 b, the administrator shall continue to administer the estate in accordance with the terms of Section 247 h, unless the conditions for filing a petition for bankruptcy are met, cf. Section 247 b, subsection 5. The administrator shall, however, continue to work towards transfer in accordance with subsection 1.

Subsection 3. The transfer of the entire or part of the estate's obligations in accordance with Section 247 a and registered assets covered by Section 247 b to another credit institution, cf. subsection 1, shall be approved by the Minister for Business Affairs. This does not apply, however, if only individual assets are sold in accordance with Section 247 h, subsection 3.

Subsection 4. Unless the Minister for Business Affairs, on the basis of the available grounds, finds that the transfer should not be approved, the Financial Supervisory Authority shall publish a statement regarding the intended transfer in the Official Gazette and in nationwide newspapers. The statement shall contain a call for the affected bondholders to notify the Financial Supervisory Authority in writing within a deadline set by the Financial Supervisory Authority, which must not be shorter than 1 month, that they have objections to the transfer. The administrator shall simultaneously send notice of the intended transfer and the statement to the bondholders whose addresses are known to the administrator.

Subsection 5. After the expiry of the deadline in subsection 4, the Minister for Business Affairs shall, taking into account the objections raised, make a decision on whether the register can be transferred in accordance with the proposal submitted.

Subsection 6. The transfer cannot be invoked by the owners of the special covered bonds as a reason for early repayment of payment obligations.

Section 247 h. The administrator may issue bonds for refinancing of special covered bonds that are maturing. The bonds are named refinancing bonds and must not be named special covered bonds. The refinancing bonds obtain security in the asset mass in the administration estate in the same way as the special covered bonds they replace. The administrator may not issue refinancing bonds if, after the issuance, it is not expected that there will be sufficient funds in the estate to pay interest and principal to holders of special covered bonds, any refinancing bonds, and counterparties on financial instruments. The administrator may also enter into agreements on financial instruments for hedging purposes.

Subsection 2. The administrator may take out short-term loans to cover temporary liquidity deficits in the administration estate arising from a lack of temporal coincidence between payments to the estate from borrowers and payments from the estate to bondholders. The proceeds from such loans may only be used to pay interest and principal to the owners of the special covered bonds and any refinancing bonds.

Subsection 3. The administrator may sell assets from the estate for use in covering temporary liquidity deficits in the administration estate arising from a lack of temporal coincidence between payments to the estate from borrowers and payments from the estate to bondholders. The sale of assets may only take place to a limited extent and at a minimum price set in advance.

Subsection 4. If the administrator finds that the possibilities in subsections 1-3 are not sufficient and that full timely repayment to the holders of special covered bonds cannot take place, the administrator shall postpone the maturity date of the special covered bonds in accordance with Section 152 b, subsections 4-6.

Section 247 i. If the administration estate is subject to bankruptcy proceedings, the estate shall be handled in accordance with the rules of the Bankruptcy Act, cf. however subsection 2.

Subsection 2. The assets in the administration estate, including financial instruments, calculated after deduction of expenses for the administrator, shall be used in equal proportion to pay claims from the holders of the special covered bonds, counterparties on the financial instruments on which the registered assets and agreements are based, holders of any refinancing bonds issued by the administrator in accordance with Section 247 h, subsection 1, and to cover loans that the administration estate has taken out in accordance with Section 247 h, subsection 2. Excess funds shall form part of the bankruptcy estate, cf. Section 32 of the Bankruptcy Act.

Sections 248-258. (Repealed)

Chapter 17 Resolution Planning Resolution Plans

Section 259. The Financial Supervisory Authority shall prepare, adopt and maintain a resolution plan for a credit institution and a mortgage credit institution, cf. however Section 260. The resolution plan is adopted by the Financial Supervisory Authority upon recommendation from the Danish Financial Stability Council. The resolution plan shall

1. contain the resolution measures that are assessed to be applicable in the event of the undertaking's resolution, cf. Section 12 in the Act on Restructuring and Resolution of Certain Financial Undertakings,
2. take into account relevant scenarios, including that the failure of an undertaking may be due to specific conditions in the undertaking or be a consequence of a period of 16 April 2026. 83 No. 432.

general financial instability, including events affecting the entire financial system, 3) contain an analysis of how and when an undertaking on the conditions set out in the plan may request the use of central bank facilities and identify the assets that are expected to be regarded as collateral, and 4) contain models for how the resolution tools and powers referred to in the Act on Restructuring and Resolution of Certain Financial Undertakings may be applied to the undertaking.

Subsection 2. The resolution plan for mortgage credit institutions must not assume the use of bail-in, cf. Section 2, no. 4, in the Act on Restructuring and Resolution of Certain Financial Undertakings.

Subsection 3. The Financial Supervisory Authority may prepare, adopt and maintain a simplified resolution plan. The simplified resolution plan is adopted by the Financial Supervisory Authority upon recommendation from the Danish Financial Stability Council.

Subsection 4. The Financial Supervisory Authority shall maintain the resolution plan, cf. subsections 1 and 3, at least once a year. The resolution plan is adopted by the Financial Supervisory Authority upon recommendation from the Danish Financial Stability Council. The Financial Supervisory Authority may decide to deviate from the requirement to maintain the resolution plan at least once a year.

Subsection 5. The Financial Supervisory Authority shall, regardless of subsection 4, maintain the resolution plan when changes have occurred in the undertaking in question, including changes in the undertaking's legal or organizational structure, business activities or economic conditions, which necessitate a change in the undertaking's resolution plan. The resolution plan is adopted by the Financial Supervisory Authority upon recommendation from the Danish Financial Stability Council.

Subsection 6. The Financial Supervisory Authority may, after consulting the Danish Financial Stability Council, grant a derogation to a credit institution affiliated with a central institution, which is wholly or partially exempt from the supervisory requirements in accordance with Article 10 of the Regulation of the European Parliament and of the Council on supervisory requirements for credit institutions and investment firms. The Financial Supervisory Authority shall in such cases apply Section 260, subsection 1, on a consolidated basis to a central institution and its affiliated institutions as defined in Article 10 of the Regulation of the European Parliament and of the Council on supervisory requirements for credit institutions and investment firms. For the purpose of applying the second sentence, a group shall be understood as a central institution and its affiliated institutions in accordance with Article 10 of the Regulation of the European Parliament and of the Council on supervisory requirements for credit institutions and investment firms and their subsidiaries, and a parent undertaking or an undertaking subject to supervision on a consolidated basis shall be understood as the central institution.

Subsection 7. In preparing and maintaining a resolution plan in accordance with subsection 1 for a systemically important financial institution and a global systemically important financial institution, cf. Sections 308 and 310, the Financial Supervisory Authority shall consult Danmarks Nationalbank on the content of the resolution plan.

Subsection 8. The Financial Supervisory Authority and the Danish Financial Stability Council shall consult any resolution authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial sector, where significant branches are located, on the resolution plan.

Subsection 9. The Financial Supervisory Authority shall forward the final resolution plan to the Danish Financial Stability Council after adoption in accordance with subsection 1. For institutions covered by subsection 7, the resolution plan shall also be forwarded to Danmarks Nationalbank.

Subsection 10. The Minister for Business Affairs may lay down detailed rules on the preparation, content and maintenance of resolution plans as well as the division of work between the Financial Supervisory Authority and the Danish Financial Stability Council.

Section 259 a. A credit institution, a mortgage credit institution or a fund brokerage company I, for which a resolution plan has been prepared in accordance with Section 259, subsection 1, shall immediately inform the Financial Supervisory Authority of significant changes in the undertaking in question, including changes in the undertaking's legal or organizational structure, business activities or economic conditions.

Section 260. The Financial Supervisory Authority shall prepare, adopt and maintain a group resolution plan for groups where the ultimate parent undertaking is in Denmark, and where the parent undertaking is a credit institution, a mortgage credit institution, a mixed holding company or a financial holding company. The group resolution plans are adopted by the Financial Supervisory Authority upon recommendation from the Danish Financial Stability Council and in cooperation with the resolution authorities for the subsidiaries and after consulting any resolution authorities and competent authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial sector, where significant branches are located. The first sentence only applies to financial holding companies that have at least one subsidiary that is a credit institution or a mortgage credit institution.

Subsection 2. A group resolution plan shall contain concrete measures for the resolution of the group as a whole and the resolution of the undertakings and branches included in the group. The group resolution plan shall specify the resolution units and resolution groups in the relevant group. An intermediate financial holding company that directly or indirectly owns subsidiaries of a mixed holding company is a resolution unit.

Subsection 3. The group resolution plan shall be prepared in such a way that it does not result in a negative and disproportionately large impact on a country within the European Union or on a country with which the Union has concluded an agreement in the financial sector upon its implementation.

Subsection 4. Section 259 applies mutatis mutandis to group resolution plans.

Subsection 5. The Financial Supervisory Authority shall forward information received for use in the preparation of the group resolution plan to

1. the European Banking Authority,

2. the Danish Financial Stability Council,

3. the resolution authorities for the subsidiaries,

4. the resolution authorities in the countries where significant branches are located,

5. the relevant competent authorities, cf. Articles 115 and 116 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 on the prudential supervision of credit institutions and investment firms, and 16 April 2026. 84 No. 432.

6. the resolution authorities in the other countries within the European Union or in countries with which the Union has concluded an agreement in the financial sector, where a financial holding company or a mixed holding company is established.

Subsection 6. The Financial Supervisory Authority and the Danish Financial Stability Council shall assess together with the resolution authorities for the subsidiaries whether the group resolution plan meets the requirements set out in subsections 2-4 with a view to reaching a joint decision on the group resolution plan within 4 months after the Financial Supervisory Authority has forwarded the information as mentioned in subsection 5.

Subsection 7. The Financial Supervisory Authority shall make a decision on the group resolution plan, no later than 4 months after the Financial Supervisory Authority has forwarded information in accordance with subsection 5, if the Financial Supervisory Authority and the resolution authorities for the subsidiaries have not reached a joint decision, cf. subsection 6. The Financial Supervisory Authority shall notify the parent undertaking and the resolution authorities for the subsidiaries of the decision. If the resolution authority for a subsidiary has referred the matter to the European Banking Authority before the expiry of the 4-month period, the Financial Supervisory Authority shall postpone its decision until the decision from the European Banking Authority is available. The Financial Supervisory Authority shall thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision, no later than 1 month after the matter was referred, the Financial Supervisory Authority shall make a decision on the group resolution plan.

Subsection 8. The Minister for Business Affairs may lay down detailed rules on the preparation, content and maintenance of group resolution plans as well as the division of work between the Financial Supervisory Authority and the Danish Financial Stability Council.

Section 260 a. The Financial Supervisory Authority shall prepare, adopt and maintain a resolution plan, cf. Section 259, subsection 1, if the Financial Supervisory Authority and the Danish Financial Stability Council disagree on the proposal for a group resolution plan from the group resolution authority, and if the group resolution authority and the resolution authorities for the subsidiaries have not reached a joint decision on the group resolution plan, no later than 4 months after the group resolution authority has forwarded information received for use in the preparation of the group resolution plan. The first sentence applies when the Financial Supervisory Authority and the Danish Financial Stability Council are the resolution authority for a subsidiary in a group where the ultimate parent undertaking is in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sector.

Subsection 2. The Financial Supervisory Authority shall inform the other members of the resolution college that the Financial Supervisory Authority has adopted a resolution plan in accordance with subsection 1.

Subsection 3. If a resolution authority has referred the matter to the European Banking Authority before the expiry of the 4-month period, the Financial Supervisory Authority shall postpone its decision in accordance with subsection 1 until the decision from the European Banking Authority is available. The Financial Supervisory Authority shall thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision, no later than 1 month after the matter was referred, the Financial Supervisory Authority shall make a decision on the resolution plan.

Section 261. The Financial Supervisory Authority may order an undertaking or a parent undertaking to assist in the preparation and maintenance of the undertaking's or group's resolution plan, cf. Sections 259 and 260, including ordering the undertaking or parent undertaking to submit all relevant information.

Section 261 a. The Financial Supervisory Authority may lay down detailed rules on the requirement for a credit institution and a mortgage credit institution to prepare a register of financial contracts entered into by the undertaking.

Assessment of Resolution Options

Section 262. The Financial Supervisory Authority and the Danish Financial Stability Council shall assess, in connection with the preparation of the resolution plan, cf. Section 259, whether there are significant obstacles to the resolution of an undertaking.

Subsection 2. For a systemically important financial institution and a global systemically important financial institution, cf. Sections 308 and 310, the Financial Supervisory Authority shall consult Danmarks Nationalbank on the assessment made by the Financial Supervisory Authority and the Danish Financial Stability Council in accordance with subsection 1.

Subsection 3. The Financial Supervisory Authority and the Danish Financial Stability Council shall consult any resolution authorities in other countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, where significant branches are located, on the resolution plan.

Section 263. The Financial Supervisory Authority and the Danish Financial Stability Council shall assess, in connection with the preparation of the group resolution plan, cf. Section 260, whether there are significant obstacles to the resolution of a group.

Subsection 2. If the group includes a systemically important financial institution or a global systemically important financial institution, cf. Sections 308 or 310, Danmarks Nationalbank shall be consulted on the assessment in accordance with subsection 1.

Subsection 3. The assessment in accordance with subsection 1 shall be carried out in cooperation with the resolution authorities for the subsidiaries and after consulting the competent authorities for the subsidiaries and the resolution authorities in the countries where significant branches are located, if relevant for the relevant branch.

Power to Remedy and Remove Obstacles to Resolution

Section 264. If the Financial Supervisory Authority and the Danish Financial Stability Council, in the assessment of the resolution options for an undertaking, cf. Section 262, find that there are significant obstacles to the resolution of the relevant undertaking, the Financial Supervisory Authority shall notify the undertaking in writing and any resolution authorities in other countries within the European Union or countries with which the Union has concluded an agreement in the financial sector, where significant branches are located, thereof.

Subsection 2. The undertaking shall, no later than 4 months after it has received a notification in accordance with subsection 1, cf. however subsection 3, submit to the Financial Supervisory Authority proposals for possible measures with 16 April 2026. 85 No. 432.

with a view to remedying or removing the significant resolution obstacles that follow from the notification.

Subsection 3. The undertaking shall submit to the Financial Supervisory Authority proposals for possible measures and a timetable for the implementation of these measures, no later than 2 weeks after the undertaking has received a notification in accordance with subsection 1, with a view to remedying or removing the significant resolution obstacle in cases where the resolution obstacle is due to:

1. the undertaking being in a situation covered by Section 269 a, subsection 1,
2. the undertaking not meeting the requirement for write-down eligible liabilities, cf. Section 266, or
3. the undertaking, if it is a Global Systemically Important Financial Institution (G-SIFI) or part of a G-SIFI, not meeting the requirement for write-down eligible liabilities, cf. Article 92 a, cf. Article 494 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Subsection 4. The Financial Supervisory Authority and Financial Stability shall assess whether the undertaking's proposals for possible measures in accordance with subsections 2 and 3 effectively remedy or remove the significant resolution obstacles. If the Financial Supervisory Authority and Financial Stability assess that the undertaking's proposals effectively remedy or remove the significant resolution obstacles, the proposals shall be binding on the undertaking.

Subsection 5. If the Financial Supervisory Authority and Financial Stability assess that the measures proposed by an undertaking in accordance with subsection 2 or 3 do not effectively remedy or remove the significant resolution obstacles, the Financial Supervisory Authority may:

1. order the undertaking to review agreements on intra-group financial support or to reconsider the absence of such agreements and to draw up intra-group service agreements or service agreements with third parties to cover critical functions,
2. order the undertaking to limit its maximum individual and aggregate exposures,
3. in specific cases or on a regular basis by order require additional information relevant to resolution,
4. order the undertaking to divest certain assets,
5. order the undertaking to limit or discontinue existing or planned activities,
6. limit or prevent the development of new or existing business lines or the sale of new or existing products,
7. order that the undertaking or a subsidiary controlled by the undertaking either directly or indirectly be simplified through changes to its legal or operational structure to ensure that critical functions can be separated legally and operationally from other functions through the use of resolution tools,
8. order the undertaking to establish a financial holding company,
9. order the undertaking to submit a plan for meeting the requirement for write-down eligible liabilities and the combined capital buffer requirement,
10. order the undertaking to issue write-down eligible liabilities to meet the requirements in Section 266,
11. order the undertaking to take other measures to comply with the requirement for write-down eligible liabilities in accordance with Section 266,
12. order the undertaking to change the maturity profile of a) capital instruments and b) write-down eligible liabilities, or
13. order the mixed holding company to establish a separate financial holding company to take over the management of the undertaking, if this is necessary to facilitate resolution and to avoid negative consequences for the non-financial part of the group from the use of the resolution tools and powers that follow from Chapter 4 of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Subsection 6. The undertaking shall, within 1 month after notification of an order in accordance with subsection 5, submit to the Financial Supervisory Authority a plan for compliance therewith.

Subsection 7. The requirement for the Financial Supervisory Authority and Financial Stability to draw up resolution plans is suspended as a result of the notification referred to in subsection 1, until the measures, cf. subsections 2 and 3, or the orders, cf. subsection 5, have been implemented.

Subsection 8. The Minister of Business Affairs may lay down detailed rules on the orders listed in subsection 5 and the use thereof.

Section 264 a. If the Financial Supervisory Authority, after hearing Financial Stability, finds that there are obstacles to the resolution of an undertaking because other credit institutions or mortgage credit institutions hold write-down eligible liabilities in the undertaking, the Financial Supervisory Authority shall order the credit institution or mortgage credit institution to limit its maximum individual and aggregate exposures in the undertaking.

Subsection 2. Subsection 1 shall not apply in cases where the credit institution or mortgage credit institution is part of the same resolution group as the undertaking.

Section 265. If the Financial Supervisory Authority and Financial Stability, in an assessment of the resolution options for a group, cf. Section 263, find that there are significant obstacles to the resolution of the group in question, the Financial Supervisory Authority shall, following a proposal from Financial Stability, in cooperation with the European Banking Authority and after hearing the competent authorities, draw up and submit a report to:

1. the parent undertaking,
2. Financial Stability,
3. the resolution authorities of the subsidiaries, and
4. the resolution authorities in the countries where significant branches are located, if relevant for the branch in question.

Subsection 2. Section 264 shall apply mutatis mutandis to groups.

Subsection 3. The report in accordance with subsection 1 shall:

1. analyze significant obstacles to the effective use of resolution tools and the exercise of resolution powers in relation to the group and its resolution groups, cf. Chapter 4 of the Act on Restructuring and Resolution of Certain Financial Undertakings,
2. contain considerations regarding the consequences for the undertaking's business model, and
3. recommend proportionate and targeted orders, which in the opinion of the Financial Supervisory Authority are necessary or appropriate to remedy or remove the obstacles in question.

Subsection 4. The parent undertaking may, no later than 4 months after receiving the report drawn up in accordance with subsection 1, submit comments and proposals for alternative changes or orders to the Financial Supervisory Authority to remedy or remove the obstacles identified in the report from the Financial Supervisory Authority. The Financial Supervisory Authority shall communicate the parent undertaking's comments and proposals to Financial Stability, the European Banking Authority, and the authorities mentioned in subsection 1, items 3 and 4.

Subsection 5. The Financial Supervisory Authority shall, together with Financial Stability, review the parent undertaking's comments and proposals submitted in accordance with subsection 4, first sentence, with the resolution authorities of the subsidiaries to reach a joint decision on the use of orders under Section 264, subsection 5. The joint decision shall be available no later than 4 months after the Financial Supervisory Authority has received comments from the parent undertaking. If the Financial Supervisory Authority has not received comments from the parent undertaking, the joint decision shall be available no later than 1 month after the expiry of the deadline in subsection 4, first sentence.

Subsection 6. The Financial Supervisory Authority shall make a decision on the use of orders if the Financial Supervisory Authority and the resolution authorities of the subsidiaries have not reached a joint decision within the deadlines in subsection 5. The Financial Supervisory Authority shall notify the parent undertaking and the resolution authorities of the subsidiaries of this decision. If a resolution authority of a subsidiary has referred the case to the European Banking Authority before the expiry of the deadlines, the Financial Supervisory Authority shall postpone its decision until the decision from the European Banking Authority is available. The Financial Supervisory Authority shall thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision no later than 1 month after the case was referred, the Financial Supervisory Authority shall decide which orders shall apply.

Subsection 7. The parent undertaking shall, within 1 month after receiving a decision, cf. subsection 5 or 6, submit a plan for compliance with the orders.

Subsection 8. The Minister of Business Affairs may lay down detailed rules on the use of the orders listed in Section 264, subsection 5, for groups.

Section 265 a. If the Financial Supervisory Authority and Financial Stability find that there is a significant resolution obstacle for a group, cf. Section 265, because a group entity is in one of the situations covered by Section 264, subsection 3, items 1-3, the Financial Supervisory Authority shall notify the parent undertaking of its assessment after hearing the resolution authority of the resolution entity and the resolution authorities of the subsidiaries.

Subsection 2. The parent undertaking shall submit to the Financial Supervisory Authority proposals for possible measures and a timetable for the implementation of these measures no later than 2 weeks after receiving a notification in accordance with subsection 1, with a view to ensuring that the group entity complies with the requirement for write-down eligible liabilities, cf. Section 266, and, where applicable, the combined capital buffer requirement, cf. Section 125 a. The Financial Supervisory Authority shall communicate the parent undertaking's proposals to the European Banking Authority and the authorities mentioned in Section 265, subsection 1, items 3 and 4.

Subsection 3. The Financial Supervisory Authority and Financial Stability shall assess whether the parent undertaking's proposals in accordance with subsection 2 effectively remedy or remove the resolution obstacle in question.

Subsection 4. The Financial Supervisory Authority shall, together with Financial Stability, review the parent undertaking's proposals in accordance with subsection 2 with the resolution authorities of the subsidiaries to reach a joint decision on the use of orders, cf. Section 264, subsection 5. This shall be done no later than 2 weeks after the Financial Supervisory Authority has received the parent undertaking's proposals and timetable.

Subsection 5. The Financial Supervisory Authority shall make a decision on the use of orders, cf. Section 264, subsection 5, if the Financial Supervisory Authority and the resolution authorities of the subsidiaries have not reached a joint decision within the deadline, cf. subsection 4. The Financial Supervisory Authority shall notify the group's parent undertaking and the resolution authorities of the subsidiaries of this decision. If a resolution authority of a subsidiary has referred the case to the European Banking Authority before the expiry of the deadline in subsection 4, the Financial Supervisory Authority shall postpone its decision until the decision from the European Banking Authority is available, and thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision no later than 1 month after the case was referred, the Financial Supervisory Authority shall decide which orders shall apply.

Section 265 b. The Financial Supervisory Authority shall make a decision on the use of orders, cf. Section 264, subsection 5, when the Financial Supervisory Authority and Financial Stability are the resolution authority for a resolution entity in a group, where the top parent undertaking is in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, and if the group resolution authority and the resolution authorities of the subsidiaries have not reached a joint decision within the deadline mentioned in Section 265, subsection 5, or the deadline mentioned in Section 265 a, subsection 4, if the obstacle to resolution is due to one of the situations covered by Section 264, subsection 3, items 1-3. The Financial Supervisory Authority shall notify the resolution entity and the group resolution authority of the decision.

Subsection 2. If a resolution authority has referred a case covered by subsection 1 to the European Banking Authority, the Financial Supervisory Authority shall postpone its decision until the decision from the European Banking Authority is available. The Financial Supervisory Authority shall thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision no later than 1 month after the case was referred, the Financial Supervisory Authority shall decide which orders shall apply.

Section 265 c. The Financial Supervisory Authority shall decide which measures shall be ordered, cf. Section 264, subsection 5, when the Financial Supervisory Authority and Financial Stability are the resolution authority for a subsidiary that is not a resolution entity, in a group where the top parent undertaking is in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sector, and if the group resolution authority and the resolution authorities of the subsidiaries have not reached a joint decision within the deadline mentioned in Section 265, subsection 5, or the deadline mentioned in Section 265 a, subsection 4, if the obstacle to resolution is due to one of the situations covered by Section 264, subsection 3, items 1-3. The Financial Supervisory Authority shall notify the subsidiary, the resolution entity, the resolution authority for the resolution entity in question, and the group resolution authority.

Subsection 2. If a resolution authority has referred a case covered by subsection 1 to the European Banking Authority, the Financial Supervisory Authority shall postpone its decision until the decision from the European Banking Authority is available. The Financial Supervisory Authority shall thereafter make a decision in accordance with the decision from the European Banking Authority. If the European Banking Authority has not made a decision no later than 1 month after the case was referred, the Financial Supervisory Authority shall decide which measures shall be ordered.

Requirement for write-down eligible liabilities

Section 266. Credit institutions shall at all times meet a minimum requirement for write-down eligible liabilities, which the Financial Supervisory Authority sets after hearing Financial Stability. Financial holding companies and mixed holding companies shall meet a minimum requirement for write-down eligible liabilities if the Financial Supervisory Authority, after hearing Financial Stability, sets a minimum requirement for write-down eligible liabilities for these undertakings. The same applies to financing institutions when the financing institution is a subsidiary of a credit institution, a financial holding company, or a mixed holding company, and the financing institution is included in the supervision of the parent undertaking on a consolidated basis.

Subsection 2. The Financial Supervisory Authority may, after hearing Financial Stability, refrain from setting a requirement for write-down eligible liabilities for a subsidiary in the following cases:

1. The subsidiary is part of a resolution group where both the resolution entity and the subsidiary are established in Denmark, and the following conditions are met: a) The resolution entity meets the requirement for write-down eligible liabilities on a consolidated basis at the resolution group level. b) There are no current or expected significant practical or legal obstacles to the rapid transfer of capital instruments or repayment of liabilities from the resolution entity to the subsidiary in the event that a decision has been taken regarding the exercise of write-down or conversion powers in relation to the subsidiary under Sections 272 or 273 or under Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings. c) The resolution entity demonstrates to the Financial Supervisory Authority that the subsidiary is managed prudently, and declares that the resolution entity, with the permission of the Financial Supervisory Authority, has provided a guarantee for the subsidiary's liabilities, or that the risks in the subsidiary are insignificant. d) The resolution entity's procedures for risk assessment, measurement, and control include the subsidiary. e) The resolution entity holds more than 50 percent of the voting rights attached to the share capital in the subsidiary, or has the right to appoint or dismiss a majority of the members of the subsidiary's management.
2. The subsidiary is part of a resolution group where both the parent undertaking and the subsidiary are established in Denmark, and the following conditions are met: a) The parent undertaking meets the requirement for write-down eligible liabilities on a consolidated basis in Denmark. b) There are no current or expected significant practical or legal obstacles to the rapid transfer of capital instruments or repayment of liabilities from the parent undertaking to the subsidiary in the event that a decision has been taken regarding the exercise of write-down or conversion powers in relation to the subsidiary under Sections 272 or 273 or under Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings. c) The parent undertaking demonstrates to the Financial Supervisory Authority that the subsidiary is managed prudently, and declares that the parent undertaking, with the permission of the Financial Supervisory Authority, has provided a guarantee for the subsidiary's liabilities, or that the risks in the subsidiary are insignificant. d) The parent undertaking's procedures for risk assessment, measurement, and control include the subsidiary. e) The parent undertaking holds more than 50 percent of the voting rights attached to the share capital in the subsidiary, or has the right to appoint or dismiss a majority of the members of the subsidiary's management.

Subsection 3. The Financial Supervisory Authority may, after hearing Financial Stability, refrain from setting a minimum requirement for write-down eligible liabilities for a bridge institution and for an undertaking under resolution.

Subsection 4. Liquidation entities shall not meet a minimum requirement for write-down eligible liabilities, unless the Financial Supervisory Authority, after hearing Financial Stability, decides otherwise. The Financial Supervisory Authority may make a decision under the first sentence if, after hearing Financial Stability, it finds it justified, particularly considering whether the fact that the undertaking is becoming distressed is expected to have a negative impact on financial stability and on the risk of contagion to the financial system, including with regard to the financing capacity of the Guarantee Fund. The Financial Supervisory Authority sets the minimum requirement for write-down eligible liabilities for liquidation entities, cf. the first sentence, to an amount that exceeds the liquidation entity's loss-absorbing amount.

Paragraph 5. When setting the requirement for eligible liabilities, cf. paragraphs 1 and 2, the Financial Supervisory Authority shall specify whether the requirement must be met on a consolidated basis, cf. Section 267, or at an individual level, cf. Section 267 d.

Paragraph 6. The Financial Supervisory Authority shall set the minimum requirement for eligible liabilities, cf. paragraph 1, as a percentage of

1. the total risk exposure of the undertaking calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and
2. the total exposure measure of the undertaking calculated in accordance with Articles 429 and 429a of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 266 a. The Financial Supervisory Authority sets the requirement for eligible liabilities, cf. Section 266, based on the following considerations:

1. The resolution group must be able to be resolved by using resolution tools at the resolution entity in a manner that fulfils the resolution objectives.
2. The resolution entity and its subsidiaries, which are not resolution entities, must have sufficient eligible liabilities to ensure that losses can be absorbed and the capital ratio and leverage ratio in the relevant undertakings can be restored to a level where the resolution entity and its subsidiaries, which are not resolution entities, continue to meet the requirements for authorization and carry out the activities for which authorization has been granted, and where sufficient market confidence is maintained.
3. The resolution entity must have sufficient eligible liabilities to absorb losses and restore the resolution entity's capital ratio and leverage ratio to a level where the resolution entity continues to meet the requirements for authorization and carry out the activities for which authorization has been granted, and where sufficient market confidence is maintained, when the resolution plan foresees the possibility that certain categories of eligible liabilities are excluded from bail-in or transferred in their entirety to a recipient in a partial transfer.
4. The size, business model, funding model and risk profile of the undertaking.
5. The extent to which the fact that the undertaking becomes distressed will have a negative impact on financial stability, including through contagion to other undertakings.

Paragraph 2. The Financial Supervisory Authority sets the requirement for eligible liabilities for a resolution entity based on whether it follows from the resolution plan that the resolution entity's subsidiaries, which are established in a country outside the European Union, with which the Union has not concluded an agreement in the financial sector, are part of the same resolution group as the resolution entity.

Section 266 b. The requirement for eligible liabilities may be met with own funds and eligible liabilities, cf. Sections 267 a-267 c and Section 267 e.

Requirements for eligible liabilities for resolution entities

Section 267. A resolution entity must meet the requirement for eligible liabilities, cf. Section 266, on a consolidated basis at the resolution group level, cf. however paragraph 2.

Paragraph 2. The consolidation covers only undertakings that are subject to a requirement for eligible liabilities. Eligible liabilities used to meet a set requirement for eligible liabilities that must be met at a consolidated level may not simultaneously be used to meet or finance liabilities that are included in the fulfilment of the requirements in Section 268, paragraphs 1-4, or the requirements that follow from Section 268 d.

Paragraph 3. After consulting Financial Stability, the Financial Supervisory Authority sets a deadline for resolution entities that have been subject to write-down or conversion pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings, and resolution entities for which Financial Stability has used resolution tools, to meet the requirement for eligible liabilities anew. After consulting Financial Stability, the Financial Supervisory Authority sets interim targets for the resolution entity's fulfilment of the requirement for eligible liabilities for each 12-month period leading up to the set deadline, cf. the first sentence.

Section 267 a. A resolution entity must meet the requirement for eligible liabilities, cf. Section 266, with own funds or the following obligations in items 1-4 or both in combination, cf. however paragraph 2 and Sections 267 b and 267 c:

1. Obligations that fulfil the conditions in Article 72 a, Article 72 b(1), (2)(a-c and e-n) and (3)-(5), and Article 72 c of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
2. The principal of obligations from debt instruments that have a derivative component and that fulfil the following conditions: a) The conditions in Article 72 a(1) and (2)(a-k), Article 72 b(1), (2)(a-c and e-n) and (3)-(5), and Article 72 c of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. b) The principal of the debt instrument is known at the time of issuance, is fixed or increasing and is not affected by an embedded derivative feature, and the total obligations arising from the debt instrument can be valued daily based on an active and liquid market for the purchase and sale of an equivalent instrument without credit risk in accordance with Articles 104 and 105 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. c) The debt instrument is not covered by a netting agreement, and the valuation of the debt instrument is not covered by Section 27(3) of the Act on Restructuring and Resolution of Certain Financial Undertakings.
3. Obligations from debt instruments that have a derivative component and that fulfil the following conditions: a) The conditions in Article 72 a(1) and (2)(a-k), Article 72 b(1), (2)(a-c and e-n) and (3)-(5), and Article 72 c of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. b) The debt instrument contains a contractual provision stating that the value of the claim is fixed or increasing in the event of the issuer's resolution or bankruptcy, and that the value does not exceed the originally paid liability amount. c) The debt instrument is not covered by a netting agreement, and the valuation of the debt instrument is not covered by Section 27(3) of the Act on Restructuring and Resolution of Certain Financial Undertakings.
4. Obligations issued by a subsidiary established in the European Union or in a country with which the Union has concluded an agreement in the financial sector, which is part of the same resolution group as the resolution entity, to an equity holder who is not part of the same resolution group, when the following conditions are met: a) The obligations are issued in accordance with Section 267 e, item 3. b) The resolution entity's control over the subsidiary will not be affected by the Financial Supervisory Authority's exercise of write-down or conversion powers, cf. Sections 272 or 273, or Financial Stability's exercise of write-down or conversion powers, cf. Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings. c) The obligations do not exceed the amount calculated from the formula in Annex 9, item 1.

Paragraph 2. A resolution entity that is a Global Systemically Important Financial Institution (G-SIFI), and an undertaking that is a significant subsidiary of a Global Systemically Important Financial Institution (G-SIFI) in a third country, but which is not itself a resolution entity, must meet the requirements in Article 92 a and 92 b of the Regulation on prudential requirements for credit institutions and investment firms respectively with eligible liabilities as defined in Article 72 k of the Regulation and established in accordance with Articles 72 a-72 l of the Regulation.

Requirements for subordination for resolution entities

Section 267 b. After consulting Financial Stability, the Financial Supervisory Authority may decide that resolution entities must meet a portion of the requirement for eligible liabilities, cf. Section 266(1), corresponding to the highest of either 8% of total liabilities and own funds or the amount calculated from the formula in Annex 9, item 3, with own funds, with subordinated eligible instruments or with obligations covered by Section 267 a(1), item 4, when the following conditions are met, cf. however Section 267 c:

1. The non-subordinated obligations referred to in Section 267 a(1), items 1-3, are in the order of bankruptcy on a par with obligations that are exempt from bail-in, cf. Section 25(3) of the Act on Restructuring and Resolution of Certain Financial Undertakings, or obligations that Financial Stability may decide to exempt wholly or partially from bail-in, cf. Section 25(4) of the Act on Restructuring and Resolution of Certain Financial Undertakings.
2. There is a risk that creditors with claims linked to these obligations will suffer greater losses as a result of a bail-in on non-subordinated obligations planned in the resolution plan than they would in a bankruptcy proceeding of the resolution entity.
3. The size of the own funds and the other subordinated obligations does not exceed the amount necessary to ensure that creditors referred to in item 2 do not suffer losses greater than the losses they would have suffered in a bankruptcy proceeding of the resolution entity.

Paragraph 2. After consulting Financial Stability, the Financial Supervisory Authority sets a deadline for resolution entities that have been subject to write-down or conversion pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings, and resolution entities for which Financial Stability has used resolution tools, to meet the requirement in paragraph 1 anew. After consulting Financial Stability, the Financial Supervisory Authority sets interim targets for the resolution entity's fulfilment of the requirement for each 12-month period leading up to the set deadline, cf. the first sentence.

Section 267 c. After consulting Financial Stability, the Financial Supervisory Authority must set that a resolution entity must meet a portion of the requirement for eligible liabilities, cf. Section 266, with own funds, subordinated eligible instruments or obligations covered by Section 267 a(1), item 4. The portion must correspond to 8% of total liabilities and own funds for the following resolution entities, cf. however paragraphs 2-4:

1. Resolution entities that are Global Systemically Important Financial Institutions (G-SIFIs).
2. Resolution entities that are not Global Systemically Important Financial Institutions (G-SIFIs), but which are part of a resolution group whose total assets exceed 100 billion euros.
3. Other resolution entities that are not Global Systemically Important Financial Institutions (G-SIFIs), and which are part of a resolution group whose total assets are less than 100 billion euros, but which the Financial Supervisory Authority has assessed with reasonable probability constitute a systemic risk if they become distressed.

Paragraph 2. After consulting Financial Stability, the Financial Supervisory Authority may set the portion mentioned in paragraph 1 to an amount that is lower than 8% of total liabilities and own funds, but higher than the amount calculated from the formula in Annex 9, item 2.

Paragraph 3. For resolution entities covered by paragraph 1, item 2, the portion mentioned in paragraph 1 may at most correspond to 27% of the resolution entity's total risk exposure in the event that the Financial Supervisory Authority, after consulting Financial Stability, has assessed that

1. the resolution plan for the relevant resolution entity does not involve the use of the Resolution Fund, cf. Chapter 11 of the Act on Restructuring and Resolution of Certain Financial Undertakings, as an option in connection with the resolution of the relevant resolution entity, or
2. the requirement for eligible liabilities makes it possible to fulfil Section 26(2) of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Paragraph 4. After consulting Financial Stability, the Financial Supervisory Authority may set that the portion mentioned in paragraph 1 must amount to an amount that, due to the resolution entity's obligation to meet the combined capital buffer requirement and the requirement for eligible liabilities, corresponds to the highest of either 8% of the resolution group's total liabilities and own funds or the amount calculated from the formula in Annex 9, item 3, when one of the following conditions is met:

1. The Financial Supervisory Authority and Financial Stability have found that there are significant obstacles to resolution, cf. Sections 262 and 263, and a) no remedial measures have been taken in accordance with orders issued by the Financial Supervisory Authority pursuant to Section 264(5) within the deadline for this, or b) the significant obstacles found cannot be remedied by using orders referred to in Section 264(5), and setting the portion mentioned in paragraph 1 pursuant to this provision offsets the negative impact of the significant obstacle on resolution possibilities.
2. It follows from the resolution plan for the resolution entity that the preferred resolution strategy for the resolution entity is feasible and credible to a limited extent, taking into account the resolution entity's size, the nature, scope and complexity of the resolution entity's activities, the risks associated with the resolution entity's activities, interconnectivity and the resolution entity's legal status and shareholder structure.
3. The individual solvency requirement set pursuant to Section 124(3) or individual solvency needs set pursuant to Section 124(2) reflect that the resolution entity is among the 20% most risk-bearing undertakings for which the Financial Supervisory Authority sets requirements for eligible liabilities.

Paragraph 5. Requirements set pursuant to paragraphs 1-4 must be met 3 years after the date on which the resolution entity or the group of which the resolution entity is a part has been designated as a Global Systemically Important Financial Institution (G-SIFI), or the resolution entity is covered by paragraph 1, item 2 or 3. After consulting Financial Stability, the Financial Supervisory Authority sets interim targets for the resolution entity's fulfilment of the requirement set pursuant to paragraph 1, cf. paragraphs 2-4, for each 12-month period leading up to the set deadline, cf. the first sentence.

Paragraph 6. After consulting Financial Stability, the Financial Supervisory Authority sets an appropriate deadline for resolution entities that have been subject to write-down or conversion pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings, and resolution entities for which Financial Stability has used resolution tools, to meet the requirements in paragraphs 1-4 anew. After consulting Financial Stability, the Financial Supervisory Authority sets interim targets for the resolution entity's fulfilment of the requirement set pursuant to paragraphs 1-4 for each 12-month period leading up to the set deadline, cf. the first sentence.

Requirements for eligible liabilities for undertakings that are not resolution entities (internal requirement for eligible liabilities)

Section 267 d. An undertaking that is a subsidiary of a resolution entity or an undertaking in a third country, but which is not itself a resolution entity, must meet the requirement for eligible liabilities, cf. Section 266, at an individual level, cf. however Section 266(2).

Paragraph 2. After consulting Financial Stability, the Financial Supervisory Authority sets a deadline for undertakings that are not resolution entities, but which have been subject to write-down or conversion pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings, and undertakings that are not resolution entities, and for which Financial Stability has used resolution tools, to meet the requirement for eligible liabilities anew. The Financial Supervisory Authority sets interim targets for the undertaking's fulfilment of the requirement for eligible liabilities for each 12-month period leading up to the set deadline, cf. the first sentence.

Section 267 e. An undertaking that is a subsidiary of a resolution entity or an undertaking in a third country, but which is not itself a resolution entity, may meet the requirement for eligible liabilities with the following capital and obligations or both in combination:

1. Common equity tier 1 capital.
2. Additional tier 1 capital issued to entities that a) are part of the same resolution group, or b) are not part of the same resolution group, if the resolution entity's control over the undertaking will not be affected by the exercise of write-down or conversion powers, cf. Sections 272 or 273 or Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings.
3. Obligations that fulfil the following conditions: a) The obligation is issued to i) the resolution entity either directly or indirectly through other undertakings in the same resolution group that purchased the liabilities from the undertaking, or ii) an existing equity holder who is not part of the same resolution group as the undertaking, to the extent that the resolution entity's control over the undertaking will not be affected by the Financial Supervisory Authority's exercise of write-down or conversion powers, cf. Sections 272 or 273, or Financial Stability's exercise of write-down or conversion powers, cf. Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings. b) The obligation fulfils the conditions in Article 72 a, Article 72 b(1) and (2)(a, d-j and n), and Article 72 c of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. c) The obligation is subordinated in bankruptcy proceedings to liabilities that do not fulfil the conditions in letter a and do not qualify to meet the own funds requirement in item 1 or 2. d) The obligation is covered by write-down or conversion powers, cf. Sections 272 or 273 or Sections 17 or 18 a of the Act on Restructuring and Resolution of Certain Financial Undertakings, and the use of the powers will not affect the resolution entity's control over the subsidiary. e) The obligation is not financed directly or indirectly by the undertaking. f) Provisions regulating the obligation do not explicitly or implicitly state that the obligation will be called, redeemed, repaid or bought back before maturity, except in the event of the undertaking's bankruptcy. g) The holder of the obligation does not have the right to accelerate the planned payments of interest and principal for the obligation except in the event of the undertaking's insolvency or liquidation. h) Due interest and dividend payments cannot be modified for the obligation based on the credit situation of the undertaking or its parent undertaking.

Procedure for setting the requirement for eligible liabilities when a resolution college has been established

Section 267 f. When a resolution college has been established, cf. Section 271, requirements for eligible liabilities for resolution entities located in Denmark, cf. Section 266, are set in accordance with a joint decision made by

1. the Financial Supervisory Authority,
2. the group resolution authority, when this is different from the Financial Supervisory Authority and Financial Stability, and
3. the resolution authorities responsible for a resolution group's subsidiaries located in another country in the European Union or in a country with which the Union has concluded an agreement in the financial sector.

Paragraph 2. The joint decision must specify the requirements that apply to

1. consolidated resolution group level for each resolution entity, and
2. on an individual basis for each individual undertaking in the resolution group, when the undertaking is not a resolution entity.

Paragraph 3. It may be set in the joint decision that a portion of the requirement for eligible liabilities for undertakings that are not resolution entities must be met with instruments issued to undertakings that do not belong to the resolution group, when

1. it is assessed to be in accordance with the resolution strategy, and
2. the resolution entity does not at the time of the joint decision meet the requirement for eligible liabilities at an individual level, cf. Section 267 d(1).

Paragraph 4. If several undertakings in a Global Systemically Important Financial Institution (G-SIFI) are resolution entities, or third-country entities that would be resolution entities if they were established in the European Union, it must be specified in the joint decision whether the requirement for eligible liabilities for the resolution entities is adjusted as a result of Article 72 e of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Paragraph 5. If there is no joint decision on the requirement for eligible liabilities for the resolution entity, no later than 4 months after the Financial Supervisory Authority has submitted proposals for requirements for eligible liabilities to the resolution authorities covered by paragraph 1, the Financial Supervisory Authority sets the requirement for eligible liabilities after consulting Financial Stability.

Paragraph 6. If one of the authorities covered by paragraph 1, items 2 and 3, has referred the matter to the European Banking Authority before the expiration of the 4-month deadline mentioned in paragraph 5, the Financial Supervisory Authority postpones its decision, cf. paragraph 5, and awaits the European Banking Authority's decision on the matter. Thereafter, the Financial Supervisory Authority sets requirements for eligible liabilities for the resolution entity in accordance with the European Banking Authority's decision after consulting Financial Stability.

Paragraph 7. If the European Banking Authority has not made a decision no later than 1 month after the matter was referred, cf. paragraph 6, the Financial Supervisory Authority sets requirements for eligible liabilities for the resolution entity after consulting Financial Stability.

Paragraph 8. The Financial Supervisory Authority must send the decision setting the requirement for eligible liabilities for the resolution entity to:

1. The resolution entity.
2. Undertakings that are part of the resolution group and which are not resolution entities.
3. The group's parent undertaking in the European Union or in countries with which the Union has concluded an agreement in the financial sector, when the relevant parent undertaking is not itself a resolution entity in the same resolution group.

Section 267 g. When a resolution college has been established, cf. Section 271, the requirement for eligible liabilities for undertakings located in Denmark that are not resolution entities, and where the resolution entity is located in another country in the European Union or in a country with which the Union has concluded an agreement in the financial sector, is set in accordance with a joint decision made by

1. the Financial Supervisory Authority,

2. the resolution authority for the resolution entity,

3. the group resolution authority, when this is different from the resolution authority for the resolution entity, and

4. the resolution authorities responsible for subsidiaries of a resolution group located in another country in the European Union or in a country with which the Union has concluded an agreement in the financial sector.

Subsection 2. The joint decision must specify the requirements that apply to

1. consolidated resolution group level for each resolution entity and
2. individual basis for each individual undertaking in the resolution group, when the undertaking is not a resolution entity.

Subsection 3. It may be stipulated in the joint decision that part of the requirement for eligible liabilities for undertakings that are not resolution entities must be met with instruments issued to undertakings that do not belong to the resolution group, when

1. it is assessed to be in accordance with the resolution strategy and
2. the resolution entity does not at the time of the joint decision meet the requirement for eligible liabilities, cf. Section 266, at individual level, cf. Section 267 d, subsection 1.

Subsection 4. If there is no joint decision on the requirement for eligible liabilities for undertakings in a resolution group on an individual basis, within 4 months after the resolution authorities covered by subsection 1 have submitted proposals for requirements for eligible liabilities, the Danish Financial Supervisory Authority (Finanstilsynet) shall, after consultation with Financial Stability (Finansiel Stabilitet), set the requirement for eligible liabilities.

Subsection 5. If one of the authorities covered by subsection 1, no. 2-4, has referred the matter to the European Banking Authority within the deadline of 4 months, the Danish Financial Supervisory Authority shall postpone its decision and await the decision of the European Banking Authority. Thereafter, the Danish Financial Supervisory Authority shall, after consultation with Financial Stability, set requirements for eligible liabilities in accordance with the decision of the European Banking Authority.

Subsection 6. If the European Banking Authority has not made a decision within 1 month after the matter has been referred, cf. subsection 5, the Danish Financial Supervisory Authority shall, after consultation with Financial Stability, set requirements for eligible liabilities for the undertaking located in Denmark that is not a resolution entity.

Subsection 7. The Danish Financial Supervisory Authority must send the decision setting the requirement for eligible liabilities to the undertakings located in Denmark in a resolution group that are not resolution entities.

Requirements for eligible liabilities for liquidation entities

Section 267 h. A liquidation entity must at individual level meet a requirement for eligible liabilities, which is set in accordance with Section 266, subsection 4, with own funds or the following liabilities in no. 1 and 2 or both in combination:

1. Liabilities that meet the conditions in Article 72a and Article 72b, subsection 1, subsection 2, points (a), (c) and (e)-(n), and subsections 3-5, of the Regulation of the European Parliament and of the Council on prudential requirements for credit institutions.
2. Liabilities from debt instruments that have derivative components, cf. Section 267 a, subsection 1, no. 3 or 4.

Section 267 i. The Minister for Business Affairs shall set detailed rules on the requirement for eligible liabilities. The Minister for Business Affairs may also set rules that derogate from Sections 267 c-267 e.

Debt buffer requirements

Section 268. A mortgage credit institution must at all times have a debt buffer of 2% of the mortgage credit institution's total unweighted loans. Capital and liabilities to meet the debt buffer requirement must be issued by the mortgage credit institution otherwise.

Subsection 2. For a mortgage credit institution that at institution level is designated as a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), cf. Sections 308 or 310, it further applies that the debt buffer is set at a level that ensures that the institution's requirements for own funds and debt buffer together amount to at least 8% of the institution's total liabilities, cf. however subsection 4. The debt buffer is, however, set after the first sentence to a minimum of 2% of the mortgage credit institution's total unweighted loans.

Subsection 3. If a mortgage credit institution is part of a group that at consolidated level is designated as a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), cf. Sections 308 or 310, and where a requirement for the size of the group's eligible liabilities at consolidated level must be set for the group, it further applies that the debt buffer is set at a level that ensures that the total requirement for the group's debt buffer, own funds for the group's mortgage credit institutions, and eligible liabilities amount to at least 8% of the total liabilities for credit institutions, mortgage credit institutions, and securities brokerage companies in the group. The debt buffer is, however, set after the first sentence to a minimum of 2% of the mortgage credit institution's total unweighted loans.

Subsection 4. For a mortgage credit institution that at institution level is designated as a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), cf. Sections 308 or 310, and which is part of a resolution group with a resolution entity established in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, the debt buffer requirement amounts to 2% of the institution's total unweighted loans, if the resolution group's total requirements are sufficient to ensure that the resolution group has eligible liabilities that amount to at least 8% of the resolution group's total liabilities. If the resolution group's total requirements are not sufficient to ensure that the resolution group has eligible liabilities that amount to at least 8% of the resolution group's total liabilities, the debt buffer requirement for the mortgage credit institution is set to a minimum of 2%. The total requirement for the mortgage credit institution's debt buffer and own funds must 16. april 2026. 93 Nr. 432.

however amount to at least 8% of the mortgage credit institution's total liabilities.

Subsection 5. For a mortgage credit institution that as a parent company owns a subsidiary that is also a mortgage credit institution, and where both undertakings are part of the same resolution group, the debt buffer requirement may be met at the mortgage credit group level.

Subsection 6. The Danish Financial Supervisory Authority shall, after consultation with Financial Stability, set a deadline to meet the debt buffer requirement anew for mortgage credit institutions that have been subject to write-down or conversion pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a in the Act on Restructuring and Resolution of Certain Financial Undertakings, and mortgage credit institutions for which Financial Stability has used resolution tools.

Section 268 a. A mortgage credit institution that is a resolution entity must meet the debt buffer requirement with the following capital or liabilities or both in combination, cf. however Section 268 d:

1. Common equity tier 1 capital.
2. Additional tier 1 capital.
3. Tier 2 capital instruments.
4. Liabilities that meet the conditions in Article 72b, subsection 2, point (d), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Subsection 2. Capital and liabilities, cf. subsection 1, no. 1-4, must be capable of being written down and converted without the use of bail-in. There must not be other liabilities that are subordinated or pari passu with liabilities used to meet the debt buffer requirement.

Section 268 b. A mortgage credit institution that is a subsidiary of a resolution entity, but which is not itself a resolution entity, must meet the debt buffer requirement with the following capital or liabilities or both in combination, cf. however Section 268 d:

1. Common equity tier 1 capital.
2. Additional tier 1 capital.
3. Tier 2 capital instruments.
4. Liabilities that meet the conditions in Article 72b, subsection 2, point (d), of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and the following conditions: a) The liability must be issued to i) the resolution entity either directly or indirectly through other undertakings in the same resolution group that purchased the liabilities from the undertaking, or ii) an existing equity holder that is not part of the same resolution group as the undertaking, to the extent that the resolution entity's control of the undertaking will not be affected by the exercise of the Danish Financial Supervisory Authority's write-down or conversion powers, cf. Sections 272 or 273, or Financial Stability's exercise of write-down or conversion powers, cf. Sections 17 or 18 a in the Act on Restructuring and Resolution of Certain Financial Undertakings. b) The liability is subordinated to liabilities in bankruptcy proceedings that do not meet the conditions in point (a) and do not qualify to meet the own funds requirement in no. 1 or 2. c) The liability is subject to write-down or conversion powers, cf. Sections 272 or 273 or Sections 17 or 18 a in the Act on Restructuring and Resolution of Certain Financial Undertakings, and the use of the powers will not affect the resolution entity's control of the subsidiary.

Section 268 c. For the part of the debt buffer requirement that is met with capital and liabilities covered by Section 268 a, subsection 1, no. 2-4, or Section 268 b, no. 2-4, the following applies:

1. The relevant capital or liability must have an original maturity of at least 2 years.
2. There must be an appropriate spread in the maturity of capital and liabilities.

Subsection 2. The Danish Financial Supervisory Authority may determine that a debt buffer requirement, which is calculated according to Section 268, subsection 3, for the part that is over 2% of the mortgage credit institution's total unweighted loans, can be met with issuances from the resolution entity, if this is a credit institution.

Section 268 d. Capital and liabilities used to meet the debt buffer requirement may not simultaneously be used for the following:

1. To meet the own funds requirement, cf. Article 92 in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.
2. To meet the individual capital requirement, cf. Section 124, subsection 2.
3. To meet the individual capital requirement, cf. Section 124, subsection 3.
4. To meet the combined capital buffer requirement, cf. Section 125 a.
5. To meet the requirement for eligible liabilities, cf. Section 266.
6. To finance the meeting of the requirement for eligible liabilities for undertakings in the same group.

Supervision of compliance with the requirement for eligible liabilities and the debt buffer requirement

Section 269. The Danish Financial Supervisory Authority supervises undertakings' compliance with the requirement for eligible liabilities, cf. Section 266, and the debt buffer requirement, cf. Section 268.

Subsection 2. If an undertaking does not meet the requirement for eligible liabilities, the Danish Financial Supervisory Authority must react in at least one of the following ways:

1. Use of powers to remedy or remove obstacles to resolution in accordance with Sections 264 and 265.
2. Use of powers mentioned in Section 269 a.
3. Implementation of measures pursuant to Section 243 a.
4. Implementation of measures pursuant to Section 344, subsection 1.

Subsection 3. The Danish Financial Supervisory Authority may also assess whether the undertaking is failing or likely to fail, cf. Section 224 a. 16. april 2026. 94 Nr. 432.

Section 269 a. The Danish Financial Supervisory Authority may limit an undertaking's distributions to the maximum distributable amount, if an undertaking that is subject to a requirement for eligible liabilities, cf. Section 266, meets the combined capital buffer requirement, cf. Section 125 a, but not when considered in addition to the requirement for eligible liabilities. The maximum distributable amount is calculated in accordance with Annex 10, no. 1, cf. however subsection 2.

Subsection 2. Subsection 1 applies with regard to the following distributions:

1. Distribution relating to common equity tier 1 capital.
2. Allocation of variable remuneration or estimated pension benefits or payment of variable remuneration, if the obligation to pay was introduced at a time when the undertaking did not meet the combined capital buffer requirement.
3. Payments relating to hybrid tier 1 capital instruments.

Subsection 3. In the assessment of whether the Danish Financial Supervisory Authority should limit the undertaking's distributions to the maximum distributable amount, the Danish Financial Supervisory Authority must take into account the following:

1. The cause of the non-compliance and its duration and extent and its consequences for resolvability.
2. The development in the undertaking's economic situation and the probability that the undertaking will become failing or likely to fail within a foreseeable future, cf. Section 224 a.
3. The prospect that the undertaking will be able to meet the combined capital buffer requirement when considered in addition to the requirement for eligible liabilities within a reasonable timeframe.
4. Whether the undertaking's inability to replace liabilities that no longer meet the criteria for eligible liabilities and expire in Article 72b and 72c in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions or in Sections 267 a and 267 e is specific to the undertaking in question or due to a market-wide disturbance.
5. Whether limiting the undertaking's distributions to the maximum distributable amount constitutes the most appropriate and reasonable means to remedy the undertaking's situation in relation to the potential impact on both the financing conditions and the resolvability of the undertaking in question.

Subsection 4. The Danish Financial Supervisory Authority must assess monthly whether the undertaking's distributions should be limited, as long as the undertaking is in a situation covered by subsection 1.

Subsection 5. The Danish Financial Supervisory Authority must limit the undertaking's distributions to the maximum distributable amount, if the undertaking is in a situation covered by subsection 1, 9 months after the undertaking has notified the Danish Financial Supervisory Authority pursuant to Section 269 c, cf. however subsection 6.

Subsection 6. Subsection 5 does not apply if the Danish Financial Supervisory Authority assesses that at least two of the following conditions are met:

1. The undertaking's failure to meet the combined capital buffer requirement is due to a serious disturbance in the functioning of financial markets, which leads to extensive tensions in several segments of the financial markets.
2. The disturbance mentioned in no. 1 results in increased price volatility for the undertaking's own funds instruments and eligible liabilities or increased costs for the undertaking and leads to a complete or partial closure of markets, which prevents the undertaking from issuing own funds instruments and eligible liabilities on these markets.
3. The closure of markets mentioned in no. 2 applies to several other undertakings in addition to the affected undertaking.
4. The disturbance mentioned in no. 1 prevents the affected undertaking from issuing own funds instruments and eligible liabilities that are sufficient to remedy the failure to meet the combined capital buffer requirement.
5. The Danish Financial Supervisory Authority's exercise of the power mentioned in subsection 1 will lead to negative consequences for a part of the banking sector, whereby financial stability is potentially undermined.

Subsection 7. The Danish Financial Supervisory Authority makes a monthly assessment of whether at least two of the conditions in subsection 6 are met.

Reporting to the Danish Financial Supervisory Authority

Section 269 b. An undertaking that is subject to a requirement for eligible liabilities, cf. Section 266, must report the following information to the Danish Financial Supervisory Authority:

1. The size of own funds or own funds that meet the conditions in Section 267 e, no. 1 and 2, at least once every half year.
2. The size of eligible liabilities at least once every half year.
3. The size of liabilities covered by bail-in at least once a year.
4. The composition of items covered by no. 1-3 and their maturity profile at least once a year.
5. The hierarchical classification of items covered by no. 1-3 in ordinary bankruptcy proceedings at least once a year.
6. Information on whether items covered by no. 1 and 2 are subject to legislation in a third country, and if so, which third country, and whether they contain the contractual terms in Section 274, subsection 1, and Article 52, subsection 1, points (p) and (q), and Article 63, points (n) and (o), in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions at least once a year.

Subsection 2. Undertakings that on the date of reporting this information have eligible liabilities of at least 150% of the requirement for eligible liabilities are exempt from reporting the size of liabilities covered by bail-in, cf. subsection 1, no. 3.

Subsection 3. The Danish Financial Supervisory Authority may request that undertakings report the information in subsection 1, no. 1-6, more frequently than specified.

Subsection 4. A liquidation entity is not covered by subsection 1, unless the Danish Financial Supervisory Authority has set a requirement for eligible liabilities for the liquidation entity, cf. Section 266, subsection 16. april 2026. 95 Nr. 432.

4. The Danish Financial Supervisory Authority must in that case set the content and frequency of the reporting obligation and notify the liquidation entity thereof.

Section 269 c. An undertaking that is subject to a requirement for eligible liabilities or a debt buffer requirement must immediately notify the Danish Financial Supervisory Authority if the undertaking does not meet the requirement for eligible liabilities after Section 266 or the combined capital buffer requirement after Section 125 a, when considered in addition to the requirement for eligible liabilities, or the debt buffer requirement after Section 268.

Publication

Section 269 d. Undertakings that are subject to a requirement for eligible liabilities must publish the following information at least once a year:

1. The size of the undertaking's eligible liabilities.
2. The composition of items covered by no. 1, their maturity profile and priority in bankruptcy proceedings of the undertaking.
3. The requirement for eligible liabilities specified as stated in Section 266, subsection 6.

Subsection 2. If write-down or conversion powers have been exercised pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a in the Act on Restructuring and Resolution of Certain Financial Undertakings, or if Financial Stability has used resolution tools on the undertaking, the requirements for publication in subsection 1 apply from the date of the deadline to meet the requirement for eligible liabilities anew.

Subsection 3. A liquidation entity is not covered by subsection 1, unless the Danish Financial Supervisory Authority has set a requirement for eligible liabilities for the liquidation entity, cf. Section 266, subsection 4. The Danish Financial Supervisory Authority must in that case set the content and frequency of the publication obligation and notify the liquidation entity thereof.

Section 269 e. A mortgage credit institution that is subject to a debt buffer requirement must publish the following information at least once a year:

1. The size of the institution's capital and liabilities used to meet the debt buffer requirement.
2. The composition of items covered by no. 1, their maturity profile and priority in bankruptcy proceedings of the institution.
3. The debt buffer requirement.

Subsection 2. If write-down or conversion powers have been exercised pursuant to Sections 272 or 273 or pursuant to Sections 17 or 18 a in the Act on Restructuring and Resolution of Certain Financial Undertakings, or if Financial Stability has used resolution tools on the mortgage credit institution, the requirements for publication in subsection 1 apply from the date of the deadline to meet the debt buffer requirement anew, cf. Section 268, subsection 6.

Section 270. (Repealed)

Resolution Colleges

Section 271. The Danish Financial Supervisory Authority establishes resolution colleges to carry out the tasks mentioned in Sections 260, 261, 263, 265, 265 a, 266 and 267 f for a group where the top parent company is in Denmark, and where the parent company is a credit institution, a mortgage credit institution, a mixed financial holding company or a financial holding company, which has at least one subsidiary that is a credit institution or a mortgage credit institution.

Subsection 2. A resolution college consists of:

1. The consolidated group resolution authority.
2. The resolution authorities in the countries in the European Union or countries with which the Union has concluded an agreement in the financial sector where a subsidiary, which is subject to consolidated supervision, is established.
3. The resolution authorities in the countries in the European Union or countries with which the Union has concluded an agreement in the financial sector where a parent company to one or more of the group's undertakings, which is a financial undertaking or a mixed financial holding company, is established.
4. The resolution authorities in the countries in the European Union or countries with which the Union has concluded an agreement in the financial sector where significant branches are located.
5. The consolidated supervisory authority and the competent authorities in the countries in the European Union or countries with which the Union has concluded an agreement in the financial sector where the resolution authority is a member of the resolution college. If the competent authority in a country is not the country's central bank, the competent authority may decide to be accompanied by a representative of the country's central bank.
6. The responsible ministries, if the resolution authorities that are members of the resolution college are not the responsible ministries.
7. The authority responsible for the deposit guarantee scheme in a country in the European Union or a country with which the Union has concluded an agreement in the financial sector, if the resolution authority of the country in question is a member of the resolution college.
8. The European Banking Authority.

Subsection 3. The Danish Financial Supervisory Authority may decide that a third-country resolution authority may participate as an observer in resolution colleges established pursuant to subsection 1, if the third-country resolution authority requests this, and if the following conditions are met:

1. There is within the group an undertaking that is established in the European Union or in a country with which the Union has concluded an agreement in the financial sector, which has a subsidiary or a branch established or located in the third country in question, which would be considered significant if it were established or located in the European Union or in a country with which the Union has concluded an agreement in the financial sector.

16. april 2026. 96 Nr. 432.

2. The resolution authority of a third country is subject to professional secrecy obligations equivalent to those applicable to the Danish Financial Supervisory Authority.

Subsection 4. The Danish Financial Supervisory Authority may participate in resolution colleges established by a group resolution authority located in a country within the European Union or in a country with which the Union has concluded an agreement in the financial field.

Subsection 5. The Danish Financial Supervisory Authority establishes and participates in European resolution colleges if a company established outside the European Union or countries with which the Union has concluded an agreement in the financial field:

1. has more than one subsidiary or significant branch that is a credit institution, a mortgage credit institution, a securities firm authorized to provide or perform one or both of the investment services and activities referred to in Annex I, Section A, Nos. 3 and 6 of the Act on Securities Firms and Investment Services and Activities, a financial holding company, or a mixed financial holding company, established or located in a country within the European Union or in a country with which the Union has concluded an agreement in the financial field, and at least one subsidiary or significant branch is established or located in Denmark, or

2. has more than one parent company that is a credit institution, a mortgage credit institution, a securities firm authorized to provide or perform one or both of the investment services and activities referred to in Annex I, Section A, Nos. 3 and 6 of the Act on Securities Firms and Investment Services and Activities, a financial holding company, or a mixed financial holding company, established in more than one country within the European Union or in countries with which the Union has concluded an agreement in the financial field, and at least one parent company is established in Denmark.

Subsection 6. European resolution colleges established pursuant to Subsection 5 perform the tasks referred to in Subsection 1 and otherwise function as resolution colleges established pursuant to Subsection 1.

Chapter 17a Write-down and conversion of capital instruments and write-down eligible liabilities

Section 272. The Danish Financial Supervisory Authority shall without undue delay write down or convert hybrid capital instruments meeting the requirements of Article 52 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and supplementary capital instruments meeting the requirements of Article 63 of Regulation (EU) No 575/2013, in a credit institution or a mortgage credit institution into own core capital instruments, if the Danish Financial Supervisory Authority finds that the credit institution or mortgage credit institution would not be viable unless the power is exercised. The same applies to write-down eligible liabilities meeting the conditions in Section 267e, No. 3, regardless of whether the liabilities meet the condition in Section 267e, No. 3, letter b, regarding a remaining maturity of at least 1 year.

Subsection 2. A credit institution or a mortgage credit institution is considered not to be viable in relation to Subsection 1 if the conditions in Section 224a, Subsection 1, are met, and the Danish Financial Supervisory Authority assesses that there is no prospect that other measures, including measures initiated by the private sector or the Danish Financial Supervisory Authority, within a reasonable time horizon, will be able to prevent the undertaking from being resolved. The Danish Financial Supervisory Authority shall consult the Danish Financial Stability Council on the assessment in the first sentence.

Subsection 3. In the write-down or conversion of relevant capital instruments or write-down eligible liabilities pursuant to Subsection 1 in a subsidiary into a resolution entity, the power to write down or convert shall be exercised in a manner that ensures that losses are passed on to the resolution entity if the relevant capital instruments and write-down eligible liabilities are owned by the resolution entity indirectly through other undertakings in the same resolution group.

Subsection 4. The Danish Financial Supervisory Authority's finding pursuant to Subsection 1 shall be based on a valuation in accordance with Chapter 3 of the Act on Restructuring and Resolution of Certain Financial Undertakings. This valuation shall be carried out by the Danish Financial Stability Council upon request from the Danish Financial Supervisory Authority. The decision on the size of the write-down or conversion shall also be based on this valuation.

Subsection 5. Write-down and conversion of capital instruments and write-down eligible liabilities shall be carried out in accordance with Section 17, Subsection 4, and Section 18 of the Act on Restructuring and Resolution of Certain Financial Undertakings. As regards the condition in Section 18, Subsection 2, No. 1, of the Act on Restructuring and Resolution of Certain Financial Undertakings, it is the Danish Financial Supervisory Authority that shall approve the issuance. Sections 44-46 of the Act on Restructuring and Resolution of Certain Financial Undertakings apply with the necessary adaptations to the Danish Financial Supervisory Authority's write-down or conversion pursuant to Subsection 1.

Subsection 6. Section 74, Subsections 2 and 3, Sections 76, 104-107, 154-157, 162-164, 167-169, 185 and 186 of the Companies Act do not apply in relation to the Danish Financial Supervisory Authority's write-down or conversion pursuant to this provision. The Danish Financial Supervisory Authority may, in connection with the conversion of relevant own core capital instruments and write-down eligible liabilities on behalf of the undertaking, cause the issuance of the relevant number of own core capital instruments to the owners of the relevant capital instruments and write-down eligible liabilities. For the purpose of issuing own core capital instruments in accordance with the second sentence, the Danish Financial Supervisory Authority may order the undertaking to apply for the necessary permission to issue the relevant number of own core capital instruments.

Subsection 7. It is the responsibility of the undertaking's board of directors to ensure the necessary amendments to the undertaking's articles of association and the necessary registrations in accordance with the rules of the Companies Act.

Subsection 8. Shareholders and creditors whose claims have been written down or converted pursuant to Subsection 1 must not suffer greater losses than they would have suffered in the bankruptcy of the credit institution or mortgage credit institution during resolution.

Subsection 9. The Danish Financial Supervisory Authority's assessment pursuant to Subsection 8 is based on the valuation in Section 8 of the Act on Restructuring and Resolution of Certain Financial Undertakings. The valuation is carried out by the Danish Financial Stability Council upon request from the Danish Financial Supervisory Authority. If it is found that a shareholder or creditor, including the Resolution Fund, has suffered greater losses than would have been the case in the bankruptcy of the credit institution or mortgage credit institution, the difference shall be paid by the Resolution Fund, cf. Chapter 11 of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Groups

Section 273. The provision in Section 272 applies mutatis mutandis to groups when:

1. the relevant capital instruments are issued by a subsidiary and the relevant capital instrument forms part of the capital base at individual and consolidated level, and the authority responsible for the consolidated supervision of the concerned group and the Danish Financial Supervisory Authority have jointly found that, unless the capital instrument is written down or converted, the group will not continue to be viable, or

2. the relevant capital instrument is issued by a parent company supervised by the Danish Financial Supervisory Authority, and the relevant capital instrument forms part of the capital base at the parent company level or at consolidated level, and the Danish Financial Supervisory Authority has found that, unless the capital instrument is written down or converted, the group will not continue to be viable.

Subsection 2. A group is considered not to be viable in relation to Subsection 1 if the Danish Financial Supervisory Authority, after consulting the Danish Financial Stability Council, has found that the group is failing or likely to fail, cf. Section 224a, Subsection 3, and the Danish Financial Supervisory Authority assesses that there is no prospect that other measures, including measures initiated by the private sector or the Danish Financial Supervisory Authority, within a reasonable time horizon, will be able to prevent the group from being resolved.

Subsection 3. A subsidiary's relevant capital instruments are not written down or converted, cf. Subsection 1, No. 1, to a greater extent or on worse terms than capital instruments of the same rank in the parent company that have been written down or converted.

Contractual recognition of the Danish Financial Supervisory Authority's and the Danish Financial Stability Council's write-down and conversion powers

Section 274. A credit institution, a mortgage credit institution, a financial holding company, a mixed financial holding company, and a financing institution, when the financing institution is a subsidiary of a credit institution, a mortgage credit institution, a financial holding company, or a mixed financial holding company, and the financing institution is included in the supervision of the parent company on a consolidated basis, shall ensure that contracts entered into by the undertaking after 1 June 2015 and governed by the legislation of a third country contain provisions whereby the counterparty acknowledges that:

1. the obligation covered by the contract may be subject to the write-down and conversion powers of the Danish Financial Supervisory Authority and the Danish Financial Stability Council, cf. Sections 272 or 273 and Sections 17, 18a and 24 of the Act on Restructuring and Resolution of Certain Financial Undertakings, cf. however Section 24, Subsection 4, of the Act on Restructuring and Resolution of Certain Financial Undertakings, and

2. the counterparty is bound by any reduction of the principal or outstanding amount, conversion, or termination affected by the exercise of the powers referred to in No. 1 by the Danish Financial Supervisory Authority and the Danish Financial Stability Council.

Subsection 2. The Danish Financial Supervisory Authority may order the undertaking to obtain a legal opinion that the contractual provisions pursuant to Subsection 1 are binding on the counterparty and can be enforced in accordance with the terms.

Subsection 3. Subsection 1 does not apply if:

1. the obligation is exempt from bail-in, cf. Section 25, Subsection 3, of the Act on Restructuring and Resolution of Certain Financial Undertakings,

2. the obligation is part of a covered deposit from natural persons, micro-enterprises, small enterprises, or medium-sized enterprises, cf. Section 2, No. 19, of the Act on Restructuring and Resolution of Certain Financial Undertakings, and exceeds the threshold for covered deposits, cf. Section 9 of the Act on a Deposit and Investor Guarantee Scheme, or

3. the obligation would be a covered deposit from natural persons, micro-enterprises, small enterprises, or medium-sized enterprises, if the deposit had not been made through branches of institutions established within the European Union or in a country with which the Union has concluded an agreement in the financial field, when the branch is located outside the European Union or in a country with which the Union has concluded an agreement in the financial field.

Subsection 4. The Danish Financial Supervisory Authority may, upon request from the undertaking, decide that Subsection 1 does not apply if it is assessed that the obligations or instruments in question can be subject to write-down or conversion under the legislation of a third country or under the authority of a binding agreement concluded with the relevant third country.

Subsection 5. The Danish Financial Supervisory Authority may, upon request from the undertaking, decide that if the undertaking's requirements for write-down eligible liabilities pursuant to Section 266 correspond to the undertaking's total loss-absorbing capacity, the undertaking is not subject to the requirement in Subsection 1, provided that the liabilities are not used to meet the requirement for write-down eligible liabilities.

Subsection 6. If an undertaking fails to introduce a contractual provision in accordance with Subsection 1, the obligation cannot be used to meet the requirement for write-down eligible liabilities. This does not prevent the Danish Financial Supervisory Authority and the Danish Financial Stability Council from exercising write-down and conversion powers, cf. Sections 272 or 273 and Sections 17, 18a and 24 of the Act on Restructuring and Resolution of Certain Financial Undertakings, cf. however Section 24, Subsection 4, of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Section 275. An undertaking shall notify the Danish Financial Supervisory Authority if it is not possible to comply with Section 274, Subsection 1, in relation to a contract concerning an obligation covered by Section 97 of the Bankruptcy Act. This does not, however, include unsecured bonds and other forms of marketable debt and instruments that create or acknowledge a debt. The notification shall indicate the category of the obligation and the reason why it is not possible to introduce the contractual provision.

Subsection 2. The undertaking shall submit all information to the Danish Financial Supervisory Authority that the Danish Financial Supervisory Authority requests within a reasonable time after receiving the notification pursuant to Subsection 1.

Subsection 3. The duty to introduce a contractual provision, cf. Section 274, Subsection 1, ceases automatically from the time the Danish Financial Supervisory Authority receives a notification in accordance with Subsection 1.

Subsection 4. If the Danish Financial Supervisory Authority assesses that it is possible to comply with Section 274, Subsection 1, in relation to the relevant contract, the Danish Financial Supervisory Authority may, notwithstanding Subsection 3, order the undertaking to introduce such a contractual provision. The Danish Financial Supervisory Authority shall give the order within a reasonable time after the Danish Financial Supervisory Authority has received a notification pursuant to Subsection 1.

Subsection 5. The Danish Financial Supervisory Authority may order the undertaking to change its practice regarding the undertaking's assessment of whether it is possible to introduce a contractual provision recognizing the Danish Financial Stability Council's powers in Section 24 of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Subsection 6. If the Danish Financial Supervisory Authority and the Danish Financial Stability Council assess that contracts that do not contain a provision in accordance with Section 274, Subsection 1, constitute a significant impediment to resolution, the Danish Financial Supervisory Authority shall, to the extent necessary, use the powers in Section 264 to remove the relevant impediment.

Subsection 7. The Minister for Business may set detailed rules regarding the categories of obligations covered by Section 97 of the Bankruptcy Act, where it is not possible to introduce a contractual provision as referred to in Section 274, Subsection 1.

Contractual recognition of the Danish Financial Stability Council's powers to suspend during resolution

Section 276. A credit institution, a mortgage credit institution, a financial holding company, a mixed financial holding company, and a financing institution, when the financing institution is a subsidiary of a credit institution, a mortgage credit institution, a financial holding company, or a mixed financial holding company, and the financing institution is included in the supervision of the parent company on a consolidated basis, shall ensure that the undertaking's contracts, cf. Subsection 2, governed by the legislation of a third country, contain a provision whereby the parties acknowledge:

1. that the contract may be subject to the Danish Financial Stability Council's power to suspend or restrict rights and obligations in Sections 4a and 32-34 of the Act on Restructuring and Resolution of Certain Financial Undertakings, and

2. that the parties in relation to the contract are bound by Section 31 of the Act on Restructuring and Resolution of Certain Financial Undertakings.

Subsection 2. The provision in Subsection 1 applies to contracts that:

1. create a new obligation or significantly change an existing obligation after 28 December 2020, and

2. contain provisions regarding payment or delivery obligations, termination rights, or the right to enforce security rights.

Subsection 3. If an undertaking fails to introduce a provision in accordance with Subsection 1, this does not prevent the Danish Financial Stability Council from using the powers in Sections 4a and 32-34 of the Act on Restructuring and Resolution of Certain Financial Undertakings, and Section 31 of the Act on Restructuring and Resolution of Certain Financial Undertakings will continue to apply.

Sections 277-282. (Repealed)

Section VIII (Repealed)

Section VIIIa (Repealed)

Section VIIIb Financial Conglomerates

Chapter 18b Identification of financial conglomerates

Section 307b. The Danish Financial Supervisory Authority shall annually designate the groups that are financial conglomerates, cf. Subsection 2.

Subsection 2. A group is designated as a financial conglomerate if the following conditions are met:

1. The group is led by a financial undertaking as defined in Section 5, Subsection 1, No. 1, letter a or b.

2. At least one of the subsidiaries in the group is an insurance company, a reinsurance company, or an insurance holding company.

3. The consolidated activities of the entities in the group within the insurance sector and the banking and investment services sector are considered significant, cf. Subsection 3.

Subsection 3. The Danish Financial Supervisory Authority shall set detailed rules for when the consolidated activities in Subsection 2, No. 3, are considered to be significant.

Section IX Special rules for systemically important financial institutions and globally systemically important financial institutions

Chapter 19 Identification of systemically important financial institutions (SIFI)

Section 308. The Danish Financial Supervisory Authority shall designate systemically important financial institutions (SIFI) in Denmark by 30 June each year at the latest, cf. Subsections 2 and 3. Credit institutions and mortgage credit institutions covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions may be designated as systemically important financial institutions (SIFI) on an individual, sub-consolidated, or consolidated basis.

basis. The Danish Financial Supervisory Authority may, regardless of the first sentence, carry out further designation of systemically important financial institutions (SIFI), cf. subsections 2 and 3.

Subsection 2. Credit institutions and mortgage credit institutions covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms shall be designated as a systemically important financial institution (SIFI) if the calculated systemic importance of the institution, cf. subsection 6, exceeds 100 basis points in 2 consecutive years, cf. however subsection 4.

Subsection 3. The Minister for Industry and Business may designate an institution referred to in subsection 1 as a systemically important financial institution (SIFI), which significantly exceeds 100 basis points in the calculation of the institution's systemic importance, cf. subsection 6, despite the calculated systemic importance of the institution not having exceeded 100 basis points in 2 consecutive years.

Subsection 4. A systemically important financial institution (SIFI) must have a calculated systemic importance, cf. subsection 6, of less than 100 basis points, in 3 consecutive years, in order to cease being a systemically important financial institution (SIFI), cf. however subsection 5.

Subsection 5. Regardless of subsection 4, the Minister for Industry and Business may, upon request from the institution, decide that a systemically important financial institution (SIFI) is no longer systemically important, if the systemically important financial institution (SIFI) lies significantly below 100 basis points in the calculation of the systemic importance of the institution, cf. subsection 6.

Subsection 6. The Danish Financial Supervisory Authority shall calculate the institutions' systemic importance expressed in basis points as the weighted sum multiplied by 10,000 of the shares, which are calculated as the individual institution's share of the total value for all Danish credit and mortgage credit institutions and significant branches in Denmark of foreign credit and mortgage credit institutions for each of the following indicators:

1. Total assets weighted with 6/24.
2. The value of national payment transactions weighted with 2/24.
3. Deposits in Denmark weighted with 2/24.
4. Loans in Denmark weighted with 2/24.
5. Nominal value of derivatives not traded on a regulated market (OTC derivatives) weighted with 2/24.
6. Liabilities across jurisdictions weighted with 2/24.
7. Assets across jurisdictions weighted with 2/24.
8. Outstanding debt issuances weighted with 2/24.
9. Liabilities within the financial system (worldwide) weighted with 1/24.
10. Assets within the financial system (worldwide) weighted with 1/24.
11. Liabilities within the financial system (Denmark) weighted with 1/24.
12. Assets within the financial system (Denmark) weighted with 1/24.

Subsection 7. Based on the calculation of systemic importance, the institutions are placed in one of the following five categories of systemic importance:

1. Category 1: Institution with a systemic importance of 100 basis points and up to 300 basis points.
2. Category 2: Institution with a systemic importance of 300 basis points and up to 1,000 basis points.
3. Category 3: Institution with a systemic importance of 1,000 basis points and up to 2,000 basis points.
4. Category 4: Institution with a systemic importance of 2,000 basis points and up to 4,000 basis points.
5. Category 5: Institution with a systemic importance of 4,000 basis points and above.

Subsection 8. The Danish Financial Supervisory Authority shall set detailed rules for the calculation of the individual factors included in the calculation of systemic importance, cf. subsection 6, and whether the calculation shall be carried out on an individual, sub-consolidated or consolidated basis.

Subsection 9. The Danish Financial Supervisory Authority may set rules for the publication by systemically important financial institutions of the systemically important financial institution's indicators, factors and systemic importance.

Section 309. A credit institution and a mortgage credit institution, which are designated as a systemically important financial institution (SIFI) in accordance with Section 308, shall comply with the SIFI buffer requirements, cf. Section 125 g, subsections 3 and 4, cf. Section 125 a, subsection 4, no later than the end of the following year.

Subsection 2. If a credit institution or a mortgage credit institution is designated as a systemically important financial institution (SIFI) on a consolidated or sub-consolidated basis, cf. Section 308, the SIFI buffer requirement, cf. Section 125 e, cf. Section 125 a, subsection 4, cf. Section 125 g, subsections 3 and 4, applies with the same percentage requirement at the consolidated level for the group and at the individual level for each individual credit institution and mortgage credit institution included in the group.

Subsection 3. A systemically important financial institution (SIFI), cf. Section 308, shall comply with the SIFI buffer requirement that follows from changes in its systemic importance, cf. Section 125 g, subsections 3 and 4, cf. Section 125 a, subsection 4, by the end of the year in which changes in its systemic importance occur.

Subsection 4. Subsections 1 and 3 apply mutatis mutandis to the credit institutions and mortgage credit institutions, which are subject to the same percentage SIFI buffer requirement at the individual level in accordance with subsection 2, as applies on a consolidated basis for the designated systemically important financial institution (SIFI).

Subsection 5. The Minister for Industry and Business may decide that a systemically important financial institution (SIFI) designated in accordance with Section 308, subsection 1 or 3, shall comply with the SIFI buffer requirements, cf. Section 125 g, subsections 3 and 4, cf. Section 125 a, subsection 4, before the deadline specified in subsection 1.

Identification of globally systemically important financial institutions (G-SIFI)

Section 310. The Danish Financial Supervisory Authority designates globally systemically important financial institutions in Denmark (G-SIFI) once a year. A credit institution, a mortgage credit institution and a financial holding company, which are covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, may be designated as a globally systemically important financial institution (G-SIFI) at the group level.

Subsection 2. The designation of globally systemically important financial institutions (G-SIFI) and placement in five subcategories for globally systemically important financial institutions (G-SIFI) takes place earliest as of 1 January 2016 and is based on at least one of the following indicators:

1. Size.
2. Interconnectedness with the financial system.
3. Substitutability of the institution's assets or the financial infrastructure offered by the institution.
4. Complexity.
5. Cross-border activities.

Subsection 3. The Minister for Industry and Business may set detailed rules on the calculation of the indicators mentioned in subsection 2 as well as the calculation of the systemic importance of globally systemically important financial institutions.

Publication of the identification of systemically important financial institutions (SIFI) and globally systemically important financial institutions (G-SIFI)

Section 311. The Danish Financial Supervisory Authority publishes on its website once a year which systemically important financial institutions (SIFI) and globally systemically important financial institutions (G-SIFI) have been designated in accordance with Sections 308 and 310, and their placement in categories and subcategories of systemic importance respectively.

Management and organization of the business

Section 312. Sections 77 c, 80 a and 80 b apply mutatis mutandis to systemically important financial institutions (SIFI) and globally systemically important financial institutions (G-SIFI), if the share capital is not traded on a regulated market, and which have not on average had 1,000 or more full-time employees at the balance sheet date in the 2 most recent financial years.

Section 312 a. (Repealed)

Section 312 b. Deferral of variable remuneration pursuant to Section 77 a, subsection 1, no. 5, shall, as far as members of the board of directors and the executive board of a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI) are concerned, take place over a period of at least 5 years with commencement 1 year after the calculation date with an equal distribution over the years or with an increasing share at the end of the period.

Subsection 2. A significant part of the deferred variable remuneration part pursuant to subsection 1 shall, as far as members of the board of directors and the executive board of a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI) are concerned, consist of a balance of shares, corresponding ownership interests depending on the company's legal structure, share-based instruments or, if it concerns a company whose share capital is not traded on a regulated market, corresponding instruments that reflect the company's creditworthiness. Credit institutions and mortgage credit institutions shall, where possible and appropriate, use instruments as regulated in Articles 52 and 63 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions or other instruments that can be converted into genuine core capital instruments or written down, and which in an appropriate degree reflect the company's creditworthiness as a company whose activity is assumed to continue. The instruments may be issued by the company or its parent company, which owns the company fully.

Limits on the number of management positions

Section 313. A member of the board of directors of a systemically important financial institution (SIFI) and of a globally systemically important financial institution (G-SIFI) may, including the position in the credit institution, mortgage credit institution or financial holding company concerned, which is covered by Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, only hold one of the following combinations of director and board positions, cf. however subsections 2-9:

1. 1 director position combined with 2 board positions.
2. 4 board positions.

Subsection 2. Subsection 1 does not apply to members of the board of directors of systemically important financial institutions (SIFI) and of globally systemically important financial institutions (G-SIFI), if the member is appointed to the board of directors of the systemically important financial institution (SIFI) or globally systemically important financial institution (G-SIFI) concerned by the Danish State or a company owned by the Danish State.

Subsection 3. The following management positions shall not be included in the calculation of the number of director and board positions pursuant to subsection 1:

1. Director and board positions in companies and organizations that do not pursue predominantly commercial purposes.
2. Director and board positions in companies covered by Section 80, subsection 5, and corresponding sector companies, unless the company or sector company is a systemically important financial institution (SIFI) or a globally systemically important financial institution (G-SIFI).
3. Board positions in companies where the member is appointed to the board by the Danish State or a company owned by the Danish State, or where the company is owned by the Danish State.

Subsection 4. Director and board positions in group-related companies are counted as a single position in the calculation of director and board positions pursuant to subsection 1.

Subsection 5. Director and board positions in companies in which the systemically important financial institution (SIFI) or the globally systemically important financial institution (G-SIFI) owns a qualifying holding, cf. Section 5, subsection 3, are counted as a single position in the calculation of director and board positions pursuant to subsection 1.

Subsection 6. The Danish Financial Supervisory Authority may permit a board member to hold one additional board position beyond those mentioned in subsection 1, if this is found to be justified with regard to the board member's other management positions and the work associated with them.

Subsection 7. The Danish Financial Supervisory Authority may in special cases where a director or board position requires very modest resource consumption, permit that the position in question is not included in the calculation of the number of director and board positions pursuant to subsection 1.

Subsection 8. A member of the board of directors of a company, which is designated as a systemically important financial institution (SIFI) pursuant to Section 308, subsection 1, or a globally systemically important financial institution in Denmark (G-SIFI) pursuant to Section 310, subsection 1, who at the time of designation holds more director or board positions than permitted pursuant to subsection 1, may continue to hold these director and board positions until the expiration of the term of office for the board position, which implies that the board member is covered by subsection 1.

Subsection 9. Board alternates, who enter the board of directors of a company, which is designated or designated as a systemically important financial institution (SIFI) pursuant to Section 308, subsection 1, or a globally systemically important financial institution in Denmark (G-SIFI) pursuant to Section 310, subsection 1, and who at the time when they enter the board hold more director or board positions than permitted pursuant to subsection 1, may continue to hold these director and board positions until the expiration of the term of office for the board position in the systemically important financial institution (SIFI) or the globally systemically important financial institution in Denmark (G-SIFI).

Special rules for key persons in systemically important financial institutions (SIFI) and in globally systemically important financial institutions (G-SIFI)

Section 313 a. (Repealed)

Section 313 b. Without the approval of the executive board, a systemically important financial institution (SIFI) and a globally systemically important financial institution (G-SIFI) may not grant exposure to or receive security from:

1. employees of the institution who are identified as key persons pursuant to Section 64 c, subsection 8, cf. subsection 1, or
2. companies where the circle of persons mentioned in no. 1 directly or indirectly owns a qualifying holding or is a board member or director.

Subsection 2. The exposures mentioned in subsection 1 shall be granted in accordance with the institution's usual business conditions and on market-based terms. The institution's external auditor shall in the audit report regarding the annual report give a statement on whether the requirements in the first sentence are met.

Subsection 3. The executive board shall monitor the prudence and progress of the exposures mentioned in subsection 1.

Subsection 4. The rules in subsections 1-3 also apply to exposures to persons linked to employees who are identified as key persons pursuant to Section 64 c, subsection 5, cf. subsection 1, by marriage, cohabitation for at least 2 years or kinship in direct ascending or descending line or as siblings, and to companies for which such persons are directors.

Special rules for liquidity in systemically important financial institutions (SIFI) and in globally systemically important financial institutions (G-SIFI)

Section 314. The Minister for Industry and Business may set rules regarding a liquidity coverage requirement for systemically important financial institutions (SIFI) and for globally systemically important financial institutions (G-SIFI).

Sections 315-330. (Repealed)

Part IX a Public Consumer Information Chapter 19 a

Section 331. (Repealed)

Part IX b Markets for Crypto-Assets Chapter 19 b Definitions

Section 332. In this Act, the following shall be understood:

1. Crypto-asset: A digital representation of a value or of a right, which can be transferred and stored electronically by means of distributed ledger technology or similar technology.
2. Asset-referenced token: A type of crypto-asset that is not an electronic money token, and which claims to maintain a stable value by referring to another value or right or a combination thereof, including one or more official currencies.
3. Electronic money token or e-money token: A type of crypto-asset, which claims to maintain a stable value by referring to the value of an official currency.
4. Issuer of crypto-assets: A natural or legal person or another company that issues crypto-assets.
5. Provider of crypto-assets: A natural or legal person or another company or an issuer, which offers crypto-assets to the public.
6. Provider of crypto-asset services: A legal person or another company, whose business or trade consists of providing one or more crypto-asset services to customers on a commercial basis, and which has permission to provide crypto-asset services in accordance with Article 59 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.
7. Crypto-asset service: One of the following services and activities regarding any crypto-asset:

a) Provision of deposit and administration of crypto-assets on behalf of customers. b) Operation of a trading platform for crypto-assets. c) Exchange between crypto-assets and funds. d) Exchange between crypto-assets and other crypto-assets. e) Execution of orders regarding crypto-assets on behalf of customers. f) Placement of crypto-assets. g) Reception and transmission of orders regarding crypto-assets on behalf of customers. h) Advice on crypto-assets. i) Portfolio management in connection with crypto-assets. j) Provision of services regarding the transfer of crypto-assets on behalf of customers.

Permission and notification

Section 332 a. A legal person or other company, which offers asset-referenced tokens to the public or applies for admission of asset-referenced tokens to trading in the EU, shall be the issuer of these asset-referenced tokens and have permission from the Danish Financial Supervisory Authority in accordance with Article 21, cf. Article 16, subsection 1, letter a, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, cf. however subsections 2 and 3.

Subsection 2. Subsection 1 does not apply to a credit institution that meets the requirements of Article 17 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Subsection 3. Subsection 1 does not apply to an issuer of asset-referenced tokens, which is exempted pursuant to Article 16, subsection 2, in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, provided that the issuer gives notice of a crypto-asset white paper in accordance with Article 19 in the same regulation and upon request from the Danish Financial Supervisory Authority gives notice of any marketing communication to the Danish Financial Supervisory Authority.

Section 332 b. A person, who offers e-money tokens to the public or applies for admission of e-money tokens to trading in the EU, shall be the issuer of these, be granted permission from the Danish Financial Supervisory Authority as a credit institution or e-money institution and publish a crypto-asset white paper, which the Danish Financial Supervisory Authority has been notified of in accordance with Article 51, cf. Article 48, subsection 1, in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Section 332 c. A legal person or other company, which provides crypto-asset services in the EU, shall have permission from the Danish Financial Supervisory Authority pursuant to Article 63, cf. Article 59, subsection 1, letter a, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, cf. however subsection 2.

Subsection 2. Subsection 1 does not apply to a credit institution, a central securities depository, a fund management company, a market operator, an e-money institution, an investment management company or an alternative investment fund manager, which has permission to offer services as specified in Article 60, subsections 1-6, and which has notified the Danish Financial Supervisory Authority in accordance with Article 60, subsections 1-6, in Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, cf. Article 59, subsection 1, letter b, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Withdrawal of permission

Section 332 d. The Danish Financial Supervisory Authority may withdraw a permission to an issuer of asset-referenced tokens pursuant to Article 24 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Section 332 e. The Danish Financial Supervisory Authority may withdraw a permission to a provider of crypto-asset services pursuant to Article 64 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Reporting of information

Section 332 f. An issuer of asset-referenced tokens covered by Section 361, subsection 1, no. 11, shall no later than 1 July each year report the sum of the issuer's average outstanding amount to the Danish Financial Supervisory Authority, cf. subsection 2.

Subsection 2. The average of the outstanding asset-referenced tokens is calculated as the total market value of the outstanding asset-referenced tokens calculated on the basis of the daily outstanding amount at the end of each day in the preceding 6 months. The calculation is carried out on the first day of each month. If the company has not completed 6 months of operation on the date of calculation, the months with operation that have been completed and the company's estimates for the average outstanding asset-referenced tokens for the coming year are used as the basis for the calculation.

Section 332 g. A provider of crypto-asset services covered by Section 361, subsection 1, no. 12, shall no later than 1 July each year report the company's costs for salaries, commissions and bonuses to the Danish Financial Supervisory Authority.

Supervision

Section 332 h. The Danish Financial Supervisory Authority, or where the competence to exercise individual powers by law is granted to other Danish authorities, may exercise the powers that follow from Article 94 of the regulation for the purpose of supervising compliance with Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets. This includes at any time without a court order, upon proper identification, to gain access to premises and locations belonging to providers of crypto-assets except asset-referenced tokens or e-money tokens and persons who apply for admission to trading of crypto-assets except asset-referenced tokens or e-money tokens, issuers of asset-referenced tokens, issuers of e-money tokens and providers of crypto-asset services, with a view to obtaining information, including through inspections.

Section 332 j. The Minister for Industry and Business may set rules on reporting of information to the Danish Financial Supervisory Authority for companies covered by the Regulation of the European Parliament and of the Council on markets in crypto-assets.

Part IX c Chapter 19 c Operators of Financial Digital Infrastructures Designation of operators of financial digital infrastructures

Section 333. The Danish Financial Supervisory Authority may designate a company as an operator of financial digital infrastructure, if the company meets the following:

1. The company offers digital infrastructure or manages IT services as mentioned in Annex I, points 8 and 9, of Directive (EU) ...

2022/2555 of 14 December 2022 on measures to ensure a high common level of cybersecurity throughout the Union.

2. The company's most significant activities consist of operating, administering, or developing services that are necessary for critical and important business functions in companies covered by Regulation (EU) 2022/2254 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

Subsection 2. In designating an operator of financial digital infrastructure, the Financial Supervisory Authority shall place emphasis on the following:

1. The scope and number of companies in the financial sector for which the company performs critical and important tasks.
2. The nature of the critical and important functions that depend on the company's supplies.
3. The significance of the operator's supplies for financial stability.
4. The company's connection to the companies in the financial sector that receive the operator's services, including group relationships and ownership.

Subsection 3. IT operators of retail payment systems and companies that perform significant operations or development for the common payment infrastructure may be designated as operators of financial digital infrastructures.

Subsection 4. The Financial Supervisory Authority shall publish on its website which companies have been designated as operators of financial digital infrastructures.

Subsection 5. The Financial Supervisory Authority may set detailed rules on the designation of operators of financial digital infrastructures, including the criteria that the Financial Supervisory Authority must take into account pursuant to subsections 1 and 2.

Measures to manage IT and cyber risks

Section 333a. An operator of financial digital infrastructure must have a management and control framework that ensures effective and prudent management of IT and cyber risks.

Subsection 2. As part of the framework for managing IT and cyber risks, an operator must take appropriate and proportionate technical, operational, and organizational measures to manage risks to the security of network and information systems.

Subsection 3. The measures referred to in subsection 2 must include the following:

1. Policies for risk analysis and information system security, cf. Section 333d,
2. incident handling, cf. Section 333f,
3. business continuity, including backup management and recovery after major incidents and crisis management, cf. Section 333e, subsection 7,
4. supply chain security, including security-related aspects regarding the relationship between the operator and its direct suppliers or service providers, cf. Sections 333h-333j,
5. security in connection with the acquisition, development, and maintenance of network and information systems, including handling and disclosure of vulnerabilities, cf. Section 333e, subsection 2,
6. policies and procedures for assessing the effectiveness of measures to manage cyber security risks, cf. Section 333e, subsection 10, and Section 333g,
7. basic cyber hygiene practices and cyber security training, cf. Section 333b, subsection 7, and Section 333e, subsections 4 and 11,
8. policies and procedures regarding the use of cryptography and, where relevant, encryption,
9. personnel security, access control policies, and management of assets, and
10. use of solutions with multi-factor authentication or continuous authentication, secured voice, video, and text communication, and secured emergency communication systems internally in the infrastructure, where relevant.

Subsection 4. When considering the measures referred to in subsection 3, item 4, an operator must take into account the vulnerabilities specific to each direct supplier and service provider, and the general quality of their suppliers' and service providers' products and cybersecurity practices, including the security of their development procedures. In the assessment, the operator must also take into account the results of the coordinated security risk assessments of critical supply chains carried out in accordance with Article 22, subsection 1, 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 throughout the Union, where relevant, and where the results of such assessments are available.

Management and organization

Section 333b. The highest management body of an operator of financial digital infrastructure must define, approve, supervise, and be responsible for the implementation of the operator's framework, cf. Section 333a, and measures under Section 333b and arrangements for IT and cyber risk management. The highest management body must approve a strategy for digital operational resilience that implements the framework, cf. Section 333a.

Subsection 2. The supervision of the operator's management of its IT and cyber risks must be placed in independent control functions. The operator must ensure separation and independence between IT and cyber risk management functions, control functions, and internal audit functions according to the three lines of defense model or an internal model for risk management and control.

Subsection 3. An operator must document and review the framework under Section 333a at least once a year, and when major IT or cyber incidents occur, or as a result of observations after tests or audits. The review under the first sentence must also be carried out upon request from the Financial Supervisory Authority. The operator must be able to document the review of the framework in a consolidated report.

Subsection 4. An operator's internal audit must regularly audit the framework for managing IT and cyber risks. The internal audit must have sufficient knowledge, professional competence, and expertise to perform this task.

Subsection 5. An operator must establish a function for monitoring arrangements entered into with third-party

16. April 2026. 104 No. 432.

providers for IT services, or appoint a board member as responsible for supervision and documentation in connection with exposure to IT and cyber risks from third-party providers.

Subsection 6. An operator must establish a crisis management function to handle major IT and cyber incidents that result in the activation of contingency plans, business continuity plans, or recovery plans. The crisis management function is responsible for communication under the first sentence.

Subsection 7. Members of the highest management body of the operator must actively maintain the knowledge and skills necessary to understand and assess IT and cyber risks and their impact on the operation of the operator, including by regularly following training that is appropriate in relation to the IT and cyber risks to which the operator and its customers are exposed.

Section 333c. An operator of financial digital infrastructure must document the use of its framework for managing IT and cyber risks in supplies that are necessary for critical and important functions of customers, provided that the operator is a data center for companies covered by Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

Management of IT and cyber risks

Section 333d. The framework for IT and cyber risk management that an operator of financial digital infrastructure must have, cf. Section 333a, must include an overall strategy for digital operational resilience that specifies how the framework is to be implemented.

Subsection 2. The operator must at appropriate intervals identify and assess all significant IT and cyber risks to which the operator and its services are exposed.

Subsection 3. The framework for IT and cyber risk management must include at a minimum strategies, policies, procedures, and measures necessary to protect all physical and digital infrastructure and data in accordance with the identified risks, including software, hardware, servers, networks, and related physical components and infrastructures such as premises, data centers, and sensitive designated areas against risks.

Measures for IT and cyber security

Section 333e. An operator of financial digital infrastructure's IT systems, IT protocols, and IT tools must be reliable and have sufficient capacity to handle the necessary transactions etc. in situations with peak loads, including unexpectedly high peak loads, in a timely manner.

Subsection 2. An operator must continuously identify all critical business functions and IT assets, including IT assets that support critical or important business functions for the operator's customers.

Subsection 3. An operator must identify all critical or important business processes and services that depend on external suppliers, and document its own and customers' dependencies on services from subcontractors.

Subsection 4. An operator must monitor and control the operation and security of IT systems and IT tools and minimize the effects of IT and cyber risks by introducing appropriate security tools, policies, and procedures. The operator must continuously identify potential vulnerabilities and single points of failure.

Subsection 5. An operator must maintain a high level of availability, authenticity, integrity, and confidentiality of data and formulate and implement IT security policies, procedures, and protocols and formulate IT tools suitable for ensuring resilience, stability, and availability for IT systems that support critical or important functions.

Subsection 6. An operator must introduce mechanisms for monitoring and tracking abnormal activities, threats, and incidents in relevant infrastructure and set thresholds for triggering response and contingency measures.

Subsection 7. An operator must have a policy for IT operational stability, which is implemented through documented contingency plans, arrangements, procedures etc., with the aim of

1. ensuring that the operator's and its customers' critical or important functions are stable,
2. quickly, appropriately, and effectively responding to and resolving all IT-related incidents in a way that limits damage and prioritizes the resumption of activities and recovery measures,
3. immediately activating plans that include containment measures appropriate to the incidents and that prevent further damage,
4. estimating preliminary effects, damages, and losses, and
5. introducing communication and crisis management measures that ensure that updated information is forwarded to all relevant internal personnel and external stakeholders and reported to the Financial Supervisory Authority.

Subsection 8. An operator must have policies and procedures for backup that specify the scope of the data subject to backup and the minimum frequency of backup based on the critical importance or confidentiality level of the data. The operator must furthermore have procedures and methods for restoration and recovery after material or immaterial damage following significant incidents.

Subsection 9. An operator must regularly test its measures for contingency, response, recovery, backup, and restoration.

Subsection 10. An operator must develop policies for systematic learning based on the knowledge the operator gains from following up on its risk management framework, threat monitoring, test results, and IT and cyber incidents. The knowledge gained must form the basis for annual reporting to the management body with recommendations for improvements to the extent relevant.

Subsection 11. An operator must have contingency for crisis communication and responsible disclosure of information about major cyber incidents or significant vulnerabilities to affected parties, including customers, counterparties, and the public.

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Management and reporting of IT and cyber incidents

Section 333f. An operator of financial digital infrastructure must establish a process for monitoring, managing, and reporting IT and cyber incidents.

Subsection 2. An operator must register all IT and cyber incidents and significant cyber threats. The operator must establish appropriate procedures that ensure consistent and integrated monitoring and handling of and follow-up on IT and cyber incidents, and that the root causes are identified, documented, and handled.

Subsection 3. An operator must report significant IT and cyber incidents, cf. subsection 4, to the Financial Supervisory Authority and the CSIRT established pursuant to Article 10 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 throughout the Union.

Subsection 4. An incident is considered significant, cf. subsection 3, if

1. it has caused or is capable of causing serious operational disruptions to the services or economic losses for the operator, or
2. it has affected or is capable of affecting other physical or legal persons by causing significant material or immaterial damage.

Subsection 5. In a report, cf. subsection 3, an operator must do the following:

1. Submit all information necessary for the Financial Supervisory Authority to determine any cross-border effects of the incident.
2. Without undue delay and in any case within 24 hours of becoming aware of the significant incident, send an early warning, which must indicate whether the significant incident is suspected of being caused by illegal or malicious actions or could have a cross-border effect.
3. Without undue delay and in any case within 72 hours of becoming aware of the significant incident, send an incident notification, which must update the information mentioned in item 1, and an initial assessment of the significant incident, including its severity and impact, and indicators of compromise, where such are available.
4. Upon request from the Financial Supervisory Authority or from the CSIRT, send a preliminary report on relevant status updates.
5. Send a final report no later than 1 month after the submission of the incident notification mentioned in item 2, which must include the following: a) A detailed description of the incident, including its severity and impact. b) The type of threat or root cause that likely triggered the incident. c) Mitigation measures used and ongoing. d) Information on any cross-border effects of the incident.
6. Submit a status report to the Financial Supervisory Authority and the CSIRT no later than 1 month after the submission of the incident notification mentioned in item 2, if the incident is still ongoing at that time, and a final report no later than 1 month after the operator's handling of the incident.

Subsection 6. An operator must, where relevant, without undue delay notify recipients of the operator's services of significant incidents that are likely to negatively affect the delivery of these services.

Subsection 7. An operator must without undue delay notify recipients of the operator's services who are potentially affected by a significant cyber threat of any measures or countermeasures that these recipients can take in response to the threat in question. The operator must also inform the relevant recipients about the specific significant cyber threat, where this is relevant.

Subsection 8. An operator may notify the Financial Supervisory Authority of a significant cyber threat when the operator considers the threat to be relevant to the financial system, service users, or customers.

Threat-based penetration testing

Section 333g. An operator of financial digital infrastructure must continuously test the effectiveness of its measures to protect against IT and cyber incidents that have or may have harmful effects on the company's operations.

Subsection 2. An operator must have a program for testing digital operational resilience, which is appropriate in relation to the identified risks and is integrated into the operator's framework for IT and cyber risk management, cf. Section 333a.

Subsection 3. An operator may be required to undergo threat-based penetration tests in accordance with the rules applicable to companies covered by Chapter IV of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector and delegated acts issued pursuant thereto.

Subsection 4. The assessment of the extent to which an operator must carry out penetration tests, cf. subsection 3, must be carried out based on

1. impact-related factors, in particular to what extent the services delivered and the activities performed by the operator affect the financial sector,
2. any concerns regarding financial stability, including the operator's systemic character, and
3. the operator's specific IT risk profile, degree of IT maturity, and the technological characteristics involved.

Third-party risks

Section 333h. An operator of financial digital infrastructure must manage its IT and cyber risks related to the use of IT services from third parties as an integrated part of its framework for IT and cyber risk management, cf. Section 333a.

Subsection 2. An operator that has outsourced the operation of a business function to a supplier is at all times fully responsible for complying with and fulfilling all obligations under this law.

Subsection 3. An operator must regularly review the risks associated with the use of IT third-party providers.

16. April 2026. 106 No. 432.

Paragraph 4. An operator shall adopt and regularly review a strategy for its IT third-party risks. The IT third-party risk strategy shall include a policy on the use of IT services that support critical or important functions and are provided by third-party providers.

Paragraph 5. An operator shall maintain and update a register of information on all arrangements for the use of IT services provided by third-party providers. The operator shall notify the Financial Supervisory Authority of any planned contractual arrangement for the use of IT services that support critical or important functions, and when a function has become critical or important.

Paragraph 6. Before entering into a contractual arrangement for the use of IT services, the operator shall:

1. assess whether the contractual arrangement involves the use of IT services that support a critical or important function,
2. assess whether the regulatory conditions for outsourcing are met,
3. identify and assess all relevant risks associated with the contractual arrangement, including the possibility that such contractual arrangements may contribute to increasing IT concentration risk,
4. conduct appropriate due diligence on potential third-party IT service providers and, during the selection and assessment process, ensure that the relevant third-party IT service provider is suitable, and
5. identify and assess conflicts of interest that the contractual arrangement may give rise to.

Paragraph 7. When an operator enters into IT contracts relating to critical and important functions, the operator shall ensure that it has appropriate access, inspection, and audit rights against the third-party IT service provider. The operator shall determine the frequency of audits and inspections and the areas to be audited based on a risk-based approach.

Paragraph 8. An operator shall ensure that the contractual arrangements for the use of IT services can be terminated at minimum in any of the following situations:

1. The third-party provider commits a material breach of applicable legislation or contractual terms.
2. The operator identifies circumstances under the monitoring of IT third-party risks that may change the execution of the functions provided through the contractual arrangement, including material changes affecting the arrangement or the situation of the third-party IT service provider.
3. The operator documents weaknesses in the third-party IT service provider relating to its overall IT risk management.
4. The Financial Supervisory Authority can no longer conduct effective supervision of the operator as a result of the conditions or circumstances regarding the respective contractual arrangements.

Paragraph 9. An operator shall introduce exit strategies for IT services that support critical or important functions. The exit strategies shall take into account the risks that may arise at third-party IT service providers, including:

1. possible failures on the part of the third-party provider,
2. a deterioration in the quality of the IT services provided,
3. any operational disruptions resulting from inappropriate or lack of delivery of IT services,
4. any material risks associated with the appropriate and continuous use of the relevant IT services, and
5. termination of contractual arrangements with third-party IT service providers in any of the situations mentioned in paragraph 8.

Paragraph 10. An operator shall introduce appropriate contingency measures to maintain operational stability in the event that the circumstances mentioned in paragraph 9 occur.

Paragraph 11. An operator of financial digital infrastructure shall ensure that it can terminate contractual arrangements without:

1. its business activities being interrupted,
2. compliance with legislative requirements being restricted, and
3. the continuity and quality of services provided to customers being damaged.

Paragraph 12. The exit strategies shall be documented, proportional, tested to a sufficient extent, and regularly reviewed.

Paragraph 13. An operator shall identify alternative solutions and prepare transition plans so that it can withdraw the relevant IT services and relevant data from the third-party IT service provider and safely and completely transfer them to alternative providers or incorporate them internally.

Concentration Risks Section 333 i. When an operator of financial digital infrastructure identifies and assesses the risks mentioned in Section 333 h, paragraph 6, no. 3, the operator shall take into account whether the intended entry into a contractual arrangement supporting critical or important functions for the connected companies will lead to:

1. the outsourcing of functions to a third-party IT service provider that is not easy to replace, or
2. the entry into multiple contractual arrangements for the delivery of IT services supporting critical or important functions with the same third-party IT service provider or with third-party IT service providers that have close ties to this.

Central Contractual Provisions Section 333 j. Rights and obligations for an operator of financial digital infrastructure and for the third-party IT service provider shall be distributed clearly and defined in writing. The total contract shall include service level agreements and be documented in a single document to which the parties shall have access in a permanent and accessible format.

Paragraph 2. The contractual arrangements for the use of IT services shall at least include the following elements:

1. A clear and complete description of all functions and IT services that the third-party provider shall deliver, specifying whether subcontracting of an IT service supporting a critical or important function or significant parts thereof is permitted, and if so, the conditions applicable to such subcontracting.
2. A specification of the locations, particularly the regions or countries, where the outsourced functions and IT services or the functions and IT services in subcontracting shall be delivered, where data shall be processed, including the storage site, and requirements that the third-party provider shall notify the operator in advance if it plans to change these locations.
3. Provisions on availability, authenticity, integrity, and confidentiality regarding data protection, including personal data.
4. Provisions on securing access, recovery, and return of data in an accessible format in the event of insolvency, resolution, or interruption of the business activities carried out by the third-party provider, or in the event of termination of the contract.
5. Descriptions of the service level, including updates and revisions thereof.
6. An obligation for the third-party provider to assist the operator without additional costs or at a cost determined in advance if an IT incident occurs relating to the IT service provided to the operator.
7. An obligation for the third-party provider to cooperate fully with the Financial Supervisory Authority and resolution authorities, including persons appointed by the authorities.
8. Termination rights and associated minimum notice periods for termination of the contractual arrangements.

Paragraph 3. The contractual arrangements for the use of IT services that support critical or important functions shall, in addition to the elements mentioned in paragraph 2, at least include the following:

1. A complete description of service levels, including updates and revisions thereof, with precise quantitative and qualitative performance targets within the agreed service levels, so that the operator can conduct effective monitoring of IT services and take appropriate remedial measures without undue delay when the agreed service levels are not met.
2. Termination notice periods and reporting obligations for the third-party IT service provider to the operator, including notification of any development that may have a significant impact on whether the third-party provider has the ability to effectively deliver IT services supporting critical or important functions in accordance with the agreed service levels.
3. Requirements for the third-party provider to conduct and test contingency plans and introduce IT security measures, tools, and policies that provide an appropriate level of security, so that the operator can deliver its services.
4. An obligation for the third-party provider to participate in and fully cooperate with the operator's threat-based penetration testing, cf. Section 333 g, paragraph 3.
5. A right to continuously monitor the third-party provider's performance of tasks and risk management, including access, inspection, and audit rights for the operator, the Financial Supervisory Authority, or appointed third parties, and access to necessary information and documentation.
6. Exit strategies, including the introduction of a mandatory appropriate transition period, a) during which the third-party provider continues to deliver the respective functions or IT services with the aim of reducing the risk of disruption to the operator or ensuring its effective resolution or restructuring, and b) which gives the operator the opportunity to migrate to another third-party provider or switch to internal solutions that correspond to the complexity of the service provided.

Information Exchange Section 333 k. An operator of financial digital infrastructure may exchange information and intelligence on cyber threats in accordance with the rules in Chapter VI of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector and enter into arrangements established in accordance with Article 45, paragraph 2, of the Regulation. An operator of financial digital infrastructure may also exchange relevant cyber security information in accordance with the rules in Chapter VI of Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures for a high common level of cyber security across the Union and enter into arrangements established in accordance therewith.

Paragraph 2. An operator shall notify the Financial Supervisory Authority of its participation in the arrangements mentioned in paragraph 1, and in the event of withdrawal from such arrangements.

Information to the Financial Supervisory Authority Section 333 l. An operator of financial digital infrastructure shall provide the Financial Supervisory Authority with the following information:

1. The operator's name.
2. The address of the operator's main place of business and its other legal places of business in the European Union.
3. The relevant sector and sub-sector as well as the type of entity as mentioned in Annex I to Directive (EU) 2022/2555 of the European Parliament and of the Council of 14 December 2022 on measures for a high common level of cyber security across the Union.
4. The operator's contact details, including email addresses, IP intervals, and telephone numbers of the operator.
5. The Member States where the operator provides services.

Paragraph 2. In the event of changes to the information in paragraph 1, the operator shall immediately and no later than 3 months after the change notify the Financial Supervisory Authority thereof.

Supervision etc. Section 333 m. Chapters 21 and 23 and rules issued pursuant to these chapters apply to operators of financial digital infrastructure with the necessary adaptations.

Section 333 n. The Financial Supervisory Authority has the power to:

1. impose on an operator of financial digital infrastructure regular and targeted security audits carried out by a qualified independent body or a competent authority and to bear the costs thereof,
2. impose on an operator of financial digital infrastructure ad hoc audits, including where justified due to a significant incident or a breach of the rules in this law by the operator,
3. impose on an operator of financial digital infrastructure security scans based on objective, non-discriminatory, fair, and transparent risk assessment criteria, where necessary in cooperation with the concerned operator,
4. issue warnings about an operator's breach of this law, and
5. appoint a monitoring officer with well-defined tasks to supervise an operator's compliance with Sections 333 a and 333 f for a specified period.

Section 333 o. If an operator of financial digital infrastructure does not comply with the Financial Supervisory Authority's orders pursuant to this law, and the operator does not comply with the order within a renewed deadline set subsequently by the Financial Supervisory Authority, the Financial Supervisory Authority may make a decision on the following:

1. Temporarily to suspend a regulatory-issued certification or approval regarding parts of or all the relevant services provided by the operator, or activities carried out by the operator.
2. Temporarily to prohibit any natural person with management responsibilities at the board level or legal representative in the operator from exercising management functions in this.

Paragraph 2. Temporary suspensions or prohibitions imposed pursuant to paragraph 1 may only be used until the operator takes the necessary measures to remedy the deficiencies or meet the requirements that gave rise to the measures being applied pursuant to paragraph 1.

Paragraph 3. A decision pursuant to paragraph 1 may be brought before the courts by the operator or the natural person to whom the decision relates. The case is initiated in the form of civil procedure.

Authorization Section 333 p. The Financial Supervisory Authority may set detailed rules on IT and cyber risk management and control and security measures in an operator of financial digital infrastructure, including on the following:

1. The content of the framework for the management of IT and cyber risks, cf. Section 333 a, and the content of strategies and policies in the area of digital operational resilience.
2. The tasks of the highest management body in connection with the management of IT and cyber risks.
3. Reporting of significant incidents and cyber threats by operators of financial digital infrastructure.
4. Testing, including external testing, of the cyber security of operators of financial digital infrastructure.
5. Requirements for testers of the cyber security of operators of financial digital infrastructure.
6. Management and reporting of third-party risks.
7. Mandatory use of specially security-certified products or services.
8. Internal and external system auditing in operators of financial digital infrastructure.

Part X Savings Companies Chapter 20 Savings Companies Authorization for Savings Companies Section 334. Companies that carry out business consisting of professionally or as a significant part of their operations receiving deposits or other funds to be repaid from the public, and placing the funds thus received in a manner other than by depositing them in a credit institution, shall have authorization as a savings company, if the business is not:

1. covered by Section 7, paragraph 1,
2. covered by Section 8, paragraph 1,
3. established in accordance with special legislation, or if its establishment is not approved in accordance with special legislation, or
4. project promoters, if the funds received are covered by a crowdfunding offering covered by the rules in Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business.

Paragraph 2. Companies seeking authorization pursuant to paragraph 1 shall have a share capital of at least an amount corresponding to 1 million euros.

Section 335. Sections 13 and 14 apply mutatis mutandis to savings companies.

Section 336. Section 15 applies mutatis mutandis to savings companies.

Paragraph 2. For savings companies that are not joint-stock companies, the provisions of the Companies Act on notification and registration etc. apply mutatis mutandis.

Section 336 a. The savings company shall obtain information on the savings company's beneficial owners, including information on the beneficial owners' rights.

Paragraph 2. Any person who directly or indirectly owns or controls the savings company shall, upon the savings company's request, provide the savings company with the information on ownership necessary for the savings company's identification of beneficial owners, including information on the beneficial owners' rights.

Paragraph 3. The savings company shall register the information, including information on the beneficial owners' rights, in the Business Authority's IT system as soon as possible after the savings company becomes aware that a person has become a beneficial owner. Any change to the information registered about the beneficial owners shall be registered as soon as possible after the savings company becomes aware of the change. The registered members of the savings company's board of directors shall be regarded and registered as beneficial owners in the Business Authority's IT system if, after the savings company has exhausted all possibilities for identification, it has no beneficial owners or cannot identify any beneficial owners.

Paragraph 4. The savings company shall investigate at least once a year whether there are changes to the registered information on beneficial owners. The result of the annual investigation shall be presented at the board meeting where the board approves the annual report.

Paragraph 5. The savings company shall keep documentation for the information obtained on the savings company's beneficial owners for 5 years after the beneficial ownership ends. The savings company shall furthermore keep documentation for the information obtained on attempts to identify beneficial owners for 5 years after the implementation of the identification attempt.

Paragraph 6. The savings company shall, upon request, provide information on the savings company's beneficial owners, including on the savings company's attempts to identify the savings company's beneficial owners, to the Money Laundering Secretariat. The savings company shall furthermore, upon request, provide the aforementioned information to other competent authorities when these authorities assess that the information is necessary for their performance of supervisory or control tasks.

Paragraph 7. The Money Laundering Secretariat and other competent authorities may freely pass on information on beneficial owners that are registered, cf. paragraph 3, or obtained, cf. paragraph 6, to competent authorities in other EU Member States and financial intelligence units.

Paragraph 8. The Business Authority sets detailed rules on the registration, availability, and publication of information in the Business Authority's IT system pursuant to paragraphs 1, 3, and 5, including which information the savings company shall register in the Authority's IT system.

Section 336 b. Savings companies that are required to obtain, keep, and register information on beneficial owners, cf. Section 336 a, shall, upon request, provide persons and companies that are required to perform customer due diligence procedures pursuant to the Money Laundering Act with information on the savings company's ownership.

Paragraph 2. If the Financial Supervisory Authority receives reports of discrepancies in the registered information on a savings company's beneficial owners pursuant to the Money Laundering Act, the Financial Supervisory Authority shall investigate the matter. The Financial Supervisory Authority may set a deadline for the savings company to rectify the matter.

Paragraph 3. Upon request from the Financial Supervisory Authority, the Business Authority may, in parallel with the investigation, cf. paragraph 2, publish a notice of the report in the Business Authority's IT system. The savings company shall have the opportunity to object to the report before it is published, unless the purpose of publishing the notice of the report is thereby defeated.

Management Section 337. Sections 70, 71, and 75 apply mutatis mutandis to savings companies.

Paragraph 2. Section 72 a on financial companies' outsourcing applies mutatis mutandis to savings companies.

Section 338. The articles of association shall specify the depositors' rights and obligations and contain rules on the company's organization and management etc. and on the placement of funds.

Section 339. Savings companies shall have a own capital of at least an amount corresponding to 1 million euros.

Accounting Section 340. The financial year shall follow the calendar year. The first financial period may cover a shorter or longer period, but no more than 18 months.

Section 341. The audited and approved annual report of the savings company shall be submitted to the Financial Supervisory Authority in two copies without undue delay after final approval. The annual report shall be received by the Financial Supervisory Authority no later than 4 months after the end of the financial year.

Paragraph 2. Savings companies shall have at least one state-authorized auditor.

Paragraph 3. A copy of the external auditor's audit protocol regarding the annual report shall be submitted to the Financial Supervisory Authority simultaneously with the submission of the annual report pursuant to paragraph 1. If the external auditor does not keep an audit protocol regarding the annual report, other corresponding documentation shall be submitted.

Paragraph 4. The Financial Supervisory Authority may set detailed rules for savings companies on accounting and auditing.

Paragraph 5. When using digital communication, the requirement to submit annual reports in multiple copies, cf. paragraph 1, may be derogated from.

Withdrawal of Authorization and Termination Section 342. If the Financial Supervisory Authority finds that the continuation of a savings company covered by this law on the present basis would be inappropriate with regard to the interests of depositors, the Financial Supervisory Authority may withdraw the authorization.

Paragraph 2. The provisions applicable to credit institutions regarding withdrawal of authorization and termination apply with the necessary adaptations to savings companies.

Other Provisions Section 343. Sections 6, 6 a, and 6 b and Chapters 21, 22, and 23 as well as rules issued pursuant to these chapters apply with the necessary adaptations to savings companies.

Paragraph 2. The Financial Supervisory Authority sets detailed rules on minimum requirements for the content of contracts for special risk hedging companies.

Part X a Crowdfunding Service Providers Chapter 20 a Crowdfunding Service Providers Authorization Section 343 a. Legal persons offering crowdfunding services shall have authorization from the Financial Supervisory Authority as a crowdfunding service provider, cf. Article 12, paragraph 1, of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business.

2020 on European crowdfunding service providers for businesses.

Stk. 2. In this Act, the following definitions apply:

1. Crowdfunding service provider: A legal person that provides crowdfunding services.

2. Crowdfunding service: Activity in accordance with Article 2(1)(a) of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses.

3. Crowdfunding platform: A publicly accessible internet-based information system operated or managed by a crowdfunding service provider.

Withdrawal of Authorization

§ 343 b. The Financial Supervisory Authority may withdraw an authorization to operate as a crowdfunding service provider pursuant to Article 17 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses.

Reporting of Information

§ 343 c. A crowdfunding service provider covered by § 361(1)(9) must report to the Financial Supervisory Authority by 1 July each year the company's costs for salaries, commissions, and bonuses.

Supervision

§ 343 d. The Financial Supervisory Authority ensures compliance with Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses by crowdfunding service providers.

§ 343 e. The Financial Supervisory Authority, or where competence to exercise certain powers by law is granted to other Danish authorities, may exercise the powers following from Article 30(1) and (2) of the Regulation for the purpose of supervising compliance with Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses, including at any time upon proper identification and without a court order gaining access to premises and sites belonging to crowdfunding service providers for the purpose of obtaining information, including through inspections.

§ 343 f. Chapter 21 and rules issued pursuant thereto apply with the necessary adaptations to the supervision of crowdfunding service providers.

§§ 343 g-343 n. (Repealed)

Section X b

Credit Rating Agencies

Chapter 20 b

Credit Rating Agencies

§ 343 o. A credit rating agency is understood in this Act as a credit rating agency as defined in Article 3 of the European Parliament and of the Council Regulation on credit rating agencies.

§ 343 p. The Financial Supervisory Authority performs the supervisory tasks delegated to it by the European Securities and Markets Authority pursuant to the European Parliament and of the Council Regulation on credit rating agencies. Furthermore, the Financial Supervisory Authority assists the European Securities and Markets Authority upon request in performing its tasks in connection with investigations of credit rating agencies and on-the-spot checks.

Section X c

(Repealed)

Section X d

The Systemic Risk Council

Chapter 20 d

The Systemic Risk Council

§ 343 s. The Minister for Business Affairs establishes the Systemic Risk Council, which consists of 10 members. The Council is composed as follows:

1. 2 members are nominated by Danmarks Nationalbank, of whom one must be the Chairman of the Executive Board of Danmarks Nationalbank. The Chairman of the Executive Board of Danmarks Nationalbank chairs the Council.

2. 2 members are nominated by the Financial Supervisory Authority.

3. 1 member is nominated by each of the Ministry of Business Affairs, the Ministry of Finance, and the Ministry of Finance and the Interior.

4. 3 members are nominated by the Ministry of Business Affairs after consultation with Danmarks Nationalbank. The members must be independent experts with knowledge of financial matters.

Stk. 2. The Minister for Business Affairs appoints the members of the Systemic Risk Council and their deputies. The members are appointed for up to 4 years at a time and may be reappointed.

Stk. 3. The Systemic Risk Council is an advisory council with the task of:

1. identifying and monitoring systemic financial risks in Denmark,

2. issuing statements through observations on systemic financial risks,

3. issuing warnings about the buildup of systemic financial risks,

4. issuing recommendations on initiatives in the financial sector that can reduce or prevent the buildup of systemic financial risks,

5. being consulted on warnings and recommendations from the European Systemic Risk Board (ESRB), and

6. issuing statements to the Minister for Business Affairs on whether the use of replacement benchmarks for financial instruments and financial contracts in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or with a view to measuring the performance of investment funds, can lead to systemic financial risks that may have negative consequences for financial stability, cf. § 212(4) of the Capital Markets Act.

16. april 2026. 111 Nr. 432.

Stk. 4. The warnings and recommendations issued by the Systemic Risk Council pursuant to Stk. 3(3) and (4) will as a general rule only be addressed to the Financial Supervisory Authority and, if they concern legislation, to the Government.

Stk. 5. The Systemic Risk Council decides on the issuance of observations, warnings, and recommendations by a simple majority. In the event of a tie, the Chairman's vote is decisive. Representatives from the Ministry of Business Affairs, the Ministry of Finance, the Ministry of Finance and the Interior, and the Financial Supervisory Authority do not have voting rights regarding observations, warnings, and recommendations addressed to the Government. When the Council issues observations, warnings, and recommendations addressed to the Government, these must include a statement from the representatives of the ministries.

Stk. 6. Observations, warnings, and recommendations issued pursuant to Stk. 3(2)-(4) must be published. However, the Systemic Risk Council may decide, for example for the sake of financial stability, that a warning or recommendation is confidential and should not be published.

Stk. 7. The Financial Supervisory Authority, relevant ministries, and Danmarks Nationalbank are obliged to provide relevant information, including information on specific institutions etc., and to provide relevant documents etc. upon request from the Council, if the Council considers the information necessary for the Council to perform its tasks. Confidential information obtained by Danmarks Nationalbank pursuant to § 14 a(1) and (2) of the Act on Danmarks Nationalbank, including information at individual level where it is possible directly or indirectly to identify individual persons or companies, may be passed on by Danmarks Nationalbank to the Council upon request from the Council, if the Council considers the information necessary for the Council to perform its tasks.

Stk. 8. Danmarks Nationalbank is the secretariat for the Systemic Risk Council. The Ministry of Business Affairs, the Ministry of Finance, the Ministry of Finance and the Interior, and the Financial Supervisory Authority participate in the secretariat.

Stk. 9. The Minister for Business Affairs establishes the rules of procedure for the Systemic Risk Council upon the Council's recommendation.

Section X e

Supervision

Chapter 20 e

Supervision

§ 343 t. (Repealed)

§ 343 u. (Repealed)

Section X f

CO2 Quota Bidders

Chapter 20 f

CO2 Quota Bidders

Scope of Application

§ 343 v. Companies that bid directly at auctions for greenhouse gas emission allowances for their own account or for customers within the companies' main business activities must have authorization from the Financial Supervisory Authority as CO2 quota bidders, cf. § 343 x(1).

Stk. 2. Stk. 1 does not apply to credit institutions and securities trading companies.

Stk. 3. Authorization pursuant to Stk. 1 may be granted to companies that meet the conditions in Stk. 4 and trade for their own account with commodity derivatives or emission allowances or derivatives thereof, excluding trading for their own account in the execution of customer orders, or to companies that provide investment services, excluding trading for their own account, within commodity derivatives or emission allowances or derivatives thereof to customers or suppliers in the company's main business activity.

Stk. 4. Authorization pursuant to Stk. 1 presupposes that:

1. the activity pursuant to Stk. 3 is, both individually and collectively, an ancillary activity in relation to the company's main business activity at the group level, and that this main business activity is not the provision of investment services or credit institution business or acting as a price maker in connection with commodity derivatives,

2. the company does not use algorithmic high-frequency trading techniques, and

3. the company notifies the Financial Supervisory Authority each year that it is exempt from the requirement for authorization to perform services in connection with securities trading on a professional basis pursuant to the Act on Securities Trading Companies and Investment Services and Activities.

Stk. 5. The activity pursuant to Stk. 1 may only be carried out by public limited companies, private limited companies, limited liability partnerships, limited partnerships, general partnerships, and sole proprietorships.

Authorization

§ 343 x. The Financial Supervisory Authority grants a company authorization to bid at auctions for greenhouse gas emission allowances when the company:

1. has a sufficiently good reputation and sufficient experience to ensure compliance with the conduct rules in Article 59(2) and (3) of Commission Regulation (EU) No 1031/2010 of 12 November 2010 (the CO2 Auctioning Regulation),

2. has introduced processes and control procedures that handle conflicts of interest and safeguard customers' interests as best as possible,

3. meets the requirements of the Act on Preventive Measures against Money Laundering and Financing of Terrorism and rules issued pursuant to this Act, and

4. complies with measures deemed necessary when considering the nature of the bid-related services offered, the customers' investor or trading profile, and risk-based assessments of the probability of money laundering, financing of terrorism, and criminal acts.

16. april 2026. 112 Nr. 432.

Stk. 2. An application for authorization pursuant to Stk. 1 must contain all information necessary for the Financial Supervisory Authority's assessment of whether the conditions in Stk. 1 are met.

Stk. 3. § 14(5) applies mutatis mutandis to CO2 quota bidders.

Withdrawal of Authorization

§ 343 y. § 223 and § 224(1)(1), (3), and (4) apply mutatis mutandis to CO2 quota bidders. If a CO2 quota bidder commits serious or repeated violations of Article 59(2) and (3) of Commission Regulation (EU) No 1031/2010 of 12 November 2010 (the CO2 Auctioning Regulation), the Financial Supervisory Authority may further withdraw the CO2 quota bidder's authorization.

§ 343 z. The authorization as a CO2 quota bidder lapses when the bidder is declared bankrupt or ceases operations in another manner.

Stk. 2. If the company holding the authorization as a CO2 quota bidder operates as a sole proprietorship, the authorization lapses when the holder dies.

Supervision

§ 343 æ. Chapter 21 and 23 and rules issued pursuant to these chapters apply mutatis mutandis to CO2 quota bidders.

Section X g

(Repealed)

Section X h

STS Certification Bodies

Chapter 20 h

STS Certification Bodies

§ 343 å. Legal persons operating as STS certification bodies must have authorization from the Financial Supervisory Authority as STS certification bodies.

Stk. 2. Chapter 21 and 23 and rules issued pursuant to these chapters apply with necessary modifications to STS certification bodies.

Stk. 3. The Financial Supervisory Authority may establish detailed rules for STS certification bodies, including regarding applications for authorization as an STS certification body and regarding the withdrawal of authorization as an STS certification body.

Section X i

ESG Rating Providers

Chapter 20 i

ESG Rating Providers

§ 343 ab. The Financial Supervisory Authority assists upon request from the European Securities and Markets Authority in performing supervisory tasks in connection with investigations of ESG rating providers and on-the-spot checks pursuant to Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on transparency and integrity of environmental, social and governance (ESG) rating activities. The Financial Supervisory Authority also performs the supervisory tasks delegated to it by the European Securities and Markets Authority pursuant to the regulation mentioned in the first sentence.

Stk. 2. The Financial Supervisory Authority may exercise the supervisory powers following from Articles 32, 33, and 34 of the Regulation on transparency and integrity of environmental, social and governance (ESG) rating activities for the purpose of performing the supervisory tasks following from Stk. 1.

Section XI

Supervision and Fees

Chapter 21

Supervision etc.

General Rules on Supervision

§ 344. The Financial Supervisory Authority ensures compliance with Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, regulations and rules issued pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, regulations issued pursuant to 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 and investment firms, regulations issued pursuant to Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive, Council Regulation (EU) 2017/1509 of 30 August 2017 on restrictive measures against the Democratic People's Republic of Korea, Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014, Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, Regulation on the establishment of a single European access point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability, Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector, Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 2(2), first subparagraph, point (c), second subparagraph, of Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on transparency and integrity of environmental, social and governance (ESG) rating activities and rules issued pursuant thereto, and this Act and the rules issued pursuant to the Act, except § 75 b and § 77(1) and (2). However, the Business Authority ensures compliance with § 15(1), (2), and (4), and §§ 83, 87, and 91. The Financial Supervisory Authority verifies that the rules for information in annual reports and interim reports in §§ 183-193 a and in rules issued pursuant to § 196 are complied with by financial companies that have issued transferable securities admitted to trading on a regulated market, cf. § 213(1)-(5) and (8) of the Capital Markets Act. The Financial Supervisory Authority is also responsible for supervision pursuant to § 32(4)(1), cf. § 32(7) of the Auditors Act, insofar as it concerns companies subject to supervision by the Financial Supervisory Authority.

Stk. 2. The Financial Supervisory Authority must organize its ordinary supervisory activities with a view to promoting financial stability and confidence in financial companies and markets, and for the insurance sector, to safeguard the interests of policyholders. In its supervisory activities, the Financial Supervisory Authority must place emphasis on the sustainability of the individual financial company's business model. For insurance companies that have both authorization to conduct life insurance business and non-life insurance business in the same company, the Financial Supervisory Authority must place emphasis on the sustainability of the total company as well as the sustainability of the life insurance business and the non-life insurance business separately. The organization of supervisory activities must be based on a principle of materiality, where the supervisory effort is proportional to the potential risks or damages. The Financial Supervisory Authority reviews the solvency needs of mortgage credit institutions and credit institutions that are in group 1-3 or 6 in the Financial Supervisory Authority's size classification every year. The principle of materiality means that the Financial Supervisory Authority conducts intensive supervision of systemically important financial institutions (SIFI) and globally systemically important financial institutions (G-SIFI). The Executive Board of the Financial Supervisory Authority is responsible for the organization of supervisory activities.

Stk. 3. In organizing its supervisory activities, the Financial Supervisory Authority must consider the potential consequences for financial stability in other countries within the European Union or a country with which the Union has concluded an agreement in the financial area. This applies in particular in connection with crisis situations. For branches located in Denmark of foreign companies authorized to conduct the business mentioned in §§ 7-10 a in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, the Financial Supervisory Authority must monitor the branches and assist the competent supervisory authorities in the supervision of the branches. The Financial Supervisory Authority must participate in any supervisory colleges for significant branches and subsidiaries of foreign companies authorized to conduct the business mentioned in §§ 7-10 a in a country within the European Union or a country with which the Union has concluded an agreement in the financial area.

Stk. 4. The Financial Supervisory Authority may enter into agreements to perform certain types of tasks, possibly for payment, with public authorities, state institutions etc., if the Financial Supervisory Authority considers that the performance of the task can contribute to ensuring financial stability.

Stk. 5. The Financial Supervisory Authority may use foreign assistance in special cases.

Stk. 6. If the Financial Supervisory Authority assesses that a credit institution or a mortgage credit institution does not meet or is not expected to meet the requirements of this Act or Regulation (EU) No 575/2013 of the European Parliament on prudential requirements for credit institutions for the maintenance of its authorization, the Financial Supervisory Authority may hold discussions with interested parties and stakeholders with a view to finding a solution to the company's situation.

Stk. 7. The Financial Supervisory Authority must inform Finansiel Stabilitet if the Financial Supervisory Authority assesses that there is a risk that a credit institution or a mortgage credit institution will become or is expected to become non-performing, and the Financial Supervisory Authority makes a decision pursuant to § 224 a(3) or § 225(1), and there is no prospect of a solution to the company's situation pursuant to Stk. 6.

Stk. 8. The Financial Supervisory Authority must inform the Minister for Business Affairs when the Financial Supervisory Authority makes a decision pursuant to § 224 a(3) against a credit institution, a mortgage credit institution, or a group that the company or group is non-performing or expected to be non-performing, if the decision can have implications for the real economy or for financial stability.

Stk. 9. The Minister for Business Affairs may establish rules on the Financial Supervisory Authority's obligations regarding cooperation with other competent authorities and resolution authorities in countries within the European Union or countries with which the Union has concluded an agreement in the financial area, including requirements for supervisory colleges and resolution colleges.

Stk. 10. The Minister for Business Affairs may establish detailed rules on the Financial Supervisory Authority's procedures in accordance with provisions set out in EU law.

Stk. 11. The Financial Supervisory Authority may in certain cases, where a parent company in a group is a financial holding company or a financial company, derogate from provisions for groups set out in this Act or in rules issued pursuant to the Act, taking into account the purpose of the relevant provisions and the activities in the group. The first sentence applies mutatis mutandis to groups covered by § 175 b(2) if the top company in the group is not located in Denmark.

Stk. 12. The Minister for Business Affairs may establish detailed rules on the coordination of supervisory practices.

§ 344 a. If the Financial Supervisory Authority establishes, or has reason to assume, that a foreign credit institution with a branch or providing services in Denmark, and

16. april 2026. 114 Nr. 432.

If a financial undertaking established in another Member State, for which Denmark is the host country, does not comply with the rules implementing Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, or Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the Financial Supervisory Authority shall notify the competent authorities in the home country with a view to clarifying whether there is a breach of the rules.

Subsection 2. In particularly urgent cases, the Financial Supervisory Authority may take the necessary precautions to protect the collective interests of depositors, investors, and customers against financial instability, which could pose a serious threat to such collective interests. The precautions taken must be reasonable in relation to their purpose of protecting the collective interests of depositors, investors, and customers in Denmark against financial instability, and they must be discontinued as soon as the competent authorities in the home country have taken appropriate precautions regarding the credit institution.

Section 344 b. If it is likely that a bank or a mortgage credit institution will, within the following 12 months, breach the requirements set out in this Act or regulations issued pursuant to this Act, or Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the Financial Supervisory Authority may order the bank or mortgage credit institution to take the necessary measures within a deadline set by the Financial Supervisory Authority.

Section 344 c. The Financial Supervisory Authority monitors compliance by a bank or a mortgage credit institution with the requirements for using internal methods for calculating risk-weighted exposures or capital requirements in accordance with Part Three of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Subsection 2. If the undertaking no longer meets the requirements for using an internal method, as referred to in subsection 1, the Financial Supervisory Authority shall withdraw or limit the permission to use the internal method or order the undertaking to improve the internal method. The Financial Supervisory Authority may also order the undertaking to add to the capital requirement or take other measures to limit the consequences of the failure to comply with the requirements for using an internal method.

Subsection 3. If results from backtesting or testing of the distribution of profits and losses for an internal market risk model indicate that the model is no longer sufficiently accurate, the Financial Supervisory Authority shall review the conditions for the permission to use the internal model. The Financial Supervisory Authority may require the undertaking to take appropriate measures to ensure that the model is improved immediately.

Section 344 d. The Financial Supervisory Authority performs the tasks set out in Chapters 17 and 17a, including resolution planning, with appropriate operational independence from the Financial Supervisory Authority's supervision of banks and mortgage credit institutions.

Subsection 2. The Director of the Financial Supervisory Authority organizes the tasks referred to in subsection 1. The Board of the Financial Supervisory Authority approves the organization of the tasks.

Section 344 e. The Financial Supervisory Authority may exercise the powers resulting from Article 24, subsection 2, points (a), (b), and (d), and subsection 4, of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs).

Section 344 f. The Minister for Industry, Business and Financial Affairs may set rules on the designation of an authority to handle TLPT-related matters in accordance with Article 26, subsection 9, of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and on amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 1095/2010, (EU) No 1094/2010 and (EU) No 1095/2010, as referred to in Section 333.

Section 344 g. The Financial Supervisory Authority may order a bank or a mortgage credit institution to reduce exposures to a central counterparty or to adjust exposures across the undertaking's clearing accounts in accordance with Article 7a of the Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories.

Section 344 h. The Financial Supervisory Authority may order a bank or a mortgage credit institution to conduct stress tests or scenario analyses to assess risks resulting from exposures to crypto-assets and the provision of crypto-asset services.

Section 345. The Minister for Industry, Business and Financial Affairs appoints a Board and a Director for the Financial Supervisory Authority. The Director is appointed after consultation with the Board.

Subsection 2. The Board consists of up to 9 members, who collectively must have insight into legal, economic, and financial matters, insight into data analysis and cyber risks, and insight into the prevention and combating of financial crime. The Board is composed of:

1. 3 members with legal, economic, and financial expertise,
2. 1-2 members with special insight into the prevention and combating of financial crime, data analysis, and cyber risks,
3. 2 members with a management background from the financial sector,
4. 1 member with a management background from the rest of the business community, and
5. 1 member from Danmarks Nationalbank.

Subsection 3. When appointing members of the Board of the Financial Supervisory Authority, the Minister for Industry, Business and Financial Affairs must place emphasis on the following:

1. The member has sufficient knowledge, professional competence, and experience to perform the duties of the Board.
2. The member has a sufficiently good reputation and can demonstrate honesty, integrity, and sufficient independence to effectively contribute to the performance of the Board's tasks.
3. The member can devote sufficient time to performing the duties of the Board.

Subsection 4. A member of the Board of the Financial Supervisory Authority may not:

1. be subject to criminal liability for violations of the Penal Code, the Money Laundering Act, the Act on Financial Business, or other financial regulation or regulations issued pursuant thereto,
2. have participated in the management of a company that is charged or sentenced for violations of the Penal Code, the Money Laundering Act, the Act on Financial Business, or other financial regulation or regulations issued pursuant thereto, for matters committed during a period when the member participated in the management of the company,
3. be subject to a supervisory matter regarding management responsibility, where the Board must make a decision or ruling pursuant to subsection 12, points 4 and 6,
4. have submitted a petition for or be under restructuring proceedings, bankruptcy, or debt adjustment,
5. be subject to a bankruptcy ban,
6. be deprived of the right to conduct business, or
7. be under guardianship.

Subsection 5. The Chairman and Vice-Chairman of the Board may not have had employment in a financial undertaking or been a member of the Board of a financial undertaking in the 5 years preceding the appointment of the respective member.

Subsection 6. The Minister for Industry, Business and Financial Affairs may, upon the recommendation of a majority in the Board of the Financial Supervisory Authority, dismiss a member of the Board who does not meet the conditions in subsection 4.

Subsection 7. For the purpose of the Minister for Industry, Business and Financial Affairs' appointment of members pursuant to subsection 1, the Financial Supervisory Authority may obtain information and set reporting obligations to be used for assessing the suitability and honesty of Board members and for the dismissal of Board members.

Subsection 8. The Minister for Industry, Business and Financial Affairs appoints among the members 1 Chairman and 1 Vice-Chairman of the Board.

Subsection 9. The Minister for Industry, Business and Financial Affairs appoints 1 observer from the Ministry of Industry, Business and Financial Affairs to the Board.

Subsection 10. The Minister for Industry, Business and Financial Affairs appoints members of the Board and the observer for up to 3 years at a time. The members and the observer may be reappointed.

Subsection 11. The members of the Board and the observer may not be employed in or be Board members of financial undertakings, as referred to in Section 5, subsection 1, point 1, in companies included in a group with financial undertakings, or in companies having qualified holdings, as referred to in Section 5, subsection 3, in financial undertakings.

Subsection 12. The Board:

1. approves the organization of the supervisory activities,
2. defines the strategic goals for the Financial Supervisory Authority's supervisory activities and for the undertaking under Chapters 17 and 17a,
3. approves the annual report for the Financial Supervisory Authority,
4. makes decisions on reactions in matters of a principled character and in matters with far-reaching significant consequences,
5. makes rulings in matters regarding orders pursuant to Section 347 b, subsection 1, and Section 347 c, subsection 1,
6. makes decisions to hand over matters covered by point 4 to police investigation,
7. approves rules and guidelines that the Financial Supervisory Authority is authorized to issue, and
8. assists the Financial Supervisory Authority in the handling of matters under Chapters 17 and 17a that are not covered by point 2.

Subsection 13. The Board establishes an accounting-competent subcommittee, which has special expertise in accounting and auditing matters. The accounting-competent subcommittee is presented with and prepares matters of an accounting nature that are principled or have far-reaching significant consequences prior to the handling of the matters in the Board.

Subsection 14. The Board may, as needed, request external experts with special expertise in the rest of the financial area to assist in the handling of Board matters. The external experts may, upon the Chairman's decision, participate in the Board's handling of the matter without voting rights. Experts assisting the Board, as referred to in the first sentence, are subject to the rules on confidentiality in Section 354.

Subsection 15. The Consumer Ombudsman is summoned when the Board handles supervisory matters regarding fair business practices, good practice, and price information. The Consumer Ombudsman has the same powers as members of the Board in matters covered by the first sentence.

Subsection 16. In the matters referred to in subsection 12, points 4-6, the party has the right to appear before the Board. The first sentence may be waived upon the Chairman's decision in matters of a particularly urgent character. Furthermore, the right to appear is forfeited if there are investigative considerations that argue against it.

Subsection 17. Section 354, subsection 1, applies to members of the Board, the observer, members of the expert panel, and the Consumer Ombudsman.

Subsection 18. The Board makes decisions by simple majority vote. In the event of a tie, the Chairman's vote is decisive.

Subsection 19. The Board sets its own rules of procedure, including rules on appearing before the Board, as referred to in subsection 15, and on the accounting-competent subcommittee and the use of external experts, as referred to in subsections 13 and 14. The rules of procedure are approved by the Minister for Industry, Business and Financial Affairs.

Subsection 20. The Board may, by instruction, delegate its competence pursuant to subsection 12, points 4 and 6-8, to the Directorate of the Financial Supervisory Authority.

Subsection 21. The Landsting of the Faroe Islands and the Government of Greenland each appoint 1 special expert, who may, upon the Chairman's decision, participate in the Board's meetings without voting rights.

Section 345 a. The Minister for Industry, Business and Financial Affairs approves rates for fees, deposits, and ongoing contributions to administration and reserve fund building, etc., for loans financed with mortgage bonds, specifically secured mortgage bonds, or specifically secured bonds, and to which state aid is granted, except for loans within the agricultural sector.

Section 346. The Financial Supervisory Authority shall investigate the affairs of financial undertakings and financial holding companies, including by reviewing ongoing reports and by inspections of individual companies. The Financial Supervisory Authority may also conduct inspection visits to savings institutions.

Subsection 2. After an inspection of a financial undertaking or a financial holding company, a meeting shall be held with the participation of the company's Board, Directorate, external auditor, and internal audit head, unless the inspection only concerns limited areas of activity in the company. At the meeting, the Financial Supervisory Authority shall communicate its conclusions regarding the inspection.

Subsection 3. Significant conclusions shall, after an inspection visit, be sent in the form of a written report to the company's Board, Directorate, external auditor, and internal audit head.

Subsection 4. Supervisory authorities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may, after prior notification thereof to the Financial Supervisory Authority, conduct inspections in the branches located in this country of foreign financial undertakings established in the relevant country. Furthermore, the Financial Supervisory Authority may independently conduct inspections in branches of foreign credit institutions located in this country. As regards management companies, the Financial Supervisory Authority may, upon request from the supervisory authority in the home country of the branch, conduct the inspection referred to in the first sentence in the branch.

Subsection 5. Supervisory authorities in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may, with the permission of the Financial Supervisory Authority, verify information provided by the financial holding companies, financial undertakings, financing institutions, or companies exercising accessory financial business located in this country, which are subject to supplementary supervision by the relevant supervisory authority pursuant to provisions set out in directives in the financial area.

Section 346 a. The Financial Supervisory Authority may cooperate with other Danish authorities to ensure compliance with this Act and regulations issued pursuant to this Act regarding the administration by investment management companies of Danish UCITS and UCITS established in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, and the depositary function for the aforementioned UCITS. The Financial Supervisory Authority may delegate tasks to other authorities, bodies, or persons that are Danish.

Section 346 b. The Financial Supervisory Authority may request the competent authorities in another Member State within the European Union or in a country with which the Union has concluded an agreement in the financial area to assist in ensuring compliance with this Act and the regulations issued pursuant to this Act regarding investment management companies administering UCITS established in other countries within the European Union or countries with which the Union has concluded an agreement in the financial area, through supervisory activities, on-site checks, or inspections in another Member State's territory.

Section 346 c. The Financial Supervisory Authority shall cooperate with the competent authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial area to assist in supervisory activities, on-site checks, or inspections in this country, when it concerns investment management companies administering UCITS that are under supervision in another country within the European Union or countries with which the Union has concluded an agreement in the financial area, or a Danish UCITS that is subject to Danish supervision but operates in other Member States.

Subsection 2. If a competent authority in another Member State in the European Union or in a country with which the Union has concluded an agreement in the financial area requests the Financial Supervisory Authority to assist in a control or investigation of a foreign UCITS that is under the supervision of the relevant competent authority, as referred to in subsection 1, but is administered by a Danish investment management company or a Danish UCITS, as referred to in subsection 1, the Financial Supervisory Authority may:

1. conduct the control or investigation itself,
2. allow the requesting authority to conduct the control or investigation itself, or
3. have an auditor or other expert conduct the control or investigation.

Subsection 3. If a Danish investment management company opposes an investigation by a competent foreign authority, as referred to in subsection 2, the investigation may only be conducted with the assistance of the Financial Supervisory Authority.

Subsection 4. The Financial Supervisory Authority may set detailed rules on cooperation with competent authorities in other countries within the European Union and in countries with which the Union has concluded an agreement in the financial area.

Section 346 d. The Financial Supervisory Authority is the collecting body for the information that must be submitted with a view to making them available on the European Single Access Point (ESAP). This applies to information that must be submitted in accordance with this Act or regulations issued pursuant thereto, except Section 195, subsection 4, or one of the following regulations:

1. Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector.
2. Regulation of the European Parliament and of the Council on markets in crypto-assets.

Subsection 2. The Financial Supervisory Authority is furthermore the collecting body for the information submitted on a voluntary basis with a view to making them available on the European Single Access Point (ESAP), as referred to in Article 3, subsection 1, of the Regulation of the European Parliament and of the Council on the establishment of a European Single Access Point that provides centralized access to publicly available information relevant to financial services, capital markets, and sustainability.

Section 347. The financial undertakings, financial holding companies, mixed holding companies, suppliers, and subcontractors shall provide the Financial Supervisory Authority with the information necessary for the supervisory activities. In accordance with provisions set out in directives, this applies correspondingly to foreign credit institutions and management companies that conduct business in this country through the establishment of a branch or the provision of financial services.

Subsection 2. Financial undertakings, financial holding companies, mixed holding companies, suppliers, and subcontractors that have provided information pursuant to subsection 1,

has an obligation to correct the information to the Financial Supervisory Authority as soon as possible, if the financial undertaking, holding company, supplier, or sub-supplier subsequently establishes the following:

1. The information was not correct at the time of submission.
2. The information has become misleading at a later point in time.

Subsection 3. The Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to a financial undertaking and its branches, a financial holding company, or an operator of financial digital infrastructure for the purpose of obtaining information, including through inspections.

Subsection 4. To the extent necessary for assessing the economic position of a financial undertaking or financial holding company, the Financial Supervisory Authority may obtain information and at any time, upon proper identification and without a court order, gain access to the undertakings with which the financial undertaking or financial holding company has a specific direct or indirect connection.

Subsection 5. The Financial Supervisory Authority may require all information, including accounts and accounting material, extracts from books, other business documents, and electronically stored data, which are deemed necessary for the activities of the Financial Supervisory Authority or to determine whether a natural or legal person is covered by the provisions of this Act.

Subsection 6. The Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to a supplier or sub-supplier for the purpose of obtaining information about the outsourced activity.

Subsection 7. The Financial Supervisory Authority may obtain information pursuant to subsections 1 and 3-5 for use by the authorities and bodies mentioned in Section 354, subsection 6, items 23-34.

Subsection 8. In cases where a group has a foreign subsidiary that is a credit institution, and this subsidiary is not included in consolidated supervision pursuant to Article 19 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, the competent authority in the country within the European Union or in a country with which the Union has concluded an agreement in the financial area, in which the credit institution or investment firm is located, may request a credit institution, a mortgage credit institution, a financial holding company, or a mixed financial holding company as defined in Article 4, subsection 1, items 20 and 21, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, which is the parent undertaking of the credit institution or investment firm, to provide information that facilitates the competent authority in conducting supervision of the credit institution or investment firm.

Section 347 a. The Minister for Industry, Business and Financial Affairs may set rules regarding the obligation of financial undertakings and financial holding companies to publish information about the Financial Supervisory Authority's assessment of the undertaking and regarding the Financial Supervisory Authority's possibility to publish the information before the undertaking.

Section 347 b. The Financial Supervisory Authority may order a financial undertaking or a financial holding company to have an independent investigation of one or more aspects of the financial undertaking or the financial holding company carried out and to bear the costs thereof, if the Financial Supervisory Authority assesses that this is of significant importance for the supervision of the undertaking, and it is not a routine investigation for the Financial Supervisory Authority. The result of the independent investigation must be submitted in a written report, which must be available by a date set by the Financial Supervisory Authority. The Financial Supervisory Authority may determine that the expert persons referred to in subsections 2-6 must continuously report to the Financial Supervisory Authority on matters related to the investigation. The same applies to branches covered by Section 1, subsections 3 and 4, and Section 2, subsection 1.

Subsection 2. The independent investigation must be carried out by one or more expert persons. The financial undertaking or the financial holding company appoints the expert persons within a deadline set by the Financial Supervisory Authority. The Financial Supervisory Authority must approve the proposed expert persons.

Subsection 3. The financial undertaking or the financial holding company must provide the expert persons with the information necessary for the implementation of the independent investigation.

Subsection 4. The expert persons must deliver a copy of the written report on the investigation to the Financial Supervisory Authority, no later than simultaneously with the report being delivered to the financial undertaking or the financial holding company.

Subsection 5. The expert persons must immediately inform the Financial Supervisory Authority of matters they become aware of in connection with the independent investigation, if the information is of significant importance for the undertaking's risk profile or business model, which may entail a not insignificant risk that these matters may develop such that the undertaking will lose its authorization.

Subsection 6. If the expert person, due to their specific circumstances, cannot forward the information in accordance with subsections 4 and 5 to the Financial Supervisory Authority, notification to the Financial Supervisory Authority may be made by others than the expert person, including by the financial undertaking or the financial holding company.

Section 347 c. The Financial Supervisory Authority may order a financial undertaking or a financial holding company to have one or more expert persons follow the undertaking for a period of up to 12 months for the purpose of carrying out the activities of the Financial Supervisory Authority, when the Financial Supervisory Authority assesses that there are significant matters giving rise to this. The Financial Supervisory Authority may set the appointment period referred to in the first sentence to up to 3 years, when the purpose is to follow the undertaking's fulfillment of obligations imposed on it by an authority in another country. The Financial Supervisory Authority may renew the appointment period referred to in the first and second sentences by up to 12 months at a time, if the Financial Supervisory Authority assesses that there is a need for this. The same applies to branches covered by Section 1, subsections 3 and 4, and Section 2, subsection 1.

Subsection 2. An undertaking that has received an order pursuant to subsection 1 must provide the expert persons with the information and access to meetings necessary for the expert persons to follow the daily operations of the undertaking, including board meetings, management meetings, and general meetings, and its branches for the purpose of obtaining information.

Subsection 3. The expert persons must, in connection with the observation of the daily operations of the undertaking, inform the Financial Supervisory Authority of matters of significant importance for the activities of the Financial Supervisory Authority. The Financial Supervisory Authority may set conditions for the notification.

Subsection 4. The expert persons are appointed by the Financial Supervisory Authority. The costs of the expert persons may be initially paid by the Financial Supervisory Authority, but ultimately borne by the undertaking. The Financial Supervisory Authority may require advance or ongoing payment or security from the undertaking.

Subsection 5. The Minister for Industry, Business and Financial Affairs may set detailed rules regarding the expert persons, including regarding appointment and remuneration.

Section 347 d. (Repealed)

Section 347 e. The Financial Supervisory Authority may impose additional information requirements on credit institutions and mortgage credit institutions.

Section 348. The Consumer Ombudsman may bring a case regarding actions that contravene fair business practices and good practice, pursuant to Section 43, subsections 1, 2, and 8, Sections 48 a and 53 b-53 d, including cases regarding injunctions, orders, compensation, and recovery of unlawfully charged amounts. The Consumer Ombudsman may also handle cases regarding violations of penal provisions in regulations issued pursuant to Section 43, subsections 3 and 8, of this Act. Section 24, Section 25, subsection 2, Section 28, subsection 1, Section 32, subsection 1, Sections 33 and 34 of the Marketing Act apply mutatis mutandis to cases that the Consumer Ombudsman wishes to bring pursuant to this provision. The Consumer Ombudsman may be appointed as group representative in a class action, pursuant to Chapter 23 a of the Administration of Justice Act.

Subsection 2. The Financial Supervisory Authority may issue orders to correct matters that are in conflict with Section 43. The Financial Supervisory Authority may conduct inspection visits in branches of management companies in this connection.

Section 348 a. The Financial Supervisory Authority notifies the Consumer Ombudsman if the Financial Supervisory Authority becomes aware that a company's customers may have suffered losses as a result of the company having violated Section 43, subsection 1, or provisions issued pursuant to Section 43, subsections 2 and 7.

Subsection 2. The Consumer Ombudsman has access to all information in the Financial Supervisory Authority's cases covered by subsection 1, regardless of Sections 354 and 354 g.

Section 349. The Financial Supervisory Authority may order the management of a financial undertaking to prepare a statement on the undertaking's economic position and future prospects. The undertaking's board of directors, management, external auditor, and internal audit head must confirm by signature on the order to the Financial Supervisory Authority that they have been made aware of the content of the request.

Subsection 2. The statement must

1. be accompanied by a statement from the undertaking's external auditor, unless the statement as a whole has been prepared by this person,
2. be submitted to the undertaking's board of directors for approval, and
3. be submitted in copy to the Financial Supervisory Authority.

Section 350. The Financial Supervisory Authority may order a financial undertaking to take the necessary measures within a deadline set by the authority, if

1. the undertaking's economic position is so deteriorated that the interests of depositors, insured persons, bondholders, Danish UCITS, or other investors are exposed to danger, or
2. there is a not insignificant risk that the undertaking's economic position, due to internal or external factors, will develop such that the undertaking will lose its authorization.

Subsection 2. If the ordered measures are not taken within the set deadline, the Financial Supervisory Authority may withdraw the undertaking's authorization.

Subsection 3. Subsections 1 and 2 apply mutatis mutandis to a group where the parent undertaking is a financial holding company or a financial undertaking, if there is a significant risk that the group's economic position will develop such that the group will not comply with the capital requirement for the group.

Section 350 a. The Minister for Industry, Business and Financial Affairs is authorized to set stricter national measures within the framework of Article 458, subsection 2, letter d, items i-vii, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, if there are changes in the intensity of macroprudential or systemic risk in the financial system with potentially serious negative consequences for the financial system and the real economy.

Subsection 2. In connection with national measures initiated by the Minister for Industry, Business and Financial Affairs pursuant to subsection 1, the Minister must initiate the notification and approval procedure that follows from Article 458, subsections 3-9, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, subject to subsection 3.

Subsection 3. The Minister for Industry, Business and Financial Affairs may, regardless of the procedure in Article 458, subsections 3-9, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions,

1. increase risk weights by up to 25 percent for exposures following from Article 458, subsection 2, letter d, items vi and vii, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and
2. reduce the limit by up to 15 percent for large exposures covered by Article 395 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Subsection 4. The Minister for Industry, Business and Financial Affairs' measures initiated pursuant to subsections 1 and 3 may apply for a period of up to 2 years, or until the macroprudential or systemic risk ceases to exist, whichever occurs first, provided that the conditions and notification requirements in Article 458, subsection 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions are met. The Minister for Industry, Business and Financial Affairs may extend the application of national measures initiated pursuant to subsection 2 by up to 2 years at a time, pursuant to Article 458, subsection 9, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions.

Section 350 b. (Repealed)

Section 351. The Financial Supervisory Authority may order a financial undertaking to dismiss a director in the financial undertaking within a deadline set by the Financial Supervisory Authority, if this person, pursuant to Section 64, subsection 1, or Section 64 a, cannot hold the position. The Financial Supervisory Authority may also order a credit institution to dismiss a director, if this person does not fulfill their obligation pursuant to Section 70 a, subsection 4, in a satisfactory manner.

Subsection 2. The Financial Supervisory Authority may order a member of the board of directors in a financial undertaking to resign from their office within a deadline set by the Financial Supervisory Authority, if this person, pursuant to Section 64, subsection 1, or Section 64 a, or for a member of the board of directors in a credit institution, mortgage credit institution, or insurance company also pursuant to Section 64 b, subsection 1, cannot hold the office.

Subsection 3. The Financial Supervisory Authority may order a member of the board of directors in a systemically important financial institution (SIFI) or a globally systemically important financial institution (G-SIFI) to resign from their office within a deadline set by the Financial Supervisory Authority, if the board member does not meet the requirements pursuant to Section 313, subsection 1.

Subsection 4. The Financial Supervisory Authority may order a Group 1 and 2 credit institution, a mortgage credit institution, a systemically important financial institution (SIFI), and a globally systemically important financial institution (G-SIFI) to dismiss an employee identified as a key function holder pursuant to Section 64 c, subsections 1 and 8, cf. subsection 1, within a deadline set by the Financial Supervisory Authority, if the person, pursuant to Section 64, subsection 1, cf. Section 64 c, subsection 4, or Section 64, subsection 1, cf. Section 64 d, subsection 3, cannot hold the position. The Financial Supervisory Authority may order a Group 3 credit institution to dismiss an employee identified as a key function holder pursuant to Section 64 c, subsection 1, cf. subsection 2, items 1-5, within a deadline set by the Financial Supervisory Authority, if the person, pursuant to Section 64, subsection 1, cf. Section 64 c, subsection 4, cannot hold the position. The Financial Supervisory Authority may order a Group 4 credit institution to dismiss an employee identified as a key function holder pursuant to Section 64 c, subsection 1, cf. subsection 2, item 5, within a deadline set by the Financial Supervisory Authority, if the person, pursuant to Section 64, subsection 1, cf. Section 64 c, subsection 4, cannot hold the position. The Financial Supervisory Authority may order an investment management company to dismiss an employee who determines the investment management company's business conduct, pursuant to Section 14, subsection 1, item 8, if this person, pursuant to Section 64, subsection 1, cf. Section 64 c, subsection 9, cannot hold the position.

Subsection 5. The Financial Supervisory Authority may order a financial undertaking to dismiss a director or an employee in a Group 1 or 2 credit institution or a mortgage credit institution, who is a key function holder pursuant to Section 64 c, subsections 1 and 8, cf. subsection 1, or pursuant to Section 64 d, subsection 1, when charges have been brought against the person in a criminal case regarding violation of the Penal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would imply that the director does not meet the requirements in Section 64, subsection 1, item 3, or that the key function holder in a credit institution, in a mortgage credit institution, in a systemically important financial institution (SIFI), or in a globally systemically important financial institution (G-SIFI) does not meet the requirements in Section 64, subsection 1, item 3, cf. Section 64 c, subsection 4. The Financial Supervisory Authority may order a Group 3 credit institution to dismiss an employee identified as a key function holder pursuant to Section 64 c, subsection 1, cf. subsection 2, items 1-5, when charges have been brought against the person in a criminal case regarding violation of the Penal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would imply that the director does not meet the requirements in Section 64, subsection 1, item 3, cf. Section 64 c, subsection 4. The Financial Supervisory Authority may order a Group 4 credit institution to dismiss an employee identified as a key function holder pursuant to Section 64 c, subsection 1, cf. subsection 2, item 5, when charges have been brought against the person in a criminal case regarding violation of the Penal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would imply that the director does not meet the requirements in Section 64, subsection 1, item 3, cf. Section 64 c, subsection 4. The Financial Supervisory Authority may order a financial undertaking to dismiss a director or employee in an investment management company who determines the company's business conduct pursuant to Section 14, subsection 1, item 8, when charges have been brought against the person in a criminal case regarding violation of the Penal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would imply that the director does not meet the requirements in Section 64, subsection 1, item 3, or that the employee in the investment management company does not meet the requirements in Section 64, subsection 1, item 3, cf. Section 64 c, subsection 9. The Financial Supervisory Authority sets a deadline for compliance with the order. The Financial Supervisory Authority may, under the same conditions as in the first sentence, order a member of the board of directors in a financial undertaking to resign from their office. The Financial Supervisory Authority sets a deadline for compliance with the order.

Subsection 6. The duration of orders issued pursuant to subsections 1, 2, or 4 based on Section 64, subsection 1, items 2-5, or Section 64 b, subsection 1, or pursuant to subsection 3 based on Section 313, subsection 1, must be stated in the order.

Subsection 7. Orders issued in accordance with subsections 1-5 may be requested by the financial undertaking and by the person to whom the order relates to be brought before the courts. This request must be submitted to the Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The request does not have suspensive effect on the order, but the court may by ruling determine that the director in question or the board member in question may maintain their office or position during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of such request. The case is brought in the forms of civil procedure.

Subsection 8. The Financial Supervisory Authority may, on its own initiative or upon application, withdraw an order issued pursuant to subsections 2 and 3, and subsection 5, second sentence. If the Financial Supervisory Authority rejects an application for withdrawal, the applicant may request the rejection to be brought before the courts. This request must be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. A request for judicial review may, however, only be made if the order is not time-limited and at least 5 years have elapsed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of withdrawal has been upheld by judgment.

Section 9. If the financial institution has not appointed a director, or if the credit institution, real estate credit institution, systemically important financial institution (SIFI), or globally systemically important financial institution (G-SIFI) has not appointed an employee identified as a key person pursuant to Section 64c, subsections 1 and 8, read with subsection 1, within the specified deadline, the Financial Supervisory Authority may withdraw the institution's authorization, pursuant to Section 224, subsection 1, no. 2. The Financial Supervisory Authority may also withdraw the institution's authorization, pursuant to Section 224, subsection 1, no. 2, if a board member fails to comply with an order issued pursuant to subsections 2, 3, and 5.

Section 10. Decisions in matters pursuant to Section 64, subsection 1, Section 64c, subsections 5-7, and Section 64d, subsection 3, which are made pursuant to Section 64, subsection 2, may, at the request of the financial institution and the person to whom the decision relates, be brought before the courts. Such a request must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been notified to the person concerned. The request does not have suspensive effect on the decision, but the court may by order determine that the person may enter the office or position for which the person has sought prior approval during the proceedings. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is instituted in accordance with the forms of civil procedure.

Section 351a. (Repealed)

Section 352. The Financial Supervisory Authority may, independently or in cooperation with other authorities, conduct investigations suitable to promote transparency in the financial market, and publish the results of these.

Section 352a. In cases where a financial institution has been declared bankrupt or the majority of the financial institution's operations have ceased or been transferred, the Financial Supervisory Authority shall prepare a report on the causes thereof, if one of the following conditions has occurred in connection with or in a short period prior to the institution's bankruptcy etc.:

1. The State has suffered direct losses as a result of financial assistance in the winding up of the institution.
2. The State has suffered losses on capital injected into the institution pursuant to the Act on State Capital Injection in Credit Institutions or on shares that the State has acquired as part of the conversion of such capital.
3. The State has otherwise provided a guarantee or made funds available to the institution, its creditors, or an acquirer of the whole or part of the institution.

Subsection 2. The Financial Supervisory Authority must publish the report pursuant to subsection 1. In connection with the publication, Section 354 does not apply, unless the information concerns customer relationships or third parties who are or have been involved in attempts to save the relevant financial institution.

Subsection 3. The report pursuant to subsection 1 must describe the Financial Supervisory Authority's role in the process leading up to the bankruptcy etc.

Subsection 4. The Financial Supervisory Authority's duty to prepare a report pursuant to subsection 1 also covers financial institutions that met the requirements of the provision after March 1, 2009.

Section 353. (Repealed)

Section 353a. If a matter concerning good conduct etc. is covered by the Financial Supervisory Authority's board's decision-making competence pursuant to Section 345, subsection 12, no. 4 and 6, the following documents are exempt from public access pursuant to the Act on Public Access to Documents in the Public Administration (the Public Administration Act), until the board has made its decision:

1. The Financial Supervisory Authority's draft decision on a matter or draft decision to refer a matter to police investigation.
2. Statements submitted by the party to the Financial Supervisory Authority's draft decision on a matter or draft decision to refer a matter to police investigation.
3. Supplementary correspondence between the Financial Supervisory Authority and the party regarding the draft decision on a matter or the draft decision to refer a matter to police investigation.

Section 354. Employees of the Financial Supervisory Authority are, under the liability provisions of Sections 152-152e of the Criminal Code, obliged to keep confidential information that they become aware of through supervisory and resolution activities, and confidential information that they become aware of from Financial Stability. The same applies to persons performing service tasks as part of the Financial Supervisory Authority's operations, as well as experts acting on behalf of the Authority. This also applies after the termination of employment or contractual relationships. Sentences 1-3 also apply to employees of the Danish Business Authority, insofar as it concerns information that they become aware of through the performance of tasks pursuant to Section 213, subsections 1-5 and 8, of the Capital Markets Act.

Subsection 2. Consent from the person whom the duty of confidentiality is intended to protect does not entitle the persons mentioned in subsection 1 to disclose confidential information.

Subsection 3. Subsection 1 does not, however, apply to information in matters concerning good conduct, price information, and contractual relationships, pursuant to Sections 43-54 and regulations issued pursuant thereto.

Subsection 4. The provision in subsection 1 does not prevent the Financial Supervisory Authority from disclosing confidential information in summary or aggregated form from its own operations, provided that neither the individual institution nor its customers can be identified.

Subsection 5. Confidential information may be disclosed in a civil lawsuit when a financial institution has been declared bankrupt or entered into liquidation, provided that the information does not concern customer relationships or third parties who are or have been involved in attempts to save the institution.

Subsection 6. The provision in subsection 1 does not prevent confidential information from being disclosed to:

1. The Systemic Risk Council.
2. Other public authorities, including the prosecution authority and the police, in connection with the investigation and prosecution of possible criminal offenses covered by the Criminal Code, tax legislation, or supervisory legislation.
3. The relevant minister as part of their general supervision, subject to subsections 15 and the use for the minister's appointment of board members pursuant to Section 345.
4. Administrative authorities and courts handling decisions made by the Financial Supervisory Authority.
5. The Parliamentary Ombudsman.
6. The Minister for Employment in the event of notification pursuant to the Act on the Labour Market Supplementary Pension, the Act on the Wage Earners' Price Fund, and the Act on Work Injury Insurance.
7. A parliamentary commission established by the Folketing, subject to subsections 13 and 15.
8. Inquiry commissions established by law or pursuant to the Act on Inquiry Commissions, subject to subsections 13 and 15.
9. The Folketing's standing committees regarding a financial institution's general economic conditions, insofar as it concerns crisis management of financial institutions, when a decision is made on whether the state should provide a guarantee or make funds available. The same applies in connection with parliamentary control in matters covered by the first sentence.
10. The National Audit Office and the State Audit Commission.
11. Interested parties, including authorities, involved in attempts to save a distressed credit institution or real estate credit institution, provided that the recipients of the information have a need for this, subject to subsection 15. The same applies to insurance companies when the Financial Supervisory Authority has received a mandate from the Minister for Industry, Business and Financial Affairs.
12. Auditors appointed by the Association of State Authorized Public Accountants pursuant to Section 144, subsection 5, second sentence.
13. The Bankruptcy Court, subject to subsection 13, other authorities participating in the financial institution's liquidation, bankruptcy proceedings, or similar procedures, and the trustee, as well as persons responsible for the statutory audit of a financial institution's accounts, provided that the recipients of the information have a need for this to perform their tasks.
14. Institutions administering deposit, investor, or insurance guarantee schemes, provided that the information is necessary for them to perform their work.
15. Financial Stability, provided that Financial Stability has a need for this to perform its tasks.
16. The Ministry of Industry, Business and Financial Affairs in matters concerning the processing of applications for and matters concerning state capital injection, pursuant to the Act on State Capital Injection in Credit Institutions, subject to subsection 15.
17. The Ministry of Taxation and Statistics Denmark, when the information originates from real estate credit institutions and is to be used for quality assurance, development, or improvement of methods and models for evaluating real estate. The Ministry of Taxation and Statistics Denmark undertake upon receipt not to combine or link the information with other available information from which confidential information can be derived.
18. Committees, groups etc. established by the Minister for Industry, Business and Financial Affairs, which have the purpose of discussing and coordinating efforts to ensure financial stability.
19. The Danish Business Authority in its capacity as the supervisory authority for compliance with company law, when disclosure is made with a view to strengthening the stability and integrity of the financial system, subject to subsection 13, the Danish Business Authority and the Audit Board in their capacity as the supervisory authority for the statutory audit of financial institutions' accounts, subject to subsection 13, and the Danish Business Authority, when the information concerns a foundation or association covered by Sections 207, 214, 214a, or 222. Disclosure pursuant to the first sentence can only take place, provided that the recipient has a need for this to perform their tasks.
20. Experts assisting the Financial Supervisory Authority, the Danish Business Authority, the Audit Board, and institutions administering deposit, investor, or insurance guarantee schemes, in the performance of their supervisory tasks, provided that the recipient has a need for the information to perform their tasks, subject to subsections 13 and 15.
21. Danmarks Nationalbank, central banks in countries within the European Union or countries with which the Union has concluded an agreement in the financial field, the European System of Central Banks and the European Central Bank in their capacity as monetary policy authorities, as well as public authorities supervising payment systems in Denmark and other countries within the European Union or countries with which the Union has concluded an agreement in the financial field, provided that the information is necessary for them to fulfill their statutory tasks, including the execution of monetary policy, supervision of payment and securities settlement systems, and the maintenance of the stability of the financial system.
22. An institution responsible for the clearing of financial instruments or money, if it is necessary to ensure that the institution responds appropriately to defaults or potential defaults on the market where the institution is responsible for clearing, subject to subsection 15.
23. Financial supervisory authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for the supervision of financial institutions, financing institutions, investment institutions, credit rating agencies, or the financial markets, as well as authorities and bodies responsible for maintaining financial stability through macroprudential regulation, authorities or bodies with the purpose of ensuring financial stability, contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, and persons responsible for the statutory audit of the financial institution's accounts, provided that the recipients of the information have a need for this to perform their tasks.
24. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, authorities responsible for supervising contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and authorities supervising persons responsible for the statutory audit of the financial institution's accounts, provided that the recipient of the information has a need for this to perform their tasks, subject to subsection 13.
25. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for detecting breaches of company law, provided that the recipient of the information has a need for this to perform their tasks and disclosure is made with a view to strengthening the stability and integrity of the financial system, subject to subsection 13.
26. Experts assisting authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, authorities responsible for supervising contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and authorities supervising persons responsible for the statutory audit of the financial institution's accounts, provided that the recipient of the information has a need for this to perform their tasks, subject to subsection 13.
27. Authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for legislation regarding the supervision of financial institutions, in an emergency situation as referred to in Article 114, subsection 1, 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 and investment firms, provided that the recipient of the information has a need for this to perform their tasks, subject to subsection 15.
28. Bodies in countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for controlling compliance with the rules for financial information from issuers of financial instruments admitted to trading on a regulated market.
29. Ministers responsible for financial legislation in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, in connection with the crisis management of a financial institution.
30. Committees established by the European Parliament pursuant to Article 226 of the Treaty on the Functioning of the European Union.
31. The European Banking Authority, the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, as well as bodies established by these, provided that the recipients of the information have a need for this to perform their tasks.
32. Financial supervisory authorities in countries outside the European Union, with which the Union has not concluded an agreement in the financial field, which are responsible for the supervision of financial institutions, financing institutions, investment institutions, credit rating agencies, or the financial markets, as well as authorities and bodies responsible for maintaining financial stability through macroprudential regulation, authorities or bodies with the purpose of ensuring financial stability, contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, institutions administering deposit, investor, or insurance guarantee schemes, bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, and persons responsible for the statutory audit of the financial institution's accounts, subject to subsections 12 and 13.
33. Bodies in countries outside the European Union, with which the Union has not concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, authorities responsible for supervising contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and authorities supervising persons responsible for the statutory audit of financial institutions' accounts, subject to subsections 12 and 13.
34. Bodies in countries outside the European Union or in countries with which the Union has not concluded an agreement in the financial field, which are responsible for detecting breaches of company law, provided that disclosure is made with a view to strengthening the stability and integrity of the financial system, subject to subsections 12 and 13.
35. Experts assisting authorities in countries outside the European Union or in countries with which the Union has not concluded an agreement in the financial field, which supervise bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of financial institutions, authorities responsible for supervising contractual safeguard schemes or institutional safeguard schemes as referred to in Article 113, subsection 7, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and authorities supervising persons responsible for the statutory audit of the financial institution's accounts, provided that the recipient of the information has a need for this to perform their tasks, subject to subsections 12 and 13.

have not entered into an agreement with the financial area, which supervises bodies involved in the liquidation, bankruptcy proceedings, or similar procedures of financial undertakings, authorities responsible for supervising contractual deposit guarantee schemes or deposit guarantee schemes as referred to in Article 113(7) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and authorities supervising persons responsible for the statutory audit of the financial undertaking's accounts, subject to subsections 12 and 13.

36. The Danish Tax Administration.

37. The Faroese Minister for Financial Affairs in connection with responsibility for economic stability in the Faroe Islands and for use in crisis management of financial undertakings in the Faroe Islands.

38. The Greenlandic Minister for Business and Employment in connection with responsibility for economic stability in Greenland and for use in crisis management of financial undertakings in Greenland.

39. The Standing Committee of the Faroese Parliament regarding the general economic conditions of a Faroese financial undertaking, insofar as it concerns crisis management of Faroese financial undertakings when a decision is taken on whether the Faroese Government should provide a guarantee or make funds available. The same applies in connection with parliamentary control in matters covered by the first sentence.

40. The Standing Committee of the Greenlandic Parliament regarding the general economic conditions of a Greenlandic financial undertaking, insofar as it concerns crisis management of Greenlandic financial undertakings when a decision is taken on whether the Greenlandic Government should provide a guarantee or make funds available. The same applies in connection with parliamentary control in matters covered by the first sentence.

41. Faroese supervisory authorities in the financial area, provided that the recipients are subject to a statutory duty of confidentiality corresponding at least to the duty of confidentiality under subsection 1, and that the recipients need the information for the performance of their duties, subject to subsection 13.

42. Authorities or similar bodies in other countries within the European Union or in countries with which the Union has entered into an agreement in the financial area, which are responsible for the resolution of credit institutions and mortgage credit institutions, in connection with the authorities' preparation of group resolution plans.

43. Resolution authorities in countries outside the European Union with which the Union has not entered into an agreement in the financial area.

44. The Danish Centre for Cyber Security, provided that the information is necessary for the Centre to fulfil its statutory tasks as the national central contact point or as a CSIRT.

45. The Danish Data Protection Agency as an independent supervisory authority for compliance with data protection rules, provided that the Danish Data Protection Agency needs the information for the performance of its duties, subject to subsection 13.

46. The International Monetary Fund (IMF) and the World Bank for the purpose of assessments as part of the Financial Sector Assessment Programme upon explicit request and provided that the International Monetary Fund (IMF) and the World Bank need the information for the performance of their duties.

47. The Bank for International Settlements (BIS) for the purpose of quantitative impact assessments upon explicit request and provided that the Bank for International Settlements (BIS) needs the information for the performance of its duties.

48. The Financial Stability Board (FSB) for the purpose of its supervisory function upon explicit request and provided that the Financial Stability Board (FSB) needs the information for the performance of its duties.

49. The Ministry of the Interior and Housing regarding information on KommuneKredit's compliance with Section 3(1), first sentence, of the Act on the Mortgage Credit Association of Municipalities and Regions in Denmark.

50. Authorities performing tasks in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector, provided that the information is necessary for the performance of tasks by these authorities in accordance with the Regulation.

Subsection 7. The Financial Supervisory Authority may disclose confidential information to the European Banking Authority regarding the results of stress tests carried out by the Financial Supervisory Authority in accordance with Article 100 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 and investment firms, or in accordance with Article 32 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority).

Subsection 8. All persons who receive confidential information from the Financial Supervisory Authority in accordance with subsections 5 and 6 and Section 348 a, subsection 2, are subject to the duty of confidentiality referred to in subsection 1 with regard to such information.

Subsection 9. Confidential information received in accordance with subsection 6, item 31, may be exchanged directly between, on the one hand, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, and bodies established by these, and, on the other hand, the European Systemic Risk Board, notwithstanding the duty of confidentiality referred to in subsection 8.

Subsection 10. Confidential information received by the Financial Supervisory Authority may only be used in connection with the supervisory task, in connection with the resolution task for the imposition of sanctions, or if the supervisory authority's decision is appealed to a higher administrative authority or brought before the courts.

Subsection 11. The right to obtain confidential information from the Standing Committee of the Folketing in accordance with subsection 6, item 9, is limited to documents in cases opened with the Financial Supervisory Authority after 16 September 1995. For mortgage credit institutions, the limitation applies to documents in cases opened with the Financial Supervisory Authority after 1 June 1995. The right to obtain confidential information from the Standing Committee of the Faroese Parliament in accordance with subsection 6, item 39, and from the Standing Committee of the Greenlandic Parliament in accordance with subsection 6, item 40, is limited to documents in cases opened with the Financial Supervisory Authority after 1 January 2006.

Subsection 12. Disclosure in accordance with subsection 6, items 32-35, may only take place

1. on the basis of an international cooperation agreement, and
2. provided that the recipients are at least subject to a statutory duty of confidentiality corresponding to the duty of confidentiality under subsection 1, and need the information for the performance of their duties.

Subsection 13. Disclosure in accordance with subsection 6, items 7, 8, 13, 19, 20, 24-26, 32-36, 41, and 45, of confidential information originating from countries within the European Union or countries with which the Union has entered into an agreement in the financial area, may further only take place if the authorities that provided the information have given their explicit consent, and may only be used for the purpose for which the consent was given. In the case of disclosure of information in accordance with subsection 6, items 20, 26, and 35, the Financial Supervisory Authority shall inform the authorities or bodies that provided the information of which experts the information will be forwarded to, specifying the powers of the experts.

Subsection 14. Disclosure of confidential information to resolution authorities in accordance with subsection 6, item 42, may only take place if the conditions in subsection 12, item 2, and subsection 13 are met, and the resolution functions of the resolution authorities correspond to the functions set out in Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms.

Subsection 15. Disclosure of confidential information in accordance with subsection 6, items 3, 7, 8, 11, 16, 20, 22, and 27, may only take place if the authorities or bodies that provided the information, or the authorities in the Member State where the on-site inspection or investigation was carried out, have given their explicit consent, where the information was received either from the European Banking Authority, the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority, or the European Securities and Markets Authority and bodies established under these, and in accordance with this Act, regulations issued in accordance with this Act, other directives concerning credit institutions, regulations issued in accordance with 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 and investment firms, Article 15 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on macro-prudential oversight of the financial system in the Union and establishing a European Committee for Systemic Risk, Articles 31, 35, and 36 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), and Articles 31 and 36 of Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), or from authorities responsible for the supervision of financial undertakings, financing institutions, investment undertakings, credit rating agencies, and financial markets, authorities and bodies responsible for maintaining the stability of the financial system through the application of macro-prudential rules, authorities or bodies aiming to ensure financial stability, contractual deposit guarantee schemes or deposit guarantee schemes as referred to in Article 113(7) of Regulation (EU) No 575/2013 on prudential requirements for credit institutions, institutions managing deposit, investor, or insurance guarantee schemes, bodies involved in the liquidation, bankruptcy proceedings, or similar procedures of financial undertakings, and persons responsible for the statutory audit of the financial undertaking's accounts, or where information was obtained through on-site inspections or investigations in accordance with Section 346, subsection 4.

Subsection 16. If a debtor, guarantor, or investor has significant obligations to several financial undertakings, the Financial Supervisory Authority may inform the relevant undertakings thereof.

Section 354 a. Reactions given in accordance with Section 345, subsection 12, item 4, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's Board to an undertaking under supervision shall be published with the name of the undertaking, subject to subsection 4. The undertaking shall publish the information on its website in a place where it naturally belongs, as soon as possible, and no later than 3 business days after the undertaking has received notification of the reaction, or no later than at the time of publication required under the Capital Markets Act. At the same time as the publication, the undertaking shall insert a link on the front page of the undertaking's website in a visible manner, which gives direct access to the reaction, and it must be clearly apparent from the link and any associated text that it concerns a reaction from the Financial Supervisory Authority. If the undertaking comments on the reaction, this shall be done in continuation of the reaction, and the comments must be clearly separated from the reaction. Removal of the link on the front page and information from the undertaking's website shall take place according to the same principles as the undertaking uses for other communications, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting or meeting of representatives. The undertaking's obligation to publish the information on the undertaking's website applies only to legal persons. The Financial Supervisory Authority shall publish the information on the Authority's website. Reactions given in accordance with Section 345, subsection 12, item 6, and the Financial Supervisory Authority's decisions to refer cases to police investigation shall be published on the Financial Supervisory Authority's website with the name of the undertaking, subject to subsection 4. If the reaction published in accordance with the first sentence is brought before the Business Appeals Board or the courts, this must be stated in the Financial Supervisory Authority's publication, and the status and subsequent result of the Business Appeals Board's or the courts' decision must likewise be published on the Financial Supervisory Authority's website as soon as possible.

Subsection 2. Reactions given in accordance with Section 345, subsection 12, items 4 and 6, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's Board to an undertaking not under supervision, shall be published with the name of the undertaking, subject to subsection 4.

Subsection 3. If a case has been referred to police investigation and a final or partial conviction has been passed or a fine imposed, or if a case has been resolved with the acceptance of an administrative penalty notice, the judgment, fine, or a summary thereof shall be published, subject to subsection 4. If the judgment is not final, or if it has been appealed, this must be stated in the publication. The undertaking's publication shall take place on the undertaking's website in a place where it naturally belongs, as soon as possible, and no later than 10 business days after the judgment has been passed or the fine imposed, or no later than at the time of publication required under the Capital Markets Act. At the same time as the publication, the undertaking shall insert a link on the front page of the undertaking's website in a visible manner, which gives direct access to the judgment, fine, or summary, and it must be clearly apparent from the link and any associated text that it concerns a judgment or fine. If the undertaking comments on the judgment, fine, or summary, this shall be done in continuation thereof, and the comments must be clearly separated from the judgment, fine, or summary. Removal of the information from the undertaking's website shall take place according to the same principles as the undertaking uses for other communications, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting or meeting of representatives. The undertaking shall notify the Financial Supervisory Authority of the publication, including sending a copy of the judgment or fine. The Financial Supervisory Authority shall thereafter publish the judgment, fine, or a summary thereof on its website. The undertaking's obligation to publish the information on the undertaking's website applies only to legal persons. Publication in accordance with the first and second sentences, concerning undertakings not under supervision, shall only take place on the Financial Supervisory Authority's website.

Subsection 4. Publication of reactions in accordance with subsection 1 regarding the requirements in Section 64, subsection 1 and 11, in conjunction with subsection 1, or subsection 9, in conjunction with subsection 1, Section 64 a, Section 64 b, subsection 1, Section 64 c, subsection 4, in conjunction with Section 64, subsection 1, Section 64 d, subsection 3, in conjunction with Section 64, subsection 1, or Section 64 d, subsection 6, in conjunction with subsection 3, in conjunction with Section 64, subsection 1, is not required, except for reactions under Section 351 regarding a violation of the requirements. Publication in accordance with subsections 1-3 may not take place if it would cause disproportionate damage to the undertaking, if it would endanger the stability of the financial markets, or if investigative interests argue against publication. The publication must not contain confidential information about customer relations or information covered by Section 30 of the Act on Public Access to Information in the Public Sector. The publication must not contain confidential information originating from financial supervisory authorities in other countries within or outside the European Union, unless the authorities that provided the information have given their explicit consent.

Subsection 5. If publication has been omitted in accordance with subsection 4, second sentence, publication shall take place in accordance with subsections 1-3 when the considerations that necessitated the omission are no longer valid. This applies only for up to 2 years after the date of the reaction.

Subsection 6. In cases where the Financial Supervisory Authority has published a decision to refer a case to police investigation in accordance with subsection 1, eighth sentence, and subsection 2, and a decision is taken to drop prosecution or not to prosecute, or an acquittal is given, the Financial Supervisory Authority shall, upon request from the undertaking concerned, publish information to that effect. The undertaking shall submit a copy of the decision to drop prosecution or not to prosecute, or a copy of the judgment, to the Financial Supervisory Authority at the same time as the request for publication. If the decision to drop prosecution, not to prosecute, or the judgment is not final, this must be stated in the publication. If the Financial Supervisory Authority receives documentation that the case has been concluded by a final decision to drop prosecution, a final decision not to prosecute, or a final acquittal, the Financial Supervisory Authority shall remove all information about the decision to refer the case to police investigation and any subsequent judgments in the case from the Financial Supervisory Authority's website.

Section 354 b. The Financial Supervisory Authority shall inform the public about cases processed by the Financial Supervisory Authority, the prosecution authorities, or the courts, which are of general interest or significant for the understanding of Sections 43-54 and regulations issued in accordance therewith.

Subsection 2. The Financial Supervisory Authority shall further inform the public about the name of an undertaking that violates the prohibition on carrying out financial business without authorization, in accordance with Sections 7-10 a and 334.

Section 354 c. The Financial Supervisory Authority shall publish information about sanctions imposed on a financial undertaking in accordance with Section 373, subsection 2, for violation of Article 4(1) of the Regulation on credit rating agencies, unless such publication would pose a serious threat to financial markets or cause disproportionate damage to the parties involved.

Section 354 d. If a financial undertaking has disclosed information about the financial undertaking and this has come to the public's attention, the Financial Supervisory Authority may order the undertaking to publish corrective information within a deadline set by the Financial Supervisory Authority, if

1. the information is, in the Financial Supervisory Authority's assessment, misleading, and
2. the Financial Supervisory Authority assesses that the information may cause damage to the undertaking's customers, depositors, other creditors, the financial markets on which the undertaking's shares or financial instruments are traded, or financial stability generally.

Subsection 2. If the undertaking does not correct the information in accordance with the Financial Supervisory Authority's order and in

If the deadline set by the Financial Supervisory Authority is not met, the Financial Supervisory Authority may publish the notice issued pursuant to subsection 1.

§ 354 e. The Financial Supervisory Authority publishes on its website, in the cases mentioned in subsection 2, notices, orders, or penalty payments issued pursuant to § 269, subsection 1, or § 344, subsection 1, and the name of the company or person. The first sentence applies correspondingly to notices, orders, and penalty payments adopted by the Financial Supervisory Authority's board in the cases mentioned in subsection 2.

Subsection 2. Publication, pursuant to subsection 1, shall take place in cases concerning violations of § 7, subsection 1, § 61, subsection 1, §§ 61 b and 61 c, § 71, subsection 1, § 71 a, subsections 1 and 2, first sentence, § 71 b, subsection 1, § 71 c, subsection 1, second sentence, § 77 a, § 77 d, subsection 1, § 125 b, subsections 3-5 and 8, § 125 d, § 125 e, subsection 1, pursuant to § 125 b, subsections 3-5 and 8, § 145, subsection 1, § 145 c, subsection 1, § 182 b, subsections 1-3, §§ 182 c and 182 d, § 182 e, subsections 1-3, § 182 f, § 204, subsection 1, § 204 c, subsection 1, § 259 a, § 261, § 264, subsections 2, 3 and 5, § 264 a, § 265, subsections 2, 4 and 7, § 265 a, subsection 2, § 266, § 267, subsection 1, §§ 267 b and 267 c, § 267 d, subsection 1, §§ 268 and 269 a-269 e, § 272, subsection 7, § 274, subsections 1 and 2, § 275, subsections 1, 2, 4 and 5, § 276, subsection 1, § 313, subsection 1, and Articles 28 and 51, pursuant to Articles 52, 63 and 92, subsection 1, Article 394, subsection 1, Article 412, subsection 1, Article 413, Article 415, subsections 1 and 2, Article 430, subsections 1-3, Article 430 a, Article 431, subsections 1-3, Article 435, Article 451, subsection 1, second part, third part, Section III, Chapter 2, and Sections II-VI, Part Four, Part Six, Sections I and IV, and Part Seven, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. Publication, pursuant to subsection 1, shall likewise take place in cases concerning violations of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, cases concerning violations of provisions in the Act on Financial Business implementing the Directive of the European Parliament and of the Council on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, or the Regulation on prudential requirements for credit institutions and investment firms, which stipulate that a credit institution or mortgage credit institution must obtain prior authorization, where a credit institution or mortgage credit institution has obtained such authorization through false statements or does not meet the conditions upon which such authorization was granted, and in cases concerning violations of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

Subsection 3. Publication pursuant to subsection 1 shall be made in anonymized form if publication would cause disproportionately great damage to the company or person, if investigative considerations speak against publication, if publication would threaten financial stability, or if societal considerations regarding the publication of a person's name must be assessed as not proportionate to the interests of the person.

Subsection 4. If the notice, order, or penalty payment mentioned in subsection 1, pursuant to subsection 2, is brought before the Business Appeals Board or the courts, this must be stated in the publication. The status and the subsequent result of the Business Appeals Board's or the courts' decision must likewise be published on the Financial Supervisory Authority's website as soon as possible.

Subsection 5. Publication pursuant to subsections 1-4 shall take place as soon as possible after the person or company has been notified of the notice, order, or penalty payment, and must appear on the Financial Supervisory Authority's website for at least 5 years from the publication. Publication concerning persons, however, shall only appear on the Financial Supervisory Authority's website for as long as the information is considered necessary in relation to the societal interests behind the publication.

Subsection 6. The Financial Supervisory Authority must publish a report on the Financial Supervisory Authority's practice pursuant to § 64, subsection 1, no. 1. The report must be published at least once a year.

§ 354 f. The Financial Supervisory Authority may publish the result of the Financial Supervisory Authority's stress test of a financial company, which is carried out pursuant to Article 100 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 on the prudential supervision of credit institutions and investment firms, and pursuant to Article 32 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority).

§ 354 g. Employees of the Financial Supervisory Authority must not disclose information about a person when the person has reported a company or a person to the Financial Supervisory Authority for a violation or potential violation of the financial regulation that the Financial Supervisory Authority supervises, subject to subsection 2.

Subsection 2. The provision in subsection 1 does not prevent personal data from being disclosed pursuant to § 348 a, subsection 2, or § 354, subsection 6.

Subsection 3. The provision in subsection 1 does not prevent personal data concerning a customer from being disclosed to a financial company in connection with cases covered by § 354, subsection 3, or in cases concerning violations of Chapter 9, when the customer has given explicit consent to the disclosure.

Subsection 4. All persons who receive personal data pursuant to subsection 2 are subject to the confidentiality obligation referred to in subsection 1 with regard to this data.

§ 354 h. (Repealed)

§ 355. For the purposes of the Act on Financial Business, the financial company, the financial holding company, the mixed financial holding company, the foreign financial company, or the foreign financial holding company, before which the Financial Supervisory Authority has made or will make a decision pursuant to this Act, regulations issued pursuant to this Act, Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, regulations issued pursuant to 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 on the prudential supervision of credit institutions and investment firms, and regulations and rules issued pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, and rules issued pursuant thereto, Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and rules issued pursuant thereto, Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector, and rules issued pursuant thereto, and Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and rules issued pursuant thereto, are considered parties, subject to subsections 2 and 3.

Subsection 2. In the following cases, another person than the company is also considered a party to the Financial Supervisory Authority's decision, insofar as it concerns the part of the case relating to that person:

1. The parent company, where this is a financial holding company or a financial company.
2. Companies with which a financial company has a special direct or indirect connection, and where the authority can obtain information and conduct inspection visits, pursuant to § 347, subsection 4.
3. A natural or legal person from whom the Financial Supervisory Authority requires information to determine whether this person is covered by the provisions of this Act, pursuant to § 347, subsection 5.
4. The intended acquirer or holder of a qualified participation, when the Financial Supervisory Authority is processing cases concerning approval of acquisition, pursuant to §§ 61, 61 a and 61 b, and when the Financial Supervisory Authority reacts due to lack of notification of a share or revokes the voting rights attached to the relevant owner's share, pursuant to § 62, subsections 1-3.
5. The auditor of a financial company, when the Financial Supervisory Authority revokes this certification pursuant to § 199, subsection 1, pursuant to § 199, subsection 4, or orders this to provide information about the company's affairs, and in cases concerning prohibitions against an auditor having loans etc. in the financial company that the auditor audits, pursuant to § 199, subsections 4-7 and 9.
6. Companies to which a credit institution, investment management company, or mortgage credit institution has such a connection that this must be included in consolidation pursuant to the Financial Supervisory Authority's decision, pursuant to § 177, subsection 1.
7. A company that applies for permission to operate a credit institution, investment management, securities dealing, or mortgage credit business, pursuant to § 7, subsection 1, § 8, subsection 1, § 10, subsections 1 and 2, and § 14, or whose application is suspended, pursuant to § 14, subsection 6.
8. A member of a financial company's board or management or a capital owner, when the authority denies a financial company permission or withdraws this wholly or partially, pursuant to § 14, subsection 1, nos. 1, 2 and 4, and subsection 2, § 224 and § 225, subsection 1.
9. Companies that the authority finds have close connections to a financial company, when permission is denied or withdrawn pursuant to § 14, subsection 1, nos. 5 and 6, and § 224.
10. A member of the board or management or a capital owner in a credit institution or a mortgage credit institution, or companies that the Financial Supervisory Authority finds have close connections to the credit institution or mortgage credit institution, when the Financial Supervisory Authority makes a decision that the credit institution or mortgage credit institution is considered distressed or expected to become distressed, pursuant to § 224 a.
11. The person who violates the Act's prohibition on using words covered by the exclusive right of financial companies to names in a company's name or designation, pursuant to § 7, subsection 5, and § 8, subsection 5.
12. The person who violates the Act's prohibition on operating business covered by § 7, subsections 1-4, § 8, subsections 1 and 3, and § 10, subsections 1 and 8, without permission.
13. UCITS, when the Financial Supervisory Authority makes a decision in a case concerning the investment management company that administers the relevant UCITS.
14. The temporary administrator appointed to the board of a credit institution or a mortgage credit institution pursuant to § 243 c in cases concerning the appointment or dismissal of the temporary administrator.

Subsection 3. Otherwise, a board member, an auditor, a director, or other senior employees in a financial company, a financial holding company, a foreign financial company, or a foreign financial holding company are considered parties if the Financial Supervisory Authority's decision is directed directly at the person in question. The same applies to a liquidator and an administrator in an administration estate for covered bonds.

Subsection 4. As parties in relation to the Financial Supervisory Authority's decisions on fitness and propriety, both the affected financial company and the board member, director, or key person concerned by the decision are considered parties. The same applies to the Financial Supervisory Authority's decisions pursuant to §§ 64 a, 64 b, 313, and 351.

Subsection 5. As parties in relation to the Financial Supervisory Authority's decisions made as part of the authority's control of accounts submitted pursuant to the rules in this Act's Chapter 13 and the rules issued pursuant to § 196, and of group accounts covered by Article 4 of the Regulation of the European Parliament and of the Council on the application of international accounting standards, otherwise anyone whom the Financial Supervisory Authority considers a party to the case is considered a party.

Subsection 6. Party status and party rights pursuant to subsections 2 and 3 are limited to matters where the authority's decisions were made after 8 October 1998, for mortgage credit institutions however after 20 October 1998. As far as the disclosure of confidential information is concerned, pursuant to Chapter 9, party status and party rights are limited to matters where the authority's decisions are made after 1 January 2004. For investment management companies, party status and party rights are limited to matters where the authority's decisions are made after 1 January 2004. Party status and party rights pursuant to subsection 4 are limited to matters where the authority's decision was made after 1 July 2009.

Subsection 7. The Financial Supervisory Authority may, when the authority takes up a case concerning the disclosure of confidential information, pursuant to Chapter 9, grant certain party rights to other natural or legal persons than those mentioned in subsections 2 and 3. Party rights can only be granted insofar as it concerns the part of the case that has direct and significant importance for the person in question. Party rights must be granted taking into account the protection of confidential information about the companies under supervision. The party rights are limited to matters where the authority's decisions are made after 1 January 2004.

§ 356. Employees of the Financial Supervisory Authority must not be members of the management, board, or representative assembly, or be employed in companies under the supervision of the Financial Supervisory Authority or in their organizations. They must also not, without permission from the Financial Supervisory Authority's director, own or operate independent business activity or participate in the management or operation of a business. However, they may own, operate, and participate in the administration of real estate.

Subsection 2. Employees of the Financial Supervisory Authority must not, for their own account, carry out or participate in speculative transactions, pursuant to § 77, subsection 1. The Minister for Business Affairs must prepare guidelines for the Financial Supervisory Authority's director, deputy directors, and those on an equal footing regarding the reporting of asset positions.

Subsection 3. The Director of the Financial Supervisory Authority must not, without the Minister for Business Affairs' permission, enter into agreements that result in exposure with, or provide security to, financial companies. For other employees of the Financial Supervisory Authority, the Minister for Business Affairs prepares more detailed guidelines for the approval of agreements that result in exposure with, and security provisions to, financial companies. The guidelines may prescribe different approval procedures for the individual employee categories.

Independence of the Financial Supervisory Authority

§ 356 a. Members of the Financial Supervisory Authority's management, who are responsible for supervision of institutions pursuant to the Directive of the European Parliament and of the Council on access to the activity of credit institutions and on the prudential supervision of credit institutions and investment firms, must not continue in their positions for more than 14 years.

§ 356 b. Employees of the Financial Supervisory Authority who supervise or are responsible for the supervision of institutions pursuant to the Directive of the European Parliament and of the Council on access to the activity of credit institutions and on the prudential supervision of credit institutions and investment firms must not trade financial instruments issued by or based on the companies that are under the supervision of the Financial Supervisory Authority, and the companies' direct or indirect parent companies, subsidiaries, or affiliated companies.

Subsection 2. Subsection 1 does not apply to

1. financial instruments managed by third parties, provided that the holders of these instruments are barred from intervening in the management of the portfolio, or
2. investments in collective investment undertakings.

Subsection 3. Employees of the Financial Supervisory Authority, pursuant to subsection 1, must, prior to employment or appointment and subsequently once a year, fill out a declaration containing information about their holdings in the form of shares, securities, bonds, investment funds, investment companies, mixed funds, hedge funds, and exchange-traded funds.

Subsection 4. The Financial Supervisory Authority may require employees, pursuant to subsection 1, who at the time of employment or appointment or later own financial instruments that may give rise to conflicts of interest, to sell or dispose of such financial instruments within a reasonable time horizon.

Subsection 5. The Financial Supervisory Authority may permit employees, pursuant to subsection 1, to sell or dispose of financial instruments that they owned at the time of employment or appointment, without this being a breach of the trading prohibition in subsection 1.

§ 356 c. Employees of the Financial Supervisory Authority who supervise or are responsible for the supervision of institutions pursuant to the Directive of the European Parliament and of the Council on access to the activity of credit institutions and on the prudential supervision of credit institutions and investment firms must not, during a cooling-off period, accept employment from or accept any form of contract for the delivery of commercial services from institutions where the employee has been directly involved in supervision or decision-making, including the institutions' direct or indirect parent companies, subsidiaries, or affiliated companies. The same applies to employment in entities that carry out lobbying and advocacy activities directed at the Financial Supervisory Authority regarding questions for which the employee was responsible during their employment or term of office.

Subsection 2. The Minister for Business Affairs establishes detailed rules on cooling-off periods, pursuant to subsection 1, including on the start time and duration.

Deadlines

§ 357. The deadlines set in or pursuant to this Act begin to run from the day after the day on which the event triggering the deadline occurs. This applies to the calculation of both day, week, month, and year deadlines.

Subsection 2. If the deadline is specified in weeks, the deadline, pursuant to subsection 1, expires on the day of the week of the day on which the event triggering the deadline occurred.

Subsection 3. If the deadline is specified in months, the deadline, pursuant to subsection 1, expires on the day of the month of the day on which the event triggering the deadline occurred. If the day on which the event triggering the deadline occurred is the last day of a month, or if the deadline expires on a day of the month that does not exist, the deadline always expires on the last day of the month regardless of its length.

Subsection 4. If the deadline is specified in years, the deadline, pursuant to subsection 1, expires on the anniversary of the day on which the event triggering the deadline occurred.

Subsection 5. If a deadline expires on a weekend, a public holiday, Constitution Day, Christmas Eve, or New Year's Eve, the deadline is extended to the next working day.

§ 358. (Repealed)

§ 359. (Repealed)

Chapter 22 Fees

§ 360. The Financial Supervisory Authority may collect amounts up to the Financial Supervisory Authority's appropriation in the finance law plus expected expenses for lawyers and minus the sale of goods and services as a fee from the companies that are covered by the Financial Supervisory Authority's supervision, pursuant to §§ 361-368.

Subsection 2. Tasks that the Financial Supervisory Authority performs pursuant to § 344, subsection 4, against payment, are invoiced separately and are not included in the fee collection pursuant to subsection 1.

Section 3. The Danish Financial Supervisory Authority collects the grant for Finansiel Stabilitet from the state budget from credit institutions, mortgage credit institutions, and investment firms that have permission to provide or perform one or both of the investment services or activities mentioned in Annex 1, Section A, items 3 and 6, of the Act on Investment Firms and Investment Services and Activities. The fee is distributed in proportion to each company's share of the total book balance sheet total of the companies covered in the first sentence. A minimum fee of 2,000 DKK is always imposed.

Section 361. The following natural and legal persons covered by this Act and the Act on Insurance Business pay an annual basic amount to the Danish Financial Supervisory Authority:

1. Labour Market Enterprise Insurance pays 27,000 DKK.
2. Labour Market Supplementary Pension (ATP) pays 4,922,000 DKK.
3. CO2 quota traders pay 18,400 DKK.
4. An operator of financial digital infrastructure pays 119,000 DKK. If the operator has on average fewer than 25 full-time employees in an accounting year, the operator pays 2,200 DKK instead. Items 1 and 2 do not apply to an IT operator of a retail payment system designated as an operator of financial digital infrastructure.
5. The Guarantee Fund for Property Insurance Companies pays 111,000 DKK.
6. Each financial holding company, investment firm holding company, and insurance holding company pays 11,000 DKK.
7. Each issuer of collateralized mortgage obligations and ISPV bonds and similar companies pays 22,500 DKK per series.
8. Credit institutions, mortgage credit institutions, and investment firms that have permission to provide or perform one or both of the investment services or activities mentioned in Annex 1, Section A, items 3 and 6, of the Act on Investment Firms and Investment Services and Activities pay a total of 4,200,000 DKK. The fee is distributed in proportion to each company's share of the total book balance sheet total of the covered companies. A minimum fee of 4,400 DKK is always imposed.
9. Crowdfunding service providers who have been granted permission by the Danish Financial Supervisory Authority in accordance with Article 12(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 25 September 2020 on European crowdfunding service providers for business, which are not credit institutions, investment firms, payment institutions, or e-money institutions, pay an annual basic amount to the Danish Financial Supervisory Authority of 10.5 per mille of their costs for salaries, commissions, and bonuses, but at least 7,500 DKK.
10. Crowdfunding service providers who have been granted permission by the Danish Financial Supervisory Authority in accordance with Article 12(1) of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 25 September 2020 on European crowdfunding service providers for business, which are investment firms, payment institutions, or e-money institutions, pay an annual fee to the Danish Financial Supervisory Authority of 7,500 DKK.
11. An issuer of asset-backed tokens who has been granted permission by the Danish Financial Supervisory Authority in accordance with Section 332a(1) pays annually to the Danish Financial Supervisory Authority the following: a) 35,000 DKK, when the sum of the issuer's average outstanding asset-backed tokens in the second half of the previous calendar year and the first half of the current calendar year is less than 100 million DKK. b) 100,000 DKK, when the sum of the issuer's average outstanding asset-backed tokens in the second half of the previous calendar year and the first half of the current calendar year is between 100 million DKK and 1 billion DKK. c) 600,000 DKK, when the sum of the issuer's average outstanding asset-backed tokens in the second half of the previous calendar year and the first half of the current calendar year is greater than 1 billion DKK.
12. A provider of crypto-asset services who has been granted permission by the Danish Financial Supervisory Authority in accordance with Section 332c(1) pays an annual basic amount to the Danish Financial Supervisory Authority of 12.5 per mille of their costs for salaries, commissions, and bonuses, but at least 20,000 DKK.

Section 2. The following natural and legal persons covered by the Capital Markets Act pay an annual basic amount to the Danish Financial Supervisory Authority:

1. An operator of a regulated market pays 216,000 DKK plus 1,300 DKK per financial instrument admitted to trading at the end of the year. However, the fee may not exceed 5,415,000 DKK.
2. A company operating a multilateral trading facility pays 162,000 DKK plus 1,300 DKK per financial instrument admitted to trading at the end of the year. However, the fee may not exceed 1,462,000 DKK.
3. A company operating an organized trading facility pays 108,000 DKK plus 1,300 DKK per financial instrument admitted to trading at the end of the year. However, the fee may not exceed 758,000 DKK.
4. An operator of a regulated market that has permission to operate a CO2 auction platform pays, in addition to the fee under item 1, 54,000 DKK.
5. A systematic internalizer pays 54,000 DKK plus 1,300 DKK per financial instrument for which the systematic internalizer facilitated trading at the end of the year. However, the fee may not exceed 325,000 DKK.
6. Central securities depositories (CSDs) with permission in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories, cf. Section 211(2), item 7, of the Capital Markets Act, pay 4,110,000 DKK.
7. An approved publication arrangement (APA) and an approved reporting mechanism (ARM) that have been granted permission in accordance with Regulation (EU) No 600/2014 of 15 May 2014 on markets in financial instruments and have an exemption in accordance with Article 2(3) of the Regulation, pay 725,000 DKK per type of APA or ARM offered.

16 April 2026. 130 No. 432.

8. Central counterparties (CCPs) with permission in accordance with 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, cf. Section 211(2), item 4, of the Capital Markets Act, pay 725,000 DKK for the financing of supervisory activities.
9. Central counterparties (CCPs) pay 425,000 DKK for the financing of clearing tasks.
10. Financial companies, financial holding companies, and insurance holding companies, whose transferable securities are admitted to trading on a regulated market, and whose market value of the traded transferable securities is 1 billion DKK or more at the end of the year, pay 89,000 DKK. If the market value of the traded transferable securities is 250 million DKK or more, but less than 1 billion DKK, at the end of the year, 44,500 DKK is paid. If the market value of the traded transferable securities is less than 250 million DKK at the end of the year, 22,250 DKK is paid. Branches of Danish UCITS that have issued shares admitted to trading on a regulated market pay 11,125 DKK.
11. Natural or legal persons who request the Danish Financial Supervisory Authority's approval of a prospectus in accordance with Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, pay 55,800 DKK in fee per request.
12. Issuers who, at their own request, have obtained permission for their financial instruments to be admitted to trading on a regulated market, a multilateral trading facility, or an organized trading facility in Denmark, pay 15,200 DKK.
13. Issuers who request the Danish Financial Supervisory Authority's official listing of shares, share certificates, or bonds, pay 27,500 DKK in fee per request. The relevant issuers then pay 3,700 DKK annually for as long as the financial instrument is officially listed.
14. Securities dealers who are obliged to report transactions with financial instruments to the Danish Financial Supervisory Authority in accordance with Article 26 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, pay the following: a) 3,700 DKK for up to 10,000 transactions. b) 18,400 DKK for between 10,000 and 100,000 transactions. c) 120,000 DKK for between 100,000 and 1 million transactions. d) 508,000 DKK for over 1 million transactions.
15. Benchmark administrators covered by Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or with a view to measuring the economic performance of investment funds, pay 60,000 DKK and 1,500 DKK per benchmark that the benchmark administrator has control over the delivery of as of 1 November in their capacity as benchmark administrator.
16. An IT operator of a retail payment system pays 725,000 DKK.

Section 3. The following natural and legal persons covered by the Payments Act pay an annual basic amount to the Danish Financial Supervisory Authority:

1. Payment institutions pay the following: a) 25,000 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are less than 250 million DKK. b) 80,000 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are between 250 million DKK and 100 billion DKK. c) 500,000 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are greater than 100 billion DKK.
2. E-money institutions pay the following: a) 25,000 DKK, when the sum of the institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is less than 250 million DKK. b) 80,000 DKK, when the sum of the institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is between 250 million DKK and 100 billion DKK. c) 500,000 DKK, when the sum of the institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is greater than 100 billion DKK.
3. Companies with limited permission to issue electronic money or to provide payment services pay 11,100 DKK.
4. Companies with permission to provide account information services pay 25,000 DKK.

Section 4. Mortgage credit companies covered by the Act on Mortgage Credit Companies pay an annual basic amount to the Danish Financial Supervisory Authority of 30,300 DKK.

Section 5. The following natural and legal persons covered by the Act on Investment Advisors and Mortgage Credit Intermediaries pay an annual basic amount to the Danish Financial Supervisory Authority:

1. Mortgage credit intermediaries pay 16,700 DKK. Item 1 does not apply to companies with permission as financial advisors, cf. Section 3 of the Act on Financial Advisors, Investment Advisors, and Mortgage Credit Intermediaries.
2. Investment advisors pay 18,400 DKK.

Section 6. The following natural and legal persons covered by the Money Laundering Act pay an annual basic amount to the Danish Financial Supervisory Authority:

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1. Companies and persons covered by Section 1(2), item 8, of the Money Laundering Act pay 4,400 DKK.
2. Currency exchange businesses pay 28,100 DKK.

Section 7. The following natural and legal persons covered by the Act on Managers of Alternative Investment Funds etc. pay an annual basic amount to the Danish Financial Supervisory Authority:

1. Managers of alternative investment funds with a registered home in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, who in accordance with Section 88 of the Act on Managers of Alternative Investment Funds etc. in Denmark market shares in an alternative investment fund from another country within the European Union or a country with which the Union has concluded an agreement in the financial area, pay an annual basic amount to the Danish Financial Supervisory Authority of 5,000 DKK.
2. Managers of alternative investment funds with a registered home in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, who in accordance with Section 109 of the Act on Managers of Alternative Investment Funds etc. in Denmark have permission to market shares in an alternative investment fund from a third country, pay an annual basic amount to the Danish Financial Supervisory Authority of 8,000 DKK.
3. Managers of alternative investment funds with a registered home in a third country, who in accordance with Section 130 of the Act on Managers of Alternative Investment Funds etc. have permission to market in Denmark shares in an alternative investment fund from a third country, pay an annual basic amount to the Danish Financial Supervisory Authority of 8,000 DKK.
4. Managers of alternative investment funds with a registered home in a third country, who in accordance with Section 130 of the Act on Managers of Alternative Investment Funds etc. have permission to market in Denmark shares in an alternative investment fund from another country within the European Union or a country with which the Union has concluded an agreement in the financial area, pay an annual basic amount to the Danish Financial Supervisory Authority of 8,000 DKK.
5. Managers of alternative investment funds with a registered home in another country within the European Union or a country with which the Union has concluded an agreement in the financial area, who in accordance with Section 95 of the Act on Managers of Alternative Investment Funds etc. manage alternative investment funds established in Denmark, pay an annual basic amount to the Danish Financial Supervisory Authority of 4,100 DKK.
6. Managers of alternative investment funds with a registered home in another country within the European Union or another country with which the Union has concluded an agreement in the financial area, who in accordance with Section 95 of the Act on Managers of Alternative Investment Funds etc. have established a branch in Denmark, pay an annual basic amount to the Danish Financial Supervisory Authority of 4,100 DKK.

Section 8. Foreign investment institutions covered by Section 27 of the Act on Investment Funds etc. pay an annual basic amount to the Danish Financial Supervisory Authority of 5,000 DKK if they market fewer than ten funds, and 11,000 DKK if they market ten funds or more.

Section 9. The Employees' Savings Fund pays an annual basic amount to the Danish Financial Supervisory Authority of 314,000 DKK.

Section 10. Consumer loan businesses covered by the Act on Consumer Loan Businesses pay an annual basic amount to the Danish Financial Supervisory Authority of 28,000 DKK.

Section 11. KommuneKredit pays an annual basic amount to the Danish Financial Supervisory Authority of 850,000 DKK.

Section 12. Credit service companies covered by the Act on Credit Service Companies and Credit Buyers pay an annual basic amount to the Danish Financial Supervisory Authority of 16,700 DKK.

Section 13. Fixed amounts in this chapter are stated in 2016 levels and are adjusted annually in accordance with the development in the Danish Financial Supervisory Authority's grant in the state budget.

Section 362. Investment firms pay annually 10.5 per mille of their costs for salaries, commissions, and bonuses. A minimum fee of 15,000 DKK is always imposed.

Section 2. Investment management companies pay annually 10.5 per mille of their costs for salaries, commissions, and bonuses. Managers of alternative investment funds with a registered home in Denmark, who have been granted permission to manage alternative investment funds, pay annually 10.5 per mille of their costs for salaries, commissions, and bonuses. A minimum fee of 20,000 DKK is always imposed.

Section 3. Managers with a registered home in Denmark, who are registered by the Danish Financial Supervisory Authority as managers of European social venture capital funds or as managers of qualified venture capital funds, pay annually 10.5 per mille of their costs for salaries, commissions, and bonuses. A minimum fee of 5,000 DKK is always imposed.

Section 4. Reinsurance intermediaries, cf. the Act on Insurance Intermediation, pay annually an amount of 33,500 DKK to the Danish Financial Supervisory Authority.

Section 5. Insurance intermediaries, cf. the Act on Insurance Intermediation, pay annually 3.0 per mille of their commissions and other remuneration, cf. however Sections 6 and 7. A minimum fee of 2,000 DKK is always paid.

Section 6. An insurance intermediary, cf. the Act on Insurance Intermediation, who pays a fee under Sections 363 or 363a, shall not pay a fee under Section 5.

Section 7. An insurance intermediary, cf. the Act on Insurance Intermediation, who is the managing company in an insurance administration association, shall not pay a fee under Section 5.

Section 363. Credit institutions, companies covered by the Act on a Ship Financing Institute, and other savings companies than those mentioned in Section 361(1), item 4, pay annually 49.4 percent of the difference between the Danish Financial Supervisory Authority's expenses and the fee paid under Sections 361 and 362.

Section 2. The fee is distributed in proportion to each company's share of the total debt and guarantee liabilities of the companies covered by Section 1. A minimum fee of 2,000 DKK is always imposed.

Section 363a. Branches in this country of foreign companies that have been granted permission to carry out the business mentioned in Sections 7-10a of this Act and Section 14 of the Act on Insurance Business, in a country within the European Union or a country with which the Union has concluded an agreement in the financial area,

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in the financial sector, pay an annual fee to the Danish Financial Supervisory Authority of 15 pct. of what companies of a similar nature and size with a Danish permit must pay pursuant to §§ 363-366. A minimum fee of DKK 2,000 is always imposed.

Subsection 2. If a supervisory college has been established, branches of foreign insurance companies pay 20 pct. of what companies of a similar nature and size with a Danish permit must pay pursuant to §§ 365 and 366.

Subsection 3. If a supervisory college has been established, branches of foreign credit institutions pay 50 pct. of what companies of a similar nature and size with a Danish permit must pay pursuant to §§ 363 and 364.

Subsection 4. If the branch's calculated systemic risk exceeds 100 basis points, pursuant to § 308, subsection 2, branches of foreign credit institutions pay 80 pct. of what companies of a similar nature and size with a Danish permit must pay pursuant to §§ 363 and 364. This also applies to foreign groups with several branches of credit institutions in this country, where a supervisory college has been established, and where the calculated systemic risk determined collectively for the branches exceeds 100 basis points, pursuant to § 308, subsection 2. The same applies to credit institution branches in foreign groups with one or more branches and with one or more money or mortgage credit institutions in this country, where a supervisory college has been established, and where the calculated systemic risk determined collectively for the branches and the money and mortgage credit institutions exceeds 100 basis points, pursuant to § 308, subsection 2.

§ 363 b. Branches in this country of foreign credit institutions and investment firms that have been granted permission to carry out the business referred to in § 13, subsection 1, of the Act on Securities Firms and Investment Services and Activities, in a country within the European Union or a country with which the Union has concluded an agreement in the financial sector, pay an annual fee to the Danish Financial Supervisory Authority of DKK 8,000.

Subsection 2. Subsection 1 applies mutatis mutandis when the business is carried out in this country through attached agents established in this country.

Subsection 3. Branches in this country of foreign investment firms and credit institutions that have been granted permission to carry out the business referred to in § 13, subsection 1, of the Act on Securities Firms and Investment Services and Activities, in a country outside the European Union, with which the Union has not concluded an agreement in the financial sector, pay an annual fee to the Danish Financial Supervisory Authority of DKK 15,000.

Subsection 4. Foreign credit institutions and investment firms that have been granted permission to carry out the business referred to in § 13, subsection 1, of the Act on Securities Firms and Investment Services and Activities, in a country outside the European Union, with which the Union has not concluded an agreement in the financial sector, and for which country the European 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, and which provide cross-border services with investment services and activities in this country, pay an annual fee to the Danish Financial Supervisory Authority of DKK 8,000.

§ 364. Mortgage credit institutions pay annually 13.2 pct. of the difference between the Danish Financial Supervisory Authority's expenses and the fee paid pursuant to §§ 361 and 362.

Subsection 2. The fee is distributed in proportion to each company's share of the total book balance of the companies covered by subsection 1. A minimum fee of DKK 2,000 is always imposed.

§ 365. Insurance companies carrying out life insurance business and corporate pension funds pay annually 18.3 percent of the difference between the Danish Financial Supervisory Authority's expenses and the fee paid pursuant to §§ 361 and 362.

Subsection 2. The fee is divided into two equal parts. One part of the fee is distributed in proportion to each company's share of the total gross premiums and member contributions of the companies covered by subsection 1. The other part of the fee is distributed in proportion to each company's share of the total balance of the companies covered by subsection 1, reduced by the capital base for group 1 insurance companies and the basic capital for group 2 insurance companies and corporate pension funds. A minimum fee of DKK 2,000 is always imposed.

§ 366. Insurance companies that do not carry out life insurance business pay annually 14.7 pct. of the difference between the Danish Financial Supervisory Authority's expenses and the fee paid pursuant to §§ 361 and 362.

Subsection 2. The fee is distributed in proportion to each company's share of the total direct and indirect gross premium income plus gross claims of the companies covered by subsection 1, disregarding negative premium income. A minimum fee of DKK 2,000 is always imposed. However, the insurance companies covered by § 251 of the Insurance Business Act pay a minimum fee of DKK 800.

§ 367. Danish UCITS and managers of alternative investment funds with permission to manage alternative investment funds pursuant to § 11 of the Act on Managers of Alternative Investment Funds etc. pay annually 4.4 pct. of the difference between the Danish Financial Supervisory Authority's expenses and the fee paid pursuant to §§ 361 and 362.

Subsection 2. The fee is distributed among the companies with DKK 10,000 per Danish UCITS and with DKK 10,000 per alternative investment fund managed by a manager of alternative investment funds covered by subsection 1. Furthermore, Danish UCITS must pay DKK 3,000 per sub-fund in each UCITS, and managers of alternative investment funds covered by subsection 1 must pay DKK 2,000 per sub-fund in each alternative investment fund. The remaining fee is distributed in proportion to each company's share of the total balance of the companies covered by subsection 1.

§ 368. Calculation of fees from companies covered by § 360, subsection 3, and §§ 362-367 is based on information in the annual report submitted for the most recent financial year or, in the absence thereof, in the most recently submitted financial report. As regards insurance intermediaries, the calculation is based on the most recently submitted income specification. As regards crowdfunding service providers, the calculation is based on the most recently submitted report pursuant to § 343 c, unless a crowdfunding service provider must pay a fee pursuant to § 361, subsection 1, no. 10. As regards issuers of asset-based tokens, the calculation is based on the most recently submitted report pursuant to § 332 f. As regards providers of crypto-asset services, the calculation is based on the most recently submitted report pursuant to § 332 g.

Subsection 2. Full fee liability applies to any company that has been under supervision for part of the relevant calendar year. The fee payment awaits the total fee calculation.

Subsection 3. If two or more companies under the supervision of the Danish Financial Supervisory Authority merge, the continuing company pays the fee of the ceased company.

Subsection 4. If a company ceases to be under supervision in a manner other than by merger, the fee for the calendar year in which the company ceases is determined as follows:

1. Companies covered by § 361 pay the base amount.
2. Companies covered by § 362 pay the specified permille in relation to the fee basis in the previous year's annual report or income specification. If the previous year's annual accounts or income specification have not been submitted to the Danish Financial Supervisory Authority at the time of cessation, the fee is calculated in relation to the fee basis in the most recent financial report or income specification.
3. Companies covered by §§ 363-367 pay the percentage from the most recent fee assessment in relation to the fee basis in the most recent year's annual report. If the most recent year's annual report has not been submitted to the Danish Financial Supervisory Authority at the time of cessation, the fee is calculated in relation to the fee basis in the most recent financial report.

Subsection 5. The Danish Financial Supervisory Authority may reduce the fee in special cases.

§ 369. The fees for the relevant year are collected at the beginning of December with a payment deadline at the end of the year.

§ 370. Surplus and deficit are regulated via a savings account.

Subsection 2. Any difference between the collected fee and the actually paid fee is transferred as a total amount to fee collection in the following financial year.

Section XII Penal, Entry into Force and Transitional Provisions etc. Chapter 23 Delegation and Appeal Provisions

§ 371. If the Minister for Industry, Business and Financial Affairs delegates his powers under the Act to the Danish Financial Supervisory Authority, the Minister may lay down rules on the right of appeal, including that appeals cannot be brought before another administrative authority.

§ 372. Decisions made by the Danish Financial Supervisory Authority or the Danish Business Authority pursuant to this Act and rules issued pursuant to this Act and Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, or rules issued pursuant to regulations issued pursuant to 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 on the prudential supervision of credit institutions and investment firms, regulations issued pursuant to Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions, regulations and rules issued pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Regulation 2019/2088/EU of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, and rules issued pursuant thereto, Regulation 2020/1503/EU of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and rules issued pursuant thereto, Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product), and rules issued pursuant thereto, regulations issued pursuant to Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution, and rules issued pursuant thereto, Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products for retail investors (PRIIPs), and rules issued pursuant thereto, Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and rules issued pursuant thereto, Regulation 2020/852/EU of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and rules issued pursuant thereto, Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector, and rules issued pursuant thereto, and Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and rules issued pursuant thereto, may be brought before the Business Appeals Board by the person to whom the decision is addressed no later than 4 weeks after the decision has been communicated to the person concerned.

Subsection 2. Decisions made by the Danish Financial Supervisory Authority in connection with matters covered by § 246, which are to be appealed, must be brought before the Business Appeals Board no later than 24 hours after the decision has been communicated to the person concerned.

Subsection 3. Decisions made by the Danish Financial Supervisory Authority pursuant to § 224 a, which are to be appealed, must be brought before the Business Appeals Board no later than 24 hours after the decision has been communicated to the person concerned. The right of appeal belongs to the board of directors and management that received the decision. The second sentence applies regardless of whether Finansiel Stabilitet has taken over control of the company.

Subsection 4. Joint decisions made by the Danish Financial Supervisory Authority, Finansiel Stabilitet, the competent authorities that are part of the supervisory college, or other authorities pursuant to this Act, cannot be brought before the Business Appeals Board regardless of subsection 1.

General Authorisation Provisions

§ 372 a. The Minister for Industry, Business and Financial Affairs may lay down rules that are necessary to apply or implement the decisions or legal acts adopted by the European Commission pursuant to 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 on the prudential supervision of credit institutions and investment firms, Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, Regulation 2019/2088/EU of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, Regulation 2020/852/EU of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and Regulation 2020/1503/EU of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulation (EC) No 1060/2009/EC, No 1094/2010/EU and No 1095/2010/EU as regards the powers conferred on the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), Regulation 2017/2402/EU of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Regulation 2019/1238/EU of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product), Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

Subsection 2. The Minister for Industry, Business and Financial Affairs may lay down rules that are necessary to apply or implement the decisions or legal acts adopted by the European Commission pursuant to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

Other Authorisation Provisions

§ 372 b. The Danish Financial Supervisory Authority may lay down rules on the exemption of the exposures covered by Article 400, subsection 2, of Regulation 575/2013/EU of the European Parliament and of the Council on prudential requirements for credit institutions, from the regulation's rules on large exposure limits.

§ 372 c. The Minister for Industry, Business and Financial Affairs may lay down rules on competence requirements for natural persons providing advice on pension products covered by Regulation 2019/1238/EU of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product). The Minister for Industry, Business and Financial Affairs may also lay down rules on national sub-accounts for the savings and payout phases and payouts therefrom in accordance with Articles 47 and 57 of Regulation 2019/1238/EU of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product).

Chapter 24 Penal Provisions

§ 373. Violation of § 2, subsection 1, § 7, subsections 1-6, § 8, subsections 1 and 3-6, § 10, subsections 1, 2, 8 and 9, § 16 a, subsection 2, § 16 b, subsection 2, § 25, second sentence, § 28, § 33, subsection 1, § 33 a, subsection 1, § 38, subsections 1, 2 and 7 and subsection 8, first sentence, § 39, subsections 1, 3 and 4, §§ 40 and 45, § 46, subsections 1 and 2, § 49, subsections 1 and 2, § 50, subsection 2, § 52, § 53, subsections 1 and 2, § 61, subsection 1, §§ 61 b and 61 c, § 63, subsections 1, 2 and 4, § 64, subsection 5, cf. subsection 1, nos. 3 and 4, § 64 a, § 64 c, subsection 4, cf. § 64, subsection 5, cf. subsection 1, nos. 3 and 4, § 65, subsection 1, § 66, § 67, subsection 1, § 74, subsections 1 and 3, § 75, subsection 1, first sentence, and subsections 2-4, § 78, subsections 1 and 5-8, § 101, § 102, subsections 2, 3, 5 and 6, §§ 103-106, § 106 a, subsections 1-4, §§ 106 b and 106 c, § 106 d, subsections 1-5, §§ 107 a and 117, § 118, subsection 4, § 119, § 120, subsection 1, second sentence, and subsection 2, § 124, subsections 1, 2 and 7, § 125, subsections 1-5, § 125 b, subsections 3-5 and 8, § 125 c, subsection 1, § 125 d, § 125 e, subsection 1, cf. § 125 b, subsections 3-5 and 8, § 125 e, subsection 1, cf. § 125 c, subsection 1, § 145, subsection 1, § 146, subsection 1, § 147, subsection 1, § 149, subsections 1 and 3, §§ 150 and 151, § 152, subsection 1, § 153, subsection 1, §§ 154 and 170-175 a, § 175 g, subsections 1, 5 and 6, § 182, subsections 1 and 2, §§ 194, 195, 200, 200 a and 201, § 202, subsections 1 and 3, § 203, subsection 1, § 204, subsection 1, § 204 c, subsection 1, § 204 d, subsection 1, § 226, subsections 1 and 2, § 227, § 248, subsection 1, §§ 313 b and 334, § 343 v, subsection 1, and § 347, subsection 2, as well as Article 11, Article 26, subsection 2, Article 31, subsection 1, letter h, Article 73, subsection 1, Article 92, subsection 1, Article 93, subsections 1-5, Article 97, subsection 1, Article 394, subsection 1, Articles 395 and 398, and Article 500, subsection 1, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and Articles 6, 7, 9 and 18-26 and 26 b-26 e, Article 27, subsections 1 and 4, and Article 28, subsection 2, of Regulation 2017/2402/EU of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, as well as Article 3, subsections 1, 3, 4 and 6, Article 5, Article 6, subsections 1-6, Article 10, Article 11, Article 12, subsection 1, Article 13, subsection 2, Article 15, subsections 2 and 3, Article 16, subsection 1, Article 18, subsections 1 and 4, Article 20, subsections 1 and 2, and Article 25 of Regulation 2020/1503/EU of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, as well as Article 14, subsection 3, Article 16, subsection 1, Article 23, subsections 1 and 4, Article 36, subsections 1-3 and 5-7, Article 38, subsections 1 and 3, Article 39, subsection 2, Article

40, subsections 1 and 2, Article 48, subsection 1, Article 49, subsection 4, Article 50, subsections 1 and 2, Article 54, Article 59, subsection 1, Article 60, subsections 1-6, Article 70, subsections 1-4, Article 72, subsection 1, Article 75, subsections 1, 2 and 7, and Article 76, subsections 1, 2 and 5-8, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, shall be punishable by a fine or imprisonment for a term not exceeding 4 months, unless a heavier penalty is incurred under the rest of the legislation.

Subsection 2. Violation of Section 16c, Section 16d, subsection 1, Section 16f, subsections 1-3, Section 54, subsection 2, Section 64, subsection 6, Section 64c, subsections 1, 3, 8 and 11, cf. subsections 1 and 3, Section 64e, Section 70, subsections 1-5, Section 70a, subsections 1-3, Section 71, subsection 1, Section 71a, subsection 1 and subsection 2, first sentence, Section 71b, subsection 1, Section 73, subsection 1, first sentence, and subsection 2, Section 75, subsection 1, second sentence, Section 75a, subsection 1, Section 75b, subsection 1, Section 75c, subsection 1, Section 77, subsections 1-6 and 10, Section 77a, subsections 1-6, Sections 77b and 77c, Section 77d, Section 77f, subsections 1 and 2, Section 77g, subsection 2, Section 77j, Section 79a, subsection 1, items 1 and 2, Section 80, subsection 1, subsection 2, first sentence, and subsections 3, 7 and 8, Section 80a, Section 80b, subsections 1-3 and 5, and Section 80c, subsections 1 and 2, Section 81b, subsections 3, 5 and 6, Section 85b, subsections 3, 5 and 6, Section 101a, subsections 8 and 10, Section 101k, subsections 1 and 2, Section 121, subsection 1, Section 122, Section 152a, subsection 1, first sentence, Section 152b, subsections 4-7, Section 152c, subsection 1, Section 152d, subsection 1, Section 152e, subsection 1, Section 152g, subsection 1, first and third sentences, subsections 2-5 and subsection 7, first sentence, Section 182d, Section 182e, subsection 2 and subsection 7, first sentence, and Section 182f, Section 182g, subsections 1 and 2, Section 183, subsection 1, first sentence, and subsection 5, Section 184, subsection 1, Section 185, subsections 1 and 3, and subsection 4, first sentence, Sections 186 and 187, Section 188, subsection 1, subsection 2, first sentence, and subsection 3, second sentence, Sections 189 and 190, Section 191, subsections 1-3, Section 192, first sentence, Section 193, first sentence, Section 193a, subsections 1 and 2, Section 198, subsection 1, Section 199, subsections 2 and 6, Section 206, Section 245a, subsections 3 and 5, Section 245b, subsection 1, first sentence, and subsection 2, Section 247a, subsections 9 and 10, Section 259a, Section 264, subsections 2 and 3, Section 266, subsection 1, Section 268, subsections 1-4, Section 269c, Section 269f, subsections 1 and 2, Sections 312 and 312b, Section 333a, subsections 1-3, Section 333b, subsections 1-6, Sections 333d, 333e and 333f, Section 333g, subsections 1-3, and Sections 333h, 333i and 333j, Section 336a, subsections 3, 5 and 6, Section 347b, subsections 3 and 6, Section 347c, subsection 2, Section 354a, subsection 1, first-fifth sentences, and subsection 3, first-seventh sentences, as well as Article 4 of the Council Regulation on the application of international accounting standards and Article 4, subsection 1, of the European Parliament and Council Regulation on credit rating agencies, Article 28, Article 41, subsection 1, point b, Article 49, subsection 1, point c, Article 51, cf. Article 52, Article 54, subsection 5, points a and c, Article 63, Article 73, subsection 6, Article 76, subsection 2, Article 77, Article 99, subsection 1, Article 101, subsections 1 and 2, Article 113, subsection 7, first paragraph, Article 129, subsections 3 and 7, Article 221, subsections 1 and 2, Article 256, subsection 7, first paragraph, Article 259, subsection 1, points b and e, Article 262, subsection 2, second paragraph, Article 263, subsection 2, first paragraph, Article 393, Article 394, subsection 2, Article 405, subsection 1, Article 412, subsections 1 and 2, Article 415, subsections 1 and 2, Article 430, subsection 1, first paragraph, first sentence, and second paragraph, Article 431, subsection 1, cf. Articles 435 and 436, Article 437, subsection 1, Articles 438 and 439, Article 440, subsection 1, Article 441, subsection 1, Articles 442 and 444-450, Article 451, subsection 1, Article 431, subsection 3, Articles 433, first-third paragraphs, Article 434, first paragraph, second and third sentences, and paragraph 2, second sentence, Article 471, subsection 1, Article 492, subsections 2-4, Article 499, subsection 1, and Article 501, subsection 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, and Article 5, subsection 1, Articles 6 and 7, Article 8, subsections 1-3, Article 9, Article 10, subsection 1, Article 13, subsections 1, 3 and 4, and Articles 14 and 19 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), and Articles 5-7, 18-30, 33-42, 44-46, 48, 50 and 52-56 of Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product), Article 4, Article 7, subsections 1-4, Article 8, subsections 1-6, Article 9, subsections 1 and 2, Article 19, subsections 1-6, Article 21, subsections 1-6 and subsection 7, first paragraph, Article 22, Article 23, subsections 2-14, Article 24, Article 26 and Article 27, subsections 1-3, of the Regulation on European crowdfunding service providers for businesses, Article 4, subsection 1, subsection 3, third paragraph, and subsection 6, Article 5, subsections 2 and 3, Article 6, subsections 1-10, Article 7, subsections 1 and 2, Article 8, subsections 1, 2 and 4-6, Article 9 and 10, Article 12, subsections 1-4 and 6-9, Article 13, subsections 2 and 3, Article 14, Article 16, subsection 1, second paragraph, Article 17, subsections 1 and 2, Article 19, subsections 1-9, Article 22, subsections 1 and 3, Article 25, subsections 1, 2 and 4, Articles 27 and 28, Article 29, subsections 1-3 and 6, Article 30, Article 31, subsections 1-4, Article 32, subsections 1-4, Article 33, Article 34, subsections 1-12, Article 35, subsection 1, Article 36, subsections 8-12, Article 37, subsections 1 and 2, Article 39, subsection 1, second sentence, Article 41, subsections 1 and 2, Article 46, subsections 1 and 2, Article 47, subsections 1-3, Article 48, subsections 6 and 7, Article 49, subsection 5, Article 51, subsections 1-9 and 11-13 and subsection 14, first sentence, Article 53, subsections 1-3, 5 and 6, Article 55, Article 59, subsections 2, 5 and 8, Article 64, subsection 8, Article 65, subsection 4, Article 66, subsections 1-5, Article 67, subsections 1, 5 and 6, Article 68, subsections 4-9, Article 69, Article 71, subsections 1-4, Article 72, subsections 2-4, Article 73, subsections 2 and 3, Article 74, Article 75, subsections 3-6 and 9, Article 76, subsections 3, 4 and 9-15, Articles 77, 78 and 79, Article 80, subsections 1-3, Article 81, subsections 1-14, Article 82, subsection 1, and Article 83, subsections 1 and 2, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 5, subsections 1-3, Article 6, subsections 1-8, Article 7, subsection 1, Article 8, subsections 1-7, Article 9, subsections 1-3, Article 10, subsections 1-4, Article 11, subsections 1-8 and 10, Article 12, subsections 1-4, 6 and 7, Article 13, subsections 1-7, Article 14, subsections 1-3, Article 16, subsections 1 and 2, Article 17, subsections 1-3, Article 18, subsections 1 and 2, Article 19, subsections 1, 3 and 4, Article 24, subsections 1-6, Article 25, subsections 1 and 3, Article 28, subsections 1-4, 7 and 8, Article 29, subsections 1 and 2, and Article 30, subsections 1-3, of Regulation (EU) No 2554 of 14 December 2022 on digital operational resilience in the financial sector, and Article 3, Article 4, subsections 1-5, Article 5 and 6, Article 7, subsection 1, first paragraph, and subsection 2, Article 8, subsections 1-2a, Article 9, subsections 1-4a, Article 10, subsection 1, Article 11, subsections 1 and 2, Article 12 and Article 13, subsections 1 and 3, first paragraph, of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, shall be punishable by a fine. Similarly, violation of the notification obligation in Section 152a, subsection 4, first sentence, items 1-4, Article 72, subsections 2-4, Article 73, subsections 2 and 3, Article 74, Article 75, subsections 3-6 and 9, Article 76, subsections 3, 4 and 9-15, Article 77, 78 and 79, Article 80, subsections 1-3, Article 81, subsections 1-14, Article 82, subsection 1, and Article 83, subsections 1 and 2, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 5, subsections 1-3, Article 6, subsections 1-8, Article 7, subsection 1, Article 8, subsections 1-7, Article 9, subsections 1-3, Article 10, subsections 1-4, Article 11, subsections 1-8 and 10, Article 12, subsections 1-4, 6 and 7, Article 13, subsections 1-7, Article 14, subsections 1-3, Article 16, subsections 1 and 2, Article 17, subsections 1-3, Article 18, subsections 1 and 2, Article 19, subsections 1, 3 and 4, Article 24, subsections 1-6, Article 25, subsections 1 and 3, Article 28, subsections 1-4, 7 and 8, Article 29, subsections 1 and 2, and Article 30, subsections 1-3, of Regulation (EU) No 2554 of 14 December 2022 on digital operational resilience in the financial sector, and Article 2, subsection 2, first paragraph, point c, second paragraph, of Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on transparency and integrity concerning environmental, social and governance (ESG) rating activities, shall be punishable by a fine. Similarly, violation of the notification obligation in Section 152a, subsection 4, first sentence.

Subsection 3. A financial undertaking or a financial holding company that fails to comply with an order given pursuant to Section 24, subsection 1, third sentence, Section 175g, subsection 3, Section 243a, subsection 2, Section 245a, subsection 4, Section 261, Section 264, subsection 5, Section 264a, Section 269a, subsection 1, Section 347b, subsection 1, first sentence, Section 347c, subsection 1, Section 348, subsection 2, first sentence, or Section 350, subsection 1, shall be punishable by a fine. Violations of Section 112, subsection 1, of the Companies Act shall also be punishable by a fine. Furthermore, anyone who fails to comply with an order given pursuant to Section 351, subsections 2 and 3, and subsection 5, third sentence, shall be punishable by a fine. In addition, anyone who violates a prohibition or restriction communicated pursuant to Article 16, Article 17 or Article 24, subsection 2, points a, b or d, or subsection 4, of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 15 May 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) or Articles 40-42 of Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments, shall be punishable by a fine.

Subsection 4. In rules issued pursuant to this Act and in rules issued pursuant to Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, penalties of a fine or imprisonment for a term not exceeding 4 months may be established for violations of the provisions in the rules.

Subsection 5. Companies and other legal persons may be subject to criminal liability under the provisions of Chapter 5 of the Penal Code.

Subsection 6. If a member of the board of directors or executive management of a credit institution, a mortgage credit institution, an investment management company or a financial holding company, or an employee who is part of the actual management on a day-to-day basis, is guilty of gross or repeated management failures that result in loss or risk of loss for the undertaking, depositors, bondholders or other investors or customers of the undertaking, the person concerned shall be punishable by a fine or imprisonment for a term not exceeding 2 years, unless a heavier penalty is incurred under Section 290b, subsection 1, of the Penal Code or the rest of the legislation. The same applies if the management failure results in a significantly increased risk that the undertaking is exposed to or used as part of crime. The first and second sentences apply mutatis mutandis to a member of the board of directors or executive management of a savings bank or an administrator in an administration estate established pursuant to Section 247a.

Subsection 7. Persons who are associated with a credit institution, a mortgage credit institution or an investment management company without being a member of the board of directors or executive management or part of the actual management on a day-to-day basis, and who are guilty of gross or repeated negligence or carelessness that results in loss or risk of loss for the undertaking, depositors, bondholders or other investors or customers of the undertaking, shall be punishable by a fine or imprisonment for a term not exceeding 2 years, unless a heavier penalty is incurred under the rest of the legislation. The same applies to employees responsible for a key function if the negligence or carelessness results in a significantly increased risk that the undertaking is exposed to or used as part of crime. The first and second sentences apply mutatis mutandis to persons who are associated with a savings bank without being a member of the board of directors or executive management or part of the actual management on a day-to-day basis, or an administrator in an administration estate established pursuant to Section 247a.

Subsection 8. Credit institutions, mortgage credit institutions, investment management companies and persons associated with the undertaking who provide false or misleading information regarding matters concerning the undertaking to public authorities, the public, any company body, depositors, bondholders or other investors in the undertaking, shall be punishable by a fine or imprisonment for a term not exceeding 2 years, unless a heavier penalty is incurred under Section 290b, subsection 1, of the Penal Code or the rest of the legislation. The same applies to savings banks and persons associated with a savings bank or an administrator in an administration estate established pursuant to Section 247a.

Subsection 9. The statute of limitations for violations of the provisions of this Act or rules issued pursuant to this Act is 5 years, cf. however subsection 10.

Subsection 10. The statute of limitations is, however, 10 years for violations of Section 7, subsections 1-4, Section 8, subsections 1 and 3, Section 10, subsections 1 and 2, Section 33a, subsection 1, Section 70, subsections 1-5, Section 71, subsections 1 and 5, Section 75, Section 78, subsections 1 and 5-7, Section 102, subsections 2 and 5, Section 103, subsections 1, 2 and 4, Section 106, subsection 2, Section 106a, subsections 1 and 4, Section 106b, Section 106c, subsections 1 and 3, Section 106d, subsection 1, Section 124, subsections 1 and 2, Section 125, subsections 1-5, Section 125b, subsections 3-5 and 8, Section 125c, subsection 1, Section 125d, Section 125e, subsection 1, cf. Section 125b, subsections 3-5 and 8, Section 125e, subsection 1, cf. Section 125c, subsection 1, Section 126a, subsections 1-3, 5 and 9, Section 150, Section 152, subsection 1, Section 153, subsection 1, Section 167, subsections 1, 3 and 5, Section 170, subsections 1, 2 and 4, Sections 171 and 172, Section 174, subsections 1 and 2, Section 175, Section 182, subsections 1 and 2, Section 183, subsection 5, Sections 186 and 187, Section 188, subsections 1 and subsection 2, first sentence, Section 193, first sentence, Section 199, subsections 2 and 6, Section 200, Section 313b, Section 334, subsection 1, Section 343v, subsection 1, Section 347, subsection 2, and Section 347b, subsections 3 and 6, as well as Article 11, subsections 1, 2, 3 and 5, Article 26, subsection 2, Article 28, subsections 1-4, Article 31, subsection 1, point h, Article 51, cf. Article 52, Article 54, subsection 5, points a and c, Article 73, subsection 1, Article 77, Article 92, subsection 1, Article 93, subsections 1-5, Article 97, subsection 1, Article 113, subsection 7, first paragraph, Article 393, Article 394, subsection 1, Article 395, subsection 1, first and second paragraphs, and subsections 3 and 6, Article 398, first and second paragraphs, Article 412, subsections 1 and 2, Article 415, subsections 1 and 2, Article 471, subsection 1, and Article 500, subsection 1, of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, or rules issued pursuant to Section 373, subsection 4, or Article 6, subsection 1, Article 10, subsection 1, Article 14, subsection 1, and Article 19 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), Article 12, subsection 1, and Article 23 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses, and Article 16, subsection 1, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Subsection 11. The Financial Supervisory Authority may establish rules on penalties of a fine for violations of provisions contained in European Union regulations adopted by the European Commission pursuant to 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 and investment firms, Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 as regards the powers conferred on the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority), and Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP product).

Subsection 12. In determining fines pursuant to subsections 1-8 and 11, regard shall be had to the seriousness of the violation and the economic circumstances of the perpetrator. For violations committed by legal persons, regard shall be had in this connection to the undertaking's net turnover at the time of the act. For violations committed by natural persons, regard shall be had to the person's income at the time of the act.

Subsection 13. A heightened fine shall be imposed for violations pursuant to subsections 1-8 and 11 that involve

1. a risk to the continued operation of a financial undertaking,
2. the operation of a financial undertaking without a statutory permit, or
3. gross or repeated disregard of the disclosure obligations of financial undertakings towards the Financial Supervisory Authority under aggravating circumstances.

Subsection 14. If an economic advantage has been obtained through a violation, it shall be confiscated in accordance with the provisions of Chapter 9 of the Penal Code. If confiscation cannot take place, special regard shall be had to this when determining a fine.

Section 373a. The Minister for Business Affairs may establish rules stating that the Financial Supervisory Authority, in specified cases of violations of this Act and rules issued pursuant to this Act, which are not deemed to involve a heavier penalty than a fine, may indicate in a penalty notice that the case may be resolved without court proceedings if the person who committed the violation declares themselves guilty of the violation and declares themselves ready to pay a fine as specified in the penalty notice within a specified deadline.

Subsection 2. The provisions of the Administration of Justice Act regarding requirements for the content of an indictment and regarding that an accused is not obliged to make a statement, apply mutatis mutandis to penalty notices.

Subsection 3. If the fine is accepted, further prosecution ceases.

Section 373b. (Repealed)

Section 374. If the board of directors, executive management, external auditor, internal audit head, liquidator, general agent, branch manager or representative body of a financial undertaking fails to comply in due time with the duties that, pursuant to the Act or rules issued pursuant to the Act, they owe to the Financial Supervisory Authority or the Danish Business Authority, the Financial Supervisory Authority or the Danish Business Authority may impose daily or weekly coercive fines on the persons concerned as a coercive measure.

Subsection 2. If a natural or legal person fails to fulfill the duties that follow from Section 347, subsections 4 and 5, the Financial Supervisory Authority may impose daily or weekly coercive fines on the natural or legal person or the persons responsible for the legal person as a coercive measure.

Subsection 3. If a financial undertaking fails to comply with an order communicated pursuant to Section 351, subsections 1 and 4, and subsection 5, first-third sentences, the undertaking may be imposed daily or weekly coercive fines.

Subsection 4. If a financial undertaking or a financial holding company, which has issued transferable securities that are admitted to trading on a regulated market, fails to fulfill its obligations under the provisions of Sections 183-193 or provisions established pursuant to Section 196, the Financial Supervisory Authority may order the undertaking concerned to change the situation, including an order to publish amended or supplementary information. If deemed appropriate, the Financial Supervisory Authority may itself publish the information concerned, publish the order, or suspend or delete the affected transferable securities from trading on a regulated market.

Subsection 5. The financial undertaking or the financial holding company that fails to comply with an order from the Financial Supervisory Authority or provides false or misleading information to the Financial Supervisory Authority in relation to the Authority's tasks pursuant to subsection 4, shall be punishable by a fine, unless a heavier penalty is incurred under other legislation.

Subsection 6. The provisions in subsections 1-3 apply mutatis mutandis to the Financial Supervisory Authority in the Authority's control pursuant to Section 344, subsection 1, third sentence.

Chapter 25 Entry into force, transitional provisions, amendments in other legislation, the Faroe Islands and Greenland Entry into force

Section 375. This Act enters into force on 1 January 2004, cf. however subsections 2 and 3.

Subsection 2. Section 167, Section 169, subsection 1, item 4, Section 271, Section 278, subsection 4, Section 373, subsection 2, Section 380 and Section 425, item 31, of this Act enter into force the day after publication in the Danish Statute Journal. Section 57 of this Act enters into force on 1 July 2004.

Subsection 3. The Minister for Business Affairs sets the time of entry into force of Sections 183-198 of this Act.

Subsection 4. Notwithstanding Section 199, subsection 1, and Section 376, the requirement that certain financial undertakings must have at least two auditors, cf. Section 34, subsection 1, of the Act on Banks and Savings Banks etc., Section 23, subsection 2, of the Act on Securities Brokerage Companies, Section 179, subsection 1, of the Act on Insurance Business, and Section 90, subsection 1, of the Act on...

realkreditloven, in force for accounting years commencing on

1. January 2004. Subsection 5. Section 430, No. 6, applies to conversions that take place on 1 January 2004 or later. Section 376. The following laws and provisions are repealed:

1. Act on Financial Business, cf. Consolidated Act No. 660 of 7 August 2002.
2. Act on Banks and Savings Banks etc., cf. Consolidated Act No. 214 of 25 March 2003, cf. however Sections 377 and 378.
3. Act on Securities Brokerage Companies, cf. Consolidated Act No. 787 of 19 September 2002.
4. Act on Insurance Business, cf. Consolidated Act No. 147 of 7 March 2003, cf. however Sections 379 and 380.
5. Section 1, Subsections 1-3, Sections 2, 4-20, 46, 50, 51, 53-53 i, 60-95 and 98 a, Section 100, Subsections 1-3, Sections 100 a and 101 and Section 102, Subsection 1, in the realkreditloven, cf. Consolidated Act No. 57 of 20. January 2003, cf. however Sections 381 and 382.
6. Act on Issuers of Electronic Money, cf. Consolidated Act No. 661 of 7 August 2002.
7. Act on Savings Institutions, cf. Consolidated Act No. 655 of 7 August 2002.
8. Section 6 in Act No. 1090 of 17 December 2002 on the promotion of private rental construction. Subsection 2. Executive orders issued pursuant to the laws mentioned in subsection 1 remain in force until they are repealed or replaced by executive orders issued pursuant to this Act. Transitional Provisions Sections 377-383. (Omitted) Sections 384-386. (Repealed) Section 387. Notwithstanding the provision in Section 13, Subsection 1, banks, whose share capital at the entry into force of this Act was divided into share classes with different voting rights, may retain the articles of association provisions that apply thereto. Section 388. Banks and savings banks that lawfully commenced business before 28 May 1980 may continue the business without a permit. Closure of the prohibition on continued business is equated with withdrawal of the permit in accordance with Section 225. Section 389. Companies that before 1 May 1985 were covered by Section 13, Subsection 2, in Act No. 156 of 2 May 1934, and that have carried on business before 1 January 1983, may continue the business without a permit, provided they were notified to the Danish Financial Supervisory Authority before 1 October 1985 as
9. cooperative banks, cf. Sections 9-13, or
10. savings and loan institutions, cf. Sections 17 and 18. Subsection 2. Notwithstanding Section 341, Subsection 2, companies that until the repeal of Act No. 156 of 2 May 1934 with later amendments were covered by this Act, must have at least one state- authorized or registered auditor. Section 390. A cooperative bank whose share capital is lower than 25 million DKK may not reduce the share capital without permission from the supervisor. Section 391. Placing funds in assets that are not covered by Sections 50 and 51 does not mean that the assets must be sold, if the assets were in the portfolio on 31 December

Section 392. Notwithstanding Section 26, credit institutions that on 1 June 2000 carried on other commercial business together with credit institutions, insurance companies, securities brokerage companies or mortgage credit institutions that are part of a group with the credit institution, may continue this business, if the institution before 30 June 2000 has notified the Danish Financial Supervisory Authority thereof. Section 393. Section 234, Subsection 2, which clarifies that subordinated capital does not enter into the assessment of whether a credit institution, a mortgage credit institution, a securities brokerage company or an investment management company is insolvent, applies only to subordinated capital that is issued after 1 July 2001. Section 394. Section 48, Subsections 4-6, applies to guarantee agreements that are entered into on 1 July 2002 or later. Subsection 2. Section 48, Subsections 4-7, does not apply to guarantee agreements that are entered into before 1 July 2002. Section 48, Subsections 1-3, apply only if the relevant services are due after the entry into force of this Act. Section 395. Guidelines that are agreed upon pursuant to Section 29 of the Marketing Act before the entry into force of this Act continue to apply to financial companies until they are repealed or replaced by rules issued by the Minister for Industry and Business pursuant to Section 43, Subsection 2, of this Act. Section 396. Articles of association provisions that are confirmed or put into force before 18 December 1980, and that deviate from the rules in Section 111 or from Section 59, Subsections 1-3, in the Companies Act, cf. Consolidated Act No. 649 of 15 June 2006, retain their validity. Section 397. (Repealed) Section 398. Articles of association provisions on the transferability of shares that were valid before 1 October 1981 retain their validity. Section 399. Section 13, Subsection 2, of this Act does not apply to shares that are subscribed before 1 October 1981, and to which there is not attached voting rights at this time. Subsection 2. Section 13, Subsection 2, of this Act does not apply to shares that are subscribed before 1 October 1981, and whose voting value exceeds 10 times the voting value of any other share or any other share amount of the same size. Section 400. (Repealed) Section 401. Exposures and security interests that on 1 January 1998 were lawfully incurred or entered into between the external auditor or an internal audit or deputy chief audit officer or employee in the Labour Market Supplementary Pension or the Lønmodtagernes Dyrtidsfond and the insurance company, credit institution or mortgage credit institution, the securities dealer, the securities brokerage company or the Labour Market Supplementary Pension, where the person in question is employed, may continue until the originally agreed maturity date. 16 April 2026. 139 No. 432.

Subsection 2. Internal audit and deputy chief audit officers may notwithstanding the prohibition in Section 77, Subsection 10, maintain and utilize economic interests that the person in question owns at the entry into force of this Act. Sections 402-404. (Repealed) Section 404 a. (Omitted) Section 405. Companies that at the entry into force of this Act have permission to carry on business as issuers of prepaid payment cards, and that satisfy the provisions of this Act, may carry on business as issuers of electronic money. Section 406. The capital requirement mentioned in Section 339 does not apply to savings institutions that are granted permission before 1 January 2004, and whose equity capital at this time does not satisfy the capital requirement in Section 339. Subsection 2. If the equity capital of the savings institutions mentioned in Subsection 1 falls below the amount that was reached on 1 January 2004, the Danish Financial Supervisory Authority may either set a deadline to bring the equity capital up to this minimum or immediately withdraw the permit. Subsection 3. If control of a savings institution that is covered by Subsection 1 is taken over by another natural or legal person, the savings institution's equity capital must at the latest 3 months after the takeover time satisfy the capital requirement in accordance with Section 339. Section 407. For credit institutions that have issued capital pursuant to the Bank and Savings Bank Act Section 22, Subsection 2, before 1 January 2004, the Danish Financial Supervisory Authority may, if the credit institution does not satisfy the solvency requirement in Section 124, Subsection 2, No. 1, and the capital requirement in Section 125 a, determine that the board of directors within a closer defined period regardless of the articles of association provisions on this must convene the highest authority according to the articles of association and account for the credit institution's economic conditions. Section 408. (Repealed) Section 409. (Repealed) Section 410. Section 147, Subsection 1, of this Act, does not apply to securities brokerage companies, if all properties and shares (shares) in property companies are acquired before 8 October 1998. Subsection 2. Assets covered by Subsection 1 may not be written up to a higher book value than the book value the assets had on 8 October 1998. Section 411. Section 147, Subsection 1, of this Act, does not apply to investment management companies, if all properties and shares (shares) in property companies are acquired before the date of the bill's submission to the Danish Parliament on 12 March 2003. Subsection 2. Assets covered by Subsection 1 may not be written up to a higher book value than the book value at the time of the bill's submission to the Danish Parliament on 12 March 2003. Section 412. Banks that at the entry into force of this Act have arrangements, whereby the shareholders exercise their voting rights at the general meeting through delegates pursuant to Section 8 a in the Act on Banks and Savings Banks, cf. Consolidated Act No. 654 of 7 August 2002, may continue with this. Section 413. (Omitted) Section 414. Persons who at the entry into force of this Act are not covered by the prohibition in Section 19, Subsection 1, in Act No. 660 of 7 August 2002, may regardless of the provisions in Section 77, Subsection 3, Section 425, No. 15, and Section 426, No. 9, maintain dispositions made before 1 January 2004. Section 415. Persons covered by Section 80, Subsection 1, who at the entry into force of this Act had positions pursuant to Section 24 in Act No. 660 of 7 August 2002, may continue without the board's permission, provided that the relevant position is notified to the Danish Financial Supervisory Authority before 30 June 2004. If the financial company on 1 January 2004 has the business in which the position is held, the exposure incurred as of 1 January 2004 regardless of Section 80, Subsection 4, may continue until the originally agreed maturity date. Subsection 2. Persons covered by Section 80, Subsection 2, who at the entry into force of this Act had positions pursuant to Section 24 in Act No. 660 of 7 August 2002, or who at the entry into force of this Act were not covered by Section 24 in Act No. 660 of 7 August 2002, may without the management's permission continue with this, provided that the relevant position is notified to the Danish Financial Supervisory Authority before 30 June 2004. If the financial company on 1 January 2004 has exposure to the business in which the position is held, the exposure incurred as of 1 January 2004 regardless of Section 80, Subsection 4, may continue until the originally agreed maturity date. Subsection 3. With companies in which persons covered by Section 80, Subsections 1 and 2, at the entry into force of this Act had positions pursuant to Sections 28, 29, 34 and 35 in Act No. 660 of 7 August 2002, as the financial company on 1 January 2004 had exposure to, the exposure incurred as of 1 January 2004 regardless of Section 80, Subsection 4, may continue until the originally agreed maturity date. Subsection 4. Subsections 1-3 apply correspondingly to persons covered by Section 425, No. 5, and Section 426, No. 11. Section 416. (Repealed) Section 417. (Omitted) Sections 417 a-417 d. (Repealed) Section 417 e. Credit institutions and mortgage credit institutions that use internal rating-based methods, cf. Part Three, Section II, Chapter 3, in Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, may use the transitional rules in Article 465, Subsections 5-9, in Regulation (EU) No 575/2013 of the European Parliament on prudential requirements for credit institutions. Subsection 2. Ultimate parent companies in Denmark and groups that calculate the total risk exposure according to internal rating-based methods, cf. Section 170 a, Subsection 1, may use the transitional rules in Article 465, Subsections 5-9, in the European Parliament's Regulation (EU) No 575/2013 on prudential requirements for credit institutions. Amendments to Other Legislation Sections 418-437. (Omitted) 16 April 2026. 140 No. 432.

The Faroe Islands and Greenland Section 438. The Act does not apply to the Faroe Islands and Greenland, but can be put into force for these parts of the realm by Royal Order with the deviations that the special Faroese and Greenlandic conditions require, cf. however Subsections 2-4. Subsection 2. The Act may not be put into force for the Faroe Islands, insofar as it concerns insurance business and mortgage credit business. Subsection 3. Sections 420 and 421 apply correspondingly. Subsection 4. Section 419 may not be put into force for the Faroe Islands and Greenland. Subsection 5. For the Faroe Islands, changes to Section 345, Subsection 10, of this Act, as put into force for the Faroe Islands with the deviations that the Faroese conditions require, may be made once by Royal Order. Subsection 6. The parts of Section 30, Subsection 1, and Section 31, Subsection 1, that are put into force for the Faroe Islands pursuant to Subsection 1, may by Royal Order be put into force wholly or partially anew for the Faroe Islands with the changes that the Faroese conditions require. Subsection 7. The parts of Section 1, Subsections 3-5, Section 16 a, Subsection 3, Section 30, Subsection 11, Section 31, Subsection 4, Section 33, Subsection 1, Section 38, Subsections 2, 3, 6 and 7, Section 39, Subsections 1, 4 and 6, Section 61, Subsection 5, No. 2, Section 71 a, Subsection 2, Section 71 b, Subsection 3, Nos. 2-4, Section 177 b, Subsection 1, Section 182 d, Subsection 1, Nos. 6-8, Section 206, Subsection 3, Section 243, Subsection 1, Section 245 b, Subsection 2, Section 247 g, Subsection 1, Section 259, Subsection 4, Section 260, Subsection 1, Section 262, Subsection 3, Section 264, Subsection 1, Section 271, Subsections 2 and 3, Section 343 c, Subsection 2, No. 2, Section 343 e, Section 343 f, Subsection 1, and Section 346, Subsections 4 and 5, that are put into force for the Faroe Islands, may by Royal Order be put into force wholly or partially anew for the Faroe Islands with the changes that the Faroese conditions require. Act No. 1171 of 19 December 2003 (Implementation of Directive on Financial Collateral Arrangements, the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary, administration of the SP scheme, solvency requirements and capital requirements for life insurance companies as well as supervision of payment transfers) contains the following entry into force and transitional provisions: Section 6 Subsection 1. The Act enters into force on 1 January 2004, cf. however Subsection 2 and 3. Subsections 2 and 3. (Omitted) Sections 7 and 8 (Omitted) Section 9 Subsections 1 and 2. (Omitted) Subsection 3. The directors and other senior employees who at the entry into force of this Act lawfully have an employment relationship that is covered by the prohibitions in Section 99, Subsection 2, as amended by this Act Section 3, No. 15, may after notification to the Danish Financial Supervisory Authority continue such employment. Act No. 577 of 6 June 2007 (Privileged Bonds) contains the following entry into force and transitional provisions: Section 12 Subsection 1. The Act enters into force on 1 July 2007, cf. however Subsections 2-4. Subsections 2-4. (Omitted) Section 13 For loans covered by Section 152 d, Subsection 2, in the Act on Financial Business as amended by this Act Section 1, No. 4, the loan limit is 70 pct., if the loan is offered before 1 July 2009. Act No. 512 of 17 June 2008 (Money Transfers between Denmark and the Faroe Islands) contains the following entry into force provision: Section 3 The Minister of Economy and Business sets the time for the Act's entry into force. Act No. 1556 of 21 December 2010 (Competence Requirements for Financial Advisors, Risk Labeling of Loans, Remuneration Policy, Disclosure Obligations for Issuers of Securities, Publication, Administrative Penalty Notices, Clearing and Settlement of Payments, Redemption of Coins etc.) contains the following entry into force and transitional provision: Section 28 Subsection 1. The Act enters into force on 1 January 2011, cf. however Subsections 2-4. Subsections 2-6. (Omitted) Subsection 7. Sections 77 a and 77 b in the Act on Financial Business, as amended by this Act Section 1, No. 23, apply to financial companies' and financial holding companies' agreements that are entered into, extended and renewed after the Act's entry into force. Subsections 8 and 9. (Omitted) Act No. 1231 of 18 December 2012 (Mandatory Digital Communication and Adjustments as a Result of Sector Transfer etc.) contains the following entry into force and transitional provision: Section 69 Subsection 1. The Act enters into force on 1 January 2013. Subsection 2. Administrative regulations that are issued pursuant to the previous provisions remain in force until they are amended or repealed. 16 April 2026. 141 No. 432.

Act No. 1613 of 26 December 2013 (Strengthening the Market for Corporate Bonds with Introduction of Rules on Representatives in Connection with Bond Issuances and Possibility for Credit Institutions to Establish Refinancing Registers, Access for Others Than Borrowers in a Mortgage Credit Company to Exercise Influence on the Association that Owns the Mortgage Credit Company etc.) contains the following entry into force and transitional provision: Section 5 Subsection 1. The Act enters into force on 1 January 2014, cf. however Subsections 2 and 3. Subsections 2 and 3. (Omitted) Subsection 4. If it is agreed before the Act's entry into force that an asset cannot be sold, the asset may not be entered in a refinancing register, cf. Section 1, No. 28, unless the parties agree otherwise. Subsection 5. (Omitted) Act No. 244 of 19 March 2014 (Regulation of Refinancing Risk for Mortgage Bonds, Privileged Mortgage Bonds and Privileged Bonds etc.) contains the following entry into force and transitional provisions: Section 3 Subsection 1. The Act enters into force on 1 April 2014, cf. however Subsection 2 and 3. Subsections 2 and 3. (Omitted) Subsection 4. Section 1, No. 3, and Section 2, No. 1, apply to loans taken out after the Act's entry into force. Subsection 5. For existing loans, the Act applies first at the next refinancing after the Act's entry into force. Subsection 6. For bonds issued to finance fixed property located outside Denmark, the Act applies only to bonds to finance loans taken out after the Act's entry into force. Act No. 268 of 25 March 2014 (Implementation of the Credit Institutions and Capital Requirements Directive (CRD IV) and Amendments as a Result of the Associated Regulation (CRR) as well as Legislation Concerning SIFIs etc.) contains the following entry into force and transitional provisions: Section 22 Subsection 1. The Act enters into force on 31 March 2014, cf. however Subsections 2-6. Subsections 2-4. (Omitted) Subsection 5. The Minister for Industry and Business sets the entry into force time for Section 75 a in the Act on Financial Business, as amended by this Act Section 1, No. 37, Section 1, No. 133, Section 344 a in the Act on Financial Business as amended by this Act Section 1, No. 134, Section 11 a in the Act on Securities Trading etc. as amended by this Act Section 2, No. 2, Section 27 a in the Act on Managers of Alternative Investment Funds etc. as amended by this Act Section 4, No. 22, Section 24 b in the Act on Supervision of Company Pension Funds as amended by this Act Section 5, No. 1, Section 63 a in the Act on Investment Funds etc. as amended by this Act Section 7, No. 1, Section 18 a in the Act on Insurance Intermediation as amended by this Act Section 10, No. 1, Section 18 a in the Act on Payment Services and Electronic Money as amended by this Act Section 11, No. 1, Section 10 a in the Act on Financial Advisors as amended by this Act Section 12, No. 1, Section 5 a in the Act on Mortgage Deed Companies as amended by this Act Section 13, No. 1, Section 5 f in the Act on Lønmodtagernes Dyrtidsfond as amended by this Act Section 14, No. 2, Section 24 g in the Act on the Labour Market Supplementary Pension as amended by this Act Section 15, No. 2, and for Section 63 b in the Act on Occupational Injury Insurance as amended by this Act Section 16, No.

1. The Minister for Industry and Business may hereunder determine that the provisions enter into force at different times. Subsection 6. (Omitted) Subsection 7. Section 77 a, Subsection 1, Nos. 2 and 3, in the Act on Financial Business as amended by this Act Section 1, No. 38, applies only to financial companies', financial holding companies' and insurance holding companies' agreements that are entered into, extended or renewed after the Act's entry into force. Subsection 8. (Omitted) Subsection 9. Section 313 in the Act on Financial Business as amended by this Act Section 1, No. 129, has effect from 1 July 2014. Subsections 10 and 11. (Omitted) Section 23 Subsection 1. (Omitted) Subsection 2. The countercyclical buffer rate, cf. Section 125 f, Subsection 1, in the Act on Financial Business as amended by Section 1, No. 65, can in 2015 be set up to 0.5 pct., in 2016 set up to 1.0 pct., in 2017 set up to 1.5 pct., in 2018 set up to 2.0 pct. and in 2019 set up to 2.5 pct. Subsection 3. Board members who at the time when the Act's Section 1, No. 129, cf. the proposed Section 313 in the Act on Financial Business, has effect, hold more director or board positions than allowed after the provision, may continue to hold these director and board positions until the end of the board position that entails that the board member is covered by Section 313, Subsection 1. Subsection 4. (Omitted) Subsection 5. Section 1, No. 49, applies only to annual reports regarding accounting years that begin on 1 January 2014 or later. Subsection 6. (Omitted) Act No. 403 of 28 April 2014 (Introduction of Rules that give Pension Customers the Right to Have the Total Economic Value of Their Pension Arrangement Transferred in Connection with Certain Cases of Switching, Directors' and Other Senior Employees' Possibility to Participate in the Management or Operation of Other Commercial Business, Requirements for the Composition of the Board in a Foundation or Association that Owns a Mortgage Credit 16 April 2026. 142 No. 432.

companies, amendment of the rules on penalties for violation of the CO2 auctioning regulation, regulation of CO2 quota traders, amendments to the rules on the marketing opportunities for alternative investment fund managers, including exemption of marketing of shares in the funds to employees and certain retail investors from the requirement for a special marketing authorization and introduction of the possibility for managers from third countries to market funds to retail investors, amendment of the threshold for the offer obligation in the Securities Trading Act and better protection of minority shareholders' rights, prohibition on the use of variable remuneration dependent on achieving a specific sales target to retail customers, amendment of the rules on supervision of common data centers, supervision of depositaries for alternative investment funds etc.) contains the following entry into force and transitional provisions:

§ 22

Para. 1. The Act enters into force on 15 May 2014, subject to Para. 2-4.

Para. 2. The Minister for Business Affairs determines the time of entry into force of § 1, no. 43 and 46. The Minister for Business Affairs may, among other things, determine that the provisions enter into force at different times.

Para. 3 and 4. (Omitted)

Para. 5. § 77 e, para. 1, in the Act on Financial Business as amended by this Act's § 1, no. 19, applies to agreements entered into, extended or renewed after the Act's entry into force.

Para. 6-8. (Omitted)

Act no. 1490 of 23 December 2014 (Liability for actions contrary to good practice rules, consumer protection regarding guarantees, requirement for basic course for board members, user protection regarding provision of payment services and issuance of electronic money etc.) contains the following entry into force and transitional provisions:

§ 14

Para. 1. The Act enters into force on 1 January 2015, subject to Para. 2 and 3.

Para. 2. The Minister for Business Affairs determines the time of entry into force of § 1, no. 7, 18, 24 and 25.

Para. 3 and 4. (Omitted)

Para. 5. § 48, para. 1, 2 and 10, in the Act on Financial Business as amended by this Act's § 1, no. 5, does not apply to guarantee agreements and agreements on third-party pledges entered into before the Act's entry into force, subject to para. 4.

Para. 6. § 48, para. 6-8, in the Act on Financial Business as amended by this Act's § 1, no. 5, only applies to agreements on third-party pledges if the relevant services fall due after the Act's entry into force, subject to para. 4.

Para. 7. § 48, para. 3, 4 and 9, in the Act on Financial Business as amended by this Act's § 1, no. 5, does not apply to agreements on third-party pledges entered into before the Act's entry into force, subject to para. 4.

Para. 8. § 1, no. 6, does not apply to guarantee agreements and agreements on third-party pledges entered into before the Act's entry into force, subject to para. 4. § 48, para. 6-8, in the Act on Financial Business as amended by this Act's § 1, no. 4, applies to guarantees for loans granted by mortgage credit institutions and to agreements on third-party pledges for mortgage loans if the relevant services fall due after the Act's entry into force, subject to para. 4.

Para. 9. For guarantee agreements and agreements on third-party pledges entered into before the Act's entry into force, subject to para. 4, or covered by the transitional provisions in para. 5-8, the previously applicable rules apply.

Para. 10. § 1, no. 7, does not apply to members who at the time of entry into force, subject to para. 2, are elected to the board of credit institutions, mortgage credit institutions and insurance companies.

Para. 11. (Omitted)

Act no. 308 of 28 March 2015 (Implementation of the Solvency II and Omnibus II Directives) contains the following entry into force and transitional provisions:

§ 2

Para. 1. The Act enters into force on 1 January 2016, subject to Para. 2-4.

Para. 2-4. (Omitted)

§ 3

Para. 1-4. (Omitted)

Para. 5. For employees who at the time of the Act's entry into force, subject to § 2, para. 1, hold a position in a group 1 insurance company, which entails that the employee must be identified as a key function holder pursuant to § 71, para. 4, in the Act on Financial Business as amended by this Act's § 1, no. 28, § 64, para. 8, first sentence, in the Act on Financial Business as amended by this Act's § 1, no. 26, only applies to circumstances arising after the Act's entry into force.

§ 4

Para. 1. Insurance companies that on 1 January 2016 have ceased or cease to enter into new insurance or reinsurance agreements and exclusively manage their existing portfolio with a view to ceasing insurance business are a group 2 insurance company, subject to Para. 2-4, if the company

1. declares to the Danish Financial Supervisory Authority that it will terminate its business before 1 January 2019, or

2. is covered by rules established in accordance with § 242 in the Act on Financial Business and an administrator is appointed.

Para. 2. An insurance company must meet the following conditions to be covered by para. 1:

1. The company is not part of a group, or the company is part of a group where all insurance companies cease to enter into new insurance or reinsurance agreements after 31 December 2015,

2. the company submits no later than 20 working days after 31 December 2015 a report to the Danish Financial Supervisory Authority on which measures the company has taken in connection with the winding up of its activities, and

3. the company notifies the Danish Financial Supervisory Authority that it is covered by para. 1.

Para. 3. If an insurance company covered by para. 1, no. 1, does not wind up its activities before 1 January 2019, the company will from 1 January 2019 change status to be a group 1 insurance company, if the company meets the conditions in § 5, para. 1, no. 24, in the Act on Financial Business as amended by this Act's § 1, no. 7. If the Danish Financial Supervisory Authority assesses that a winding up of the company's activities before 1 January 2019 is not likely, the Danish Financial Supervisory Authority may make a decision that the company from a date specified by the Danish Financial Supervisory Authority becomes a group 1 insurance company, if the company meets the conditions in § 5, para. 1, no. 24, in the Act on Financial Business as amended by this Act's § 1, no. 7.

Para. 4. An insurance company covered by para. 1, no. 2, whose activities are not wound up before 1 January 2021, becomes a group 1 insurance company from this date, if the company meets the conditions in § 5, para. 1, no. 24, in the Act on Financial Business as amended by this Act's § 1, no. 7. If the Danish Financial Supervisory Authority assesses that a winding up of the insurance company's activities before 1 January 2021 is not likely, the Danish Financial Supervisory Authority may make a decision that the company from a date specified by the Danish Financial Supervisory Authority becomes a group 1 insurance company, if the company meets the conditions in § 5, para. 1, no. 24, in the Act on Financial Business as amended by this Act's § 1, no. 7.

§ 5

Para. 1. A group 1 insurance company, which on 31 December 2015 meets the solvency requirement in the Act on Financial Business applicable at this time, and which on 31 December 2016 does not possess a capital base to cover the solvency capital requirement pursuant to § 126 c in the Act on Financial Business as amended by this Act's § 1, no. 34, must take the necessary measures to meet the solvency capital requirement by 31 December 2017.

Para. 2. A group 1 insurance company covered by para. 1 must submit a recovery plan in accordance with § 248 a, para. 1, in the Act on Financial Business as amended by this Act's § 1, no. 58, and thereafter submit every third month a report describing the measures taken and progress made with a view to meeting the solvency capital requirement. If the report shows that no significant progress has been made with a view to meeting the solvency capital requirement, the Danish Financial Supervisory Authority may require the company to meet the solvency capital requirement at a specified time before the deadline in para. 1.

Para. 3. The Danish Financial Supervisory Authority may in special cases extend the deadline in para. 1 in accordance with § 248 a, para. 3, in the Act on Financial Business as amended by this Act's § 1, no. 58.

Para. 4. § 248 a, para. 2, in the Act on Financial Business as amended by this Act's § 1, no. 58, does not apply to companies covered by para. 1 and 3.

§ 6

Para. 1. Groups where the top parent undertaking is located in Denmark and the top parent undertaking is a group 1 insurance company, an insurance holding company or a financial holding company covered by § 5, para. 1, no. 10, letter a, in the Act on Financial Business, where at least one of the subsidiaries is a group 1 insurance company and the top parent undertaking on 31 December 2015 meets the solvency requirement applicable to the top parent undertaking pursuant to the Act on Financial Business, but on 31 December 2016 does not possess a capital base to cover the solvency capital requirement calculated by the top parent undertaking pursuant to § 175 b in the Act on Financial Business as amended by this Act's § 1, no. 52, must take the necessary measures to meet the solvency capital requirement pursuant to § 175 b in the Act on Financial Business as amended by this Act's § 1, no. 52 by 31 December 2017.

Para. 2. The top parent undertaking covered by para. 1 must submit a recovery plan in accordance with § 248 a, para. 1, in the Act on Financial Business as amended by this Act's § 1, no. 58, and thereafter submit every third month a report describing the measures taken and progress made with a view to meeting the solvency capital requirement for the group. If the report shows that no significant progress has been made with a view to meeting the solvency capital requirement for the group, the Danish Financial Supervisory Authority may require the top parent undertaking to meet the solvency capital requirement for the group at a specified time before the deadline in para. 1.

Para. 3. The Danish Financial Supervisory Authority may in special cases extend the deadline in para. 1 in accordance with § 248 a, para. 3, in the Act on Financial Business as amended by this Act's § 1, no. 58.

Para. 4. § 248 a, para. 2, in the Act on Financial Business as amended by this Act's § 1, no. 58, does not apply to the top parent undertaking covered by para. 1 and 3.

§§ 7 and 8

(Omitted)

Act no. 334 of 31 March 2015 (Implementation of the Directive on the recovery and resolution of credit institutions and investment firms (BRRD) and the Directive on deposit guarantee schemes (DGSD)) contains the following entry into force and transitional provisions:

§ 7

Para. 1. The Act enters into force on 1 June 2015, subject to Para. 2 and 3.

Para. 2-6. (Omitted)

Para. 7. The requirement in § 125 i, para. 1, as amended by this Act's § 1, no. 12, that a mortgage credit institution must at all times have a debt buffer of 2 pct. of the institution's total loans, must by 15 June 2016, 2017, 2018, 2019 and 2020 amount to at least 30, 60, 80, 90 and 100 pct. of the total requirement respectively.

Para. 8. (Omitted)

Act no. 532 of 29 April 2015 (Right to basic deposit account, implementation of amendments to the Transparency Directive, modernization of the rules for submission of annual reports, extension of insurance companies' operation of other business, clarification of regulation of refinancing risk for mortgage bonds etc. and implementation of the Mortgage Credit Directive etc.) contains the following entry into force and transitional provisions:

§ 16

Para. 1. The Act enters into force on 3 July 2015, subject to Para. 2-9.

Para. 2-8. (Omitted)

Para. 9. The Minister for Business Affairs determines the time of entry into force of § 1, no. 3-5, § 2, no. 7, 9-11 and 15, § 8, no. 1-4, and § 9, no. 1, 3 and 4, and § 12. The Minister for Business Affairs may, among other things, determine that the provisions enter into force at different times.

Para. 10-17. (Omitted)

Act no. 1549 of 13 December 2016 (Increase of the fine level for violation of the Act on Financial Business, designation of systemically important financial institutions (SIFI), requirements for suitability and honesty for key function holders in SIFIs, remuneration rules for financial businesses etc., easing of capital requirements for fund broker companies, extension of supervisory and control powers for the Danish Financial Supervisory Authority and the Danish Business Authority to counteract market abuse etc.) contains the following entry into force and transitional provisions:

§ 18

Para. 1. The Act enters into force on 1 January 2017, subject to Para. 2 and 3.

Para. 2. (Omitted)

Para. 3. The Minister for Business Affairs determines the time of entry into force of § 1, no. 77 and 78. The Minister for Business Affairs may, among other things, determine that the provisions enter into force at different times.

Para. 4. An employee who at the time of the Act's entry into force, subject to para. 1, holds a position in a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), which entails that the employee must be identified as a key function holder pursuant to § 312 a, para. 1, in the Act on Financial Business as amended by this Act's § 1, no. 86, shall not notify the Danish Financial Supervisory Authority of information on his suitability and honesty pursuant to § 64, para. 5, cf. § 313 a in the Act on Financial Business as amended by this Act's § 1, no. 87, in connection with the institution identifying the person as a key function holder at the Act's entry into force. For these key function holders, circumstances occurring before the Act's entry into force do not enter into a later assessment of whether § 64, para. 2 and 3, cf. § 313 a in the Act on Financial Business as amended by this Act's § 1, no. 87, is fulfilled.

Para. 5. § 312 b in the Act on Financial Business as amended by this Act's § 1, no. 86, applies to agreements entered into, renegotiated, extended or renewed after the Act's entry into force.

Para. 6. § 313 b in the Act on Financial Business as amended by this Act's § 1, no. 87, does not apply to exposures against or collateral from employees in a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), who are identified as key function holders pursuant to § 312 a, para. 1, in the Act on Financial Business as amended by this Act's § 1, no. 86, if the exposure or collateral was granted before the Act's entry into force, or before the employee was identified as a key function holder.

Para. 7 and 8. (Omitted)

Act no. 665 of 8 June 2017 (Implementation of the Directive on markets in financial instruments (MiFID II) and amendments as a result of the Regulation on markets in financial instruments (MiFIR) etc.) contains the following entry into force and transitional provisions:

§ 21

Para. 1. The Act enters into force on 3 January 2018, subject to Para. 2.

Para. 2. (Omitted)

Para. 3. Investment advisers who, pursuant to § 343 f in the Act on Financial Business, are notified to carry out business in the form of cross-border services in a country within the European Union or a country with which the Union has concluded an agreement in the financial area, may continue to provide investment advice to customers in these countries if the customer relationship was established before 1 January 2018.

Para. 4. § 77 e in the Act on Financial Business as amended by this Act's § 1, no. 73-75, § 7 b in the Act on Financial Advisers, Investment Advisers and Mortgage Credit Intermediaries as amended by this Act's § 2, no. 19, and § 22 a in the Act on Alternative Investment Fund Managers etc. as amended by this Act's § 5, no. 7, apply to remuneration agreements entered into, renegotiated, extended or renewed after the Act's entry into force.

Para. 5. The regulations and guidelines issued with authority in § 71, para. 2, in the Act on Financial Business, which are repealed by this Act's § 1, no. 66, remain in force until they are amended or repealed.

Para. 6. The regulations and guidelines issued with authority in provisions in Chapter X a in the Act on Financial Business, which are repealed by this Act's § 1, no. 90, remain in force until they are amended or repealed.

Act no. 667 of 8 June 2017 (Increased transparency and mobility in the mortgage credit market) contains the following entry into force provision:

§ 5

Para. 1. The Act enters into force on 1 July 2017, subject to Para. 2.

Para. 2. (Omitted)

Para. 3. § 1, no. 2 and 3, and § 2 apply to mortgage credit institutions, credit institutions and property credit companies' notification of changes in interest rates, fees, contributions, or other consideration for mortgage loans or mortgage-like loans and collection of fees for redemption of mortgage loans, which are terminated within 6 months after a notification of an increased contribution, which takes place after the Act's entry into force.

Para. 4. § 1, no. 5, applies when depositing or disbursing a loan in a register with a view to redemption of a mortgage loan or a loan that is part of a register in another credit institution with permission to issue special covered bonds, when the loan is deposited or disbursed after the Act's entry into force.

Para. 5. (Omitted)

Act no. 1547 of 19 December 2017 (Negotiated guidelines in the financial area, protection of mobile workers' right to accrue and retain pension rights, implementation of amendments as a result of the Benchmark Regulation and PRIIP Regulation, designation of systemically important financial institutions (SIFI) etc.) contains the following entry into force and transitional provisions:

§ 15

Para. 1. The Act enters into force on 1 January 2018, subject to Para. 2-4.

Para. 2-4. (Omitted)

Para. 5. §§ 60 c and 60 d in the Act on Financial Business as amended by this Act's § 1, no. 21, and §§ 64 b and 64 c in the Act on Supervision of Corporate Pension Funds as amended by this Act's § 4, no. 1, only apply to employment periods from 21 May 2018.

Para. 6. Board members who at the time of the Act's entry into force as a result of the amendments in § 313, para. 3, no. 2, and para. 5, in the Act on Financial Business, cf. this Act's § 1, no. 52 and 54, hold more director or board positions than allowed pursuant to § 313, para. 1, in the Act on Financial Business, may continue to hold these director and board positions until 1 July 2019.

Para. 7. (Omitted)

Act no. 706 of 8 June 2018 (Strengthened effort against money laundering etc. in the financial sector, introduction of new forms of alternative investment funds, amendment of the threshold for prospectus obligation etc.) contains the following entry into force and transitional provisions:

§ 24

Para. 1. The Act enters into force on 1 July 2018, subject to Para. 2 and 3.

Para. 2 and 3. (Omitted)

Para. 4. The total requirement for debt buffer, capital base and write-down eligible liabilities of at least 8 pct., cf. § 125 i, para. 2-4, in the Act on Financial Business as amended by § 1, no. 21, must be met no later than 1 January 2022.

Para. 5 and 6. (Omitted)

Act no. 1520 of 18 December 2018 (Implementation of the recommendations from the working group for review of financial regulation and amendment of the rules for designation of SIFIs in Denmark etc.) contains the following entry into force and transitional provisions:

§ 13

Para. 1. The Act enters into force on 1 January 2019, subject to Para. 2-5.

Para. 2. § 1, no. 19, and § 2 enter into force on 21 July 2019.

Para. 3. Any supplements to prospectuses approved by the Danish Financial Supervisory Authority before 21 July 2019 must be prepared in accordance with the rules on supplements in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market.

Para. 4. The Minister for Business Affairs determines the time of entry into force of § 1, no. 14 and 15, and § 10. The Minister for Business Affairs may, among other things, determine that the provisions enter into force at different times.

Para. 5. (Omitted)

Para. 6. Rules established pursuant to § 71, para. 2, second sentence, in the Act on Financial Business, cf. Act no. 1140 of 26 September 2017, as amended by § 19 in Act no. 436 of 8 May 2018, remain in force until they are amended or repealed.

Act no. 369 of 9 April 2019 (Implementation of amendments to the Shareholder Rights Directive on encouragement of long-term active ownership) contains the following entry into force provision:

§ 9

Para. 1. The Act enters into force on 10 June 2019, subject to Para. 2.

Para. 2. § 1, no. 2 and 3, § 2, no. 3, and §§ 101 c-101 g in the Act on Financial Business as amended by this Act's § 3, no. 3, and §§ 66 c-66 g in the Act on Alternative Investment Fund Managers as amended by this Act's § 4, no. 3, enter into force on 3 September 2020.

Para. 3. (Omitted)

Para. 4. §§ 101 a and 101 b in the Act on Financial Business as amended by this Act's § 3, no. 3 and 4, and §§ 66 a and 66 b in the Act on Alternative Investment Fund Managers as amended by this Act's § 4, no. 3, § 5, no. 2, § 6, no. 2, § 7, no.

1, and § 8, No. 1, apply to the financial year beginning on January 1, 2020.

Act No. 552 of May 7, 2019 (Implementation of the political agreement on further initiatives to strengthen the fight against money laundering and terrorist financing and implementation of recommendations from the working group for review of financial regulation) contains the following entry-into-force and transitional provisions:

§ 18

Subsection 1. The Act enters into force on July 1, 2019.

Subsection 2. (Omitted)

Subsection 3. An employee who, at the time of the Act's entry into force, holds a position in a credit institution that entails that the employee must be identified as a key person pursuant to § 64 c, Subsection 1, of the Financial Business Act as amended by this Act's § 1, No. 10, or an employee who, at the time of the Act's entry into force, holds a position in a credit institution that is a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), that entails that the employee must be identified as a key person pursuant to § 64 c, Subsection 1, cf. Subsection 2, Nos. 5 and 6, shall not notify the Danish Financial Supervisory Authority of information regarding their suitability and integrity pursuant to § 64, Subsection 2, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, No. 10, in connection with the credit institution identifying the relevant person as a key person at the time of the Act's entry into force. For these key persons, circumstances occurring before the Act's entry into force shall not be taken into account in a later assessment of whether § 64, Subsection 1, Nos. 2-6, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, No. 10, is fulfilled.

Subsection 4. An employee who on January 1, 2017, held a position in a systemically important financial institution (SIFI) or a global systemically important financial institution (G-SIFI), which entailed that the employee was identified as a key person, shall, in relation to this specific position, not notify the Danish Financial Supervisory Authority of information regarding their suitability and integrity pursuant to § 64, Subsection 2, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, No. 10. For these key persons, circumstances occurring before January 1, 2017, shall not be taken into account in a later assessment of whether § 64, Subsection 1, Nos. 2-6, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, No. 10, is fulfilled.

Subsection 5. Rules established pursuant to § 71, Subsection 4, § 108, Subsection 7, and § 167, Subsection 7, of the Financial Business Act remain in force until they are repealed or replaced by new rules issued pursuant to § 71, Subsection 3, § 108, Subsection 6, and § 167, Subsection 6, of the Financial Business Act as amended by this Act's § 1, Nos. 12, 20, and 23.

Act No. 553 of May 7, 2019 (Implementation of the 5th Anti-Money Laundering Directive) contains the following entry-into-force provision:

§ 3

Subsection 1. The Act enters into force on January 10, 2020, cf. however Subsection 2.

Subsection 2. § 1, Nos. 2, 8, 10, 15, 16, 19, 25, 27, 29, 33, 35, 39-46, 62-68, 75, 83, 86, 87, 91, 92, 97-100, 102, and 103, § 2, Nos. 13 and 14, of the Money Laundering Act as amended by this Act's § 1, No. 11, and § 11, Subsection 1, No. 3, 3rd sentence, of the Money Laundering Act as amended by this Act's § 1, No. 20, enter into force on July 1, 2019.

Subsection 3. Rules established pursuant to § 1, Subsections 4 and 5, and § 18, Subsection 8, of the Money Laundering Act, Act No. 651 of June 8, 2017, remain in force until they are repealed or replaced by regulations issued pursuant to the Money Laundering Act's § 1, Subsections 6 and 7, and § 18, Subsection 9, as amended by this Act's § 1, Nos. 7 and 25.

Act No. 554 of May 7, 2019 (Amendment of the rules on beneficial owners as a result of the 5th Anti-Money Laundering Directive) contains the following entry-into-force provision:

§ 13

Subsection 1. The Act enters into force on January 10, 2020, cf. however Subsection 2.

Subsection 2. (Omitted)

Subsection 3. Rules established pursuant to § 58 a, Subsection 5, of the Companies Act, § 15 g, Subsection 5, of the Act on Certain Business Enterprises, § 21 a, Subsection 4, of the Act on Commercial Foundations, § 17 a, Subsection 5, of the Act on the European Company (SE Act), § 14 a, Subsection 5, of the Act on the European Cooperative Society (SCE Act), § 1 a, Subsection 4, of the Act on the Administration of European Economic Interest Grouping Regulations, § 23, Subsection 6, § 81 b, Subsection 4, § 85 b, Subsection 4, and § 336 a, Subsection 4, of the Financial Business Act, § 68, Subsection 5, of the Act on Supervision of Corporate Pension Funds, § 136 a, Subsection 5, of the Act on Alternative Investment Fund Managers, and § 14 a, Subsection 5, of the Act on Investment Funds, remain in force until they are repealed or replaced by regulations issued pursuant to § 58 a, Subsection 9, of the Companies Act, § 15 g, Subsection 9, of the Act on Certain Business Enterprises, § 21 a, Subsection 8, of the Act on Commercial Foundations, § 17 a, Subsection 9, of the Act on the European Company (SE Act), § 14 a, Subsection 9, of the Act on the European Cooperative Society (SCE Act), § 1 a, Subsection 8, of the Act on the Administration of European Economic Interest Grouping Regulations, § 23, Subsection 10, § 81 b, Subsection 8, § 85 b, Subsection 8, and § 336 a, Subsection 8, of the Financial Business Act, § 111, Subsection 8, of the Act on Corporate Pension Funds, § 136 a, Subsection 9, of the Act on Alternative Investment Fund Managers, and § 14 a, Subsection 9, of the Act on Investment Funds.

Act No. 1374 of December 13, 2019 (Direct debit, handling of compensation claims under a building damage insurance taken out in Qudos Insurance A/S, whistleblower scheme for companies with limited permission, auditor's duty to report to the Danish Financial Supervisory Authority, and amendment of procedure for redemption of minority shareholders, etc.) contains the following entry-into-force provision:

§ 19

Subsection 1. The Act enters into force on January 1, 2020, cf. however Subsections 2-4.

Subsection 2. § 12 enters into force the day after publication in the Danish Law Journal.

Subsection 3. § 7, No. 13, enters into force on December 15, 2019.

Subsection 4. § 7, Nos. 6-9, enters into force on April 19, 2020.

Subsection 5. The Companies Act's § 72, Subsection 1, 2nd sentence, and § 72, Subsection 2, as amended by this Act's § 13, Nos. 1 and 2, do not apply to the minority shareholders in capital companies that have received the invitation to transfer their capital shares to the redeeming shareholder, cf. the Companies Act's § 70, Subsection 1, before this Act's entry into force.

Subsection 6. Rules established pursuant to § 122, Subsection 2, of Act No. 652 of June 8, 2017 on Payments, remain in force until they are repealed or replaced by regulations issued pursuant to § 122, Subsection 3, of the Payments Act.

Subsection 7. The Minister for Business Affairs shall submit a proposal for the revision of § 122, Subsection 2, of the Payments Act, cf. this Act's § 7, No. 5, no later than in the parliamentary year 2021-22.

Act No. 1563 of December 27, 2019 (Strengthening the fight against financial crime and implementation of the 4th and 5th Anti-Money Laundering Directives) contains the following entry-into-force provision:

§ 18

Subsection 1. The Act enters into force on January 10, 2020.

Subsection 2. § 1, No. 20, and § 2, No. 26, also apply to violations committed before the Act's entry into force. This does not apply, however, if the statute of limitations has expired under the previous rules.

Subsection 3. Rules issued pursuant to § 102, Subsection 3, of Act No. 1703 of December 27, 2018 on Corporate Pension Funds, remain in force until they are repealed or replaced by regulations issued pursuant to the Act's § 102, Subsection 4, cf. the bill's § 10, No. 4.

Act No. 641 of May 19, 2020 (Amendments as a result of the PEPP Regulation, amendment of the rules on outsourcing, and clarification of the rules on the independence of insurance brokers) contains the following entry-into-force and transitional provision:

§ 9

Subsection 1. The Act enters into force on July 1, 2020, cf. however Subsections 2-6.

Subsections 2-5. (Omitted)

Subsection 6. The Minister for Business Affairs sets the time of entry into force of § 1, Nos. 14, 15, 18, and 19, § 2, No. 3, § 3, No. 10, and § 6, Nos. 2 and 3. The Minister for Business Affairs may thereby set that the provisions enter into force at different times.

Subsection 7. (Omitted)

Subsection 8. Rules issued pursuant to provisions amended by § 1, Nos. 5, 6, 14, and 19, § 4, No. 5, § 5, No. 4, § 7, No. 1, and § 8, No. 1, remain in force until they are amended or repealed.

Act No. 2110 of December 22, 2020 (Amendments as a result of revisions of the Capital Requirements Directive (CRD V) and the Bank Recovery and Resolution Directive (BRRD II), etc.) contains the following entry-into-force provision:

§ 5

Subsection 1. The Act enters into force on December 28, 2020, cf. however Subsections 2 and 3.

Subsection 2. § 1, Nos. 6, 17, 18, 115, 116, and 118, enter into force on January 1, 2021.

Subsection 3. § 1, Nos. 105, 114, 117, and 119, enter into force on March 10, 2021.

Subsection 4. § 64 d, Subsection 6, of the Financial Business Act as amended by this Act's § 1, No. 22, has effect from January 1, 2021.

Subsection 5. § 125 b, Subsection 2, of the Financial Business Act as amended by this Act's § 1, No. 39, has effect from January 1, 2022.

Subsection 6. The requirement in § 269 d of the Financial Business Act as amended by this Act's § 1, No. 88, has effect from January 1, 2024. If the Danish Financial Supervisory Authority has set a deadline pursuant to Subsection 11, 3rd sentence, after January 1, 2024, the requirement in § 269 d applies from the set deadline.

Subsections 7-14. (Omitted)

Act No. 1166 of June 8, 2021 (Implementation of the Directive on the issuance of and public supervision of covered bonds and setting of cover pool requirements, etc., on the basis of the Capital Requirements Regulation (CRR)) contains the following entry-into-force provision:

§ 4

Subsection 1. The Act enters into force on July 8, 2021.

Subsection 2. The Act has effect from and including July 8, 2022.

Subsections 3-6. (Omitted)

Subsection 7. § 152 a, Subsections 1-3, and § 152 g, Subsections 11-13, of the Financial Business Act as amended by this Act's § 2, Nos. 8, 9, and 14, do not apply to covered bonds issued by credit institutions before July 8, 2022. For such covered bonds, the previously applicable rules apply.

Subsection 8. For covered bonds issued by credit institutions, where issuance takes place in an existing register from and including July 8, 2022, the requirements in § 152 a, Subsections 1-3, and § 152 g, Subsections 11-13, of the Financial Business Act as amended by this Act's § 2, Nos. 8, 9, and 14, apply to the entire register.

Subsections 9-12. (Omitted)

Act No. 2383 of December 14, 2021 (Penalty for violation of Article 26 b-26 e of the STS Regulation and repeal of position limits for commodity derivatives) contains the following entry-into-force provision:

§ 3 The Act enters into force on July 1, 2022.

Act No. 568 of May 10, 2022 (Stricter requirements for targets and policies for the underrepresented gender) contains the following entry-into-force provision:

§ 11

Subsection 1. The Act enters into force on January 1, 2023.

Subsection 2. (Omitted)

Act No. 570 of May 10, 2022 (Appointment of resolution authorities for distressed central counterparties and rules for life insurance companies offering health and accident insurance, etc.) contains the following entry-into-force provision:

§ 13

Subsection 1. The Act enters into force on July 1, 2022, cf. however Subsections 2-4.

Subsection 2. § 1, Nos. 15-18, and § 3, Nos. 8, 9, and 17, enter into force on August 1, 2022.

Subsections 3-5. (Omitted)

Subsection 6. For insurance companies that, at the time of the Act's entry into force, conduct other permitted business in accordance with § 29, Subsection 1, No. 2, of the Financial Business Act, cf. Consolidation Act No. 2497 of December 15, 2021, § 1, No. 14, does not apply. For such other permitted business, the previously applicable rules apply.

Subsection 7. Rules established pursuant to § 19, Subsection 2, of the Financial Business Act, cf. Consolidation Act No. 2497 of December 15, 2021, remain in force until they are repealed or replaced by regulations issued pursuant to § 19, Subsection 3, as amended by § 1, No. 10.

Act No. 871 of June 21, 2022 on the Danish Export and Investment Fund contains the following entry-into-force provision:

§ 30. The Act enters into force on July 1, 2022, cf. however Subsection 2.

Subsection 2. The Minister for Business Affairs sets the time of entry into force of §§ 32-35 and 37-40. The Minister may set that the provisions enter into force at different times.

Act No. 243 of March 7, 2023 (Implementation of the Mobility Directive, etc.) contains the following entry-into-force provision:

§ 9

Subsection 1. The Act enters into force the day after publication in the Danish Law Journal, cf. however Subsections 2-5.

Subsection 2. The Act's § 6 and § 7, No. 1, enter into force on March 23, 2023.

Subsections 3-5. (Omitted)

Act No. 405 of April 27, 2023 on the Mortgage Bank of Municipalities and Regions in Denmark contains the following entry-into-force provision:

§ 26. The Act enters into force on July 1, 2023.

Subsections 2 and 3. (Omitted)

Act No. 409 of April 25, 2023 (Implementation of the Liability Committee's proposal on stricter liability assessment for management members, etc., in financial companies and amendment of the rules on suitability and integrity) contains the following entry-into-force provision:

§ 10

Subsection 1. The Act enters into force on July 1, 2023.

Subsection 2. An employee who, at the time of the Act's entry into force, holds a position in a mortgage credit institution that entails that the employee must be identified as a key person pursuant to § 64 c, Subsection 1, of the Financial Business Act as amended by this Act's § 1, No. 11, shall not notify the Danish Financial Supervisory Authority of information regarding their suitability and integrity pursuant to § 64, Subsection 5, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, Nos. 6, 12, and 13, in connection with the mortgage credit institution identifying the relevant person as a key person at the time of the Act's entry into force. For these key persons, circumstances occurring before the Act's entry into force shall not be taken into account in a later assessment of whether § 64, Subsection 1, Nos. 2-5, cf. § 64 c, Subsection 4, of the Financial Business Act as amended by this Act's § 1, Nos. 12 and 13, is fulfilled.

Subsection 3. Agreements on severance schemes that, at the time of the Act's entry into force, have been entered into between a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company, or an insurance holding company, and a member of the executive board, shall be published on the company's website in accordance with § 77 j of the Financial Business Act as amended by this Act's § 1, No. 26, no later than 6 months after the Act's entry into force.

Subsection 4. § 77 k, § 77 l, Subsections 2 and 3, and § 77 m of the Financial Business Act as amended by this Act's § 1, No. 26, apply to agreements on severance schemes for a member of the executive board in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company, or an insurance holding company, which have not yet been updated at the time of the Act's entry into force.

Subsection 5. § 77 l, Subsection 1, of the Financial Business Act as amended by this Act's § 1, No. 26, applies to agreements on severance compensation for a member of the executive board in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company, or an insurance holding company, which are entered into, extended, or renewed after the Act's entry into force.

Subsection 6. § 77 l, Subsections 4 and 5, of the Financial Business Act, as amended by this Act's § 1, No. 26, do not apply to agreements where the director in a credit institution, a mortgage credit institution, an investment management company, an insurance company, a financial holding company, or an insurance holding company has acquired a legal claim to severance compensation at the time of the Act's entry into force. For such agreements, the previously applicable rules apply.

Subsections 7-32. (Omitted)

Act No. 480 of May 12, 2023 (Extension of the coverage area of the Guarantee Fund for Property Insurance Companies to include life insurance companies conducting work accident insurance business in Denmark, and to include motor liability insurance, etc.) contains the following entry-into-force provision:

§ 10

Subsection 1. The Act enters into force the day after publication in the Danish Law Journal, cf. however Subsections 2-4.

Subsection 2. (Omitted)

Subsection 3. § 1, Nos. 1 and 3-11, § 2, § 3, Nos. 1-3, 7-18, and 24-28, § 4, No. 3, § 5, No. 2, § 6, § 7, Nos. 2 and 4-9, 11, 17, and 18, and §§ 8 and 9 enter into force on July 1, 2023.

Subsection 4. (Omitted)

Subsection 5. For crowdfunding service providers with fewer than 50 employees covered by § 75 a, Subsection 1, 1st sentence, of the Financial Business Act as amended by this Act's § 3, No. 16, § 75 a, Subsection 1, 4th sentence, of the Financial Business Act applies from December 17, 2023.

Act No. 718 of June 13, 2023 on Insurance Business contains the following entry-into-force provision:

§ 321. The Act enters into force on January 1, 2024.

Act No. 1534 of December 12, 2023 on Credit Servicing Activities and Credit Borrowers contains the following entry-into-force provision:

§ 45. The Act enters into force on December 30, 2023.

Subsections 2 and 3. (Omitted)

Act No. 1546 of December 12, 2023 (Mortgage financing of offshore wind turbines, strengthening of the Danish Financial Supervisory Authority's supervisory powers, and coverage of motor liability insurance with the Guarantee Fund for Property Insurance Companies, etc.) contains the following entry-into-force provision:

§ 15

Subsection 1. The Act enters into force on January 1, 2024, cf. however Subsection 2.

Subsection 2. § 1, No. 3, and §§ 3 and 13 enter into force on December 23, 2023.

Subsections 3 and 4. (Omitted)

Act No. 480 of May 22, 2024 (Implementation of the EU Directive on Corporate Sustainability Reporting and the EU Directive on the increase of size thresholds in the Accounting Directive, etc.) contains the following entry-into-force and transitional provisions:

§ 13

Subsection 1. The Act enters into force on June 1, 2024, cf. however Subsections 2 and 3.

Subsections 2-5. (Omitted)

Subsection 6. Rules established pursuant to § 195, Subsection 3, of the Financial Business Act, cf. Consolidation Act No. 1731 of December 5, 2023, remain in force until they are repealed or replaced by regulations issued pursuant to § 195, Subsection 4, of the Financial Business Act, cf. this Act's § 7, No. 8.

Subsections 7 and 8. (Omitted)

Act No. 481 of May 22, 2024 (Supervision under the Regulation on Digital Operational Resilience in the Financial Sector and the Regulation on Markets in Crypto-Assets, rules on the appointment of the administration company for the Guarantee Fund, and remuneration rules for corporate pension funds) contains the following entry-into-force and transitional provisions:

§ 17

Subsection 1. The Act enters into force on July 1, 2024, cf. however Subsections 2-5.

Subsection 2. § 1, No. 2, §§ 332, 332 a, 332 b, and 332 d of the Financial Business Act as amended by this Act's § 1, No. 26, § 1, Nos. 47 and 48, and § 2, Nos. 28 and 29, § 211, Subsection 2, No. 15, of the Capital Markets Act as amended by this Act's § 3, No. 18, and § 5, Nos. 8 and 9, enter into force on June 30, 2024.

Subsection 3. § 1, Nos. 3, 7, 18, and 25, Section IX c of the Financial Business Act as amended by this Act's § 1, No. 26, and § 1, Nos. 27 and 37, § 3, Nos. 2, 3, 17, 20, and 21, § 8, Nos. 1, 3-8, 13, and 14, and § 16 enter into force on October 18, 2024.

Subsection 4. §§ 332 c, 332 e-332 h of the Financial Business Act as amended by this Act's § 1, No. 26, and § 1, No. 41, § 251 b of the Capital Markets Act as amended by this Act's § 3, No. 24, § 275, Subsection 1, No. 9, of the Act on Securities Firms and Investment Services and Activities as amended by this Act's § 4, No. 16, and §§ 7, 14, and 15 enter into force on December 30, 2024.

Para. 5. (Deleted) Para. 6. Section 332 c, para. 1, of the Act on Financial Business as amended by Section 1, No. 26, of this Act, shall not apply to providers of crypto-asset services who, before December 30, 2024, provide crypto-asset services in this country, and who submit an application for permission, cf. Section 332 c, para. 1, as amended by Section 1, No. 26, of this Act, no later than December 30, 2024. Such providers may continue to provide crypto-asset services for 18 months after December 30, 2024, unless the provider receives a refusal or permission from the Danish Financial Supervisory Authority, cf. Section 332 c, para. 1, of the Act on Financial Business as amended by Section 1, No. 26, of this Act, during this period. Para. 7 and 8. (Deleted) Para. 9. Rules established pursuant to Section 199, para. 12, second sentence, of the Act on Financial Business, cf. Consolidation Act No. 1731 of December 5, 2023, shall remain in force until they are repealed or replaced by regulations issued pursuant to Section 333 p, para. 1, of the Act on Financial Business as amended by Section 1, No. 26, of this Act. Para. 10. Section 333 c, Section 333 g, para. 3, and Section 333 k, para. 1, second sentence, of the Act on Financial Business as amended by Section 1, No. 26, of this Act, shall apply from January 17, 2025. Para. 11. Section 373, para. 1, of the Act on Financial Business as amended by Section 1, No. 47, of this Act, shall only have effect for violations of Article 14, para. 3, Article 59, para. 1, Article 60, paras. 1-6, Article 70, paras. 1-4, Article 72, para. 1, Article 75, paras. 1, 2 and 7, and Article 76, paras. 1, 2 and 5-8, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets, committed after December 30, 2024. Para. 12. Section 373, para. 2, first sentence, of the Act on Financial Business as amended by Section 1, No. 48, of this Act, shall only have effect for violations of Article 59, paras. 2, 5 and 8, Article 64, para. 8, Article 65, para. 4, Article 66, paras. 1-5, Article 67, paras. 1, 5 and 6, Article 68, paras. 4-9, Article 69, Article 71, paras. 1-4, Article 72, paras. 2-4, Article 73, paras. 2 and 3, Article 74, Article 75, paras. 3-6 and 9, Article 76, paras. 3, 4 and 9-15, Articles 77, 78 and 79, Article 80, paras. 1-3, Article 81, paras. 1-14, Article 82, para. 1, and Article 83, paras. 1 and 2, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets, committed after December 30, 2024. Para. 13. Section 373, para. 2, first sentence, of the Act on Financial Business as amended by Section 1, No. 48, of this Act, shall only have effect for violations of Article 5, paras. 1-3, Article 6, paras. 1-8, Article 7, para. 1, Article 8, paras. 1-7, Article 9, paras. 1-3, Article 10, paras. 1-4, Article 11, paras. 1-10, Article 12, paras. 1-4, 6 and 7, Article 13, paras. 1-7, Article 14, paras. 1-3, Article 16, paras. 1 and 2, Article 17, paras. 1-3, Article 18, paras. 1 and 2, Article 19, paras. 1, 3 and 4, Article 24, paras. 1-6, Article 25, paras. 1 and 3, Article 28, paras. 1-4, 7 and 8, Article 29, paras. 1 and 2, and Article 30, paras. 1-3, of Regulation (EU) 2022/2554 of the European Parliament and of the Council of December 14, 2022, on digital operational resilience, committed after January 17, 2025. Para. 14-16. (Deleted) Act No. 639 of June 11, 2024 (Better conditions for democratic companies and rules on deprivation of the right to be a board member as a result of the Digital Operational Resilience Act) contains the following entry-into-force provision: Section 6 The Act enters into force on July 1, 2024. Act No. 1602 of December 17, 2024 (Gender Balance Act) contains the following entry-into-force and transitional provision: Section 16. The Act enters into force on December 28, 2024. Para. 2. The Act has effect for financial years beginning on January 1, 2025, or later. Para. 3. (Deleted) Act No. 1666 of December 30, 2024 (Access to a basic business account for entrepreneurs and associations, supervision under the regulation on European green bonds and target-setting for the Board of Directors of the National Bank of Denmark etc.) contains the following entry-into-force and transitional provision: Section 18 Para. 1. The Act enters into force on January 1, 2025, cf. however paras. 2 and 3. Para. 2. Section 2, Nos. 1, 3 and 18-22, and Section 8, Nos. 1, 2 and 7-11, enter into force the day after the publication in the Danish Law Register. Para. 3-5. (Deleted) Para. 6. Rules established pursuant to Section 245 a, para. 4, of the Act on Financial Business, cf. Consolidation Act No. 1013 of August 21, 2024, shall remain in force until they are repealed or replaced by new rules issued pursuant to Section 245 a, para. 6, of the Act on Financial Business as amended by Section 2, No. 15, of this Act. Para. 7. Rules established pursuant to Section 267 h of the Act on Financial Business, cf. Consolidation Act No. 1013 of August 21, 2024, shall remain in force until they are repealed or replaced by new rules issued pursuant to Section 267 of the Act on Financial Business as amended by Section 2, No. 19, of this Act. Para. 8-10. (Deleted) Act No. 1668 of December 30, 2024 (Amendment of certain laws and provisions in the area of the Ministry of Business Affairs as a result of task relinquishment) contains the following entry-into-force and transitional provision: Section 17 Para. 1. The Act enters into force on January 1, 2025, cf. however para. 2. Para. 2. (Deleted) April 16, 2026. 151 No. 432.

Para. 3. Section 2, Nos. 3 and 4, and Sections 12 and 14-16, have effect for financial years beginning on January 1, 2024, or later. Para. 4-6. (Deleted) Act No. 52 of January 28, 2025, on independent assurance providers regarding sustainability reporting contains the following entry-into-force provision: Section 66. The Act enters into force on February 1, 2025, cf. however paras. 2 and 3. Para. 2-19. (Deleted) Act No. 712 of June 20, 2025 (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, allocation of responsibility and reporting lines, clearer rules for permission to credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority to approve significant acquisitions of shareholdings in other companies, penalizing the disclosure regulation, modernization of the rules in the AIFM-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 a number of published information etc.)2) , as amended by Act No. 1638 of December 16, 2025, contains the following transitional, effect and entry-into-force provisions: Section 22 Para. 1. The Act enters into force on July 1, 2025, cf. however paras. 2-13. Para. 2 and 3. (Deleted) Para. 4. Section 1, Nos. 1 and 2, Section 5, para. 1, Nos. 61-63, of the Act on Financial Business as amended by Section 1, No. 8, of this Act, Section 1, Nos. 9, 18, 20-22, 28, 30-36, 55, 56, 59, 60, 62-64, 66 and 67, Section 170 b of the Act on Financial Business as amended by Section 1, No. 69, of this Act, Section 1, Nos. 71-77, 79-83, 103, 104, 108, 109, 111-113, 115, 121, 123 and 125, and Section 5, Nos. 3-7, enter into force on January 1, 2026. Para. 5. Section 1, Nos. 100 and 102, Section 2, No. 56, Section 3, No. 42, Section 5, No. 21, Section 6, No. 37, and Section 7, No. 7, enter into force on March 1, 2026. Para. 6. Section 5, para. 1, No. 64, of the Act on Financial Business as amended by Section 1, No. 8, of this Act, Section 1, Nos. 10-16, 37, 40-48, 52-54, 99, 118, 119 and 122, Section 2, Nos. 2-14, 16-43, 49-54, 62-64, 69-76, 78, 80 and 84-87, and Section 3, Nos. 1, 4-6, 8-20, 22-33, 36, 41, 43, 47-49, 56 and 60, enter into force on April 16, 2026. Para. 7. Section 1, Nos. 117, 120 and 124, Section 2, Nos. 77 and 83, Section 3, Nos. 53, 54 and 58, Section 5, Nos. 25, 27 and 31, Section 6, No. 56, Section 7, Nos. 11 and 15, and Section 117, para. 3, of the Act on Company Pension Funds as amended by Section 7, No. 16, of this Act, enter into force on July 2, 2026. Para. 8. (Deleted) Para. 9. Section 1, Nos. 3 and 5, and Section 6, No. 6, enter into force on January 1, 2027. Para. 10. Section 1, No. 98, and Section 2, Nos. 45-48, enter into force on April 16, 2027. Para. 11. (Deleted) Para. 12. Section 1, Nos. 38, 39, 78 and 95, Section 2, No. 44, Section 5, Nos. 8, 9, 12, 13 and 18, Section 6, Nos. 12, 19, 21, 22, 46 and 48, Section 7, Nos. 3-5, and Section 14, No. 4, enter into force on January 10, 2030. Para. 13. (Deleted) Section 23 Section 1, Nos. 65, 69 and 130, have effect from January 1, 2025. Section 24 Para. 1-5. (Deleted) Para. 6. Section 1, No. 5, shall not apply to contracts entered into between credit institutions that have been granted permission in a country outside the European Union, with which the Union has not concluded an agreement in the financial area, and customers residing in Denmark before July 11, 2026. Para. 7. (Deleted) Para. 8. Regulations issued pursuant to Section 71, para. 3, Section 101, para. 5, and Section 124, paras. 7 and 8, of the Act on Financial Business, cf. Consolidation Act No. 1013 of August 21, 2024, shall remain in force until they are repealed or replaced by regulations issued pursuant to Section 71, para. 5, Section 101, para. 7, and Section 124, paras. 7 and 8, of the Act on Financial Business, cf. Section 1, Nos. 30, 37 and 55, of this Act. Para. 9 and 10. (Deleted) Act No. 1636 of December 16, 2025 (Postponement of companies' obligation to report on sustainability and deregistration of auditors or independent assurance providers regarding sustainability reporting)3) contains the following entry-into-force provision: Section 5 Para. 1. The Act enters into force on December 31, 2025, cf. however para. 2. Para. 2. (Deleted) Act No. 1638 of December 16, 2025 (Repeal of national prospectus threshold, partial repeal of prohibition on share classes in financial companies, insurance companies and fund brokerage companies, amendment of publication requirements upon admission to trading on a multilateral trading facility, strengthening of the Danish Financial Supervisory Authority's independence etc.)4) contains the following entry-into-force provision: Section 15 Para. 1. The Act enters into force on January 1, 2026, cf. however paras. 2-13. Para. 2. Section 2, No. 16, enters into force on January 11, 2026. Para. 3 and 4. (Deleted) April 16, 2026. 152 No. 432.

Para. 5. Section 2, Nos. 7, 8, 13-15 and 19, Section 3, Nos. 3-6, 9 and 10, and Section 6, Nos. 1, 2, 6 and 7, enter into force on April 16, 2026. Para. 6. (Deleted) Para. 7. Section 1, Nos. 2, 7, 8, 11-16, 18 and 19, Section 2, No. 17, and Section 4, No. 7, enter into force on June 6, 2026. Para. 8 and 9. (Deleted) Para. 10. Section 1, Nos. 3, 5, 9 and 10, Section 2, Nos. 1 and 3-6, Section 4, No. 3, and Section 5, Nos. 2, 3 and 6, enter into force on December 5, 2026. Para. 11-14. (Deleted) Danish Financial Supervisory Authority, April 16, 2026 Louise Mogensen / Karina Vilhof Ankergren April 16, 2026. 153 No. 432.

2. The amendment of the law concerns the first sentence in the footnote to the law's title, Section 1, para. 2, Section 5, para. 1, Nos. 61-64, Section 7, para. 2, No. 2, and para. 4, Section 10, paras. 1-4, Section 14, para. 1, No. 9, and para. 3, 4 and 11, Section 33 a, para. 2, No. 4, and para. 3, No. 4, Section 61, para. 2, first sentence, Section 61 a, para. 1, No. 5, and para. 4 and 6-10, Section 71, para. 1, No. 4, and para. 3 and 4, Section 72, Section 73, para. 1, fourth sentence, Section 77 a, para. 1, No. 3, letter c, and No. 5, second and third sentences, Section 77 d, para. 1, first sentence, Section 80 b, para. 3, No. 4, Section 101, para. 5 and 6, Section 102, para. 1, 4, 6 and 7, Section 103, para. 1, first sentence, and para. 3, Section 104, paras. 2 and 3, Section 105, para. 1, Section 106 d, para. 2, Nos. 3 and 4, and para. 6, Section 124, paras. 5 and 6, Section 124 b, para. 4, Section 125 c, para. 3, Section 125 h, para. 1, second sentence, Section 140, para. 1, Section 143, para. 1, Nos. 5 and 6, Section 143 a, para. 1, Sections 145-145 d, Sections 170 a and b, Section 175 g, para. 1, third sentence, para. 2, No. 3, para. 4, first sentence, and No. 3, para. 8, first sentence, para. 12, first sentence, and para. 15, Section 202, para. 1, second sentence, Sections 204-204 d, Section 224, para. 1, Nos. 4-6, and para. 4, first sentence, Section 343 x, para. 3, section X i, Section 344, para. 1, first sentence, Section 344 c, para. 3, Sections 344 g and h, Section 347 b, para. 1, fourth sentence, Section 347 c, para. 1, fourth sentence, Section 354, para. 6, Nos. 2 and 36, and para. 13, first sentence, Section 354 e, para. 2, Section 355, para. 2, Nos. 7 and 12, and Section 373, para. 1, and para. 2, first sentence.
3. The amendment of the law concerns Section 193 b.
4. The amendment of the law concerns the first sentence in the footnote to the law's title, Section 5, para. 6, No. 11, Section 14, para. 1, No. 8, Section 64 c, para. 9, Section 106 a, para. 1, No. 6, Section 125, section VIII b, Section 333, para. 1, No. 2, Section 351, para. 4, fourth sentence, para. 5, fourth sentence, and para. 8, Sections 356 a-356 c, and Section 373, paras. 1, 2 and 10. April 16, 2026. 154 No. 432.

Annex 1 Deposit-taking business

1. Receipt of deposits and other repayable funds.
2. Lending business, including inter alia – consumer credit, – mortgage loans, – factoring and discounting, – commercial credits (incl. bill financing), – financial leasing.
3. Payment services as covered by Annex 1 of the Payment Services Act.
4. Issuance and administration of other means of payment (e.g. travelcheques and bankers' drafts), insofar as this activity is not covered by No. 3.
5. Guarantees and commitments.
6. Underwriting and participation in issues of financial instruments and provision of services related to such issues.
7. Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to mergers and acquisitions of undertakings.
8. Money broking.
9. Credit reference activities.
10. Safe deposit box services.
11. Safekeeping and administration of financial instruments for own account in connection with one or more of the instruments mentioned in Annex 2 of the Act on Investment Firms and Investment Services and Activities and safekeeping and administration of mortgage deeds.
12. Other business involving trading in money and credit instruments.
13. Issuance of electronic money, including electronic money tokens as defined in Section 332, No. 3.
14. Issuance of asset-backed tokens as defined in Section 332, No. 2.
15. Provision of crypto-asset services as defined in Section 332, No. 7. April 16, 2026. 155 No. 432.

Annex 2 Credit institution business

1. Receipt of deposits and other repayable funds.
2. Lending business, including inter alia a) consumer credit, b) mortgage loans, c) factoring and discounting, d) commercial credits (incl. bill financing).
3. Financial leasing.
4. Payment services as covered by Annex 1 of the Payment Services Act.
5. Issuance and administration of other means of payment (e.g. travelcheques and bankers' drafts), insofar as this activity is not covered by No. 4.
6. Guarantees and commitments.
7. Trading for own account or for account of customers in respect of a) money-market instruments (cheques, bills, certificates of deposit etc.), b) foreign exchange, c) financial futures and options, d) exchange and interest rate instruments, e) transferable securities.
8. Participation in issues of financial instruments and provision of services related to such issues.
9. Advice to undertakings on capital structure, industrial strategy and related questions and advice and services relating to mergers and acquisitions of undertakings.
10. Money broking.
11. Portfolio management and advice.
12. Safekeeping and administration of financial instruments.
13. Credit reference activities.
14. Safe deposit box services.
15. Issuance of electronic money, including electronic money tokens as defined in Section 332, No. 3.
16. Issuance of asset-backed tokens as defined in Section 332, No. 2.
17. Provision of crypto-asset services as defined in Section 332, No. 7. April 16, 2026. 156 No. 432.

Annex 3 Mortgage lending business

1. Granting of loans secured by registered mortgages on immovable property on the basis of the issue of mortgage bonds or other financial instruments.
2. Granting of loans unsecured by immovable property to public authorities or secured by a guarantee from a public authority.
3. Safekeeping and administration of own mortgage bonds and own other financial instruments. April 16, 2026. 157 No. 432.

Annex 4 (Repealed) April 16, 2026. 158 No. 432.

Annex 5 (Repealed) April 16, 2026. 159 No. 432.

Annex 6 Functions (tasks) covered by collective portfolio management

1. Investment management.
2. Administration: a) Legal and accounting services in connection with fund management. b) Customer inquiries. c) Determination of the net asset value as well as issue and redemption prices (including information sheets). d) Compliance monitoring. e) Updating of investor registers. f) Distribution of profit (distribution and retention of profit). g) Issue and redemption of shares. h) Contract establishment (including issuance of investment certificates). i) Registration.
3. Marketing. April 16, 2026. 160 No. 432.

Annex 7 (Repealed) April 16, 2026. 161 No. 432.

Annex 8 (Repealed) April 16, 2026. 162 No. 432.

Annex 9 Calculations regarding requirements for write-down eligible liabilities and subordination Regarding requirements for write-down eligible liabilities

1. The amount, Y, referred to in Section 267 a, para. 1, No. 4, letter c, is calculated using the following formula: Y=α-(β+γ) (1) α = The amount constituting the requirement for write-down eligible liabilities for the undertaking, which is a subsidiary of the resolution entity, but which is not itself a resolution entity, cf. Section 267, para. 1. β = The own funds issued in accordance with Section 267 e, Nos. 1 and 2. γ = The liabilities issued to and purchased by the resolution entity, either directly or indirectly through other entities in the same resolution group. Regarding requirements for subordination of write-down eligible liabilities.
2. The amount, X, referred to in Section 267 c, para. 2, is calculated using the following formula: X=(1– ( δ )) x 8% of total liabilities (2) (ε+ζ) δ = 3.5 % of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. ε = The sum of 18 % of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. ζ = The combined buffer requirement.
3. The amount, Z, referred to in Section 267 b, para. 1, and Section 267 c, para. 4, is calculated using the following formula: Z=2×η+2×θ+ι (3) η = The amount pursuant to the requirement in Article 92, para. 1, letter c, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions. θ = The amount pursuant to the individual solvency requirement established pursuant to Section 124, para. 3, or individual solvency needs established pursuant to Section 124, para. 2. ι = The amount pursuant to the combined buffer requirement." April 16, 2026. 163 No. 432.

Annex 10 Calculations in relation to the power to prohibit certain distributions

1. The maximum distribution amount, Y, referred to in Section 269 a, para. 1, second sentence, is calculated using the following formula: Y=(α+β-γ)× δ (1) α = Any interim profits that do not form part of the core tier 1 capital according to Article 26, para. 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, after distribution of profits or payments as a result of the actions referred to in Section 269 a, para. 2, Nos. 1-3. β = Any year-end profits that do not form part of the core tier 1 capital according to Article 26, para. 2, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, after distribution of profits or payments as a result of the actions referred to in Section 269 a, para. 2, Nos. 1-3. γ = the amount that would be paid in tax if the items referred to in α and β were retained. δ = 0, if the core tier 1 capital maintained by the entity, and which is not used to meet any of the requirements set out in Article 92 a of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and requirements for write-down eligible liabilities, cf. Section 266, expressed as a percentage of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, is in the first (i.e. lower) quartile of the combined buffer requirement. δ = 0.2, if the core tier 1 capital maintained by the entity, and which is not used to meet any of the requirements set out in Article 92 a of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and requirements for write-down eligible liabilities, cf. Section 266, expressed as a percentage of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, is in the second quartile of the combined buffer requirement. δ = 0.4, if the core tier 1 capital maintained by the entity, and which is not used to meet the requirements set out in Article 92 a of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and requirements for write-down eligible liabilities, cf. Section 266, expressed as a percentage of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, is in the third quartile of the combined buffer requirement. δ = 0.6, if the core tier 1 capital maintained by the entity, and which is not used to meet the requirements set out in Article 92 a of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and requirements for write-down eligible liabilities, cf. Section 266, expressed as a percentage of total risk exposure calculated in accordance with Article 92, para. 3, of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions, is in the fourth (i.e. upper) quartile of the combined buffer requirement.
2. The lower limit for the combined buffer requirement's quartile, X, referred to in No. 1, is calculated with the following formula: April 16, 2026. 164 No. 432.

X= ε × (Qn -1) 4 Qn = The order number of the relevant quartile ε = The combined buffer requirement 3) The upper limit for the combined buffer requirement's quartile, Z, referred to in No. 1, is calculated with the following formula: Z= ε × Qn 4 Qn = The order number of the relevant quartile ε = The combined buffer requirement The maximum distribution amount is reduced by amounts resulting from any of the actions referred to in Section 269 a, para. 2, Nos. 1-3. April 16, 2026. 165 No. 432.