Consolidation Act on Company Pension Funds

Consolidation Act on Company Pension Funds 1)
Hereby is promulgated the Act on Company Pension Funds, cf. Consolidation Act No. 183 of 26 February 2024, with the amendments resulting from Section 6 of Act No. 481 of 22 May 2024, Section 7, Nos. 1, 2, 6-10, 12-14, 16 (partially) and 17, of Act No. 712 of 20 June 2025, Section 2 of Act No. 730 of 20 June 2025, and Section 8 of Act No. 1638 of 16 December 2025. The amendments resulting from Section 7, Nos. 11, 15 and 16 (partially), of Act No. 712 of 20 June 2025 on the amendment of the Act on Financial Undertakings, the Act on Managers of Alternative Investment Funds, etc., the Act on Investment Associations, etc., the Anti-Money Laundering Act and various other acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, division of responsibility and reporting lines, clearer rules for authorization of credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFM-UCITS II Directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submitting a number of published information, etc.), are not incorporated into this consolidation act, as they enter into force on 2 July 2026, cf. Section 22, subsection 7, of Act No. 712 of 20 June 2025. The amendments resulting from Section 7, Nos. 3-5, of Act No. 712 of 20 June 2025 on the amendment of the Act on Financial Undertakings, the Act on Managers of Alternative Investment Funds, etc., the Act on Investment Associations, etc., the Anti-Money Laundering Act and various other acts (Handling of crypto exposures, preparation of ESG transition plans, new documentation requirements for institutions' management structure, division of responsibility and reporting lines, clearer rules for authorization of credit institutions from countries outside the EU/EEA (third countries), new supervisory power for the Danish Financial Supervisory Authority regarding approval of significant acquisitions of capital shares in other companies, criminalization of the disclosure regulation, modernization of the rules in the AIFM-UCITS II Directive, strengthening of the rules on combating national and international money laundering and establishment of a common European access point (ESAP) for submitting a number of published information, etc.), are not incorporated into this consolidation act, as they enter into force on 10 January 2030, cf. Section 22, subsection 12, of Act No. 712 of 20 June 2025.

Chapter 1
Scope of the Act

Section 1. Any pension promise (pension commitment) in connection with an employment relationship must be covered by either an insurance company or a pension fund authorized to carry out insurance business in accordance with the Act on Insurance Business, or by a company pension fund authorized in accordance with this Act.

Subsection 2. However, subsection 1 does not apply to pension promises

made by the state, a municipality or a municipal association,
made to directors or their survivors,
regulated in accordance with special law or
The Act contains provisions implementing parts of Directive 2016/2341/EU of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast), Official Journal of the EU 2016, No. L 354, page 37, and parts of Directive 2018/843/EU of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing and amending Directives 2009/138/EC and 2013/36/EU, Official Journal of the EU 2018, No. L 156, page 43, parts of Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement, Official Journal of the EU 2017, No. L 132, page 1, parts of Directive 2022/2556/EU of the European Parliament and of the Council of 14 December 2022 amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU, 2014/65/EU, (EU) 2015/2366 and (EU) 2016/2341 as regards digital operational resilience for the financial sector, Official Journal of the EU 2022, No. L 333, pages 153-163, and parts of Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain directives as regards the establishment and functioning of the European single access point, Official Journal of the EU, L of 20 December 2023. The Act includes certain provisions from Regulation 2017/2402/EU of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, Official Journal of the EU 2017, No. L 347, page 35, and Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023, Official Journal of the EU, L of 20 December 2023. According to Article 288 of the TFEU, a regulation is directly applicable in each Member State. The reproduction of these provisions in the Act is therefore solely for practical reasons and does not affect the direct applicability of the regulation in Denmark.
Official Gazette A
2026 Published on 18 April 2026
6 April 2026. No. 427.
Ministry of Business,
Danish Financial Supervisory Authority, ref. no. 26-002152 CQ003511
made by municipal associations for whose obligations municipalities are fully liable.

Section 2. This Act applies to any association (pension fund) whose purpose, based on a pension promise, is to secure pensions for employees in connection with employment in a contributing company or in contributing companies within the same group.

Subsection 2. Insurance companies and pension funds supervised under the Act on Insurance Business, and pension promises covered by Section 1, subsection 2, are not covered by this Act.

Subsection 3. A company pension fund that provides civil servant-like pensions, and for whose obligations the state or a municipality is fully liable or guarantees, is not covered by this Act.

Subsection 4. For branches in this country of foreign company pension funds that have been granted permission to carry out pension fund business in a country within the European Union or a country with which the Union has entered into an agreement in the financial area, Section 8, subsections 1 and 2, and Sections 89 and 90 apply.

Subsection 5. The provisions of the Companies Act on branches of foreign public limited companies apply to branches in this country of foreign pension funds that have been granted permission to carry out pension fund business in a country within the European Union or a country with which the Union has entered into an agreement in the financial area.

Subsection 6. For services provided in this country by foreign pension funds that have been granted permission in another country within the European Union or a country with which the Union has entered into an agreement in the financial area, Section 8, subsections 1 and 2, and Sections 89 and 90 apply.

Subsection 7. The Danish Financial Supervisory Authority may lay down less stringent requirements for compliance with the provisions of this Act for company pension funds with fewer than 100 members.

Subsection 8. The Danish Financial Supervisory Authority may, after negotiation with the relevant minister or municipality, decide that a company pension fund, for whose obligations the state or the municipality is fully liable or guarantees, shall be wholly or partly exempted from Section 8, subsection 2, and Sections 12, 15, 16, 21-34, 40, 47, 48, 57, 58 and 75-88.

Chapter 2
Definitions

Section 3. In this Act, the following definitions apply:

Pension scheme: An agreement, contract, trust deed or articles of association, etc., specifying which pension benefits are provided and on what terms.
Contributing company: Any undertaking or other body acting as an employer or self-employed person or any combination thereof, which offers a pension scheme or pays pension contributions to a company pension fund.
Pension benefits: Benefits paid upon reaching or expected to reach retirement age or, in the case of complementary additions to such benefits, upon death, disability or termination of employment, or in the form of support in case of illness, social hardship or death. To facilitate the recipient's financial security in old age, these benefits may consist of lifelong payments, temporary payments, a lump sum or any combination thereof.
Member: A person who is not a pension recipient or a potential member, and whose past or present employment entitles or will entitle that person to receive pension benefits in accordance with the provisions of a pension scheme.
Pension recipient: A person who receives pension benefits from a company pension fund.
Member base: All members and pension recipients in a company pension fund.
Potential member: A person who is entitled to join a pension scheme.
Biometric risks: Risks of death, disability and longevity.
Defined contribution pension scheme: A pension scheme where pension contributions are fixed in advance, and where pension benefits are then calculated based on these contributions.
Defined benefit pension scheme: A pension scheme where pension benefits are fixed in advance, and where pension contributions are then calculated based on these benefits.
Outsourcing: A company pension fund's delegation of an activity area, which is subject to the supervision of the Danish Financial Supervisory Authority, to a provider.
Outsourcing entity: A company pension fund that outsources an activity to a provider.
Provider: An undertaking that carries out tasks for a company pension fund.
Sub-outsourcing: A provider's outsourcing of tasks, which it carries out in accordance with an agreement with a company pension fund, to a sub-provider and the sub-provider's potential further outsourcing of the tasks to the next link in the chain of sub-providers, as well as their potential further outsourcing to other links in the chain of sub-providers.
Beneficial owner: A natural person who ultimately directly or indirectly owns or controls a sufficient proportion of the ownership interests or voting rights, or who exercises control by other means.
Home Member State: The Member State where the company pension fund is registered or has obtained authorization, and where it has its head office.
Host Member State: The Member State whose social and labor law concerning occupational retirement provision applies to the relationship between the contributing company and the members or pension recipients.
Transferring company pension fund: A company pension fund that wholly or partly transfers the obligations, pension provisions and other obligations and rights of a pension scheme, as well as corresponding assets or cash equivalent thereto, to another company pension fund.
6 April 2026. 2 No. 427.
Receiving company pension fund: A company pension fund that wholly or partly receives the obligations, pension provisions and other obligations
the company pension fund's pension regulations or articles of association contain a provision stating that the company pension fund may decide to reduce the pension-signing company's contributions for a period compared to the set contribution (suspension), and
the company pension fund, after suspension, has a basic capital that meets the requirements in Chapter 9.

§ 15. A company pension fund must have pension regulations. The pension regulations must contain:

The articles of association provisions adopted in accordance with § 13, subsection 1, items 1-3.
Rules regarding the size and adjustment of pension commitments, as well as their calculation and payment.
Rules regarding members' rights upon leaving the company pension fund, including the size of or rules for calculating exit compensation and deferred pension.
Rules regarding pension contributions.
Rules regarding the rights and duties of members and pension recipients otherwise.

§ 16. The Companies Act §§ 24-27 apply with the necessary adjustments to company pension funds. If an inaugural general meeting is held, the eligible voters are summoned according to the draft articles of association.
Subsection 2. If an inaugural general meeting is held, it decides by a simple majority of the present eligible voters on the approval of the articles of association and pension regulations, and on whether the company pension fund is to be established. A decision to amend the draft articles of association and pension regulations may be made by a simple majority regardless of the draft's provisions on majority requirements for amendments after establishment. However, a decision on an amendment not specified in the summons requires the consent of all eligible voters. The general meeting's decision on establishment must not be made until the general meeting has approved the articles of association and pension regulations. Subsection 3. When the company pension fund is established, the board of directors and auditors are elected according to the provisions of the articles of association.

§ 17. A company pension fund must be reported for registration with the Danish Business Authority no later than 2 weeks from the signing of the establishment document, or alternatively from the holding of the inaugural general meeting. The application must be received by the Authority within the deadline.
Subsection 2. The report must contain information about the name, function, and residence of the company pension fund's board members and any alternates for these, as well as for directors and auditors, and about the company pension fund's address. The persons entitled to sign for the company pension fund must manually indicate how they will sign.
Subsection 3. Documentation must accompany the report proving that the company pension fund's board members and auditors meet the conditions mentioned in §§ 32, 73, and 74.

§ 18. No later than simultaneously with the report for registration with the Danish Business Authority, the company pension fund must submit an application for permission to the Danish Financial Supervisory Authority.
Subsection 2. The application for permission must be accompanied by a certified extract of the general meeting minutes signed by all board members.

§ 19. A company pension fund may not be registered with the Danish Business Authority until the Danish Financial Supervisory Authority has granted permission.
Subsection 2. Information about the matters mentioned in § 13, subsection 1, items 1, 2, 5, 6, and 9, and § 17, subsection 2, is entered in the register.
Subsection 3. Upon granting permission or changes to a permission, the Danish Financial Supervisory Authority simultaneously sends a copy to the Danish Business Authority. The Danish Business Authority registers the date of permission.

§ 20. A company pension fund that is not registered cannot acquire rights or enter into obligations.
Subsection 2. If pension commitments are given despite the provision in § 12, subsection 1, before registration has taken place, those who gave the commitment on behalf of the company pension fund or are responsible for it are jointly and severally liable for the fulfillment of the agreement. If the company pension fund acknowledges the obligations no later than 4 weeks after registration, the liability of the aforementioned persons ceases, provided that the member's security is not thereby significantly impaired. Agreements of the aforementioned kind are not binding on the member before the company pension fund's acknowledgment of the obligations. Subsection 3. For other obligations entered into on behalf of the company pension fund before registration, those who entered into the obligation or are responsible for it are jointly and severally liable. Upon registration, the company pension fund assumes the obligations, provided that the counterparty's security is not thereby significantly impaired.

§ 21. The Companies Act Chapter 2 applies to reporting and registration.
Subsection 2. If changes occur in matters reported to the Danish Business Authority, a new report must be made, which must be accompanied by documentation for the lawful adoption of the change. § 19, subsection 1, applies correspondingly.
Subsection 3. Reporting to the Danish Business Authority about changes to the company pension fund's articles of association must be received no later than 2 weeks after the change is adopted. The report must contain a dated copy of the articles of association with the complete new wording to the Danish Business Authority, which forwards a copy to the Danish Financial Supervisory Authority.

§ 22. The Danish Financial Supervisory Authority may set detailed rules on

the content of company pension funds' articles of association and pension regulations, and
the demarcation between company pension fund business and other insurance business.

Chapter 6
General Meeting in Company Pension Funds

§ 23. Members' and pension recipients' right to make decisions in the company pension fund is exercised at the general meeting. However, the articles of association may stipulate that the election of the board of directors or the amendment of the articles of association or pension regulations is carried out by the company pension fund's members and pension recipients by ballot. Subsection 2. Every member and every pension recipient who, according to the company pension fund's articles of association, has access to participate in the general meeting, has the right to speak. In votes, every member and every pension recipient has one vote. However, the right to vote may be restricted in the company pension fund's articles of association for persons who have previously been employed in the company and who, according to the provisions in the company pension fund's articles of association, have retained the right to pension regardless of the termination of employment. The articles of association may set detailed rules on voting. Subsection 3. Every member and every pension recipient has the right to have a specific item processed at the general meeting if a written request is made to the board of directors within the deadline set in the articles of association. Subsection 4. Members of the board of directors and the management, the responsible actuary, and the auditors have access to participate in the general meeting and to speak there, but do not have the right to vote, cf. however subsection 2. Subsection 5. No later than 2 weeks before the general meeting, the agenda and the complete proposals, and for the ordinary general meeting, also the annual accounts with audit report and annual report, must be made available to the members and pension recipients.

§ 24. An ordinary general meeting must be held no later than 4 months after the end of each financial year. At this meeting, the annual accounts with audit report and annual report must be presented.
Subsection 2. At the ordinary general meeting,

a decision must be made on the use of surplus or coverage of losses according to the approved annual accounts,
the statutory or articles of association personnel elections must be made, and
a position must be taken on other questions that, according to the articles of association or at the request of the board of directors, an auditor, the responsible actuary, the Danish Financial Supervisory Authority, a member, or a pension recipient, are placed on the agenda.
Subsection 3. The year's surplus and the company pension fund's reserves, including accumulated surplus, may be used for the payment of funds to the pension-signing company or temporary suspension of the pension-signing company's contributions under the conditions specified in § 14.

§ 25. An extraordinary general meeting may be held when the board of directors finds it appropriate. An extraordinary general meeting must be summoned no later than 14 days after it is requested in writing for the processing of a specific item by one-tenth of all members and pension recipients, by the responsible actuary, by an auditor, or by the Danish Financial Supervisory Authority.

§ 26. All matters at the general meeting are decided by a simple majority, unless this law or the articles of association stipulate otherwise. If the votes are tied, elections must be decided by lot, unless the articles of association stipulate otherwise.
Subsection 2. Matters not placed on the agenda can only be decided by the general meeting if all eligible voters consent. However, the ordinary general meeting can always decide on matters that, according to the articles of association or § 24, must be processed at such a general meeting, and it can be decided to summon an extraordinary general meeting to process specific items.

§ 27. A decision to amend a company pension fund's articles of association or pension regulations can only be adopted if at least two-thirds of the votes cast approve it. The decision must otherwise meet the additional provisions that the articles of association may contain.
Subsection 2. Amendments to the articles of association or pension regulations that significantly limit the pension commitments of members and pension recipients must be submitted to the members and pension recipients in writing for their position and do not take effect for the members and pension recipients who indicate within a response deadline that they do not wish to approve the changes, cf. however §§ 28 and 75.

§ 28. Amendments to articles of association or pension regulations that the Danish Financial Supervisory Authority has ordered a company pension fund to make in accordance with Chapter 12, and which have not obtained the necessary votes, are deemed validly adopted if the number of votes against the amendments is not greater than required by the articles of association for a decision on the dissolution of the company pension fund.

Chapter 7
Management and Structure

§ 29. A company pension fund must have effective forms of corporate governance, including

a clear organizational structure with a well-defined, transparent, and consistent distribution of responsibilities,
good administrative and accounting practices,
written business procedures for all significant activity areas,
effective procedures to identify, manage, monitor, and report on the risks that the company pension fund is or may be exposed to,
the resources necessary for the proper implementation of its business and a suitable use of these,
procedures for the separation of functions in connection with handling and preventing conflicts of interest,
comprehensive internal control procedures, and
secure control and security measures in the IT area and, where relevant, specifically network and information systems established and managed in accordance with the Regulation of the European Parliament and of the Council on digital operational resilience in the financial sector.
Subsection 2. The Minister for Business Affairs may set detailed rules on the matters mentioned in subsection 1.

§ 30. A company pension fund must have a board of directors consisting of 1 chairman and a number of other board members, of whom at least half are elected by and among the members of the company pension fund, unless the Danish Financial Supervisory Authority allows another composition of the board of directors with regard to the company pension fund's circumstances. Subsection 2. A board member may withdraw from the board at any time. A board member may be dismissed at any time by the person who elected or appointed them. The term of office for board members must end at the conclusion of an ordinary general meeting, but no later than 4 years after the board member was elected.

§ 31. The board of directors of a company pension fund must appoint a director who must not be a member of the board of directors.
Subsection 2. The Danish Financial Supervisory Authority may, in special cases and with regard to the company pension fund's circumstances, grant a dispensation from the requirement in subsection 1. If a company pension fund does not have a director, cf. § 120, or if the Danish Financial Supervisory Authority has granted a dispensation from the requirement in accordance with the first sentence, the duties assigned to the director by law are performed by the board of directors.

§ 32. Board members and directors must be persons of full age.
Subsection 2. The provisions regarding board members also apply to alternates for these.

§ 33. The board of directors and the director manage the company pension fund and must ensure a secure organization and administration of the company pension fund.
Subsection 2. The director handles the daily management and must follow the guidelines and instructions given by the board of directors. Dispositions that, according to the company pension fund's circumstances, are of an unusual nature or of great significance can only be made by the director with special authorization from the board of directors. If the board of directors' decision cannot be awaited without significant disadvantage to the company pension fund, the director may nevertheless make such dispositions. The board of directors must be informed as soon as possible about the disposition taken. Subsection 3. The board of directors must ensure that bookkeeping and asset management are controlled in a manner that is satisfactory according to the company pension fund's circumstances. The director must ensure that the company pension fund's bookkeeping is carried out in accordance with the legislation's rules thereon, and that asset management takes place in a secure manner. Subsection 4. Prokura (power of attorney) can only be granted by the board of directors and can only be granted to two or more persons jointly.

§ 34. The board of directors of a company pension fund must

determine which main types of activities the company pension fund is to perform,
identify and quantify the company pension fund's significant risks and determine its risk profile, including setting which and how large risks the company pension fund may take on, and
determine policies for how the business is to manage each of the company pension fund's significant activities and the risks associated with them, taking into account the interaction between these.
Subsection 2. Based on the determined risk profile and the determined policies, the board of directors must give the director written guidelines, which must at minimum contain
controllable frameworks for which and how large risks the director may impose on the company pension fund,
the principles for calculating the individual risk types,
rules on which dispositions require the board of directors' approval and which dispositions the director may make as part of their position, and
rules on how and to what extent the director must report to the board of directors on the company pension fund's risks, including on the use of the frameworks in the guidelines for the director and on compliance with the limits set in the legislation regarding the risks that the company pension fund may take on.
Subsection 3. The board of directors must continuously take a position on whether the company pension fund's risk profile and policies, as well as the guidelines for the director, are secure in relation to the company pension fund's activities, organization, and resources, including capital and liquidity, and the market conditions under which the company pension fund's activities are conducted. Subsection 4. The board of directors must continuously assess whether the director performs their tasks in accordance with the determined risk profile, the determined policies, and the guidelines for the director. The board of directors must take appropriate measures if this is not the case. Subsection 5. The board of directors must ensure that its members have sufficient collective knowledge, professional competence, and experience to understand the company pension fund's activities and the risks associated with them. Subsection 6. The Minister for Business Affairs may set detailed rules on the obligations that apply to the board of directors and the director in a company pension fund in accordance with subsections 1-5.

§ 35. The board of directors must appoint a responsible actuary who must perform the necessary insurance technical functions, including calculations and investigations. The position of responsible actuary cannot be combined with the position as a member of the management or board of directors in the company pension fund.
Subsection 2. The responsible actuary must ensure that the company pension fund complies with its technical basis etc. In this connection, the responsible actuary must review the actuarial content of the company pension fund's activities and material otherwise, and ensure that the technical basis etc., cf. § 47, is at all times in accordance with the requirements mentioned in § 48, subsections 1-3. Subsection 3. The responsible actuary must immediately report any disregard of the matters mentioned in subsection 2 to the Danish Financial Supervisory Authority. The responsible actuary has the right to demand all information necessary for the performance of the duties, including from the board of directors, management, and key persons. The Danish Financial Supervisory Authority may demand the information from the responsible actuary that is necessary to assess the company pension fund's financial position. Subsection 4. The responsible actuary must annually submit a report to the Danish Financial Supervisory Authority. Subsection 5. The Danish Financial Supervisory Authority may set detailed rules on the matters mentioned in subsections 1-4, including on the requirements a person must meet to be appointed as a responsible actuary.

§ 36. A company pension fund must, as part of a secure organization and administration, have the following key functions:

A risk management function.
An internal audit function.
An actuarial function, if the company pension fund provides coverage of biometric risks or guarantees either an investment return or a certain benefit level.
Subsection 2. The management must designate a key person for each of the key functions who is responsible for the function.
Subsection 3. The management must ensure that the persons performing a key function can perform their tasks effectively and in an objective, fair, and independent manner.
Subsection 4. A single person or an organizational unit may perform more than one key function and other operational tasks except for the internal audit function, which must be independent of the other key functions. The board of directors may appoint the responsible actuary as the key person for the actuarial function.
Subsection 5. The key person must report on all significant investigation results and recommendations within their area of responsibility to the management. The management then has a duty to decide which measures must be taken. If the key person reports to the board of directors in advance, the key person must continue to report to the board of directors, and the report must reach the management. The management's duties under this provision will then be imposed on the board of directors. Subsection 6. A key person must notify the Danish Financial Supervisory Authority if the company pension fund's management or board of directors does not take appropriate corrective measures in time and at minimum in the following cases:
When the key person has identified a significant risk that the company pension fund is unlikely to meet a significant legal requirement, and has reported this to the management, and where this may have a considerable impact on the interests of members and pension recipients.
When the key person has established a significant violation of the laws or administrative provisions applicable to company pension funds and their activities, and has reported this to the management.
Subsection 7. The rules in § 45 apply with the necessary adjustments to key persons who have notified the Danish Financial Supervisory Authority in accordance with subsection 6.
Subsection 8. The Minister for Business Affairs may set detailed rules for the key functions mentioned in subsection 1, including on the key functions' tasks and areas of responsibility.

§ 37. A board member or a director must not participate in the processing of questions regarding agreements between the company pension fund and themselves, regarding lawsuits against themselves, or regarding agreements between the company pension fund and a third party or lawsuits against a third party, if the person has a significant interest therein that may conflict with the company pension fund's interests.

§ 38. The company pension fund is bound by legal transactions entered into on its behalf by the entire board of directors or by members of the board of directors or by the director, cf. however subsection 2.
Subsection 2. The signing authority that, according to subsection 1, belongs to members of the board of directors or the director, can only be exercised by two persons jointly. This signing authority can be further restricted in the articles of association such that the signing authority can only be exercised by two or more specific persons jointly or by more than two persons jointly. Other restrictions on the signing authority cannot be established.

§ 39. The chairman must ensure that the board of directors holds meetings when this is necessary, and must ensure that all members are summoned. A member of the board of directors, a director, an auditor, or the responsible actuary can demand that the board of directors be summoned. A director, an auditor, or the responsible actuary has the right to participate in and speak at the board of directors' meetings, unless the board of directors decides otherwise in a single matter. Subsection 2. A protocol must be kept of the discussions in the board of directors, which is signed by all present members. A board member, the responsible actuary, an auditor, or a director who disagrees with the board of directors' decision has the right to have their opinion entered in the protocol. Subsection 3. The board of directors must make detailed provisions on the execution of its duties by means of a code of conduct. Subsection 4. The Danish Financial Supervisory Authority may set detailed rules on the content of the code of conduct.

§ 40. The board of directors is decision-making when more than half of the members are represented, provided that no greater requirements are set according to the articles of association. A decision must not, however, be made without all board members having had the opportunity to participate in the processing of the matter to the extent possible. If a member of the board of directors is absent, and an alternate has been elected, the alternate must be given access to take the member's place as long as the absence lasts. Unless otherwise decided by the board of directors or stipulated in the articles of association, a member may in individual cases grant power of attorney to another member instead of summoning an alternate, if this is secure with regard to the subject of the discussions. Subsection 2. The matters processed in the board of directors are decided by a simple majority, unless a special majority is required according to the articles of association. It can be stipulated in the articles of association that the chairman's vote is decisive in case of a tie.

§ 41. A company pension fund can outsource any activity entirely or partially to suppliers.
Subsection 2. The company pension fund retains full responsibility for the execution of the tasks when it outsources key functions or other activities.
Subsection 3. Outsourcing of key functions or other activities must not take place in any other way that may lead to

deterioration of the quality of the management system in the relevant company pension fund,
unlawful increase in operational risk,
deterioration of the Danish Financial Supervisory Authority's opportunity to control that the company pension fund fulfills its obligations, or
undermining of ongoing and comprehensive service provision to members and pension recipients.

Subsection 4. The company pension fund must, through the process for selecting suppliers and the ongoing monitoring of suppliers' activities, ensure that outsourced activities are handled properly.

Subsection 5. Company pension funds that outsource key functions, management of the business, or other activities covered by this Act must enter into a written agreement with the supplier. The agreement must have legal effect and must clearly and explicitly describe the rights and obligations of the company pension fund and the supplier.

Subsection 6. The company pension fund must notify the Danish Financial Supervisory Authority (Finanstilsynet) in good time about outsourcing of activities covered by the Act. If the outsourcing concerns the company pension fund's key functions or management, this must be reported to the Danish Financial Supervisory Authority before the agreement regarding such outsourcing enters into force. The company pension fund must notify the Danish Financial Supervisory Authority of any subsequent significant changes to the outsourced activities.

Subsection 7. The Danish Financial Supervisory Authority may set detailed rules on outsourcing.

Section 42. A member of the board of directors and the executive management, as well as employees who are key persons in a company pension fund,

must have sufficient knowledge, professional competence, and experience to be able to perform the office or position,
must have a sufficiently good reputation and be able to demonstrate honesty, integrity, and sufficient independence in performing the office or position,
must not be subject to criminal liability for violation of the Criminal Code, financial legislation, or other relevant legislation, if the violation implies a risk that the person cannot perform their office or position in a satisfactory manner,
must not have filed a petition for or be under restructuring proceedings, bankruptcy, or debt settlement, and
must not have exhibited such conduct that there is reason to assume that the person will not perform the office or position in a responsible manner.

Subsection 2. When a person assumes an office as a board member or a position as director or key person in a company pension fund, the Danish Financial Supervisory Authority ensures that the person meets the suitability and integrity requirements in subsection 1. The Danish Financial Supervisory Authority makes a decision on whether the person can hold the office or position in the company in question.

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. In special cases, when the Danish Financial Supervisory Authority assesses that a person does not have sufficient professional prerequisites or experience relative to the position as director or key person to which the person is assessed, the Danish Financial Supervisory Authority may make a decision that the person may hold the position under further specified conditions.

Subsection 5. A member of the board of directors, executive management, or employee who is a key person in a company pension fund must inform the Danish Financial Supervisory Authority of matters mentioned in subsection 1 in connection with entering the company pension fund and of matters mentioned in subsection 1, items 2-5, if these matters change subsequently.

Section 43. The Minister for Business Affairs may set rules for company pension funds regarding definitions of other employees whose activities have significant influence on the company pension fund's risk profile.

Subsection 2. The Minister for Business Affairs may set rules for company pension funds regarding remuneration policy and compensation for the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile.

Subsection 3. The Minister for Business Affairs may set rules regarding company pension funds' obligation to publish information about compensation for the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile.

Section 43a. If a company pension fund 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 two accounting years including pension, the company pension fund must 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 pension fund's website at the same location where the company pension fund's remuneration policy is published, and must take place as soon as possible and no later than 3 business days after the agreement is entered into. Information about a member of the executive management's severance scheme must be available as long as the agreement is valid.

Section 43b. Salary during a notice period agreed upon for a member of the executive management in a company pension fund, which is not counterbalanced by a normal work obligation, must be paid monthly during the notice period.

Section 43c. A severance payment to a member of the executive management in a company pension fund must reflect the results achieved in performing the position, and must not reward misconduct or lack of results.

Subsection 2. The severance payment must be paid in monthly installments corresponding to the recipient's average monthly salary including pension in the last accounting year.

Subsection 3. Payment of the severance payment may begin earliest after any salary in the notice period has been paid out in full.

Subsection 4. The board of directors must recommend withholding payment of the severance payment if the board assesses that the director, during their employment, exhibited conduct that may be considered serious managerial negligence. The board of directors must withhold payment of the severance payment if the company pension fund is charged with criminal offenses attributable to the director, or if the board becomes aware that the director is charged with criminal offenses committed in connection with their employment in the company pension fund.

April 6, 2026. 9 No. 427.

Subsection 5. The board of directors must demand repayment of a severance payment that has been paid out wholly or partially, before the board has become aware of conduct or circumstances covered by subsection 4.

Section 43d. Sections 43a-43c cannot be derogated from by agreement, including agreement on a severance scheme for a member of the executive management in a company pension fund, entered into with another company in the group that is not covered by the rules.

Section 43e. A company pension fund must adopt a written remuneration policy that promotes sound and effective risk management.

Subsection 2. The company pension fund's remuneration policy must be gender-neutral.

Section 43f. The highest body of the company pension fund must approve the company pension fund's remuneration policy, cf. Section 43e, including guidelines for variable pay allocation and guidelines for severance payments, upon any significant change and at least every fourth year. The company pension fund's remuneration policy must be published on the company pension fund's website as soon as possible after approval. The remuneration policy must remain publicly accessible on the website as long as it is valid.

Subsection 2. The chairman of the company pension fund's board of directors must in their report to the company pension fund's highest body account for the compensation of the company pension fund's board of directors and executive management. The account must contain information about compensation in the previous accounting year and about expected compensation in the current and coming accounting year. The chairman of the board of directors must explain and justify the content of the remuneration policy and its compliance in their report to the company's highest body.

Subsection 3. The company pension fund's highest body must approve the compensation of the company pension fund's board of directors for the current accounting year.

Subsection 4. The board of directors of the company pension fund must annually prepare and publish a remuneration report.

Subsection 5. The remuneration report must contain the following:

Information about the total remuneration that each member of the board of directors and executive management has earned from the company pension fund and other companies within the same group as part of this office in the last 3 years, including information about the most important content of retention and severance schemes.
An account of the link between management's compensation and the company pension fund's strategy and relevant goals thereof.

Subsection 6. As soon as possible after the holding of the general meeting, the remuneration report must be published on the company pension fund's website. The remuneration report must 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.

Outsourcing

Section 43g. In a company pension fund's outsourcing of activities to a supplier, the company pension fund must ensure that compensation for management and other employees whose activities have significant influence on the company pension fund's risk profile, at the supplier, takes place within the framework of the company pension fund's remuneration policy. It must appear from the agreement between the company pension fund and the supplier that the company pension fund's remuneration policy must be observed.

Subsection 2. Subsection 1 does not apply to the extent that the supplier is already subject to rules on compensation in financial regulation.

Compensation for Management and Other Employees Whose Activities Have Significant Influence on the Company Pension Fund's Risk Profile

Section 43h. In company pension funds' compensation of the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile, the company pension fund must ensure that the following are fulfilled:

The variable pay components to a member of the board of directors or executive management may at the time of calculation of the variable pay component amount to maximum 50 pct. of respectively the honorarium and the fixed basic salary including pension.
The variable pay components to other employees whose activities have significant influence on the company pension fund's risk profile may amount to maximum 100 pct. of the fixed basic salary including pension at the time of calculation of the variable pay.
The company pension fund's highest body may however decide that the variable pay components to other employees whose activities have significant influence on the company pension fund's risk profile, cf. item 2, may amount to up to 200 pct. of the fixed basic salary including pension at the time of calculation of the variable pay component, provided that the following requirements are fulfilled:
a) The company pension fund must, no later than at the convocation to the highest body's meeting, inform the highest body that a decision is desired on the use of a higher maximum ceiling for the variable pay components. b) The highest body must make the decision on the use of a higher maximum ceiling for the variable pay components based on a detailed recommendation from the company pension fund, which justifies the proposal thereto, including the number of affected employees, their areas of work, the new proposed maximum ceiling, and the expected impact on the company pension fund's ability to maintain a sound capital base. Members of the highest body must receive the recommendation no later than simultaneously with the convocation to the highest body's meeting. c) The company pension fund must, no later than simultaneously with the transmission of the recommendation to members of the highest body, cf. letter b, inform the Danish Financial Supervisory Authority about the recommendation to the highest body, including the proposed higher maximum ceiling and the justification for the proposal. The company pension fund must, upon request from the Danish Financial Supervisory Authority, prove that the proposed higher maximum ceiling is not in conflict with the company pension fund's obligations under the Act and rules issued pursuant to Section 43, subsection 2, including the capital base requirements.

April 6, 2026. 10 No. 427.

d) The decision on the use of a higher maximum ceiling must be approved by the company pension fund's highest body with at least 66 pct. of the votes cast, provided that at least 50 pct. of the voting members are represented at the meeting. If less than 50 pct. of the voting members are represented at the meeting, the decision must be approved by at least 75 pct. of the votes cast. An employee who is a member of the highest body in the company pension fund must not participate in the vote thereon at the highest body's meeting if the employee has a significant interest in the decision that may conflict with the company pension fund's interests. e) The company pension fund must, no later than 8 days after the highest body's meeting, inform the Danish Financial Supervisory Authority about the highest body's decision, including the size of any decided higher maximum ceiling.
4) At least 50 pct. of a variable pay component to the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile, must at the time of calculation of the variable pay consist of a balance of subordinated debt in the company pension fund or other instruments that in an appropriate degree reflect the company pension fund's creditworthiness as a company pension fund, if the activity is presumed to continue. The instruments may be issued in the company pension fund or its parent company, which owns the company pension fund fully.
5) Payment of at least 40 pct. of a variable pay component, for larger amounts at least 60 pct., takes place over a period of at least 4 years with commencement 1 year after the calculation date, however for the board of directors and executive management at least 5 years. The payment must take place with an equal distribution over the years or with an increasing share at the end of the period.
6) The company pension fund may refrain from paying out a variable pay component wholly or partially, if the company pension fund at the time of payment of the variable pay component does not comply with the solvency capital requirement in Section 54, or if the Danish Financial Supervisory Authority assesses that there is a nearby risk thereof.
7) The company pension fund must not pay variable pay to the board of directors or executive management, if the Danish Financial Supervisory Authority pursuant to Section 83 requires the company pension fund to prepare a plan for restoring the company pension fund's economic situation.

Subsection 2. For the board of directors and executive management, stock options in the parent company or similar instruments may amount to maximum 12.5 pct. of respectively the honorarium and the fixed basic salary including pension at the time of calculation thereof.

Subsection 3. A company pension fund must ensure that subordinated debt, instruments etc., which are transferred to the board of directors, executive management, or other employees whose activities have significant influence on the company pension fund's risk profile, as part of the variable pay mentioned in subsection 1, item 4, must not be disposed of by these persons in an appropriate period.

Subsection 4. A company pension fund must ensure that payment of the deferred variable pay component, cf. subsection 1, item 5, to the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile, is conditional on the criteria that formed the basis for the calculation of the variable pay component continuing to be fulfilled at the time of payment, conditional on the individual not having participated in or been responsible for conduct that resulted in significant losses for the company, or not having complied with appropriate requirements for integrity, and conditional on the company's economic situation not being significantly deteriorated compared to the time of calculation of the variable pay component.

Subsection 5. A company pension fund must ensure that the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile, and who receive variable pay, must repay the variable pay wholly or partially, if the variable pay was paid out based on information about results that can be documented to be incorrect, and if the recipient of the variable pay is in bad faith.

Subsection 6. If a company pension fund awards the board of directors, executive management, and other employees whose activities have significant influence on the company pension fund's risk profile a pension benefit that constitutes variable pay, cf. Section 3, item 28, the company pension fund must, if the recipient leaves the company pension fund before the pension date, retain this pension benefit in the form of instruments as mentioned in subsection 1, item 4, for 5 years. Subsections 4 and 5 apply correspondingly to the cases mentioned in the first sentence. If the recipient is a member of the board of directors or employed in the company pension fund at retirement age, the company pension fund must pay out the variable part of the pension benefit to the recipient in the form of the instruments mentioned in subsection 1, item 4, without possibility of disposal or utilization for a period of 5 years. Subsection 5 applies correspondingly to the cases mentioned in the third sentence.

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

Section 44. A company pension fund must have an arrangement whereby the employee via a special, independent, and autonomous channel can report violations or potential violations of financial regulation committed by the company pension fund, including by employees or members of the board of directors in the company pension fund. Reports to the arrangement can be made anonymously. The company pension fund must follow up on reports to the arrangement and be able to document in writing how the company pension fund has followed up on the reports. The Act on Protection of Whistleblowers applies to the arrangement in the first sentence.

Subsection 2. The arrangement in subsection 1 can be established via collective agreement.

Subsection 3. Subsections 1 and 2 only apply to a company pension fund that employs more than five employees. The arrangement mentioned in subsections 1 and 2 must be established no later than 3 months after the company pension fund has hired the sixth employee.

April 6, 2026. 11 No. 427.

Paragraph 4. The Danish Financial Supervisory Authority may in special cases grant dispensation from the requirement in paragraph 1, if the Danish Financial Supervisory Authority assesses that it would be pointless to establish a scheme.

Section 45. A company pension fund 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 company pension fund's breach or potential breach of financial regulation to the Danish Financial Supervisory Authority or to a scheme within the company pension fund. The same applies to the determination, allocation, and payment of variable remuneration to employees or former employees.

Paragraph 2. Employees or former employees may be awarded compensation in accordance with the principles of the Act on Equal Treatment of Men and Women regarding Employment and other matters, if their rights have been infringed by a breach of paragraph 1. The compensation is determined with regard to the employee's or former employee's period of employment and the circumstances of the case otherwise.

Paragraph 3. Paragraphs 1 and 2 may not be derogated from by agreement to the detriment of the employee or former employee.

Section 45a. If an employee or former employee and a company pension fund 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.

Paragraph 2. Notwithstanding paragraph 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 company pension fund. The same applies to reports to schemes under Section 44.

Section 46. A company pension fund and its employees must not unjustifiably disclose or exploit confidential information that the company pension fund or its employees have become aware of in the course of their duties.

Paragraph 2. The person who receives information under paragraph 1 is subject to the duty of confidentiality mentioned in paragraph 1.

Chapter 8
Technical Basis and Pension Provisions

Section 47. The company pension fund's technical basis and other relevant matters must be reported to the Danish Financial Supervisory Authority, no later than at the time the basis is put into use. The same applies to any subsequent changes to the aforementioned matters. The report must include an indication of:

the types of pensions that the company pension fund intends to use,
the basis for calculating pension contributions, severance pay, and the capital value of the accrued pension,
rules for calculating and distributing surplus to members, pension recipients, and other pension beneficiaries under the pension agreement,
principles for reinsurance, including amount limits,
rules for when members and pension recipients must provide health information to assess risk conditions,
the basis for calculating pension provisions, and
rules according to which pension schemes with ongoing payments taken out or agreed as mandatory schemes in a company pension fund or an insurance company can be transferred from or to the company pension fund in connection with a change of employment or in connection with a business transfer or business conversion.

Paragraph 2. The Danish Financial Supervisory Authority may lay down detailed provisions on the matters mentioned in paragraph 1, including on whether and to what extent the reports must be publicly accessible.

Section 48. Information reported under Section 47, paragraph 1, items 1-5, must be reassuring and reasonable for the individual member, the individual pension recipient, and other pension beneficiaries under the pension agreement. Hereunder, the company pension fund must, as a general principle, where relevant, take into account having a reasonable distribution of risks and benefits between generations in its activities.

Paragraph 2. The reported rules for calculating and distributing surplus, cf. Section 47, paragraph 1, item 3, must be precise and clear and must lead to a reasonable distribution.

Paragraph 3. The calculation elements, including interest rates, cost rates, and statistical calculation elements, which form the basis for calculating contributions, severance pay, and deferred pensions, must be chosen with caution and must be in accordance with the rules issued pursuant to Section 47, paragraph 2. The calculation elements which form the basis for calculating pension provisions must be in accordance with the rules issued pursuant to Section 51, paragraph 5.

Paragraph 4. If the requirements in paragraphs 1-3 or in rules issued pursuant to paragraph 5, Section 47, paragraph 2, and Section 51, paragraph 5, are not met, the Danish Financial Supervisory Authority shall order the company pension fund to make the necessary changes. The Danish Financial Supervisory Authority may set a deadline for the company pension fund's compliance with such orders.

Paragraph 5. The Danish Financial Supervisory Authority may lay down detailed rules on the requirements mentioned in paragraphs 1-3.

Section 49. A company pension fund must have sufficient suitable assets, the total value of which at all times corresponds at least to the value of the company pension fund's total pension provisions. To ensure the presence of the assets mentioned in the first sentence, the company pension fund must keep a register containing a record of:

the assets, the total value of which at all times corresponds at least to the value of the company pension fund's total pension provisions, and
the value of financial contracts that reduce the risk that the assets under item 1 may not cover the pension obligations.

Paragraph 2. The assets in the register mentioned in paragraph 1 must solely serve to satisfy the membership and the beneficiaries.

Paragraph 3. The company pension fund must continuously report to the Danish Financial Supervisory Authority which assets are registered.

Paragraph 4. The Danish Financial Supervisory Authority may require the assets in the register to be deposited and pledged in favor of the Danish Financial Supervisory Authority, if the Danish Financial Supervisory Authority decides pursuant to Section 87, paragraph 3, to restrict or prohibit the company's disposal of its assets. The Danish Financial Supervisory Authority must be registered as the pledgee, and any subsequent change in the deposited asset mass must be approved by the Danish Financial Supervisory Authority and noted in the register.

Paragraph 5. The Danish Financial Supervisory Authority may lay down detailed rules on the content, calculation, reporting, registration, and control of the presence of the assets entered in the register.

Section 50. The assets, cf. Section 49, are calculated according to the following rules:

The assets are calculated and adjusted continuously in accordance with the rules set for annual reports under Section 65, cf. Section 71.
Deductions must be made for any encumbered part, and loans can only be included to a value that results after deducting liabilities that can be offset against the borrower.
Financial contracts that reduce the risk that the assets may not cover the pension obligations must be included with the value of such contracts in the value of the assets.
Claims for unpaid interest on assets are included in the value of the assets.
Derivative instruments must be calculated with caution.

Section 51. A company pension fund must at all times and for all pension schemes administered by the company pension fund calculate the size of the liabilities corresponding to the financial obligations incurred by the membership.

Paragraph 2. If the company pension fund provides coverage for biometric risks or guarantees a certain investment return or a certain benefit level, it must be ensured that the company pension fund makes sufficient pension provisions to cover all such pension schemes.

Paragraph 3. The pension provisions are calculated every year. However, the Danish Financial Supervisory Authority may allow them to be calculated only every third year, if the company pension fund proves that adjustments have been made in the intervening years. The adjusted development in the pension provisions and the changes in the risks covered must be documented for the Danish Financial Supervisory Authority.

Paragraph 4. The calculation of the pension provisions is carried out and attested by an actuary using the actuarial methods, cf. paragraph 5, which are in accordance with the following principles:

The minimum amount of the pension provisions must be calculated using a sufficiently cautious actuarial valuation, taking into account all obligations regarding benefits and contributions that follow from the company pension fund's pension schemes.
The maximum interest rates must be chosen with caution.
The biometric tables used in the calculation of the pension provisions must be based on cautious principles.
The method and basis for calculating the pension provisions must as a rule remain constant from one financial year to the next. However, they may be changed when this is justified by changes in the legal, demographic, or economic conditions underlying the assumptions.

Paragraph 5. The Danish Financial Supervisory Authority may lay down additional and more detailed requirements related to the calculation of pension provisions with the aim of ensuring that the interests of members and pension recipients are sufficiently safeguarded.

Chapter 9
Solvency

Section 52. The company pension fund must at all times have a basic capital sufficient in relation to its total business, which corresponds at least to the requirements in Sections 53-55.

Section 53. The basic capital may consist of the company pension fund's equity, which is free from any foreseeable liability and with the deduction of intangible assets, including:

Paid-in capital shares or effective guarantee capital as well as all accounts belonging to the members, which meet the following criteria:
a) The articles of association must stipulate that payments from these accounts to members can only be made if the basic capital does not thereby fall below the required level, or if the entire company pension fund's other debt is settled after the company pension fund's dissolution. b) The articles of association must stipulate, with regard to the payments referred to in letter a, when these occur for reasons other than individual member termination, that the Danish Financial Supervisory Authority is notified thereof at least 1 month in advance, and that the Danish Financial Supervisory Authority may prohibit the payment within this period. c) The relevant provisions in the articles of association can only be changed after the Danish Financial Supervisory Authority has declared that it has no objections to the change, cf. however the criteria referred to in letters a and b.
Legal and free reserves that do not correspond to liabilities.
The dividend or loss after deduction of dividend that must be paid.
The bonus reserves that are recorded on the balance sheet, insofar as they can be used to cover any losses and are not set aside for distribution to members and pension recipients.

Paragraph 2. The basic capital is reduced by the company pension fund's direct holding of its own shares and tax assets, except for the value of tax assets which it would be in an administration situation, cf. Section 87 and Section 35 of the Pension Returns Taxation Act.

Paragraph 3. The basic capital may also consist of:

Cumulative preference shares and subordinated deposit capital up to 50 pct. of the lesser of the amounts for the basic capital and the capital requirement, of which subordinated deposit capital with a fixed maturity or cumulative preference shares with a fixed maturity may at most constitute 25 pct., provided that in the event of the company pension fund's bankruptcy or liquidation there are binding agreements that subordinated deposit capital or preference shares are subordinated to all other claims and are satisfied first when all other outstanding debt has been paid.
Securities with indefinite maturity and other instruments, including other cumulative preference shares than those referred to in item 1, up to 50 pct. of the basic capital or the capital requirement, whichever amount is lower, for all the securities and subordinated deposit capital referred to in item 1, provided that they meet the following conditions:
a) They must not be repayable at the holder's initiative or without the Danish Financial Supervisory Authority's prior consent. b) Agreements in connection with the debt issuance must give the company pension fund the opportunity to defer payment of interest on the debt. c) The lender's claim against the company pension fund must be subordinated to all other non-subordinated debt. d) The documents governing the issuance of the securities must contain a provision that debt and unpaid interest can be used to cover losses, while the company pension fund must be able to continue its business. e) Only actually paid-in amounts can be taken into consideration.

Paragraph 4. The subordinated deposit capital referred to in paragraph 3, item 1, must further meet the following conditions:

Only actually paid-in funds can be taken into consideration.
For deposit capital with a fixed maturity, the original maturity must be at least 5 years. No later than 1 year before the repayment date, the company pension fund must submit to the Danish Financial Supervisory Authority for approval a plan on how the basic capital will be maintained at or brought up to the required level upon the expiration of the maturity, unless the share that the subordinated deposit capital can constitute of the basic capital is gradually reduced during at least the last 5 years before the agreed repayment day. The Danish Financial Supervisory Authority may grant permission for an earlier repayment of such funds, provided that the issuing company pension fund applies for this and its basic capital does not thereby fall below the required level.
For deposit capital for which no maturity has been set, a notice period of 5 years must apply, unless the deposit capital is no longer counted as an element of the basic capital, or unless the Danish Financial Supervisory Authority's prior consent is specifically required for early repayment. In the latter case, the company pension fund must notify the Danish Financial Supervisory Authority at least 6 months before the date of the proposed repayment, indicating the basic capital and the capital requirement before and after this repayment. The Danish Financial Supervisory Authority's permission for the repayment of such funds presupposes that the company pension fund's basic capital does not thereby fall below the required level.
The loan agreement must not contain any clause that the debt, under specified circumstances other than the liquidation of the company pension fund, must be repaid before the agreed due dates.
The loan agreement can only be changed after the Danish Financial Supervisory Authority has declared that it has no objections to the change.

Paragraph 5. With the permission of the Danish Financial Supervisory Authority, the basic capital may also consist of the following:

If Zillmerizing is not used, or if Zillmerizing is used which does not reach the acquisition costs that are included in the premium, the difference between the pension provision that is not Zillmerized or partially Zillmerized and a pension provision that is Zillmerized with a Zillmerizing rate equal to the acquisition costs included in the premium must be included.
The hidden net reserves that have arisen as a result of the valuation of assets, insofar as such hidden net reserves do not have the character of an exceptional case.
Half of the unpaid share capital or endowment fund, when the paid-in part constitutes 25 pct. of this capital or fund, at most with an amount corresponding to 50 pct. of the basic capital or of the capital requirement, whichever amount is lower.

Paragraph 6. The amount referred to in paragraph 5, item 1, must not exceed 3.5 pct. of the sum of the difference between the capital value of life insurance and pension benefits and pension provisions for all policies where Zillmerizing is possible. This difference is reduced by an amount corresponding to any unamortized acquisition costs that are recorded as an asset.

Paragraph 7. The basic capital is calculated based on the company pension fund's equity calculated according to the same principles that apply in the company pension fund's annual accounts.

Section 54. The company pension fund must at all times be in possession of a basic capital that corresponds at least to the capital requirement calculated as indicated in paragraphs 2-6 depending on the company pension fund's liabilities.

Paragraph 2. The capital requirement is equal to the sum of the following two results:

The figure corresponding to 4 pct. of the pension provisions regarding direct company pension fund business and takeovers of reinsurance without deduction for the provision of reinsurance is multiplied by the proportion which must be at least 85 pct., which existed in the last financial year between the total amount of the pension provisions with deduction for the provision of reinsurance and the gross amount of the pension provisions.
For the contracts where the risk sum is not negative, the figure which constitutes 0.3 pct. of the risk sum that the company pension fund has assumed responsibility for is multiplied by...

for, with the ratio, which must be at least 50 pct., that existed in the last financial year between the size of the risk sum for which the company pension fund remains liable after the provision of reinsurance and retrocession, and the size of the risk sum without deduction of the provision of reinsurance. For terminating death insurance with a term of up to 3 years, the percentage is 0.1 pct. For death insurance with a term of more than 3 years, but not more than 5 years, the percentage is 0.15 pct.

Subsection 3. For accessory insurance covered by insurance class no. iii, cf. Annex 1, the capital requirement is equal to the capital requirement set out in Section 55.

Subsection 4. For capitalization business covered by insurance class no. v, cf. Annex 1, the capital requirement is equal to 4 pct. of the pension provisions calculated as specified in subsection 2, no. 1.

Subsection 5. For tontine business covered by insurance class no. iv, cf. Annex 1, the capital requirement is equal to 1 pct. of this business's assets.

Subsection 6. For insurance linked to investment funds and covered by insurance class no. i and ii, cf. Annex 1, and for business covered by insurance class no. vi and vii, cf. Annex 1, the capital requirement is equal to the sum of the following:

To the extent that the company pension fund assumes investment risk, 4 pct. of the pension provisions calculated as specified in subsection 2, no. 1.
To the extent that the company pension fund does not assume investment risk, but where the amount covering operating costs is set for a period of more than 5 years, 1 pct. of the pension provisions calculated as specified in subsection 2, no. 1.
To the extent that the company pension fund does not assume investment risk and the amount covering operating costs is not set for a period of more than 5 years, an amount corresponding to 25 pct. of the administrative net costs for the last financial year in connection with such insurance and operations.
To the extent that the company pension fund assumes death risk, 0.3 pct. of the risk sum calculated as specified in subsection 2, no. 2.

Section 55. For the accessory insurance mentioned in Section 54, subsection 3, the capital requirement is determined on the basis of either the annual premium or contribution amount or the average of claims in the last 3 financial years.

Subsection 2. The size of the capital requirement is equal to the higher of the two results specified in subsections 3 and 4.

Subsection 3. The premiums or contributions used must be the largest of either the gross value of the written premiums or contributions as calculated below or the gross value of the earned premiums or contributions. The premiums or contributions including accessory additions to premiums or contributions that enter into direct insurance business during the last financial year are added together. To this is added the amount for premiums received for all reinsurance during the last financial year. From this is deducted the total amount of premiums or contributions cancelled during the last financial year as well as the total amount of taxes and duties on the premiums and contributions that enter into the total income. The resulting amount is divided into two, where the first part goes up to 50 million euros and the second part covers the remaining amount. Fractions are calculated at 18 pct. and 16 pct. of these parts, respectively, which are added together. The sum thus calculated is multiplied by the ratio that for the sum of the last 3 financial years exists between the size of the insurance benefits that the company pension fund is liable for after deduction of recoverable amounts in connection with reinsurance, and the gross amount of insurance benefits. This ratio must not be less than 50 pct.

Subsection 4. Calculation of the basis for the requirement is the amounts paid out in direct insurance, without deduction of claims owed to reinsurers and retrocessionaires, for claims during the periods mentioned in subsection 1 added together. To this is added the amount for claims paid out during the same periods for liabilities taken over by reinsurance or retrocession, and the amount for provisions for claims not yet settled, determined at the end of the last financial year for both direct business and liabilities taken over by reinsurance. From this is deducted the recovery amounts received during the periods mentioned in subsection 1. From the remaining amount is deducted the amount for provisions for claims not yet settled, determined at the beginning of the second financial year preceding the last completed financial year, for both direct business and liabilities taken over by reinsurance. One third of the resulting amount is divided into two, of which the first part goes up to 35 million euros and the second part covers the remaining amount. Fractions are calculated at 26 pct. of the first part and 23 pct. of the second part, which are added together. The sum thus calculated is multiplied by the ratio that for the sum of the last 3 financial years exists between the size of the insurance benefits that the company pension fund is liable for after deduction of recoverable amounts in connection with reinsurance, and the gross amount of insurance benefits. This ratio must not be less than 50 pct.

Subsection 5. If the capital requirement calculated in subsections 2-4 is lower than the capital requirement for the previous years, the capital requirement must be at least equal to the capital requirement for the previous years multiplied by the ratio between the pension provisions for outstanding compensation costs at the end of the most recent financial year and the pension provisions for outstanding compensation costs at the beginning of the last financial year. As part of these calculations, the pension provisions are calculated as a net amount of reinsurance, but the ratio must not be higher than 1.

Section 56. The Danish Financial Supervisory Authority may set detailed rules for the publication of the capital requirement in accordance with Section 54.

Chapter 10
Investment

Section 57. A company pension fund must invest its assets in accordance with the prudent person principle, including according to the following rules:

The assets must be invested so that the long-term interests of the membership as a whole are best served. Where there is a risk of conflict of interest, the company pension fund must ensure that investments are made exclusively in the interest of the membership.
The company pension fund may take into account the long-term impact of investment decisions on environmental, social, and governance issues.
The assets must be invested in such a way that security, quality, liquidity, and profitability are ensured in the total investment portfolio.
The assets must be invested predominantly on regulated markets. Investments in assets not listed for trading on a regulated capital market must in any case be kept at a prudent level.
Investments in derivative instruments are possible to the extent that such instruments contribute to reducing investment risks or promoting efficient portfolio management. The company pension fund must furthermore avoid excessive risk exposure to a single counterparty and to other derivative transactions.
The assets must be diversified in such a way as to avoid disproportionate dependence on a specific asset or a specific issuer or group of companies and an excessive accumulation of risk in the total portfolio. Investments in assets issued by the same issuer or by issuers belonging to the same group must not expose the company pension fund to an excessive risk concentration.
No more than 5 pct. of the total portfolio may be invested in the pension-insuring company, and when the pension-insuring company belongs to a group, no more than 10 pct. of the portfolio may be invested in companies belonging to the same group as the pension-insuring company. If there are a number of pension-insuring companies in the same group that have insured pensions through a company pension fund, investments in these pension-insuring companies must be made with due regard to the need for adequate diversification.

Subsection 2. The Danish Financial Supervisory Authority may grant exemptions from subsection 1, no. 6 and 7, for investments in government bonds.

Subsection 3. The Danish Financial Supervisory Authority may set detailed rules regarding the matters mentioned in subsection 1.

Active Ownership

Section 57a. A company pension fund that makes investments directly or through a fund manager in shares traded on a regulated market must prepare and publish an active ownership policy describing how the company pension fund integrates active ownership into its investment strategy.

Subsection 2. The active ownership policy, cf. subsection 1, must describe how the company pension fund

monitors companies in which it invests, within relevant areas, including strategy, financial and non-financial results, risk, capital structure, social and environmental impact, and good corporate governance,
engages in dialogue with companies in which it invests,
exercises voting rights and other rights attached to shares,
cooperates with other shareholders,
communicates with relevant stakeholders in companies in which it invests, and
handles actual and potential conflicts of interest in connection with the company's active ownership.

Subsection 3. A company pension fund must annually publish how its active ownership policy has been implemented, including a general description of voting and a report on the most significant votes and the use of advisory proxy services.

Subsection 4. A company pension fund must publish how it has voted at general meetings of companies in which it holds shares. Votes that are insignificant due to the subject matter of the vote or the size of the shareholding in the company in question may be omitted from the publication.

Subsection 5. A company pension fund may choose not to comply with one or more of the requirements in subsections 1-4 if the company pension fund publishes a clear and reasoned explanation of why it has chosen this.

Subsection 6. The information to be published in accordance with subsections 1-5 must be freely available on the company pension fund's website.

Subsection 7. If a fund manager implements the active ownership policy, including voting, on behalf of a company pension fund, the company pension fund must refer to the location where the fund manager has published information on voting.

Subsection 8. Rules on conflicts of interest in other legislation applicable to company pension funds apply correspondingly in connection with activities relating to active ownership.

Section 57b. A company pension fund that makes investments directly or through a fund manager in shares traded on a regulated market must publish how the main elements of its share investment strategy are consistent with the profile and duration of the pension liabilities, including in particular the long-term liabilities, and how the main elements contribute to the assets' performance over the medium to long term.

Subsection 2. When a fund manager invests on behalf of a company pension fund either discretely or through an investment undertaking, the company pension fund must publish the following information about its fund management arrangement:

How the arrangement incentivizes the fund manager to align its investment strategy and investment decisions with the profile and duration of the company pension fund's pension liabilities, in particular long-term liabilities.
How the arrangement incentivizes the fund manager to make investment decisions based on assessments of financial and non-financial results over the medium to long term for the company in which it invests, and to engage with companies in which it invests to improve their medium to long-term results.
How the method and time horizon for evaluating the fund manager's performance and remuneration for the fund manager's services are consistent with the profile and duration of the company pension fund's pension liabilities, in particular long-term liabilities, and take into account long-term results.
How the company pension fund monitors the fund manager's portfolio turnover costs, and how it establishes and monitors a target portfolio turnover or target turnover interval.
The duration of the arrangement with the fund manager.

Subsection 3. The company pension fund must give a clear and well-reasoned explanation if the arrangement mentioned in subsection 2 does not include one or more of the aspects mentioned in subsection 2, no. 1-5.

Subsection 4. The information mentioned in subsections 1-3 must be freely available on the company pension fund's website and must be updated annually, unless there are no significant changes.

Section 58. A company pension fund must prepare a written statement of its investment principles.

Subsection 2. The statement must at a minimum describe methods for measuring investment risks, the risk management processes used, and strategic asset allocation taking into account the nature and duration of pension liabilities, as well as whether and, if so, how the investment policy takes into account environmental, social, and governance issues.

Subsection 3. The statement must be reconsidered at least every third year and must be revised immediately following any significant change in investment policy.

Subsection 4. The statement must be made publicly available.

Chapter 11
Annual Reports, Audit, and Examination

Section 59. Company pension funds must prepare an annual report, which must consist of at least a management report, a management statement, and an annual financial statement consisting of a balance sheet, an income statement, notes, including a statement of accounting policies, and a statement of changes in equity. When an annual financial statement has been audited, the auditor's report forms part of the annual report.

Subsection 2. The annual report must be prepared in accordance with the rules in this chapter and rules established pursuant to Section 71.

Section 60. The board of directors and the management must prepare the annual report for the company pension fund.

Subsection 2. Each individual member of the 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 of the management is responsible for ensuring that the annual financial statement and any group financial statement can be audited in a timely manner, and that the annual report can be approved in a timely manner.

Subsection 3. Each individual member of the board of directors is responsible for ensuring that the annual report is reported to the Danish Financial Supervisory Authority, cf. Section 69, subsection 1, and the Danish Business Authority, cf. Section 70, subsection 1, within the deadlines set in legislation.

Section 61. When the annual report has been prepared, all members of the board of directors and the management must sign it and date the signature. They must give their signature in connection with a management statement, where the name and function of each individual member of the management in relation to the company pension fund are clearly indicated, and in which they declare whether

the annual report has been prepared in accordance with the requirements of legislation as well as any requirements in the articles of association or agreement,
the annual financial statement and any group financial statement give a true and fair view of the assets and liabilities, financial position, and results of the company pension fund and, if a group financial statement has been prepared, the group, and
the management report contains a true and fair description of the development in the company pension fund's and, if a group financial statement has been prepared, the group's activities and economic conditions as well as a description of the significant risks and uncertainties that the company pension fund or the group may be affected by.

Subsection 2. If the annual report is signed digitally, cf. Section 115, 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 signatory's name must, however, appear clearly in connection with the management statement.

Subsection 3. If supplementary reports have been inserted into the annual report, the members of the board of directors and the management must declare in the management statement whether the report gives a true and fair description within the framework of generally accepted guidelines for such reports.

Subsection 4. Even if a member of the management 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 member of the management may, however, indicate their objections with a concrete and comprehensive justification in connection with their signature and the management statement.

Section 62. The annual financial statement and any group financial statement must give a true and fair view of the assets and liabilities and financial position of the company pension fund and the group as well as the results. The management report must contain a true and fair description of the matters the report concerns.

Subsection 2. If the application of provisions in this law or rules issued pursuant to Section 71 is not sufficient to give a true and fair view as mentioned in subsection 1, additional information must be given in the annual financial statement or group financial statement, respectively.

Subsection 3. If the application of provisions in this chapter or rules issued pursuant to Section 71 in special cases conflicts 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 pension fund's or the group's assets and liabilities and financial position as well as results.

§ 63. In order for the annual accounts and any group accounts to give a true and fair view, and for the management report to contain a true and fair review, as referred to in § 61, the rules in subsections 2 and 3 must be complied with.

Subsection 2. The annual report shall be drawn up in such a way as to support the users of financial statements in their economic decisions. Such users of financial statements are persons, companies, organizations and public authorities etc., whose economic decisions are normally expected to be influenced by an annual report, including members, pension recipients, potential members, creditors, employees, customers, alliance partners, the local community and grant-giving and fiscal authorities. The economic decisions concerned shall in minimum concern

the allocation of the user's own resources,
the management by the board of the company pension fund's resources, and
the distribution of the company pension fund's resources.

Subsection 3. The annual report shall be drawn up in such a way as to disclose matters that are normally relevant to the users of financial statements, as referred to in subsection 2. The disclosures shall additionally be reliable, in relation to what the users of financial statements normally expect.

§ 64. The annual report shall be drawn up in accordance with the following basic assumptions:

It shall be drawn up in a clear and comprehensible manner.
Account shall be taken of the actual circumstances and not of formalities without real content.
All relevant matters shall be included in the annual report, unless they are insignificant. If several insignificant matters are considered significant in aggregate, they shall however be included.
The operation of an activity is assumed to continue, unless all or some activities are not to be or are not expected to be able to continue. Classification and presentations as well as recognition and measurement shall be adapted with a view to the winding up of the activity or activities concerned.
Any change in value shall be shown regardless of the impact on equity and the income statement.
Transactions, events and changes in value shall be recognized when they occur, regardless of the time of payment.
Recognition methods and measurement bases shall be applied uniformly to the same category of matters.
Each transaction, event and change in value shall be recognized and measured separately, and the individual matters shall not be offset against each other.
The opening balance for the financial year shall correspond to the closing balance for the preceding financial year.

Subsection 2. Presentation and classification, consolidation method, recognition method and measurement basis as well as the monetary unit used shall not be changed from year to year. Change may however be made if a true and fair view is thereby better achieved, or if the change is necessary as a result of new rules.

Subsection 3. Subsection 1, items 6-9, and subsection 2 may be departed from in special cases. § 62, subsection 3, second sentence, shall apply correspondingly.

§ 65. The assets and liabilities of the company pension fund, which are not pension provisions, shall be measured at fair value, unless otherwise provided in accordance with § 71. Assets and liabilities, which are not pension provisions, shall be written up and down in accordance herewith, and write-ups and write-downs shall be recognized in the income statement, unless otherwise provided in accordance with § 71.

Subsection 2. Fair value shall be measured at the market value that can be established for the asset or liability on an active market. If an asset or a liability, which is not a pension provision, is not traded on an active market, an accepted method shall be used for calculating the fair value of the asset or liability concerned.

Subsection 3. The pension provisions shall be calculated and determined in accordance with § 51 and rules issued in pursuance thereof.

§ 66. The financial year shall follow the calendar year.

Subsection 2. The first financial period may cover a shorter or longer period than 12 months, but not more than 18 months.

Subsection 3. The company pension fund shall ensure that subsidiaries have the same financial year as the company pension fund, unless this is not possible due to circumstances beyond the control of the company pension fund and the subsidiary.

§ 67. Recognition, measurement and disclosures in monetary units shall be made in Danish kroner or in euros.

§ 68. The annual report shall be audited by the company pension fund's external auditor, as referred to in § 73. The auditor shall give an opinion on whether the information in the management report is consistent with the annual accounts and any group accounts.

§ 69. The annual report shall, in the form in which it is presented and approved by the board, be reported to the Danish Financial Supervisory Authority (Finanstilsynet) without undue delay after the board meeting where the annual report is finally approved.

Subsection 2. The external auditor's audit report concerning the annual report and, for company pension funds with an internal auditor, the internal audit chief's audit report concerning the annual report shall be reported to the Danish Financial Supervisory Authority simultaneously with the reporting of the annual report pursuant to subsection 1.

§ 70. The approved annual report shall be reported to the Danish Business Authority (Erhvervsstyrelsen) without undue delay after final approval and no later than 4 months after the end of the financial year. Upon receipt, the Danish Business Authority sends a copy of the annual report to the Danish Financial Supervisory Authority.

Subsection 2. The submitted annual report shall in minimum contain the mandatory components and the full audit opinion. If the external auditor does not keep an audit report concerning the annual report, other corresponding documentation shall be submitted.

Subsection 3. The Danish Financial Supervisory Authority may, after consultation with the Danish Business Authority, establish detailed rules on reporting to the Danish Business Authority and rules on the publication of annual reports. Detailed rules may be established therein, that the annual reports shall be reported digitally to the Danish Business Authority, and that communication in connection therewith shall take place digitally.

April 6, 2026. 18 No. 427.

§ 71. The Danish Financial Supervisory Authority establishes detailed rules for the annual report, including on the recognition and measurement of assets, liabilities, income and expenses, the presentation of the income statement and balance sheet as well as requirements for notes and the management report.

Subsection 2. The Danish Financial Supervisory Authority also establishes rules for group accounts, including for when an annual report shall include a group account, and which companies this shall cover.

Subsection 3. The Danish Financial Supervisory Authority may establish rules for the preparation and publication of financial reports covering periods shorter than the annual report.

§ 72. In order to ensure that the annual reports of company pension funds are in compliance with the rules in this chapter and the rules issued in pursuance of § 71, the Danish Financial Supervisory Authority may

provide guidance,
point out violations, and
order that errors be corrected and violations be brought to an end.

§ 73. Sections 133 and 144-149 and § 74, § 78, subsection 5, § 193, § 199, subsections 1-7 and 11, and § 194 of the Companies Act apply to company pension funds with the necessary adaptations. Section 74, § 78, subsection 5, § 193, § 199, subsections 1-7 and 11, and § 194 of the Insurance Business Act apply to company pension funds with the necessary adaptations.

Subsection 2. Section 133 of the Companies Act applies correspondingly to the relationship between a company pension fund and the company providing the pension.

§ 74. Sections 150-152 of the Companies Act apply with the necessary adaptations for company pension funds.

Chapter 12
Transfer of Pension Commitments, Termination and Crisis Management

§ 75. A company pension fund may not, without the permission of the Danish Financial Supervisory Authority, transfer all or part of the pension commitments to an insurance company or to another company pension fund. The same applies if pension commitments are transferred together with the company pension fund's other assets and liabilities or part thereof. § 27, subsection 1, applies correspondingly.

Subsection 2. In connection with a transfer, only such changes may be made in the company pension fund's pension terms, including changes to bonus rules, as the Danish Financial Supervisory Authority deems a necessary consequence of the transfer.

Subsection 3. Before the Danish Financial Supervisory Authority grants permission for a transfer, the company pension fund shall send to each individual member and pension recipient covered by the transfer a statement concerning the intended transfer, approved by the Danish Financial Supervisory Authority. The statement shall describe the transfer and its consequences for the membership base and shall urge the membership base to notify the Danish Financial Supervisory Authority in writing of objections to the transfer within a deadline set by the Danish Financial Supervisory Authority.

Subsection 4. After the expiry of the deadline mentioned in subsection 3, the Danish Financial Supervisory Authority, taking into account the objections raised, decides whether the pension commitments may be transferred in accordance with the proposal submitted. The transfer may not be invoked as a basis for terminating the pension agreement.

Subsection 5. If all of the company pension fund's assets and liabilities are transferred to an insurance company or another pension fund, the Danish Financial Supervisory Authority shall of its own motion notify the Danish Business Authority of the dissolution of the company pension fund.

§ 76. The Minister of Business Affairs may establish rules pursuant to which Sections 237-253 of the Companies Act apply with the necessary adaptations to the merger of company pension funds covered by § 2 or the merger of a pension fund and a subsidiary.

Subsection 2. Section 236 of the Companies Act applies where the merger takes place in accordance with the rules established pursuant to subsection 1.

§ 77. The Minister of Business Affairs may establish rules pursuant to which Sections 254-270 of the Companies Act apply with the necessary adaptations to the split of a company pension fund covered by § 2.

Subsection 2. Section 254, subsection 1, fourth sentence, of the Companies Act applies where the split takes place in accordance with the rules established pursuant to subsection 1.

Subsection 3. Section 254, subsection 2, of the Companies Act does not apply where the split takes place in accordance with the rules established pursuant to subsection 1.

§ 78. Unless otherwise provided in legislation, a decision to dissolve a company pension fund is implemented by liquidation. The general meeting may choose one or more liquidators to carry out the winding up. In company pension funds where the company providing the pension appoints members of the board who hold the voting majority, the liquidator is appointed by the company providing the pension. The Danish Financial Supervisory Authority may appoint a liquidator to carry out the liquidation together with the liquidators chosen by the general meeting or appointed by the company providing the pension, if the interests of the members or creditors so dictate. If a liquidator is not appointed in accordance with the second or third sentence, the Danish Financial Supervisory Authority appoints one or more liquidators.

Subsection 2. If a company pension fund enters liquidation, the Danish Financial Supervisory Authority may decide that the pension fund's pension base be taken under administration.

§ 79. The decision on liquidation shall be registered with the Danish Business Authority. The liquidator shall report notification thereof to the Danish Financial Supervisory Authority and the Danish Business Authority, such that these have received the notifications, no later than 14 days after the decision is made. If the decision is made in pursuance of § 88, item 3, the Danish Financial Supervisory Authority shall of its own motion notify the Danish Business Authority. The liquidation is deemed to have commenced at the time when the Danish Financial Supervisory Authority made the decision thereon.

Subsection 2. The liquidator takes the place of the board and the management. The Act's provisions on the board apply to the liquidator with the necessary adaptations.

Subsection 3. A liquidator may at any time be dismissed by the person who chose, appointed or appointed the person in question.

Subsection 4. A company pension fund under liquidation shall retain its name with the addition "in liquidation".

Subsection 5. The Act's provisions on the preparation of accounts, audit, general meetings and reporting of the annual report to the Danish Financial Supervisory Authority and Sections 221, 223 and 224 of the Companies Act apply to a company pension fund under liquidation. The Danish Financial Supervisory Authority may grant dispensation from the provisions.

April 6, 2026. 19 No. 427.

§ 80. The division of a company pension fund's assets after satisfaction of creditors shall take place in accordance with the provisions of the articles of association. The funds registered in pursuance of § 49 serve solely for the satisfaction of pension obligations. The division of the company pension fund's assets may not be made before the Danish Financial Supervisory Authority has approved a plan therefor.

§ 81. A petition for bankruptcy, which is submitted on behalf of a company pension fund, may only be submitted by the board or, if the company pension fund is under liquidation, by the liquidator or the Danish Financial Supervisory Authority. A company pension fund that is under bankruptcy shall retain its name with the addition "under bankruptcy". The bankruptcy court gives notice to the Danish Business Authority of the commencement and termination of the bankruptcy. In connection with the termination of the bankruptcy, the company pension fund is deleted by the Danish Business Authority in the Danish Business Authority's systems.

Subsection 2. If the company pension fund is under liquidation, and the liquidator finds that the liquidation will not provide full coverage to creditors and the membership base, the liquidator shall summon a general meeting with a view to making a decision on submitting a petition for bankruptcy.

Subsection 3. The Danish Financial Supervisory Authority may submit a petition for bankruptcy when a company pension fund becomes insolvent. The Danish Financial Supervisory Authority's decision to submit a petition for bankruptcy may not be appealed pursuant to § 112.

Subsection 4. If a company pension fund is declared bankrupt, the base of pension commitments is taken under administration by the Danish Financial Supervisory Authority, and the bankruptcy court transfers the funds mentioned in § 49 to the Danish Financial Supervisory Authority. The individual pension beneficiaries may not make claims against the bankruptcy estate. On the other hand, the Danish Financial Supervisory Authority may register in the bankruptcy estate an amount corresponding to the difference between the pension provisions at the time of the bankruptcy and the value of the funds registered in pursuance of § 49.

Subsection 5. The Danish Financial Supervisory Authority may further, on behalf of the administration estate, demand an amount corresponding to the capital requirement at the beginning of the administration estate.

Subsection 6. The Danish Financial Supervisory Authority appoints a liquidator to oversee the division of the registered funds. Sections 227-235 of the Insurance Business Act on the administration of a life insurance base also apply to a base of pension commitments.

§ 82. The Danish Financial Supervisory Authority may order the management of a company pension fund to have a statement prepared concerning the company pension fund's financial position and future prospects. The company pension fund's board, management and audit and the responsible actuary shall, by signing the order to the Danish Financial Supervisory Authority, confirm that they have been made aware of the content of the communication.

Subsection 2. The statement shall

be accompanied by an opinion from the company pension fund's audit, unless the statement as a whole is prepared by this,
be submitted to the company pension fund's board for approval, and
be reported in copy to the Danish Financial Supervisory Authority.

§ 83. The Danish Financial Supervisory Authority shall order a company pension fund to prepare a recovery plan if the company pension fund has insufficient assets to cover the pension provisions. The plan shall aim at the restoration of the assets within a reasonable time, as set by the Danish Financial Supervisory Authority.

Subsection 2. The recovery plan shall be concrete and feasible and shall take into account the company pension fund's concrete circumstances, including in particular

the structure of the assets and liabilities,
the risk profile,
the liquidity plan,
the age profile of the membership base, and
new schemes and schemes that move from no or only partial capital coverage to full capital coverage.

Subsection 3. The recovery plan shall be approved by the Danish Financial Supervisory Authority.

Subsection 4. If the pension scheme is wound up during the period mentioned in subsection 1, second sentence, the company pension fund shall notify the Danish Financial Supervisory Authority and establish a procedure for the transfer of the assets and the corresponding liabilities to another company pension fund or an insurance company. The procedure shall be communicated to the Danish Financial Supervisory Authority and made available to the membership base.

Subsection 5. The rules in §§ 75 or 92 apply to a transfer in pursuance of subsection 4.

Subsection 6. If the company pension fund operates cross-border service business in pursuance of § 89, and the company pension fund's assets are not sufficient to cover the pension provisions, the Danish Financial Supervisory Authority shall immediately order the company pension fund to prepare appropriate measures and implement these without undue delay.

§ 84. The Danish Financial Supervisory Authority may order a company pension fund within a deadline set by the Authority to take the measures that are necessary if

the company pension fund does not comply with this Act or rules issued in pursuance of the Act,
the company pension fund does not comply with its articles of association or the basis applicable to the business,
the manner in which the company pension fund's funds are invested is not secure,
it turns out that the funds belonging to the coverage of the pension provisions are not calculated sufficiently cautiously,
the company pension fund's financial position is so deteriorated that the interests of the membership base are exposed to danger,
the Danish Financial Supervisory Authority does not find a recovery plan pursuant to § 83 secure, or if there has been a deterioration of the company pension fund's financial position in relation to the plan, or
there is a significant risk that the company pension fund's financial position develops in such a way that the company pension fund will lose its permission to operate a company pension fund.

Subsection 2. If the ordered measures are not taken within the deadline set in accordance with subsection 1, and the April 6, 2026. 20 No. 427.

If the omission is likely to endanger the membership, the pension commitments may be taken under administration in accordance with the provisions of Sections 227-235 of the Insurance Business Act.

Subsection 3. The pension commitments shall be taken under administration if it appears that the funds necessary to cover the pension provisions cannot be obtained within the time limit set in accordance with Subsection 1.

Subsection 4. If the Danish Financial Supervisory Authority finds that, when the pension commitments are taken under administration, it is also required that the company pension fund be dissolved, the Authority shall make a decision to that effect.

Section 85. As part of measures under Section 84, Subsection 1, the Danish Financial Supervisory Authority may prohibit the company pension fund from disposing of its assets or restrict its disposal thereof. Section 49, Subsection 4, and rules issued pursuant to Section 49, Subsection 5, also apply in these cases.

Section 86. The Danish Financial Supervisory Authority may revoke the license to conduct pension fund business if:

the company pension fund requests this,
the company pension fund commits serious or repeated violations of this Act or rules issued pursuant to this Act,
the company pension fund does not meet the requirements in Chapter 5,
pension fund business is not conducted for a period of more than 6 months,
the company pension fund has not, within the time limits set by the Danish Financial Supervisory Authority, implemented the measures specified in the recovery plans referred to in Section 83, or
an order under Sections 48 or 84 has not been complied with within a time limit set by the Danish Financial Supervisory Authority.

Section 87. A company pension fund shall be dissolved if:

it has no board of directors or responsible actuary and this is not remedied within a time limit set by the Danish Financial Supervisory Authority,
such a large part of the membership leaves the company pension fund in connection with the sale of part of the pension-providing company that it will endanger the rights of the remaining pensioners and members according to the articles of association and regulations,
the pension-providing company is completely closed down,
the company pension fund's liabilities are fully redeemed, or
the company pension fund's license is revoked.

Subsection 2. If a company pension fund is to be dissolved in accordance with Subsection 1, the Danish Financial Supervisory Authority may decide that the pension commitments shall be sought to be transferred to an insurance company or to another pension fund, or that the portfolio of pension commitments shall be taken under administration in accordance with Sections 227-235 of the Insurance Business Act, or that a distribution of the company pension fund's assets shall take place.

Subsection 3. The Danish Financial Supervisory Authority may, in connection with the revocation of the company pension fund's license, prohibit the company pension fund from disposing of its assets or restrict its disposal thereof. Section 49, Subsection 4, and rules issued pursuant to Section 49, Subsection 5, also apply in these cases.

Section 88. A decision on the dissolution of a company pension fund may only be made:

at a general meeting in connection with a transfer of the entire portfolio under Sections 75 or 92,
at a general meeting if no members or pensioners object to the dissolution, or
by the Danish Financial Supervisory Authority if the dissolution referred to in Section 87 does not take place.

Chapter 13
Cross-Border Activities and Transfers

Section 89. A foreign pension fund that has been granted permission to conduct pension fund business in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area may offer pension schemes in Denmark 6 weeks after the Danish Financial Supervisory Authority has received the following information from the home country's supervisory authority:

The name of the pension-providing company.
A description of the main characteristics of the pension scheme to be managed for the pension-providing company.

Subsection 2. The Danish Financial Supervisory Authority shall, no later than 6 weeks after receiving the information referred to in Subsection 1, inform the home country's supervisory authority of the rules on information issued pursuant to Section 8, Subsection 2. The Danish Financial Supervisory Authority shall also, where relevant, inform the home country's supervisory authority of the requirements in social and labor market law that are relevant for employment-related pension schemes and which are imposed on the administration of the pension scheme subscribed by a company in Denmark.

Subsection 3. The foreign pension fund may begin administering the pension scheme for a pension-providing company in Denmark when the pension fund has received the information referred to in Subsection 2 from its supervisory authority in the pension fund's home country, or no later than 6 weeks after the Danish Financial Supervisory Authority has received information in accordance with Subsection 1. Pension funds must comply with the rules on information and good conduct issued pursuant to Section 8, Subsection 2, and, where relevant, the requirements in social and labor market law that are relevant for employment-related pension schemes.

Subsection 4. The foreign pension fund is subject to ongoing supervision by the Danish Financial Supervisory Authority with regard to compliance with the requirements for information and good conduct, cf. Section 8, Subsection 1, and rules issued pursuant to Section 8, Subsection 2, and, where relevant, the requirements in social and labor market law that are relevant for employment-related pension schemes. If irregularities are found in connection with this supervision, the Danish Financial Supervisory Authority shall immediately inform the supervisory authority in the home country.

Section 90. A Danish company pension fund that has been granted permission under Section 12 to conduct pension fund business and which wishes to offer pension schemes to companies in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area, must apply to the Danish Financial Supervisory Authority for prior approval thereof. No later than 3 months after the Danish Financial Supervisory Authority has received the information referred to in Subsection 2, prior approval shall be granted, insofar as the Danish Financial Supervisory Authority assesses that the company pension fund's administrative structure and financial situation and the responsible leaders' integrity, professional qualifications, and experience are sound as a basis for the activities intended to be conducted in the host country.

Subsection 2. The company pension fund must, in connection with the application for prior approval, subsequently annually report the following to the Danish Financial Supervisory Authority:

In which country or countries the company pension fund offers pension schemes.
The names and locations of the head offices of the pension-providing companies.
A description of the main characteristics of the pension schemes managed for the pension-providing companies.

Subsection 3. The Danish Financial Supervisory Authority shall forward the information referred to in Subsection 2 to the host country's supervisory authority no later than 3 months after receiving the information. The Danish Financial Supervisory Authority shall simultaneously inform the company pension fund that the information has been forwarded.

Subsection 4. The Danish Financial Supervisory Authority may refrain from forwarding information in accordance with Subsection 3 if the company pension fund cannot be granted prior approval in accordance with Subsection 1. The Danish Financial Supervisory Authority shall then, no later than 3 months after receiving the information referred to in Subsection 2, inform the company pension fund that it cannot be granted prior approval in accordance with Subsection 1 and that the received information is therefore not forwarded.

Subsection 5. If the Danish Financial Supervisory Authority receives information about requirements in social and labor market legislation relevant for employment-related pensions, which are imposed on the administration of the pension scheme subscribed by a company in the host country, and about information obligations towards members, pensioners, and potential members from the supervisory authority in the host country, which apply to the cross-border business, the Danish Financial Supervisory Authority shall forward this information to the company pension fund.

Subsection 6. The Danish company pension fund may begin administering the pension scheme for a pension-providing company in another country within the European Union or in a country with which the Union has concluded an agreement in the financial area when the company pension fund has received the information referred to in Subsection 5, or no later than 6 weeks after the supervisory authority in the host country has received information in accordance with Subsection 3. The company pension fund is subject to ongoing supervision by the supervisory authority in the host country and must comply with the requirements in the host country's social and labor market legislation relevant for employment-related pensions, which are imposed on the administration of the pension scheme subscribed by the company in the host country, as well as information obligations towards members, pensioners, and potential members.

Subsection 7. If irregularities are found in connection with the supervision referred to in Subsection 6, the Danish Financial Supervisory Authority may, together with the supervisory authority in the host country, coordinate and take the necessary measures to ensure that the company pension fund ceases the relevant practices.

Section 91. A Danish company pension fund that has been granted permission under Section 12 to conduct pension fund business must apply to the Danish Financial Supervisory Authority for permission to receive all or part of a pension fund's liabilities, pension provisions, and other liabilities and rights, as well as corresponding assets or cash equivalent thereto, from another pension fund 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 area.

Subsection 2. The Danish Financial Supervisory Authority may grant permission when the supervisory authority in the home country of the transferring pension fund gives consent to the transfer.

Subsection 3. The Danish Financial Supervisory Authority grants or refuses permission and informs the company pension fund of its decision no later than 3 months after receiving the application.

Subsection 4. The application referred to in Subsection 1 must contain the following information:

The written agreement between the transferring and the receiving company pension fund with specification of the terms of the transfer.
A description of the most important characteristics of the pension scheme.
A description of the liabilities or pension provisions to be transferred, and other liabilities and rights, as well as corresponding assets or cash equivalent thereto.
The names of the transferring and receiving pension funds, the locations of their head offices, and the member states in which the pension funds are registered or have obtained permission.
The location of the head office of the pension-providing company and the name of the pension-providing company.
Documentation of the prior approval of the transfer from the majority of members and a majority of pensioners in the transferring pension fund.
Where relevant, the names of the member states whose social and labor market law in the area of employment-related pension schemes applies to the pension scheme concerned.

Subsection 5. The Danish Financial Supervisory Authority sends the application referred to in Subsection 4 to the supervisory authority of the transferring pension fund immediately after receiving it.

Subsection 6. The Danish Financial Supervisory Authority assesses whether:

the receiving company pension fund has provided all the information referred to in Subsection 4,
the receiving company pension fund's administrative structure and financial situation and the company pension fund's management's integrity, professional qualifications, or experience are compatible with the intended transfer,
the long-term interests of the receiving company pension fund's members and pensioners and the transferred part will be sufficiently protected during and after the transfer,
the pension provisions in the receiving company pension fund are fully funded on the date of the transfer, if the transfer involves cross-border business, and
the assets to be transferred are sufficient and appropriate to cover the liabilities, pension provisions, and other liabilities and rights to be transferred, in accordance with applicable rules.

Subsection 7. The Danish Financial Supervisory Authority informs the supervisory authority in the home country of the transferring pension fund of the decision referred to in Subsection 3 no later than 2 weeks after the decision is made.

Subsection 8. If the transfer results in cross-border business, the supervisory authority in the home country of the transferring pension fund shall inform the Danish Financial Supervisory Authority of the requirements in social and labor market law relevant for employment-related pension schemes, which are imposed on the administration of the pension scheme, and of the information requirements in the host country, which apply to the cross-border business. This shall be done within a time limit of 4 weeks.

Subsection 9. The Danish Financial Supervisory Authority forwards the information concerned to the receiving company pension fund no later than 1 week from receipt thereof.

Subsection 10. The receiving company pension fund may begin administering a pension scheme when it has received a decision on permission as referred to in Subsection 3, or, if no decision has been received from the Danish Financial Supervisory Authority, upon expiry of the time limit referred to in Subsection 9.

Section 92. The Danish Financial Supervisory Authority may, upon request from the supervisory authority of a receiving pension fund, give consent for a Danish company pension fund, which has been granted permission to conduct pension fund business, to transfer all or part of the company's pension liabilities, pension provisions, and other liabilities and rights, as well as corresponding assets or cash equivalent thereto.

Subsection 2. The Danish Financial Supervisory Authority's consent is given if the Danish Financial Supervisory Authority assesses that:

the long-term interests of the members and pensioners of the remaining part of the company pension fund's portfolio are sufficiently protected in the event of a partial transfer of a company pension fund's liabilities, pension provisions, and other liabilities and rights, as well as corresponding assets or cash equivalent thereto,
the individual rights of the members and pensioners are at least the same after the transfer, and
the assets corresponding to the pension scheme to be transferred are sufficient and appropriate to cover the liabilities, pension provisions, and other liabilities and rights to be transferred, in accordance with applicable rules in Denmark.

Subsection 3. The Danish Financial Supervisory Authority forwards the results of the assessment referred to in Subsection 2 to the supervisory authority in the home country of the receiving pension fund no later than 8 weeks after receiving the request, cf. Subsection 1.

Subsection 4. If the transfer results in cross-border business, the Danish Financial Supervisory Authority informs the competent authority in the home country of the receiving pension fund of the requirements in social and labor market law relevant for employment-related pension schemes, which are imposed on the administration of the pension scheme, and of the rules on good conduct and information requirements issued pursuant to Section 8, Subsection 2, which apply to the cross-border business.

Chapter 14
Information Obligations and Special Rules for Accrual and Preservation of Pension for Wage Earners Moving Between EU Countries or Countries with Which the Union Has Concluded an Agreement, etc.

Section 93. A company pension fund may not, in connection with a wage earner's entry into a pension scheme, require that the wage earner must have been employed for more than 3 years to obtain unconditional membership of the pension scheme or be over 21 years to accrue pension rights. This applies only when:

the wage earner moves to Denmark from another country within the European Union or a country with which the Union has concluded an agreement,
the wage earner leaves an employment relationship that entitles or may entitle this person to pension in accordance with the conditions in the pension scheme, and
the employment relationship that the wage earner leaves ceases for other reasons than that the person becomes entitled to pension.

Subsection 2. A company pension fund must refund the contributions that a wage earner covered by Subsection 1 has paid, or that have been paid on behalf of the wage earner, if the wage earner's employment in Denmark ceases before the person has accrued pension rights in accordance with the pension scheme. If the wage earner bears the investment risk, the company pension fund must refund the paid contributions or the value of the investments derived from these contributions to the wage earner.

Subsection 3. Subsections 1 and 2 apply only in relation to pension schemes for wage earners who are not, pursuant to collective agreement or agreement, guaranteed the rights that correspond at least to the provisions of the Directive of the European Parliament and of the Council on minimum requirements for promoting worker mobility between Member States through better opportunities to accrue and preserve supplementary pension rights.

Section 94. A company pension fund must allow a wage earner who leaves their employment to leave their accrued pension rights in the pension scheme, cf. however Subsection 3, when:

the wage earner moves to another country within the European Union or a country with which the Union has concluded an agreement, and
the employment relationship that the wage earner leaves ceases for other reasons than that the person becomes entitled to pension.

Subsection 2. The dormant pension rights or the value thereof of wage earners covered by Subsection 1 who have left and their survivors shall be treated on a par with the value of active members.

mer rights or with the development of the pension benefits currently being paid out, or are treated in other ways considered reasonable.

Subsection 3. A company pension fund may, regardless of subsections 1 and 2, choose to pay the amount corresponding to the value of the accrued pension rights to the wage earner, if

the value does not exceed a basic amount of 20,000 DKK (2010 level), which is adjusted in accordance with Section 20 of the Income Tax Act, and
the wage earner provides informed consent.

Subsection 4. Subsections 1-3 apply only to pension schemes for wage earners who are not, pursuant to a collective agreement or other agreement, guaranteed rights that correspond at least to the provisions of the Directive of the European Parliament and of the Council on the promotion of labour mobility between Member States by improving opportunities to accrue and preserve supplementary pension rights.

Section 95. A company pension fund shall, upon request from a wage earner whose employment entitles or may entitle them to a pension in accordance with the conditions of the pension scheme, provide the following information:

The conditions for accruing pension rights and the consequences of applying them upon termination of employment.
The value of the wage earner's accrued pension rights or an assessment thereof made no more than 12 months prior to the request.
The conditions for the future treatment of deferred pension rights.

Subsection 2. If the pension scheme allows for early access to accrued pension rights through the payment of a lump sum, the information pursuant to subsection 1 must also include written information stating that the wage earner should consider seeking advice on investing this amount for pension purposes.

Subsection 3. A company pension fund shall, upon request, provide the following information to a member who has accrued pension rights standing in a deferred pension scheme linked to a previous employment relationship, to which the member no longer contributes, from which the member has not yet started receiving a pension, and which entitles the person to a pension:

The value of the member's pension rights or an assessment thereof made no more than 12 months prior to the request.
The conditions for the company pension fund's treatment of deferred pension rights.

Subsection 4. A company pension fund shall, upon request from a member's heirs who are entitled to benefits under a pension scheme, provide the information mentioned in subsection 3, when the payment of the relevant benefits has not yet commenced.

Subsection 5. The information in subsections 1-4 must be clear and in writing and provided within a reasonable time limit. The company pension fund is not obliged to provide the information more than once a year.

Section 96. Sections 93-95 do not apply to

pension schemes that are no longer accepting members at the time of the entry into force of this Act,
pension schemes that have been taken under administration in accordance with Section 81, subsections 4-6, and Section 84, subsections 2-4, for as long as the administration lasts, and
a one-off payment from a pension-providing company to a wage earner upon the termination of that wage earner's employment, which is not linked to old-age pension.

Subsection 2. Sections 94 and 95 apply only to pension savings and not to any insurance linked to the pension scheme, or to benefits payable to persons other than the wage earner themselves.

Chapter 15
Supervision etc.

Section 97. The Danish Financial Supervisory Authority ensures compliance with this Act and with the provisions issued pursuant to the Act, except Section 36, subsection 7, and Section 45, subject to Section 111. The Danish Financial Supervisory Authority also ensures compliance with 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) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector, the Regulation of the European Parliament and of the Council establishing a framework to promote sustainable investment, the Regulation of the European Parliament and of the Council establishing a common 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, and 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. The Danish Business Authority ensures compliance with Section 21.

Subsection 2. The Board of the Danish Financial Supervisory Authority participates in the supervision of company pension funds with the competence conferred on the Board pursuant to Section 345, subsection 12, of the Act on Financial Business.

Section 98. The Danish Financial Supervisory Authority may order a company pension fund to dismiss a director of the company pension fund within a time limit set by the Danish Financial Supervisory Authority, if the director, pursuant to Section 42, subsection 1, nos. 2-5, cannot perform the position.

Subsection 2. The Danish Financial Supervisory Authority may order a member of the board of directors of a company pension fund to resign from their office within a time limit set by the Danish Financial Supervisory Authority, if the board member, pursuant to Section 42, subsection 1, nos. 2-5, cannot perform the office.

Subsection 3. The Danish Financial Supervisory Authority may order a company pension fund to dismiss an employee identified as a key person pursuant to Section 36, subsection 2, within a time limit set by the Danish Financial Supervisory Authority, if the key person, pursuant to Section 42, subsection 1, nos. 2-5, cannot perform the position.

Subsection 4. The Danish Financial Supervisory Authority may order a company pension fund to dismiss a director or an employee identified as a key person pursuant to Section 36, subsection 2, when criminal proceedings have been brought against the director or key person in a criminal case for violation of the Penal Code, financial legislation or other relevant legislation, until the criminal case is decided, if a conviction would entail that the person does not meet the requirements in Section 42, subsection 1, no. 3. The Danish Financial Supervisory Authority sets a time limit for compliance with the order. The Danish Financial Supervisory Authority may, under the same conditions as in the first sentence, order a member of the board of directors of a company pension fund to resign from their office. The Danish Financial Supervisory Authority sets a time limit for compliance with the order.

Subsection 5. The duration of orders issued pursuant to subsections 1-3 on the basis of Section 42, subsection 1, nos. 2-5, must be stated in the order.

Subsection 6. Orders issued in accordance with subsections 1-4 may be brought before the courts by the company pension fund and by the person to whom the order relates, upon request to the Danish Financial Supervisory Authority. Such request must be submitted to the Danish Financial Supervisory Authority within 4 weeks after the order has been communicated to the person concerned. The Danish Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is brought in accordance with the rules of civil procedure.

Subsection 7. The Danish Financial Supervisory Authority may, of its own motion or upon application, withdraw an order issued pursuant to subsection 2 and subsection 4, third sentence. If the Danish Financial Supervisory Authority refuses an application for withdrawal, the applicant may request that the refusal be brought before the courts by the Danish Financial Supervisory Authority. Such request must be submitted to the Danish Financial Supervisory Authority within 4 weeks after the refusal has been communicated to the person concerned. A request for judicial review may 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 have elapsed since the Danish Financial Supervisory Authority's refusal of withdrawal was confirmed by judgment.

Subsection 8. If the company pension fund has not dismissed the director or an employee identified as a key person pursuant to Section 36, subsection 2, within the set time limit, the Danish Financial Supervisory Authority may revoke the company pension fund's licence, cf. Section 12, subsection 2, no. 3. The Danish Financial Supervisory Authority may also revoke the company pension fund's licence, cf. Section 12, subsection 2, no. 3, if a board member does not comply with an order issued in accordance with subsections 2 and 4.

Subsection 9. Decisions in cases pursuant to Section 42, subsection 1, as made pursuant to Section 42, subsection 2, may be brought before the courts by the company pension fund and by the person to whom the decision relates, upon request to the Danish Financial Supervisory Authority. Such request must be submitted to the Danish Financial Supervisory Authority within 4 weeks after the decision has been communicated to the person concerned. The request does not have suspensive effect on the decision, but the court may by ruling determine that the person may enter the office or position for which the person has sought approval during the handling of the case. The Danish Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request. The case is brought in accordance with the rules of civil procedure.

Section 99. The Danish Financial Supervisory Authority shall investigate the affairs of company pension funds, including through review of ongoing reports and through inspections at individual company pension funds.

Subsection 2. Following an inspection at a company pension fund, a meeting shall be held with the participation of the company pension fund's board of directors, the director, the responsible actuary and the company pension fund's auditor, unless the inspection only concerns limited areas of activity in the company pension fund. At the meeting, the Danish Financial Supervisory Authority shall communicate its conclusions regarding the inspection.

Subsection 3. Significant conclusions shall be sent in the form of a written report to the company pension fund's board of directors, director, auditor and responsible actuary following an inspection visit.

Section 100. The Danish Financial Supervisory Authority may, in accordance with the procedures established in EU law regarding this matter, prohibit a foreign company pension fund covered by Section 89 with its home in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sector from providing services in this country.

Subsection 2. The Danish Financial Supervisory Authority may prohibit the company pension funds mentioned in subsection 1 from providing services in this country if the company pension fund has grossly or repeatedly violated provisions in this Act, rules issued pursuant to the Act or other legislation directed at the company pension fund, and it has not been possible to bring the violation to an end by means of orders or sanctions under this Act.

Section 101. After each inspection at a company pension fund, the Danish Financial Supervisory Authority prepares a statement which the Danish Financial Supervisory Authority must publish on the authority's website. The statement describes the Danish Financial Supervisory Authority's assessment of the company pension fund, including any orders, observations and risk disclosures that the company pension fund has received from the Danish Financial Supervisory Authority. If the reaction published in accordance with the first sentence is brought before the courts, this must be stated in the Danish Financial Supervisory Authority's publication, and the subsequent result of the court's decision must also be published on the Danish Financial Supervisory Authority's website as soon as possible.

Subsection 2. The Danish Financial Supervisory Authority must, outside the cases in subsection 1, publish a statement containing the orders, observations and risk disclosures that, in the Danish Financial Supervisory Authority's assessment, are of significance to the members and pension recipients in the company pension fund as well as to the company pension fund's creditors.

Subsection 3. Publication pursuant to subsections 1 and 2 shall not take place if, in the Danish Financial Supervisory Authority's assessment, it would cause disproportionate damage to the company pension fund etc., if investigative considerations speak against publication, or if the publication constitutes a threat to the stability of the financial markets. The publication must not contain confidential information about customer relationships 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 4. If publication is omitted in accordance with subsection 3, publication shall take place when the considerations that necessitated the omission are no longer valid. This applies, however, only for up to 2 years after the decision to postpone publication.

Subsection 5. Subsections 1-4 do not apply to supervisory reactions communicated to a company pension fund in accordance with Section 97, subsection 2, cf. Section 345, subsection 12, of the Act on Financial Business.

Subsection 6. The Minister for Industry, Business and Financial Affairs may set rules regarding the obligation of company pension funds to publish information about the Danish Financial Supervisory Authority's assessment of the company pension fund and about the fact that the Danish Financial Supervisory Authority may publish the information before the company pension fund.

Section 102. Company pension funds must provide the Danish Financial Supervisory Authority with the information necessary for the Authority's operations. The Danish Financial Supervisory Authority may investigate the affairs of the company pension funds covered by the Act and may at any time, upon proper identification and without a court order, gain access to the company pension fund for the purpose of obtaining information and during inspections.

Subsection 2. Suppliers and subcontractors must provide the Danish Financial Supervisory Authority with the information necessary for the Authority's operations. The Danish Financial Supervisory Authority may at any time, upon proper identification and without a court order, gain access to the supplier and subcontractor for the purpose of obtaining information about the outsourced activity.

Subsection 3. Company pension funds, suppliers and subcontractors that have provided information pursuant to subsection 1 or 2 are obliged to correct the information to the Danish Financial Supervisory Authority as soon as possible if the company pension fund, supplier or subcontractor subsequently establishes the following:

The information was not correct at the time of provision.
The information has subsequently become misleading.

Subsection 4. The Danish Financial Supervisory Authority sets detailed rules regarding the matters that company pension funds must regularly report to the Danish Financial Supervisory Authority.

Section 102 a. The Danish Financial Supervisory Authority is the collecting body for the information that must be submitted in order to make them available on the common European access point (ESAP). This applies to information that must be submitted in accordance with this Act or rules issued pursuant thereto, except Section 70, subsection 3, or the Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector.

Subsection 2. The Danish Financial Supervisory Authority is also the collecting body for the information submitted on a voluntary basis in order to make them available on the common European access point (ESAP), cf. Article 3(1) of the Regulation of the European Parliament and of the Council establishing a common European access point providing centralised access to publicly available information relevant to financial services, capital markets and sustainability.

Section 103. Employees of the Danish Financial Supervisory Authority are, under the responsibility of the Penal Code Sections 152-152 e, obliged to keep confidential information that they become aware of through supervisory activities. The same applies to persons performing service tasks as part of the Danish Financial Supervisory Authority's operations and 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 Act on Capital Markets.

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 apply to information in cases regarding

good pension fund practice pursuant to Section 8, subsection 1, and rules on fair business practice and good practice issued pursuant to Section 8, subsection 2, and
information that a company pension fund must provide in writing to members, pension recipients and potential members pursuant to rules issued in accordance with Section 8, subsection 2.

Subsection 4. The provision in subsection 1 does not prevent the Danish Financial Supervisory Authority from voluntarily disclosing confidential information in summary or aggregated form, when neither the individual company pension fund nor its members or pension recipients can be identified.

Subsection 5. Confidential information may be disclosed during a civil court case when a company pension fund has been declared bankrupt or has entered liquidation, and if the information does not concern membership relationships or third parties who are or have been involved in attempts to save the company pension fund.

Subsection 6. The provision in subsection 1 does not prevent confidential information from being disclosed to:

The Systemic Risk Council.
Public authorities, including the prosecution authority and the police, in connection with the investigation and prosecution of possible criminal offences covered by the Penal Code or supervisory legislation.
The relevant Minister as part of their overall supervision.
Administrative authorities and courts handling decisions made by the Danish Financial Supervisory Authority.
The Parliamentary Ombudsman.
A parliamentary commission established by the Folketing, subject to subsection 12.
Inquiry commissions established by law or in accordance with the Act on Inquiry Commissions, subject to subsection 12.
The Folketing's standing committee regarding a company pension fund's general economic conditions, insofar as it concerns crisis management of company pension funds, 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 cases covered by the first sentence.
The Auditor General and the National Audit Office.
Stakeholders, including authorities, involved in attempts to save a company pension fund in crisis, provided that the recipients of the information have a need for this.

april 2026. 26 Nr. 427.

The bankruptcy court, cf. however subsection 12, and other authorities participating in the liquidation, bankruptcy proceedings, or similar procedures of the company pension fund, as well as persons responsible for the statutory audit of the company pension fund's accounts, provided that the recipients of the information need this for the performance of their tasks.
Institutions managing deposit, investor, or insurance guarantee schemes, provided that the information is necessary for them to perform their tasks.
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, and the Danish Business Authority and the Audit Board in their capacity as the supervisory authority for the statutory audit of company pension funds' accounts, provided that the recipients need the information for the performance of their tasks, cf. however subsection 12.
Experts assisting the Danish Financial Supervisory Authority, the Danish Business Authority, the Audit Board, and institutions managing deposit, investor, or insurance guarantee schemes in the performance of their supervisory tasks, provided that the recipients need the information for the performance of their tasks, cf. however subsection 12.
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 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.
An institution responsible for the clearing of financial instruments or money, if necessary to ensure that the institution responds appropriately to defaults or potential defaults on the market where the institution is responsible for clearing.
Committees of Inquiry established by the European Parliament in accordance with Article 226 of the Treaty on the Functioning of the European Union.
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, responsible for the supervision of company pension funds, credit institutions, investment firms, insurance companies, or financial markets, authorities and bodies responsible for maintaining financial stability through macroprudential regulation, authorities or bodies with the aim of ensuring financial stability, institutions managing deposit, investor, or insurance guarantee schemes, and bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, as well as persons responsible for the statutory audit of company pension funds' accounts, provided that the recipients of the information need this for the performance of their tasks.
Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, and authorities supervising persons responsible for the statutory audit of company pension funds' accounts, provided that the recipients of the information need this for the performance of their tasks, cf. however subsection 12.
Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, responsible for detecting breaches of company law, provided that the recipients of the information need this for the performance of their tasks and disclosure is made with a view to strengthening the stability and integrity of the financial system, cf. however subsection 12.
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, supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, and authorities supervising persons responsible for the statutory audit of company pension funds' accounts, provided that the recipients of the information need this for the performance of their tasks, cf. however subsection 12.
Bodies in countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, responsible for controlling compliance with the rules on financial information from issuers of financial instruments admitted to trading on a regulated market.
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 company pension fund.
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 need this for the performance of their tasks.
Financial supervisory authorities in countries outside the European Union, with which the Union has not concluded an agreement in the financial field, responsible for the supervision of company pension funds, credit institutions, investment firms, insurance companies, or financial markets, authorities and bodies responsible for maintaining financial stability through macroprudential regulation, authorities or bodies with the aim of ensuring financial stability, institutions managing deposit, investor, or insurance guarantee schemes, bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, as well as persons responsible for the statutory audit of company pension funds' accounts, cf. however subsections 11 and 12.
Bodies in countries outside the European Union, with which the Union has not concluded an agreement in the financial field, supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, and authorities supervising persons responsible for the statutory audit of company pension funds' accounts, cf. however subsections 11 and 12.
Bodies in countries outside the European Union or in countries with which the Union has not concluded an agreement in the financial field, 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, cf. however subsections 11 and 12.
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, supervising bodies participating in the liquidation, bankruptcy proceedings, or similar procedures of company pension funds, and authorities supervising persons responsible for the statutory audit of company pension funds' accounts, cf. however subsections 11 and 12.
The Danish Data Protection Agency in its capacity as the independent supervisory authority for data protection rules. Disclosure may only take place, provided that the recipient needs the information for the performance of its tasks.
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 these authorities to perform their tasks in accordance with the regulation.

Subsection 7. All persons who, in accordance with subsections 5 and 6, receive confidential information from the Danish Financial Supervisory Authority are subject to the duty of confidentiality mentioned in subsection 1 with regard to this information.

Subsection 8. Confidential information received pursuant to subsection 6, item 24, may be exchanged directly between the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, as well as bodies established by these, on the one hand, and the European Systemic Risk Board on the other, regardless of the duty of confidentiality.

Subsection 9. Confidential information received by the Danish Financial Supervisory Authority may only be used in connection with the supervisory task, for the imposition of sanctions, or if the supervisory decision is appealed to a higher administrative authority or brought before the courts.

Subsection 10. The right to obtain confidential information by the Standing Committees of the Folketing in accordance with subsection 6, item 8, is limited to documents in cases opened at the Danish Financial Supervisory Authority after 16 September 1995.

Subsection 11. Disclosure pursuant to subsection 6, items 25-28, may only take place:

on the basis of an international cooperation agreement, and
provided that the recipients are at least subject to a statutory duty of confidentiality corresponding to the duty of confidentiality pursuant to subsection 1, and need the information for the performance of their tasks.

Subsection 12. Disclosure pursuant to subsection 6, items 6, 7, 11, 13, 14, 19-21, and 25-28, of confidential information originating from other countries within the European Union or countries with which the Union has concluded an agreement in the financial field, 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 disclosure of information pursuant to subsection 6, items 14, 21, and 28, the Danish Financial Supervisory Authority shall inform the authorities or bodies that provided the information which experts the information will be forwarded to, specifying the powers of the experts.

Section 104. Only the company pension fund for which the Danish Financial Supervisory Authority has made or will make a decision in accordance with this Act or regulations issued in accordance with this Act, or in accordance with 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) 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) 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 (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector, and rules issued in accordance therewith, shall be considered a party in relation to the Danish Financial Supervisory Authority, cf. however subsections 2 and 3.

Subsection 2. In the following cases, another party than the company pension fund is also considered a party to the Danish Financial Supervisory Authority's decision, insofar as the part of the case concerns the person in question:

The person who violates the Act's requirement that promises of pension commitments must be covered either by an insurance company or a company pension fund, cf. Section 1, Section 2, subsection 1, and Section 4.
A company applying for permission to operate a pension fund business, cf. Section 12, subsection 1.
An auditor in a company pension fund, when the Danish Financial Supervisory Authority dismisses this person or orders this person to provide information about the company pension fund's affairs, and in cases concerning the prohibition against an auditor having loans etc. in the company pension fund that the auditor audits, cf. Section 73, subsection 1, and in cases where the elected auditors or the responsible actuary have not fulfilled their reporting obligations to the Danish Financial Supervisory Authority, cf. Section 73, subsection 1, and Section 35, subsection 3, first sentence.

Subsection 3. A board member, an auditor, a director, the responsible actuary, a liquidator, or other senior employees in a company pension fund are otherwise considered parties if the Danish Financial Supervisory Authority's prosecution or order in accordance with the Act or its regulations is directed directly at the person in question.

Subsection 4. Party status and party rights pursuant to subsections 2 and 3 are limited to cases where the supervisory decisions are made after 22 October 1998.

Section 105. Reactions given in accordance with Section 97, subsection 2, cf. Section 345, subsection 12, item 4, of the Act on Financial Business, or by the Danish Financial Supervisory Authority after delegation from the Danish Financial Supervisory Authority's board to a company pension fund under supervision, shall be published with the name of the company pension fund, cf. however subsection 4. The Danish Financial Supervisory Authority shall publish the information on the Authority's website. Reactions given in accordance with Section 97, subsection 2, cf. Section 345, subsection 12, item 6, of the Act on Financial Business, and the Danish Financial Supervisory Authority's decisions to refer cases to police investigation shall be published on the Danish Financial Supervisory Authority's website with the name of the company pension fund. Reactions given 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 and regulations issued in accordance therewith shall be published on the Danish Financial Supervisory Authority's website with the name of the company pension fund, cf. however subsection 4. If the reaction published in accordance with the first or fourth sentence is brought before the courts, this shall be stated in the Danish Financial Supervisory Authority's publication, and the subsequent result of the court's decision shall likewise be published on the Danish Financial Supervisory Authority's website as soon as possible. If the reaction published in accordance with the fourth sentence is brought before the Danish Business Authority Appeals Board, this shall be stated in the Danish Financial Supervisory Authority's publication, and the subsequent result of the Danish Business Authority Appeals Board's decision shall likewise be published on the Danish Financial Supervisory Authority's website as soon as possible.

Subsection 2. Reactions given in accordance with Section 97, subsection 2, cf. Section 345, subsection 12, items 4 and 6, of the Act on Financial Business, or by the Danish Financial Supervisory Authority after delegation from the Danish Financial Supervisory Authority's board to a company not under supervision, shall be published with the name of the company, cf. however subsection 4.

Subsection 3. If a case is referred to police investigation, and a final or partial guilty verdict or a fine has been passed, the verdict, fine, or a summary thereof shall be published on the Danish Financial Supervisory Authority's website, cf. however subsection 4. If the verdict is not final, or if it is appealed or challenged, this shall be stated in the publication. The company pension fund shall send a copy of the verdict or fine to the Danish Financial Supervisory Authority.

Subsection 4. Publication of reactions pursuant to subsection 1 regarding the requirements in Section 42, subsection 1, shall not take place unless it concerns reactions in accordance with Section 98 regarding a breach of the requirements. Publication pursuant to subsections 1-3 may, however, not take place if it would cause disproportionate damage to the company pension fund etc., if investigative considerations speak against publication, or if the publication constitutes a threat to the stability of the financial markets. The publication must not contain confidential information about customer relations or information covered by Section 30 of the Act on Public Access to Documents in the Public Administration. 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 is omitted in accordance with subsection 4, second sentence, publication shall take place pursuant to subsections 1-3 when the considerations necessitating 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 Danish Financial Supervisory Authority has published a decision to refer a case to police investigation pursuant to subsection 1, third sentence, and subsection 2, and a decision is made to drop prosecution or withdraw charges, or an acquittal is given, the Danish Financial Supervisory Authority shall, upon request from the company or company pension fund concerned, publish information to this effect. The company or company pension fund shall report a copy of the decision to drop prosecution or withdraw charges or a copy of the verdict to the Danish Financial Supervisory Authority simultaneously with the request for publication. If the decision to drop prosecution, withdrawal of charges, or verdict is not final, this shall be stated in the publication. If the Danish Financial Supervisory Authority receives documentation that the case has been concluded by a final decision to drop prosecution or withdraw charges or a final acquittal, the Danish Financial Supervisory Authority shall remove all information about the decision to refer the case to police investigation and any subsequent verdicts in the case from the Danish Financial Supervisory Authority's website.

Section 106. In cases where a company pension fund has been declared bankrupt, where the majority of the company pension fund's operations have ceased or been transferred, or where the company pension fund's portfolio of pension commitments has been taken under administration, the Danish Financial Supervisory Authority shall prepare a statement of the reasons for this, if the state, in connection with or for a short period prior to this, has provided a guarantee or made funds available to the company pension fund, its creditors, or a purchaser of the whole or part of the company pension fund.

Subsection 2. The Danish Financial Supervisory Authority shall publish the statement pursuant to subsection 1. In connection with the publication, Section 103 shall not apply, unless the information concerns customer relations or third parties who are or have been involved in attempts to save the company pension fund in question.

Subsection 3. The statement pursuant to subsection 1 shall describe the Danish Financial Supervisory Authority's role during the process leading up to the bankruptcy etc.

april 2026. 29 Nr. 427.

§ 107. The Financial Supervisory Authority shall inform the public about cases processed by the Financial Supervisory Authority, the public prosecutor, or the courts, which are of general interest or significant for the understanding of the following provisions:

Good pension fund practice, cf. Section 8, subsection 1, and rules on fair business conduct and good practice issued pursuant to Section 8, subsection 2.
Information that a corporate pension fund must provide in writing to members, pension recipients, and potential members pursuant to rules issued under Section 8, subsection 2.

Subsection 2. The Financial Supervisory Authority shall furthermore inform the public about the name of a corporate pension fund that violates the prohibition on conducting business without authorization, cf. Section 12.

Subsection 3. The Financial Supervisory Authority may publish a statement on the Financial Supervisory Authority's practice under Section 42, subsection 1, no. 1, to the extent that there are cases relevant to increasing transparency regarding the Financial Supervisory Authority's practice in suitability assessments.

§ 108. Employees of the Financial Supervisory Authority must not disclose information about a person when that person has reported a corporate pension fund or a person to the Financial Supervisory Authority for a violation or potential violation of the financial regulation supervised by the Financial Supervisory Authority, cf. however subsections 2 and 3.

Subsection 2. Subsection 1 does not prevent personal data from being disclosed pursuant to Section 103, subsection 6.

Subsection 3. Subsection 1 does not furthermore prevent personal data concerning a member, a pension recipient, or a potential member from being disclosed to a corporate pension fund in connection with cases covered by Section 8, when the person concerned has given consent to the disclosure.

Subsection 4. All who receive personal data pursuant to subsection 3 are subject to the duty of confidentiality mentioned in subsection 1 with respect to this data.

§ 109. If a corporate pension fund discloses information about the corporate pension fund, and the information has come to the public's knowledge, the Financial Supervisory Authority may order the corporate pension fund to publish corrective information within a deadline set by the Financial Supervisory Authority, if

the information is, in the Financial Supervisory Authority's assessment, misleading and
the Financial Supervisory Authority assesses that the information may cause damage to the corporate pension fund's members, potential members, pension recipients, other creditors, or financial stability in general.

Subsection 2. If the corporate pension fund does not correct the information in accordance with the Financial Supervisory Authority's order and within the deadline set by the Financial Supervisory Authority, the Financial Supervisory Authority may publish the order issued under subsection 1.

§ 110. Corporate pension funds under supervision pursuant to this Act pay a fee to the Financial Supervisory Authority. The fee is determined according to Chapter 22 of the Act on Financial Business.

§ 111. A corporate pension fund must obtain information about the corporate pension fund's beneficial owners, including information about the beneficial owners' rights.

Subsection 2. Anyone who directly or indirectly owns or controls the corporate pension fund must, upon the corporate pension fund's request, provide the corporate pension fund with the information about ownership necessary for the corporate pension fund's identification of beneficial owners, including information about the beneficial owners' rights.

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

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

Subsection 5. The corporate pension fund must keep documentation for the obtained information about the corporate pension fund's beneficial owners for 5 years after the beneficial ownership ends. The corporate pension fund must furthermore keep documentation for the obtained information about attempts to identify beneficial owners for 5 years after the completion of the identification attempt.

Subsection 6. The corporate pension fund must, upon request, provide information about the corporate pension fund's beneficial owners, including about the corporate pension fund's attempts to identify the corporate pension fund's beneficial owners, to the Danish Financial Supervisory Authority (Hvidvasksekretariatet). The corporate pension fund must 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.

Subsection 7. The Danish Financial Supervisory Authority and other competent authorities may, free of charge, disclose information about beneficial owners registered pursuant to subsection 3 or obtained pursuant to subsection 6 to competent authorities and financial intelligence units in other EU Member States.

Subsection 8. The Business Authority determines detailed rules regarding the registration, availability, and publication of information in the Business Authority's IT system pursuant to subsections 1, 3, and 5, including which information the corporate pension fund must register in the Authority's IT system.

§ 111 a. Corporate pension funds that must obtain, keep, and register information about beneficial owners, cf. Section 111, must, upon request, provide persons and companies that are required to perform customer due diligence procedures pursuant to the Money Laundering Act with information about the corporate pension fund's ownership structure.

Subsection 2. If the Financial Supervisory Authority receives reports of discrepancies in the registered information about a corporate pension fund's beneficial owners pursuant to the Money Laundering Act, the Financial Supervisory Authority conducts an investigation into the matter. The Financial Supervisory Authority may set a deadline for the correction of the matter vis-à-vis the corporate pension fund.

Subsection 3. Upon request from the Financial Supervisory Authority, the Business Authority may, concurrently with the investigation pursuant to subsection 2, publish a notice about the report in the Business Authority's IT system. The corporate pension fund must have the opportunity to object to the report before it is published, unless the purpose of publishing the notice about the report is thereby defeated.

§ 112. Decisions made by the Financial Supervisory Authority or the Business Authority pursuant to this Act or regulations issued under this Act or pursuant to 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) 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) 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 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 rules issued pursuant thereto may be brought before the Business Appeals Board, no later than 4 weeks after the decision is communicated to the party concerned.

Subsection 2. If a decision made by the Financial Supervisory Authority, which requires the corporate pension fund to enter liquidation or its pension fund portfolio to be taken under administration, is overturned, the Business Authority must immediately register this. The Financial Supervisory Authority must, if the corporate pension fund owns real estate, ensure that necessary registration is carried out.

Chapter 16
Communication and Deadlines

§ 113. The Minister for Business may determine rules stating that written communication to and from the Financial Supervisory Authority and to and from the Business Authority regarding matters covered by this Act or rules issued pursuant to this Act must be conducted digitally.

Subsection 2. The Minister for Business may determine detailed rules regarding digital communication, including the use of specific IT systems, special digital formats, and digital signatures, etc.

Subsection 3. A digital message is deemed to have been received when it is available to the addressee of the message.

§ 114. The Minister for Business may determine rules stating that the Financial Supervisory Authority and the Business Authority may issue decisions and other documents pursuant to this Act or rules issued pursuant to this Act without signature, with a machine-generated or similar signature, or using a technique that ensures unique identification of the person who issued the decision or document. Such decisions and documents are equated with decisions and documents with personal signatures.

Subsection 2. The Minister for Business may determine rules stating that decisions and other documents issued solely on the basis of electronic data processing may be issued solely with the indication of the Financial Supervisory Authority and the Business Authority as the sender.

§ 115. If this Act or rules issued pursuant to this Act require that a document issued by parties other than the Financial Supervisory Authority or the Business Authority be signed, this requirement may be fulfilled by using a technique that ensures unique identification of the person who issued the document, cf. however subsection 2. Such documents are equated with documents with personal signatures.

Subsection 2. The Minister for Business may determine detailed rules regarding derogation from signature requirements. It may be determined hereunder that the requirement for personal signature cannot be derogated from for certain types of documents.

§ 116. The deadlines set in or pursuant to this Act begin to run from the day following 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 expires, cf. subsection 1, on the day of the week corresponding to the day on which the event triggering the deadline occurred.

Subsection 3. If the deadline is specified in months, the deadline expires, cf. subsection 1, on the day of the month corresponding to 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 expires, cf. subsection 1, 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.

Chapter 17
Penal Provisions

§ 117. Violation of Section 1, subsection 1, Section 12, subsection 1, Section 46, and Articles 6, 7, 9, and 18-26, Article 27, subsections 1 and 4, and Article 28, subsection 2, of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation is punishable by a fine or imprisonment for up to 4 months, unless a higher penalty is incurred under other legislation.

Subsection 2. Violation of Article 3, subsection 1, Article 4, subsections 1-4, Article 5, Article 6, subsections 1 and 3, 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, subsection 1, Article 13, subsections 1 and 3, first paragraph, and Article 15, subsection 1, of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the sector for financial services is punishable by a fine, unless a higher penalty is incurred under other legislation.

Subsection 3. Violation of Sections 4, 11, and 17, Section 18, subsection 1, Section 21, subsections 2 and 3, Section 24, subsection 1, second sentence, Section 29, subsection 1, Section 33, Section 34, subsections 1-5, Section 35, Section 36, subsections 1-6, Section 37, Section 39, subsection 3, Section 42, subsection 5, cf. subsection 1, no. 3 and 4, Sections 43a, 43e, and 43f, Section 43g, subsection 1, Section 43h, subsections 1-6, Section 44, subsection 1, Section 45a, subsection 1, Section 49, subsections 1-3, Section 54, Section 57, subsection 1, Section 57a, subsections 9 and 10, Section 57b, subsections 5 and 6, Section 58, subsections 5 and 6, Section 59, subsection 1, first sentence, Section 60, subsection 1, Section 61, subsections 1 and 2, and subsection 3, first sentence, Sections 62 and 63, Section 64, subsection 1, subsection 2, first sentence, and subsection 3, second sentence, Section 65, Section 61, subsections 1 and 3 and subsection 4, first sentence, Section 67, Section 68, first sentence, Section 69, Section 70, subsection 1, first sentence, and subsection 2, Section 75, subsections 1 and 3, Section 79, subsection 1, second sentence, and subsection 4, Section 80, first and third sentences, Section 81, subsection 1, second sentence, Section 105, subsection 3, third sentence, and Section 111, subsections 3, 5, and 6, and 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) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector is punishable by a fine, unless a higher penalty is incurred under other legislation. Furthermore, violation of the provisions mentioned in Section 73, subsection 1, to the extent that such a violation can be punished under Sections 312-319 of the Act on Insurance Business, is punishable.

Subsection 4. If a higher penalty is not incurred under other legislation, a fine is imposed on anyone who fails to provide information to the Financial Supervisory Authority pursuant to Section 102, subsection 1 or 2, or to correct information pursuant to Section 102, subsection 3.

Subsection 5. A corporate pension fund that fails to comply with an order to comply with Section 8, subsection 1, or Section 84, or provides incorrect or misleading information to the Financial Supervisory Authority, the Business Authority, or other public authorities, to the public, to members, to pension recipients, or to potential members, is punishable by a fine.

Subsection 6. Persons affiliated with a corporate pension fund who provide incorrect or misleading information to the Financial Supervisory Authority, the Business Authority, or other public authorities are punishable by a fine or imprisonment for up to 4 months, unless a higher penalty is incurred under other legislation. Persons affiliated with a corporate pension fund who provide incorrect or misleading information to the public, to members, to pension recipients, or to potential members are punishable by a fine.

Subsection 7. A board member who fails to comply with an order pursuant to Section 98, subsection 2, is punishable by a fine.

Subsection 8. Companies and other legal persons may be subject to criminal liability pursuant to the rules in Chapter 5 of the Criminal Code.

Subsection 9. The statute of limitations for violations of the provisions of this Act or rules issued pursuant thereto is 5 years.

Subsection 10. In rules drafted pursuant to this Act, a fine may be set for violations of provisions in the rules.

§ 118. If a corporate pension fund's board of directors or management, the corporate pension fund itself, a liquidator, an auditor, or a responsible actuary fails to comply in due time with the duties that lie upon them pursuant to the Act or regulations established pursuant to the Act vis-à-vis the Financial Supervisory Authority or the Business Authority, the Financial Supervisory Authority or the Business Authority may impose daily or weekly fines on the persons concerned as a coercive measure.

Chapter 18
Entry into Force and Transitional Provisions

§ 119. This Act enters into force on 13 January 2019.

Subsection 2. The Act on Supervision of Corporate Pension Funds, cf. Act Consolidation No. 1165 of 19 September 2018, is repealed.

Subsection 3. Rules established pursuant to the Act on Supervision of Corporate Pension Funds, cf. Act Consolidation No. 1165 of 19 September 2018, remain in force until they are repealed or replaced by regulations issued pursuant to this Act.

Subsection 4. The following orders are repealed:

Order No. 71 of 5 February 1991 regarding concession for corporate pension funds.
Order No. 781 of 11 August 2005 regarding risk weighting of the solvency requirement and calculation of basic capital for corporate pension funds.
Order No. 1135 of 18 September 2015 regarding asset location and congruent currencies in relation to pension provisions for corporate pension funds.

Subsection 5. Section 125, no. 4, has effect for payments made on 13 January 2019 or later.

§ 120. Section 31, subsection 1, does not apply to corporate pension funds that had authorization pursuant to the Act on Supervision of Corporate Pension Funds, cf. Act Consolidation No. 1165 of 19 September 2018, prior to the entry into force of this Act, and which have not employed a director (managing director). These corporate pension funds may continue their business without having a director (managing director) employed.

§ 121. A corporate pension fund that had authorization to conduct pension fund business until 13 January 2019 maintains authorization to conduct pension fund business.

Subsection 2. A corporate pension fund that had authorization to conduct pension fund business until 13 January 2019 must use the word "pension fund" or the word "corporate pension fund" in connection with its name.

Subsection 3. Amendments to the articles of association that must be adopted as a result of the entry into force of the bill must first take place at the corporate pension fund's next ordinary general meeting.

Chapter 19
Amendments to Other Legislation

Sections 122-126. (Omitted)

Chapter 20
Territorial Provisions

§ 127. This Act does not apply to the Faroe Islands and Greenland, but may be put into force wholly or partially for Greenland by Royal Decree with the changes that Greenlandic conditions require.

Act No. 369 of 9 April 2019 (Implementation of amendments to the Shareholder Rights Directive on encouragement of long-term active share ownership) contains the following entry into force provision:

§ 9
Subsection 1. This Act enters into force on 10 June 2019, cf. however subsection 2.

Subsections 2 and 3. (Omitted)

Subsection 4. Sections 101a and 101b in the Act on Financial Business as amended by this Act's Section 3, nos. 3 and 4, and Sections 66a and 66b in the Act on Alternative Investment Fund Managers as amended by this Act's Section 4, no. 3, Section 5, no. 2, Section 6, no. 2, Section 7, no. 1, and Section 8, no. 1, apply to the financial year beginning on 1 January 2020.

Act No. 1563 of 27 December 2019 (Strengthening the fight against financial crime and implementation of the 4th and 5th Money Laundering Directives) contains the following entry into force provision:

§ 18
Subsection 1. This Act enters into force on 10 January 2020.

Subsection 2. (Omitted)

Subsection 3. Rules issued pursuant to Section 102, subsection 3, in Act No. 1703 of 27 December 2018 on corporate pension funds remain in force until they are repealed or replaced by regulations issued pursuant to Section 102, subsection 4, cf. this Act's Section 10, no. 4.

Act No. 2382 of 14 December 2021 (Supplementing the Taxonomy Regulation and new model for SIFI designation) contains the following entry into force provision:

§ 19
Subsection 1. This Act enters into force on 1 January 2022, cf. however subsection 2.

Subsection 2. Section 1, no. 4, Section 2, no. 3, Section 3, no. 4, Section 4, no. 6, Section 5, no. 14, Section 7, no. 4, Section 8, no. 1, Section 10, no. 1, Section 11, no. 1, Section 12, no. 1, Section 13, no. 1, Section 15, no. 1, Section 16, no. 1, and Section 17, no. 1, enter into force on 17 December 2021.

Subsections 3-7. (Omitted)

Subsection 8. For companies with fewer than 50 employees, Section 2, no. 3, Section 8, no. 1, Section 10, no. 1, Section 11, no. 1, Section 12, no. 1, Section 15, no. 1, Section 16, no. 1, and Section 17, no. 1, apply from 17 December 2023.

Act No. 409 of 25 April 2023 (Implementation of the Liability Committee's proposal on stricter liability assessment for management members etc. in financial companies and amendment of rules on suitability and integrity) contains the following entry into force provision:

§ 10
Subsection 1. This Act enters into force on 1 July 2023.

Subsections 2-10. (Omitted)

Subsection 11. Agreements on severance packages that have been entered into between a corporate pension fund and a member of the management at the time of the Act's entry into force must be published on the corporate pension fund's website pursuant to Section 43a in the Act on Corporate Pension Funds as amended by this Act's Section 4, no. 2, no later than 6 months after the Act's entry into force.

Subsection 12. Section 43b, Section 43c, subsections 2 and 3, and Section 43d in the Act on Corporate Pension Funds as amended by this Act's Section 4, no. 2, apply to agreements on severance packages for a member of the management in a corporate pension fund that have not yet become relevant at the time of the Act's entry into force.

Subsection 13. Section 43c, subsection 1, in the Act on Corporate Pension Funds as amended by this Act's Section 4, no. 2, applies to agreements on severance payments for a member of the management in a corporate pension fund that are entered into, extended, or renewed after the Act's entry into force.

Subsection 14. Section 43c, subsections 4 and 5, in the Act on Corporate Pension Funds as amended by this Act's Section 4, no. 2, does not apply to agreements where the director in a corporate pension fund has acquired a legal right to severance payment at the time of the Act's entry into force. For such agreements, the previously applicable rules apply.

Subsections 15-32. (Omitted)

Act No. 718 of 13 June 2023 on insurance business in cross-sector pension funds, life insurance companies, and general insurance companies etc. (Act on Insurance Business) contains the following entry into force provision:

§ 321. This Act enters into force on 1 January 2024.

Act No. 481 of 22 May 2024 (Supervision pursuant to the Regulation on digital operational resilience in the financial sector and the Regulation on markets in crypto-assets, rules for designation of administration company for the Guarantee Fund and remuneration rules for corporate pension funds) contains the following entry into force and transitional provision:

§ 17
Subsection 1. This Act enters into force on 1 July 2024, cf. however subsections 2-5.

Subsections 2-4. (Omitted)

Subsection 5. Section 1, nos. 6, 8 and 9, Section 2, nos. 1-3 and 5-18, Section 3, nos. 5-9 and 12-14, Section 211, subsection 2, no. 16, as amended by this Act's Section 3, no. 18, Section 251c in the Act on Capital Markets as amended

By this Act, § 3, No. 24, § 4, Nos. 1 and 4, § 275, para. 1, No. 10, in the Act on Securities Brokerage Companies and Investment Services and Activities as amended by this Act's § 4, Nos. 16, § 5, Nos. 1 and 3, § 6, No. 9, § 8, Nos. 17 and 19-23, and §§ 9 and 11-13 enter into force on January 17, 2025.

Para. 6. (Omitted)

Para. 7. § 43 h, para. 1, No. 5, in the Act on Company Pension Funds as amended by this Act's § 6, No. 2, does not apply to variable remuneration accrued in accrual periods prior to the entry into force of this Act, cf. para. 1. For such variable remuneration, the previously applicable rules apply.

Para. 8. § 43 h in the Act on Company Pension Funds as amended by this Act's § 6, No. 2, does not apply to agreements that were concluded, renegotiated, extended, or renewed before January 4, 2019. For such agreements, the previously applicable rules apply.

Para. 9-16. (Omitted)

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 responsibilities and reporting lines, clearer rules for authorization of 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, penalization of the disclosure regulation, modernization of the rules in the AIFM-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.)3), as amended by Act No. 1638 of December 16, 2025, contains the following transitional, effect, and entry into force provisions:

§ 22

Para. 1. This Act enters into force on July 1, 2025, cf. however paras. 2-13.

Para. 2-4. (Omitted)

Para. 5. § 1, Nos. 100 and 102, § 2, No. 56, § 3, No. 42, § 5, No. 21, § 6, No. 37, and § 7, No. 7, enter into force on March 1, 2026.

Para. 6. (Omitted)

Para. 7. § 1, Nos. 117, 120 and 124, § 2, Nos. 77 and 83, § 3, Nos. 53, 54 and 58, § 5, Nos. 25, 27 and 31, § 6, No. 56, § 7, Nos. 11 and 15, and § 117, para. 3, in the Act on Company Pension Funds as amended by this Act's § 7, No. 16, enter into force on July 2, 2026.

Para. 8-11. (Omitted)

Para. 12. § 1, Nos. 38, 39, 78 and 95, § 2, No. 44, § 5, Nos. 8, 9, 12, 13 and 18, § 6, Nos. 12, 19, 21, 22, 46 and 48, § 7, Nos. 3-5, and § 14, No. 4, enter into force on January 10, 2030.

Para. 13. (Omitted)

§ 23
(Omitted)

§ 24

Para. 1-6. (Omitted)

Para. 7. § 1, No. 128, § 2, No. 82, § 3, No. 59, § 5, No. 27, and § 117, para. 2, in the Act on Company Pension Funds as amended by this Act's § 7, No. 17, § 8, No. 14, and § 9, No. 18, do not apply to violations of Article 13, para. 3, first paragraph, of Regulation (EU) 2019/2088 of the European Parliament and of the Council of November 27, 2019 on sustainability-related disclosures in the financial services sector, which take place before July 2, 2026. For such violations, the previously applicable rules apply.

Para. 8-10. (Omitted)

Act No. 730 of June 20, 2025 (Creditor pursuit in pension schemes for confiscation claims and compensation claims, etc., as a result of certain criminal offenses that have resulted in a profit, etc.)4) contains the following entry into force provision:

§ 8

Para. 1. This Act enters into force on July 1, 2025.

Para. 2. This Act does not apply to requests for attachment or arrest submitted prior to the entry into force of this Act. For such requests, the previously applicable rules apply.

Para. 3. This Act does not apply to the recovery of claims in connection with a criminal offense for which the offender has been finally sentenced prior to the entry into force of this Act. For such recoveries, the previously applicable rules apply. Notwithstanding the first sentence, this Act applies to the recovery of claims in connection with a criminal offense for which the offender has been sentenced to imprisonment of 4 years or more prior to the entry into force of this Act.

Act No. 1638 of December 16, 2025 (Abolition of the national prospectus threshold, partial abolition of the prohibition on share classes in financial companies, insurance companies and securities 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.)5) contains the following entry into force provision:

§ 15

Para. 1. This Act enters into force on January 1, 2026, cf. however paras. 2-13.

April 6, 2026. 34 No. 427.

Para. 2-14. (Omitted)

The Danish Financial Supervisory Authority, April 6, 2026 Louise Mogensen / Karina Vilhof Ankergren

April 6, 2026. 35 No. 427.

The amendment concerns § 3, Nos. 28 and 29, §§ 43 e-43 h, § 97, para. 1, second sentence, § 103, para. 6, No. 30, § 104, para. 1, § 105, para. 1, fourth-sixth sentences, § 112, para. 1, and § 117, para. 2.
The amendment concerns the first and second sentences in the footnote to the Act's title, § 42, paras. 2-4, § 97, para. 1, second sentence, § 98, paras. 5 and 9, § 102 a, § 105, para. 4, first sentence, and para. 5, § 107, para. 3, and § 117, paras. 2 and 3, first sentence.
The amendment concerns § 10, para. 2.
The amendment concerns the first sentence in the footnote to the Act's title and § 29, para. 1, No. 8.

April 6, 2026. 36 No. 427.

Appendix 1
Pension Fund Business
Classification of risks using insurance classes:

i) Life insurance, which includes life contingent capital insurance, terminating or lifelong life insurance, life insurance with payout during lifetime, life insurance with return of premiums, insurance that becomes payable upon marriage or insurance that becomes payable upon birth.

ii) Annuity insurance.

iii) Accessory insurance, which is taken out in connection with life insurance, i.e., notably insurance against bodily injury including occupational disability, insurance against death due to accident or insurance against disability due to accident or illness.

iv) Business involving the establishment of member associations for the purpose of joint capitalization of contributions and payout of the resulting wealth either to the survivors or to the deceased's heirs or beneficiaries (tontines).

v) Capitalization business, based on actuarial calculations, which includes obligations of a specified duration and amount in exchange for a lump sum or predetermined regular payments.

vi) Business involving the management of collective pension funds, including the management of investments and especially the assets covering the provisions in the bodies that pay benefits upon death, during lifetime, or upon loss or reduction of working capacity.

vii) Business as referred to in No. vi, when linked to an insurance guarantee aimed at either preserving capital or securing a minimum interest rate.

viii) Business dependent on life expectancy, which is further defined or specified in social insurance legislation, provided such business is operated or managed by life insurance companies for their own risk in accordance with the legislation of a Member State.

April 6, 2026. 37 No. 427.

Lineage: In force