Consolidation Act on Payments

Consolidation Act on Payments 1) Hereby is announced the Act on Payments, cf. Consolidation Act No. 651 of 10 June 2025, with the amendments resulting from Section 2, Nos. 1-17 and 20, of Act No. 711 of 20 June 2025. The amendments resulting from Section 2, Nos. 18, 19 and 21, of Act No. 711 of 20 June 2025 on the amendment of the Act on Insurance Business, the Act on Payments, the Act on the Establishment of State Guarantee on a part of property credit agreements in rural areas and various other acts (Cross-sectoral pension funds' and insurance companies' access to own and operate forests, terms for access to payment systems for payment service providers and establishment of state guarantee on a part of property credit agreements in rural areas, etc.), have not been incorporated into this consolidation act, as they enter into force on 2 July 2026, cf. Section 6, Subsection 3, of Act No. 711 of 20 June 2025.

Chapter 1 Scope and Definitions Scope Section 1. The Act applies to issuers of electronic money, payment service providers and payees, cf. however, Subsections 2-7 and Section 5. Subsection 2. For branches in this country of foreign companies that have been granted permission to issue electronic money or provide payment services, cf. Annex 1, Nos. 1-8, in another EU or EEA country, only Chapters 4-11 apply with the exception of Section 126. Subsection 3. For agents in this country of foreign companies that have been granted permission to provide payment services, cf. Annex 1, Nos. 1-8, in another EU or EEA country, only Chapters 4-11 apply with the exception of Section 126 and Section 127, Subsection 1. Subsection 4. For cross-border services in this country provided by foreign companies that have been granted permission to issue electronic money or provide payment services, cf. Annex 1, Nos. 1-8, in another EU or EEA country, only Chapters 4-11 apply with the exception of Section 126 and Section 127, Subsection 1. Subsection 5. Sections 66, 75, 77, Subsection 1, Nos. 1 and 2, 79, Subsection 2, 82, Subsections 1 and 2, 96, 99, 100, 104, 104a, 108, 117-119, 122, 123 and 125, apply to non-gratuitous electronic services that can be used to acquire goods or services, and payment transactions where the payer's consent to carry out the transaction is given using telecommunications equipment and the payment is made to the operator running the communication network, and who only acts as an intermediary between the user of the payment service and the provider of goods and services, without these services constituting a payment service covered by Annex 1, notwithstanding Section 5, No. 17. Subsection 6. Section 125 applies to businesses that process information about where a payer has used a payment service and what it has been used for, notwithstanding Section 5. Subsection 7. The Minister for Business can grant full or partial exemption from Sections 26-29, 42 and 50-59, Section 81, Subsections 1-3, Sections 112 and 120-123, Section 124, Subsection 4, and Section 125 of the Act, which thus do not apply to a specific service or specific types of services. The Minister for Business can furthermore lay down supplementary rules for specific types of services. Subsection 8. For payment instruments covered by Section 5, Nos. 14-16, the Minister for Business can grant full or partial exemption from Chapters 5-7, which thus do not apply to a specific payment instrument or specific types of payment instruments. The Minister for Business can furthermore lay down supplementary rules for specific types of payment instruments. Subsection 9. For services and payment transactions covered by Section 1, Subsection 5, the Minister for Business can grant full or partial exemption from Sections 66, 75, 77, Subsection 1, Nos. 1 and 2, 79, Subsection 2, 82, Subsections 1 and 2, and 96, 99, 100, 104, 104a, 108, 117-119, 122, 123 and 125, which thus do not apply to a specific service or payment transaction or specific types of services or payment transactions. The Minister for Business can furthermore lay down supplementary rules for specific types of services or payment transactions.

1. The Act contains provisions implementing parts of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, EU Official Journal 2015, No. L 337, page 35, (2nd Payment Services Directive), Directive 2009/110/EU of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, EU Official Journal 2009, No. L 267, page 7, (2nd E-money Directive), and parts of Directive 2019/878/EU of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures, EU Official Journal 2019, No. L 150, page 253 (CRD V) and parts of Directive 2022/2556/EU of the European Parliament and of the Council of 14 December 2022, EU Official Journal 2022, No. L 333, pages 153-163.

Official Gazette A 2026 Published on 20 May 2026 26 April 2026. No. 463. Ministry of Business, Financial Supervisory Authority, ref. no. 26-001777 CQ003515

Section 2. Electronic money may only be issued in this country by companies that have a license as an e-money institution under Section 8, or by credit institutions, Danmarks Nationalbank and public authorities, cf. however, Subsection 2. Subsection 2. Electronic money may furthermore be issued in this country by companies with a limited license to issue electronic money, cf. Section 50. Section 3. Payment services may only be offered in this country by companies that have a license as a payment institution or e-money institution under Sections 8 and 9, or by credit institutions, Danmarks Nationalbank and public authorities, cf. however, Subsection 2. Subsection 2. Payment services may furthermore be offered in this country by companies with a limited license to provide payment services, cf. Section 51. Section 4. Chapters 5-8 apply to payment transactions where all involved payment service providers are established in an EU or EEA country, and when the payment transaction is provided in euro or another EU or EEA currency. Subsection 2. Chapters 5-8 with the exception of Section 67, Subsection 1, No. 2, Section 72, Subsection 1, No. 2, litra e, Section 76, Section 113, Section 114 and Section 120 apply to those parts of payment transactions carried out in a country within the European Union, where all involved payment service providers are established in another EU or EEA country, when the payment transaction is not provided in euro or another EU or EEA currency. Subsection 3. Chapters 5-8 with the exception of Section 67, Subsection 1, No. 2, Section 72, Subsection 1, No. 2, litra e, Section 72, Subsection 1, No. 5, litra f, Sections 76, 101, 102, 104, 104a and 106, Section 113, Subsection 1, Section 120 and Section 121, Subsections 1 and 3, apply to those parts of payment transactions carried out in countries within the European Union or in a country with which the Union has concluded an agreement in the financial area, where either only the payer or the payee's payment service provider is established in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, regardless of the currency in which the payment transaction is provided. Section 5. The Act does not apply to the following activities, etc.:

1. Payment transactions consisting exclusively of cash payments directly from a payer to a payee, cf. however, Section 81.
2. Payment transactions from a payer to a payee through a commercial agent who has a power of attorney from the payer or payee to negotiate or conclude sales or purchases of goods or services on behalf of either the payer or the payee.
3. Commercial physical cash transport.
4. Payment transactions involving non-commercial collection and delivery of cash within the framework of charitable activities.
5. Services where a payee, at the express request of a payer, makes a cash payout to the latter in direct connection with the execution of a payment transaction concerning the purchase of goods or services.
6. Exchange of cash, without the funds being held in a payment account.
7. Payment transactions based on paper-based checks, bills of exchange, vouchers, postal money orders or traveler's checks.
8. Payment transactions carried out within the framework of a system for settlement of payments or securities between settlement agents, central counterparties, clearing institutions, central banks or other participants in the system and payment service providers, cf. however, Section 64.
9. Payment transactions concerning asset management in connection with securities, including dividends, income or other distributions, redemption or sale, carried out by the legal persons referred to in No. 8 or by stockbrokers, credit institutions or mortgage credit institutions, undertakings for collective investment in transferable securities or management companies performing investment services, or other entities authorized to hold financial instruments in custody.
10. Services provided by a technical service provider supporting the provision of payment services, when the provider is at no time in possession of the funds to be transferred, and these are not services covered by Annex 1, Nos. 7 and 8, cf. however, Section 122.
11. Payment transactions for own account between a payment service provider and its agents or branches.
12. Payment transactions and related services between a parent undertaking and its subsidiaries or between subsidiaries of the same parent undertaking, provided that the payment service provider carrying out the transaction is a company within the same group.
13. Services relating to cash withdrawals from ATMs on behalf of one or more card issuers, provided that the provider is not a party to the framework agreement concluded with the customer regarding cash withdrawals from a payment account, and the provider does not perform any other payment services listed in Annex 1, cf. however, Sections 67, 68, 70, 71 and 117.
14. Payment instruments that can only be used to acquire goods and services from the provider itself, or from a limited network of providers under a commercial agreement directly with the issuer of the payment instrument, cf. however, Section 61 and Chapters 5-7.
15. Payment instruments that can only be used to acquire a very limited number of goods and services, cf. however, Section 61 and Chapters 5-7.
16. Payment instruments with specific social or tax purposes, regulated by a public authority and which can only be used in this country to acquire specific goods or services from suppliers who have a commercial agreement with the issuer, cf. however, Section 61 and Chapters 5-7.
17. Payment transactions carried out by a provider of electronic communication networks or communication services on behalf of a subscriber in addition to the communication service, cf. however, Section 62, provided that the transaction a) is charged to the bill associated with the subscription, b) is used for donation to charitable activities, purchase of tickets or purchase of digital content and voice-based services and c) does not exceed a value equivalent to 50 euro or the total value of transactions for a single subscriber does not exceed a value equivalent to 300 euro per month.
18. Electronic money up to DKK 3,000 stored on a limited-use instrument, cf. No. 14 or 15, where no top-up can occur, and where the issuer's total liabilities arising from outstanding electronic money at no time exceed an amount corresponding to the value of 5 million euro, cf. however, Section 96. Section 6. The Act cannot be deviated from to the detriment of holders of electronic money or users of payment services, cf. however, Subsections 2 and 3 and Sections 79 and 116. Subsection 2. An issuer of electronic money can agree with a holder who is not a consumer that Section 96 shall not apply. Subsection 3. A payment service provider can agree with a user who is not a consumer that Chapter 5 and Section 80, Section 82, Subsection 3, and Sections 97, 98, 100-102, 104, 104a, 111, 112, 117-119 and 125 shall not apply. Subsection 4. Sections 113 and 114 can be deviated from in all customer relationships except for:
19. Payment transactions in euro where no currency conversion occurs.
20. Payment transactions in Danish kroner in Denmark.
21. Payment transactions where currency conversion only occurs between euro and Danish kroner in Denmark, and in cases of cross-border payment transactions, when the payment transaction is made in euro. Subsection 5. For payment transactions carried out in countries within the European Union or in a country with which the Union has concluded an agreement in the financial area, the deadline set in Section 113, Subsection 1, notwithstanding Subsection 4, may not exceed 4 business days after the time of receipt, cf. Section 109.

Definitions Section 7. In this Act, the following definitions apply:

1. Payment service: A service covered by the Annex.

2. Payment institution: A legal person that has been granted permission to provide payment services, cf. Section 9, and institutions that have been granted permission in another EU or EEA country.

3. E-money institution: A legal person that has been granted permission to issue electronic money, cf. Section 8, and institutions that have been granted permission in another EU or EEA country.

4. Payment transaction: An act initiated by a payer or on their behalf or by a payee with the aim of depositing, transferring or withdrawing funds regardless of any underlying obligations between the payer and the payee.

5. Payment order: An instruction from a payer or a payee to a payment service provider to carry out a payment transaction.

6. Electronic money: Electronically or magnetically stored monetary value representing a claim on the issuer, which is issued upon receipt of funds for the purpose of carrying out payment transactions, and which is accepted by persons other than the electronic money issuer.

7. Provider: A natural or legal person who provides payment services and is covered by Section 3.

8. Issuer: A natural or legal person who issues electronic money and is covered by Section 2.

9. Account servicing payment service provider: A provider who maintains a payment account for a user.

10. Payer: A natural or legal person who is the holder of a payment account from which payment orders can be issued or received, or, if there is no payment account, a natural or legal person who issues a payment order.

11. Payee: A natural or legal person who is the intended recipient of the funds involved in a payment transaction.

12. Electronic money holder: A natural or legal person who owns electronic money and, by virtue thereof, has a claim on an electronic money issuer.

13. Payment system: A system for transferring funds with formal and standardized routines and common rules for processing, clearing or settlement of payment transactions.

14. User: A natural or legal person who uses a payment service either as a payer or as a payee or both.

15. Consumer: A natural person acting for purposes which are outside their trade, business, craft or profession.

16. Payment account: An account held in the name of one or more users for the purpose of executing payment transactions.

17. Funds: Banknotes and coins, account balances and electronic money.

18. Payment instrument: A personalized instrument or a set of procedures agreed between the user and the provider, which the user uses to initiate a payment order.

19. Micro-payment instrument: A payment instrument which, under a framework agreement, exclusively concerns individual payment transactions of a value not exceeding 60 euro, or which either has a spending limit corresponding to 300 euro or does not store funds of more than 500 euro.

20. Payment initiation service: A service that initiates a payment order at the instruction of a user for the purpose of making a payment transaction from a payment account held by a provider other than the payment initiation service provider.

21. Account information service: A service that provides a user with consolidated information on one or more of their payment accounts held by one or more account servicing payment service providers.

22. Money remittance: A payment service where funds are received from a payer, without any payment account being created in the name of the payer or payee, solely for the purpose of transferring a corresponding amount to a payee or another payment service provider on the payee's behalf, or where such funds are received on the payee's behalf and made available to them.

23. Direct debit: A payment service for debiting a payer's payment account, where a payee, based on consent from the payer to the payee, their payment service provider or the payer's payment service provider, initiates a payment transaction.

24. Credit transfer: A payment service that credits a payee's payment account with one or more payment transactions from a payer's payment account to the payee's payment account based on instructions from the payer themselves.

25. Acquiring of payment transactions: A payment service provider that has entered into an agreement with a payee to receive and process payment transactions for the purpose of transferring funds to the payee.

26. Issuing of payment instruments: A payment service provider that enters into an agreement with a payer to issue a payment instrument that can initiate and process the payer's payment transactions.

27. Business day: A day on which the relevant provider of the payer or payee involved in the execution of a payment transaction is open as required for the execution of a payment transaction.

28. Framework agreement: A payment service agreement governing the future execution of individual and successive payment transactions, and which may contain obligations and conditions for the opening of a payment account.

29. Authentication: A procedure that enables a payment service provider to verify the identity of the user or the validity of the use of a specific payment instrument, including the use of a user's personalized security credentials.

30. Strong customer authentication: An authentication based on the use of two or more elements categorized as knowledge, possession and inherence, which are independent, so that the breach of one element does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data.

31. Personalized security credentials: Personalized elements provided by the provider to the user for the purpose of authentication.

32. Remote payment: A payment transaction initiated via the internet or another device that can be used for remote communication.

33. Sensitive payment data: Data, including personalized security credentials, that can be used to commit fraud.

34. Agent: A natural or legal person who acts on behalf of a payment institution in the provision of payment services.

35. Branch: A division that constitutes a non-independent part of an e-money institution or payment institution, and which, in the case of a payment institution, carries out payment transactions on its behalf. Divisions established in an EU or EEA country other than the country where the payment institution has its head office constitute together one branch.

36. Remote communication device: A device which, without the simultaneous physical presence of the payment service provider and the payment service user, can be used to conclude a payment service agreement.

37. Durable medium: An instrument which enables the user to store information addressed personally to them in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored.

38. Unique identifier: A combination of letters, numbers or symbols provided by a payment service provider to a user, which the user must provide to unambiguously identify another payment service user or the user's own payment account for the purpose of carrying out a payment transaction.

39. Payment brand: Any physical or digital name, word, sign or symbol, or combination thereof, which can indicate the payment card scheme used to carry out card-based payment transactions.

40. Qualified holding: A direct or indirect holding of at least 10% of the capital or voting rights or a holding which makes it possible to exercise a significant influence over the management of an e-money institution or a payment institution.

41. Payment information: Personal information about where a user has used a payment service and what has been purchased with the payment service.

Chapter 2 Authorization Authorization for e-money institutions and payment institutions

§ 8. Companies that issue electronic money, cf. § 2, para. 1, must have authorization as an e-money institution, cf. however § 50.

§ 9. Companies that offer payment services in accordance with Annex 1, cf. § 3, para. 1, must have authorization as a payment institution, cf. however § 51, e-money institution, cf. however § 50, or provider of account information services, cf. § 60. An authorization may be limited to only relate to one or more of the payment services mentioned in Annex 1.

§ 10. The Danish Financial Supervisory Authority grants authorization as an e-money institution or payment institution pursuant to §§ 8 or 9, when the following requirements are met:

1. The company is operated as a public limited company, a private limited company, a cooperative with limited liability, or an association with limited liability, and the company has a board of directors and a management.
2. The company has its head office and domicile in Denmark and carries out at least part of its activities in Denmark.
3. The company meets the requirements for start-up capital, cf. §§ 12 and 13.
4. The members of the company's board of directors and management, the person responsible for anti-money laundering, cf. the Anti-Money Laundering Act § 7, para. 2, and members of the actual management responsible for compliance or anti-money laundering, meet the requirements for suitability and honesty, cf. § 30.
5. The company's owners of qualified participations, cf. § 7, no. 40, meet the criteria in § 23.
6. The company does not have close links, cf. § 5, para. 1, no. 17, in the Act on Financial Business, to other companies or persons that could hinder the performance of the Danish Financial Supervisory Authority's tasks.
7. The company has sound and effective organizational structures, business processes, and procedures, cf. § 25.
8. The company has sufficient procedures to ensure that it can meet its obligations under the Anti-Money Laundering Act.
9. The company has taken appropriate measures to protect the funds belonging to users of payment services, cf. § 35.
10. The company is assessed to be capable of conducting sound operations.

Para. 2. A company applying for authorization to offer payment initiation services, cf. Annex 1, no. 7, or account information services, cf. Annex 1, no. 8, must, in addition to meeting the requirements in para. 1, have taken out liability insurance or provided other equivalent guarantee to cover claims against the company.

Para. 3. If a company applying for authorization pursuant to § 8 or § 9 carries out other activities, cf. § 18, para. 1, no. 4, or para. 3, no. 3, the Danish Financial Supervisory Authority may decide that the payment service business must be carried out in a separate company, if the activities impair or are likely to impair the company's solvency or the Danish Financial Supervisory Authority's ability to supervise the company.

Para. 4. The Danish Financial Supervisory Authority may set rules for the liability insurance or equivalent guarantee mentioned in para. 2, including regarding the calculation of the minimum amount.

§ 11. An application for authorization must contain the information necessary for the Danish Financial Supervisory Authority to assess whether the requirements in § 10 are met. The application must at a minimum contain:

1. Information about the company's legal form with a copy of the articles of association and statutes.
2. The address of the company's head office.
3. A description of the company's business model with an overview of the company's current and planned business activities, including which payment services the company wishes to offer.
4. A business plan with a budget forecast for the first three financial years, showing that the applicant is capable of conducting sound operations, and the most recently audited annual accounts, if such have been prepared.
5. Information about the company's organizational structure, including the intended use of agents and branches and the control thereof, and the planned use of outsourcing and participation in a national or international payment system.
6. Information about the planned cross-border business and establishment in another EU or EEA country.
7. Documentation that the company possesses the required start-up capital, cf. § 10, para. 1, no. 3.
8. Information for the assessment of whether members of the board of directors and management, the person responsible for anti-money laundering, cf. the Anti-Money Laundering Act § 7, para. 2, and members of the actual management responsible for compliance or anti-money laundering, meet the requirements for suitability and honesty pursuant to § 30.
9. Information about the identity of persons who own qualified participations in the company, the size of their share, and documentation of their suitability having regard to the need to ensure sound and prudent management of the institution, cf. the criteria in § 23.
10. Information about the measures taken to protect the funds belonging to users, cf. § 35.
11. The company's business processes and internal control mechanisms, including administrative, risk management, and accounting procedures, cf. § 25, as well as arrangements for the use of IT services 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.
12. The company's business processes for handling and following up on security incidents and security-related customer complaints, including procedures for reporting security incidents, cf. Chapter III 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.
13. The internal control measures the company has introduced to fulfill obligations under the Anti-Money Laundering Act and Regulation (EU) 2015/847 of the European Parliament and of the Council of 25 May 2015 on information accompanying transfers of funds.
14. The company's business processes and procedures to ensure the storage, monitoring, tracking, and restriction of access to sensitive payment data.
15. The company's contingency plan, including a clear description of critical functions, effective policies and plans for IT operational stability and IT incident response and recovery, as well as procedures to regularly test and evaluate whether such plans are sufficient and effective 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.
16. The principles and definitions the company uses to collect statistical data on operations and fraud, cf. § 127, para. 1.
17. The company's security policy, a detailed risk assessment in connection with the payment services the company intends to offer, and a description of the measures the company has taken to counter the identified risks, including fraud and misuse of sensitive payment data and personal data. The description of the measures must contain information on how the company ensures a high level of digital operational resilience in accordance with Chapter II 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, particularly with regard to technical security and data protection, including regarding the software and IT systems used by the applicant or the companies to which the applicant outsources all or part of its activities.
18. Information about the company's auditor.

Para. 2. The information in para. 1, nos. 5, 10, 11, and 12, must further contain a description of the organizational and audit measures the company has taken to protect users' interests and ensure continuity in connection with the issuance of electronic money or the provision of payment services.

Para. 3. The Danish Financial Supervisory Authority may set detailed rules regarding the information mentioned in para. 1 and 2.

Start-up capital

§ 12. A company applying for authorization as an e-money institution or payment institution must at the time of application have a start-up capital as stated in para. 2-4.

Para. 2. A company applying for authorization as an e-money institution pursuant to § 8 must have a start-up capital of at least an amount equivalent to 350,000 euros.

Para. 3. A company applying for authorization as a payment institution pursuant to § 9, which offers one or more payment services mentioned in Annex 1, nos. 1-5, must have a start-up capital of at least an amount equivalent to 125,000 euros.

Para. 4. A company applying for authorization as a payment institution pursuant to § 9, which offers payment services mentioned in Annex 1, no. 6, must have a start-up capital of at least an amount equivalent to 20,000 euros.

Para. 5. A company applying for authorization as a payment institution pursuant to § 9, which offers payment services mentioned in Annex 1, no. 7, must have a start-up capital of at least an amount equivalent to 50,000 euros.

§ 13. The start-up capital consists of

1. paid-in share, partnership, and cooperative capital,
2. share premium in connection with the instruments mentioned in no. 1,
3. retained earnings,
4. accumulated other comprehensive income, and
5. other reserves.

The Danish Financial Supervisory Authority's register

§ 14. The Danish Financial Supervisory Authority establishes a public register of

1. companies that have been granted authorization as e-money institutions pursuant to § 8 or payment institutions pursuant to § 9,
2. companies that have been granted limited authorization to issue electronic money or offer payment services pursuant to §§ 50 or 51, and their agents,
3. companies that have been granted authorization as providers of account information services pursuant to § 60, and their agents,
4. agents of payment institutions,
5. branches of e-money institutions and payment institutions, if these issue electronic money or offer payment services in another country within the European Union or a country with which the Union has concluded an agreement in the financial sector, and
6. companies covered by the exemptions in § 5, nos. 14-18, and which are reported in accordance with §§ 61 and 62.

Para. 2. The register must contain information about the payment services offered by the companies covered by para. 1.

Notification of decision

§ 15. Within 3 months after receipt of an application for authorization, cf. § 11, or if the application is incomplete after receipt of the information necessary to make a decision, the Danish Financial Supervisory Authority notifies the applicant whether the application can be granted.

Duty to store and notify

§ 16. An e-money institution or payment institution is obliged to notify the Danish Financial Supervisory Authority if there are changes in relation to the information the Danish Financial Supervisory Authority has received and relied upon when granting authorization. Notification must be given in advance if the change can be considered significant. In other cases, notification must take place as soon as possible.

§ 17. An e-money institution or payment institution is obliged to store information relevant in connection with the institution's authorization for at least 5 years.

Other activities

§ 18. E-money institutions may, in addition to issuing electronic money, carry out the following other activities:

1. Offering operational and closely related ancillary services.
2. Offering payment services covered by Annex 1.
3. Operating payment systems, cf. however § 63.
4. Other business activities than those mentioned in nos. 1-3, subject to the limitations following from this Act.

Para. 2. The provisions of this Act governing the offering of payment services also apply to e-money institutions when they offer payment services that are not closely related to the issuance of electronic money.

Para. 3. Payment institutions may, in addition to offering the payment services covered by the institution's authorization, carry out the following other activities:

1. Offering operational and closely related ancillary services.
2. Operating payment systems, cf. however § 63.
3. Other business activities than payment services.

Granting of credit, prohibition on deposits, and interest and payment accounts

§ 19. E-money institutions and companies with limited authorization to issue electronic money, cf. § 50, must not grant credit from funds received from holders of electronic money.

Para. 2. E-money institutions and companies with limited authorization to issue electronic money, cf. § 50, must not commercially accept deposits or other repayable funds. The funds that the issuer of electronic money receives from a holder must be exchanged for electronic money without undue delay and made available to the holder.

Para. 3. Issuers of electronic money must not attribute interest or similar to amounts that have been exchanged for electronic money.

Para. 4. E-money institutions and companies with limited authorization to issue electronic money, cf. § 50, may only grant credit in connection with the offering of payment services not covered by § 18, para. 1, no. 1, if the requirements in § 20, para. 4, nos. 1-4, are met.

§ 20. Payment institutions and companies with limited authorization to offer payment services, cf. § 51, may only operate payment accounts that are exclusively used for payment transactions.

Para. 2. Payment institutions and companies with limited authorization to offer payment services, cf. § 51, must not commercially accept deposits or other repayable funds.

Para. 3. Funds that payment institutions and companies with limited authorization to offer payment services, cf. § 51, receive from users of payment services for the purpose of offering payment services must not be considered deposits or other repayable funds or electronic money.

Para. 4. Payment institutions and companies with limited authorization to offer payment services, cf. § 51, which have authorization to offer services covered by Annex 1, no. 4 or 5, may only grant credit in connection with these services if the following conditions are met:

1. The credit must be accessory to the payment service and may only be granted in connection with the execution of the payment transaction.
2. Credit granted in connection with cross-border payment services must be required to be repaid within a period not exceeding 12 months.
3. The credit must not be granted using funds received for the purpose of executing a payment transaction.
4. The payment institution's capital base must at all times be of a suitable size in relation to the total credit granted.

Ownership

§ 21. A natural or legal person or natural and legal persons acting in concert, who intend to directly or indirectly acquire a qualified participation, cf. § 7, no. 40, in an e-money institution or a payment institution, must apply to the Danish Financial Supervisory Authority in advance for approval of the intended acquisition. The same applies to an increase in the qualified participation that results in it constituting or exceeding a limit of respectively 20 percent, 30 percent, or 50 percent of the share capital or voting rights after the acquisition, or that results in an e-money institution or a payment institution becoming a subsidiary.

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

Para. 3. The Danish Financial Supervisory Authority has an assessment period of 60 working days from the time of the written confirmation of receipt of the application, cf. para. 2, and receipt of all documents required to be attached to the application, to carry out the assessment mentioned in § 23. Simultaneously with the confirmation of receipt of the application, cf. para. 2, the Danish Financial Supervisory Authority notifies the intended acquirer of the date when the assessment period expires.

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

Para. 5. The Danish Financial Supervisory Authority may extend the interruption of the assessment period as mentioned in para. 4 by up to 10 working days, if

1. the intended acquirer is domiciled or subject to the legislation of a country outside the European Union with which the Union has not concluded an agreement in the financial sector, or
2. the intended acquirer is a natural or legal person who has not been granted authorization to carry out the business mentioned in §§ 8 and 9 or the business mentioned in § 61 of the Capital Markets Act in Denmark, in another country within the European Union, or in a country with which the Union has concluded an agreement in the financial sector.

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

Para. 7. If the Danish Financial Supervisory Authority does not reject the application for the intended acquisition in writing during the assessment period, the acquisition is deemed to be approved.

Para. 8. The Danish Financial Supervisory Authority may, when approving an acquisition or increase pursuant to para. 1, set a deadline for the implementation thereof. The Danish Financial Supervisory Authority may extend such a deadline.

Para. 9. The Danish Financial Supervisory Authority sets rules regarding when an acquisition must be included in the calculation pursuant to para. 1.

§ 22. A natural or legal person or natural and legal persons acting in concert, who intend to directly or indirectly dispose of a qualified participation, cf. § 7, no. 40, or reduce a qualified participation in an e-money institution or payment institution such that the disposal results in the limit of respectively 20 percent, 30 percent, or 50 percent of the share capital or voting rights no longer being reached, or results in the e-money institution or payment institution ceasing to be the relevant person's subsidiary, must in advance notify the Danish Financial Supervisory Authority thereof in writing, stating the size of the intended future capital share.

§ 23. In connection with its assessment of an application received pursuant to § 21, para. 1, the Danish Financial Supervisory Authority must ensure consideration for sound and prudent management of the company in which the acquisition is intended. The assessment must further be made with regard to the intended acquirer's likely influence on the company, the intended acquirer's suitability, and the intended acquisition's financial soundness in relation to the following criteria:

1. The intended acquirer's reputation.
2. The reputation and experience of the person or persons who will lead the e-money institution or payment institution after the acquisition.
3. The intended acquirer's financial situation, particularly in relation to the nature of the business carried out or intended to be carried out in the e-money institution or payment institution in which the acquisition is intended.
4. Whether the company can continue to comply with supervisory requirements in legislation, particularly whether the group which the company may come to be part of has a structure that makes it possible to carry out effective supervision and effective exchange of information between competent authorities and to determine how responsibility is to be distributed between the competent authorities.
5. Whether there is reason to suspect, in connection with the intended acquisition, that money laundering or terrorist financing, cf. §§ 3 and 4 of the Anti-Money Laundering Act, will take place.

Para. 2. The Danish Financial Supervisory Authority may reject an application for approval of an intended acquisition if, on the basis of the criteria mentioned in para. 1, there is reasonable ground to assume that the intended acquirer will hinder sound and prudent management of the company, cf. para. 1, or if the information provided by the intended acquirer, in the Danish Financial Supervisory Authority's assessment, is not sufficient.

§ 24. If shareholders holding one of the participations mentioned in § 21, para. 1, in an e-money institution or payment institution do not meet the requirements in § 23, para. 1, the Danish Financial Supervisory Authority may revoke the voting rights attached to the relevant owners' share capital or order the company to follow certain guidelines.

Para. 2. The Danish Financial Supervisory Authority may revoke the voting rights attached to share capital owned by natural or legal persons who do not comply with the obligation in § 21, para. 1, to apply in advance for approval. The share capital is assigned full voting rights again if the Danish Financial Supervisory Authority can approve the acquisition.

Para. 3. If a natural or legal person has acquired share capital as mentioned in § 21, para. 1, despite the Danish Financial Supervisory Authority having rejected approval of this acquisition of share capital, the Danish Financial Supervisory Authority must revoke the voting rights attached to these share capital.

Para. 4. The Danish Financial Supervisory Authority must inform the relevant e-money institution or payment institution when the Danish Financial Supervisory Authority has revoked the voting rights attached to share capital in the company pursuant to para. 1-3. The Danish Financial Supervisory Authority must also inform the company if share capital is assigned full voting rights again pursuant to para. 2, second sentence.

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

Management and organization of the company

§ 25. An e-money institution or payment institution must have effective forms of corporate governance, including

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

2. appropriate internal control mechanisms, including good administrative and accounting practices,

3. written business processes in all significant areas of activity,

4. effective procedures to identify, manage, monitor and report on the risks the institution is or may be exposed to,

5. the resources necessary for the proper implementation of its business and to use the resources appropriately,

6. procedures for the separation of functions in connection with the handling and prevention of conflicts of interest,

7. comprehensive internal control procedures and

8. reliable control and security measures in the IT area. Subsection 2. E-money institutions and payment institutions shall have effective procedures for the following:

9. Approval of new products and services.

10. Significant changes to existing products and services.

11. Distribution of products and services. Subsection 3. The Financial Supervisory Authority may set detailed rules regarding the measures that e-money institutions and payment institutions must take, cf. subsections 1 and 2. § 25a. An e-money institution or a payment institution shall have a written policy that ensures and promotes a sound corporate culture. Subsection 2. The board of directors shall define the policy. Subsection 3. The chairman of the board of directors shall in his report to the company's highest body account for the implementation and compliance with the policy. Subsection 4. The CEO shall ensure that the policy is implemented and complied with. Subsection 5. The Minister for Business Affairs sets detailed rules on the content and compliance with the policy. § 26. E-money institutions and payment institutions shall have an arrangement, subject to subsection 3, through which the company's employees can report violations or potential violations of this Act, rules issued pursuant thereto or provisions contained in European Union regulations for the areas of the Act that the Financial Supervisory Authority supervises compliance with pursuant to the rules set out in § 130, committed by the company, including by employees or members of the board of directors of the company. Reports to the arrangement may be made anonymously. The company shall follow up on reports to the arrangement and be able to document in writing how the company has followed up on the reports. The Act on the Protection of Whistleblowers applies to the arrangement in the first sentence. Subsection 2. The arrangement in subsection 1 may be established through a collective agreement. Subsection 3. Subsection 1 applies only to companies that employ more than five employees. The arrangement mentioned in subsections 1 and 2 must be established no later than 3 months after the company has hired the sixth employee. Subsection 4. The Financial Supervisory Authority may in special cases exempt from the requirement in subsection 1. § 27. An e-money institution or payment institution may 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's violation or potential violation of this Act, rules issued pursuant thereto and provisions contained in European Union regulations for the areas of the Act that the Financial Supervisory Authority supervises, to the Financial Supervisory Authority or to an arrangement in the company. The same applies when setting, allocating and paying variable salary to employees or former employees. Subsection 2. Employees or former employees whose rights have been violated by a breach of subsection 1 may be awarded compensation in accordance with the principles of the Act on Equal Treatment of Men and Women with regard to Employment etc. The compensation is determined with regard to the employee's or former employee's period of employment and the circumstances of the case otherwise. Subsection 3. Subsections 1 and 2 may not be derogated from by agreement to the detriment of the employee or former employee. § 27a. If an employee or former employee and an e-money institution or payment institution 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 violations or potential violations of this Act, rules issued pursuant thereto and provisions contained in European Union regulations for the areas of the Act that the Financial Supervisory Authority supervises, to public authorities. Subsection 2. Notwithstanding subsection 1, the employee or former employee is not barred from reporting information about violations or potential violations of this Act, rules issued pursuant thereto and provisions contained in European Union regulations for the areas of the Act that the Financial Supervisory Authority supervises, to public authorities, even if such a prohibition is included in an agreement between the employee or former employee and the e-money institution or payment institution. The same applies to reports to arrangements under § 27. § 28. The board of directors of an e-money institution or payment institution shall establish a policy for diversity in the board of directors that promotes sufficient diversity in qualifications and competencies among the members of the board of directors. § 29. In e-money institutions and payment institutions that have financial instruments admitted to trading on a regulated market in a country within the European Union or in a country with which the Union has concluded an agreement in the financial area, or that have a balance sheet total of DKK 500 million or more in 2 consecutive financial years, the board of directors

12. shall set targets for the proportion of general meeting-elected members of the underrepresented gender in the board of directors, unless there is an equal distribution of women and men among the general meeting-elected members of the board of directors,

13. shall set targets for the proportion of the underrepresented gender at the e-money institution's or payment institution's other management levels, unless there is an equal distribution of women and men at the other management levels, and

14. shall draw up a policy to increase the proportion of the underrepresented gender at the e-money institution's or payment institution's other management levels, unless there is an equal distribution of women and men at the other management levels, subject to subsection 5. Subsection 2. For parent companies that prepare group accounts, the calculation in subsection 1 shall be based on the group accounts. Subsection 3. Other management levels are understood to mean two management levels below the board of directors. The first management level below the board of directors includes the executive management and the persons who are organizationally at the same management level as the executive management. The second management level includes persons with personnel responsibility who report directly to the first management level below the board of directors. Subsection 4. The board of directors shall set a new and higher target for the proportion of the underrepresented gender under subsection 1, nos. 1 and 2, when the e-money institution or payment institution has reached its previously set target, or a new target when the time horizon for the expected fulfillment has expired. Subsection 5. E-money institutions and payment institutions that in the most recent financial year have employed fewer than 50 employees may refrain from drawing up a policy to increase the proportion of the underrepresented gender at their other management levels. Subsection 6. If an e-money institution or payment institution is covered by both this provision and the provisions on gender composition in the highest management body in the Companies Act, the Act on Commercial Foundations or the Act on Certain Commercial Enterprises, subsections 1-5 take precedence. Subsection 7. Subsections 1-6 do not apply to companies covered by the Gender Balance Act. Fitness and Propriety § 30. A member of the board of directors or executive management of an e-money institution or payment institution

15. must have sufficient knowledge, professional competence and experience to be able to perform the office or position,

16. must have a sufficiently good reputation and be able to demonstrate propriety, integrity and sufficient independence in the performance of the office or position,

17. must not be subject to criminal liability for violation of the Criminal Code, financial legislation or other relevant legislation, if the violation involves a risk that the person cannot perform his office or position in a reliable manner,

18. must not have filed a petition for or be under reconstruction proceedings, bankruptcy or debt settlement and

19. must not have exhibited such behavior that there is reason to assume that the member will not perform the office or position in a defensible manner. Subsection 2. If a person assumes an office as a member of the board of directors or a position as CEO in an e-money institution or a payment institution, the Financial Supervisory Authority ensures that the person meets the fitness and propriety requirements in subsection 1. The 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 Financial Supervisory Authority assesses that the person does not meet the requirements in subsection 1, nos. 2-5, the duration of the decision must appear from the decision. Subsection 4. The Financial Supervisory Authority may in special cases, where the Financial Supervisory Authority assesses that a person does not have sufficient professional prerequisites or experience in relation to the position as a member of the executive management, as the person is assessed to, make a decision that the person can hold the position under more precisely defined conditions. Subsection 5. A member of the board of directors or executive management of an e-money institution or payment institution must notify the Financial Supervisory Authority of information as mentioned in subsection 1 in connection with entering the company's management and of information as mentioned in subsection 1, nos. 3 and 4, if the circumstances subsequently change. Subsection 6. Subsections 1-5 apply correspondingly to the person responsible for anti-money laundering, cf. the Anti-Money Laundering Act § 7, subsection 2, and members of the actual management who are responsible for compliance or anti-money laundering. Subsection 7. The Minister for Business Affairs may set rules on competence and experience requirements for the person responsible for anti-money laundering, cf. the Anti-Money Laundering Act § 7, subsection 2, and members of the actual management who are responsible for compliance or anti-money laundering, in e-money institutions and payment institutions. § 30a. (Repealed) Capital Base § 31. An e-money institution must at all times have a minimum capital base corresponding to the highest of the following amounts, subject to subsection 4:

20. The start capital, cf. § 12.

21. An amount corresponding to 2% of the average outstanding electronic money. Subsection 2. If the e-money institution offers payment services covered by Annex 1, which are not closely related accessory services to the issuance of electronic money, an amount shall be added to the calculation of the amount in accordance with subsection 1, no. 2, which is calculated in accordance with § 32, subsection 1, no. 2, and subsection 2. In the calculation, § 32, subsections 3-5, and rules issued pursuant thereto apply correspondingly. Subsection 3. The average of outstanding electronic money, cf. subsection 1, no. 2, is calculated as the total claims on the issuer arising from outstanding electronic money, calculated on the basis of the daily outstanding amount at the end of each day in the preceding 6 months. The calculation is made on the first day of each month. If the company has not completed 6 months of operation on the date of calculation, the months of operation completed and the company's estimates for the average outstanding electronic money for the coming year are used as the basis for the calculation. Subsection 4. In the calculation in accordance with subsection 1, no. 2, the Financial Supervisory Authority may, based on a risk assessment of the individual e-money institution, decide that the institution's capital base shall be up to 20% higher and up to 20% lower than the amount resulting from the application of the indicated calculation method. Subsection 5. The capital base is calculated in accordance with § 33. § 32. A payment institution that offers services covered by Annex 1, nos. 1-6, must at all times have a minimum capital base corresponding to the highest of the following amounts:

22. The start capital, cf. § 12.

23. The amount resulting from the calculation in accordance with one of the three methods described in Annex 2, subject to subsection 4. Subsection 2. A payment institution that only offers services covered by Annex 1, no. 7, must at all times have a minimum capital base corresponding to the start capital, cf. § 12. Subsection 3. The Financial Supervisory Authority sets detailed rules for the application of the calculation methods described in Annex 2, including which of these calculation methods the individual payment institution must use in calculating the capital requirement in accordance with subsection 1, no. 2. In this regard, account must be taken of the type of payment services offered and the extent thereof. Subsection 4. The Financial Supervisory Authority may, based on a risk assessment of the individual payment institution, decide that the institution's capital base shall be up to 20% higher or 20% lower than the amount resulting from the application of the indicated calculation method. Subsection 5. The Financial Supervisory Authority may set rules on the calculation of capital requirements where the payment institution is part of a group. § 33. The capital base for e-money institutions and payment institutions consists of the core capital as defined in accordance with Article 25 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, plus the supplementary capital minus deductions as defined in accordance with Article 71 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, subject to subsection 3. Subsection 2. The core capital must consist of a minimum of 75% own core capital. The supplementary capital may not exceed one third of the core capital. Subsection 3. The Financial Supervisory Authority sets rules for the calculation of the capital base, including core capital, hybrid core capital and supplementary capital. Accounts and Statutory Audit § 34. The Danish Financial Reporting Act applies to e-money institutions and payment institutions, unless otherwise follows from subsections 2-9. Subsection 2. The financial year must follow the calendar year. The first financial period may cover a shorter or longer period than 12 months, but at most 18 months. Subsection 3. The e-money institution or payment institution must at the end of each half-year submit financial reporting to the Financial Supervisory Authority in accordance with forms and guidelines thereto prepared by the Financial Supervisory Authority. The reports must be submitted to the Financial Supervisory Authority in electronic form. Subsection 4. The annual report must be audited by the e-money institution's or payment institution's external auditor. The e-money institution's or payment institution's auditor or auditors must be approved in accordance with the Act on Approved Auditors and Audit Firms. Subsection 5. Auditors in an e-money institution or payment institution must also be auditors in the payment institution's subsidiary activities. This does not apply to parent companies and subsidiaries that are not located in Denmark. Subsection 6. Auditors must immediately notify the Financial Supervisory Authority of circumstances that are of decisive importance for the institution's continued activity, including circumstances that the auditors may have become aware of as part of their role as auditors in companies with which the payment institution has close connections. Subsection 7. If an e-money institution or payment institution carries out other activities as referred to in § 18, the institution must simultaneously with the annual report submit separate financial information for payment services and other activities respectively. The financial information must be accompanied by an auditor's report prepared by the institution's auditors. Subsection 8. The Financial Supervisory Authority may in special cases exempt from the requirement in subsection 2, first sentence. Subsection 9. The Financial Supervisory Authority sets detailed rules on the implementation of the audit in an e-money institution or payment institution and on the preparation of separate financial information and auditor's report, cf. subsection 7. Securing of Funds § 35. E-money institutions must secure funds received as consideration for the electronic money that has been issued, in accordance with subsection 6. The securing of the funds must take place no later than 5 working days after the issuance of electronic money, if they are received using a payment instrument. Subsection 2. E-money institutions that offer payment services covered by Annex 1, nos. 1-6, cf. § 18, subsection 1, no. 2, must secure funds received from users of the payment services or received through another provider of payment services as part of the implementation of a payment transaction, in accordance with subsection 6. Subsection 3. Payment institutions that offer payment services covered by Annex 1, nos. 1-6, must secure funds received from users of the payment services or received through another provider of payment services as part of the implementation of a payment transaction, in accordance with subsection 6. Subsection 4. If the payment institution or e-money institution receives fewer funds from users of the payment services or through another provider of payment services than the amount that as part of the implementation of payment transactions must be forwarded to the payment recipient, cf. subsections 2 and 3, the payment institution or e-money institution must ensure that the balance on the security account or in the security depot from the time of depositing the funds on the security account or placing the funds in the security depot, cf. subsection 6, nos. 1 and 2, corresponds to the amount that as part of the implementation of payment transactions must be forwarded to the payment recipient. Subsection 5. The funds standing on a security account or placed in a security depot, cf. subsection 6, nos. 1 and 2, must at all times correspond to the amount that as part of the implementation of payment transactions must be forwarded to the payment recipient. Subsection 6. Securing of funds in accordance with subsections 1-5 must take place in one of the following ways:

24. The funds are deposited in a separate account, designated as a security account, in a credit institution or a central bank, if the central bank allows this, no later than at the end of the working day following the day on which the funds were received.

25. The funds are invested in secure, liquid assets with low risk and placed in a separate securities depot, designated as a security depot, in a credit institution no later than at the end of the working day following the day on which the funds were received.

26. The funds are covered by a guarantee from an insurance company or a credit institution that does not belong to the same group as the institution. The guarantee must at all times at least correspond to the amount that otherwise would have been deposited on a security account or placed in a security depot. Subsection 7. Funds deposited on a security account or invested in securities placed in a security depot cannot be subject to legal action from the institution's other creditors. Subsection 8. Payment institutions and e-money institutions that are obliged to secure funds, cf. subsections 1-3, where part of the funds must be used for future payment transactions, and where the remaining part must be used for non-payment-related services, must only secure the part of the funds that must be used for future payment transactions. Subsection 9. The Financial Supervisory Authority may set detailed rules on the securing of funds in accordance with subsections 1-8. Use of Agents § 36. If a payment institution intends to offer payment services through one or more agents, the Financial Supervisory Authority must be notified thereof in advance. Subsection 2. The notification in subsection 1 must contain

27. name and address of the agent,

28. which payment service, cf. Annex 1, the agent must perform for the payment institution,

29. the agent's unique identification code, if the agent has such,

30. a description of how the agent will fulfill the obligations under the Anti-Money Laundering Act, and

31. information about the identity of the management responsible for the agent and documentation that these meet the requirements in § 30. § 37. The Financial Supervisory Authority must within 2 months after receiving the notification under § 36 register the agent in accordance with § 14, if the information presented is, in the opinion of the Financial Supervisory Authority, sufficient. If this is not the case, the Financial Supervisory Authority may refuse to register the agent. The payment institution can thereafter not use the agent in connection with offering payment services. § 38. Payment institutions that use agents have full responsibility for fulfilling the provisions of the Act and must take the necessary measures to ensure this. The payment institution is liable for claims for damages that users of payment services obtain against agents who act in violation of this Act or rules issued pursuant thereto. Subsection 2. The payment institution must ensure that an agent acting on behalf of the institution informs users of payment services that this is an agent for the Danish payment institution. Outsourcing § 39. An e-money institution or payment institution may, after notifying the Financial Supervisory Authority, outsource a process, a service or an activity that the company would otherwise carry out, to a supplier. Subsection 2. An e-money institution or payment institution may only outsource a critical or important process, service or activity when the following conditions are met:

32. The outsourcing does not significantly impair the quality of the institution's internal control or the Financial Supervisory Authority's ability to monitor whether the institution fulfills all obligations in this Act.

33. The outsourcing does not result in the daily management delegating its responsibility.

34. The institution's relationship and obligations towards its users in accordance with this Act do not change.

35. The conditions that the institution must fulfill to be granted and maintain permission in accordance with this Act are still met.

36. None of the conditions that formed the basis for the granting of the permission may be repealed or changed. Subsection 3. The Financial Supervisory Authority may make a decision that the institution's outsourcing must be terminated within a deadline set by the Financial Supervisory Authority, if the outsourcing contract or its parties do not fulfill the conditions in this provision or rules issued pursuant to subsection 4. Subsection 4. The Minister for Business Affairs sets detailed rules on e-money institutions' and payment institutions' outsourcing regarding

37. the institution's management arrangements, responsibility, risk management, monitoring, control and reporting in connection with outsourcing to a supplier, including the supplier's further outsourcing,

38. the institution's internal guidelines for outsourcing,

39. the institution's handling of conflicts of interest in connection with outsourcing,

40. requirements that the institution must at all times ensure that suppliers or sub-suppliers fulfill, 26 April 2026. 12 No. 463.

hereunder also access, information and audit rights at suppliers and sub-suppliers, 5) requirements for the content of the contract and 6) the institution's duty to notify the Financial Supervisory Authority of outsourcing. § 39a. Rules established pursuant to § 39, subsection 4, do not apply to companies' authentication of users when using the MitID solution pursuant to the Act on MitID and NemLog-in. § 40. Institutions that outsource operational functions to third parties have full responsibility for fulfilling the provisions of this Act and must take the necessary measures to ensure this. The institution is liable for claims for damages that users of payment services obtain against third parties, pursuant to the first sentence, who act in violation of this Act or regulations issued pursuant thereto. § 41. If the entity to which the institution outsources operational functions has its domicile in another EU or EEA country, the Financial Supervisory Authority shall notify the supervisory authority in the relevant country thereof. Conditions for applying to participate in registered payment systems § 41a. A payment institution or e-money institution that participates or applies to participate in registered payment systems, pursuant to § 64, must have the following:

1. A description of the measures taken to protect the funds belonging to payment service users, pursuant to § 10, subsection 1, no. 9, and §§ 41b-41d.
2. A description of business processes and internal control mechanisms for the activities that the payment institution or e-money institution intends to deliver, including administrative, risk management and accounting procedures, as well as a description of arrangements for the use of the payment institution's and e-money institution's information and communication technology services, which relate to Articles 6 and 7 of the Regulation of the European Parliament and of the Council on digital operational resilience in the financial sector, pursuant to § 41e.
3. A resolution plan in the event of bankruptcy, pursuant to § 41f. § 41b. If the payment institution or e-money institution secures users' funds by depositing them in a safeguard account, pursuant to § 35, subsection 6, no. 1, the description pursuant to § 41a, no. 1, must contain the following:
4. The number of persons who have access to the safeguard account and their functions.
5. A description of the administration and reconciliation process to ensure that payment service users' funds are protected in the interest of payment service users against claims from the payment institution's or e-money institution's other creditors, particularly in the event of insolvency.
6. A copy of the draft contract with the credit institution.
7. An explicit declaration from the payment institution or e-money institution regarding compliance with § 35. § 41c. If the payment institution or e-money institution secures users' funds by placing them in a safe deposit, pursuant to § 35, subsection 6, no. 2, the description pursuant to § 41a, no. 1, must contain the following:
8. A description of the investment policy to ensure that the assets chosen are liquid and secure and have low risk.
9. A description of the administration and reconciliation process to ensure that payment service users' funds are protected in the interest of payment service users against claims from the payment institution's or e-money institution's other creditors, particularly in the event of insolvency.
10. An explicit declaration from the payment institution or e-money institution regarding compliance with § 35. § 41d. If the payment institution or e-money institution secures payment service users' funds by providing a guarantee from an insurance company or a credit institution, pursuant to § 35, subsection 6, no. 3, the description pursuant to § 41a, no. 1, must contain the following:
11. Confirmation that the insurance or the corresponding guarantee is from an entity that is not part of the same group as the payment institution or e-money institution.
12. Further information about the process introduced to ensure that the insurance or the corresponding guarantee is at all times sufficient to cover the repayment claims that users of the payment institution or e-money institution may have against the institution.
13. Information about the duration of the coverage and the terms for renewal.
14. A copy of the insurance agreement or the corresponding guarantee or a draft thereof. § 41e. The description pursuant to § 41a, no. 2, must document that the business processes, internal control mechanisms and arrangements for the use of information and communication technology are proportional, appropriate, prudent and sufficient. Subsection 2. The business processes and internal control mechanisms pursuant to § 41a, no. 2, must include the following:
15. Mapping of the risks that the payment institution or e-money institution has identified, including the type of risks and the procedures that the payment institution or e-money institution has introduced or will introduce to assess and prevent such risks.
16. The different procedures for carrying out regular and permanent control, including the frequency and the allocated human resources.
17. The accounting procedures for how the payment institution or e-money institution registers and reports its accounting information.
18. The identity of the person or persons responsible for the internal control functions, including for regular and permanent control and compliance control, and an updated CV for the person or persons concerned.
19. The identity of any auditor who is not an auditor as defined in Article 2, no. 2, of the Directive of the European Parliament and of the Council on the statutory audit of annual accounts and consolidated accounts.
20. The composition of the board of directors and the management.
21. A description of how outsourced functions are monitored and controlled to avoid the quality of the payment institution's or e-money institution's internal control deteriorating.
22. A description of how any agents and branches are monitored and controlled within the framework of the payment institution's or e-money institution's internal control.
23. A description of group management when the payment institution or e-money institution is a subsidiary of a regulated entity in a member state. § 41f. The resolution plan, pursuant to § 41a, no. 3, must be adapted to the planned size and business model of the payment institution or e-money institution and must contain a description of the restrictive measures that the payment institution or e-money institution must take in the event of termination of the institution's payment services, which will ensure the completion of unfinished payment transactions and the termination of existing contracts. § 41g. If a payment institution or e-money institution applies to participate in a registered payment system, the payment institution or e-money institution must send the Financial Supervisory Authority documentation on how the requirements in §§ 41a-41f are met. Subsection 2. Based on the information submitted in subsection 1, the Financial Supervisory Authority may, after hearing Danmarks Nationalbank, refuse to allow a payment institution or e-money institution to participate or apply to participate in a registered payment system, if the Financial Supervisory Authority assesses that participation will entail significant risks for the stability or integrity of the system. Good conduct § 42. Companies that offer payment services must be operated in accordance with fair business practices and good practice within the business area. Subsection 2. The Minister for Business Affairs may set further rules on fair business practices and good practice for companies that offer payment services. Danish institutions' activities in another EU or EEA country § 43. Payment institutions that have been granted authorization in this country and wish to offer cross-border payment services, establish a branch or offer their services through an agent in another EU or EEA country must first apply to the Financial Supervisory Authority for this. Subsection 2. If the payment institution wishes to offer cross-border payment services, the application, pursuant to subsection 1, must contain information about
24. the institution's name, address and authorization number,
25. the countries in which the institution wishes to offer its services, and
26. the payment services, pursuant to Annex 1, that the institution wishes to offer. Subsection 3. If the payment institution wishes to offer payment services by establishing a branch, the application, pursuant to subsection 1, must contain information about
27. the institution's name, address and authorization number,
28. the countries in which the institution wishes to offer its services,
29. the payment services, pursuant to Annex 1, that the institution wishes to offer,
30. description of the institution's business processes and internal control measures, pursuant to § 11, subsection 1, no. 13, and
31. description of the institution's business plan, business processes and internal control mechanisms, pursuant to § 11, subsection 1, no. 4 and 11. Subsection 4. If the institution wishes to offer payment services through an agent, the application, pursuant to subsection 1, must contain information about
32. the institution's name, address and authorization number,
33. the countries in which the institution wishes to offer its services,
34. the payment services, pursuant to Annex 1, that the institution wishes to offer, and
35. the agent, pursuant to § 36, subsection 2. Subsection 5. In addition to the information covered by subsections 2-4, a payment institution must notify the Financial Supervisory Authority of the date from which the institution intends to begin offering the cross-border payment service. Subsection 6. The Financial Supervisory Authority must forward the information mentioned in subsections 1-5 and a declaration that the planned activities are covered by the payment institution's authorization to the supervisory authority in the host country no later than 1 month after receipt of the application. Subsection 7. No later than 3 months after receipt of the application mentioned in subsection 1, the Financial Supervisory Authority must notify the institution whether the application can be accommodated. The Financial Supervisory Authority must take into account the host country's comments on the application in its assessment. If the host country's authorities notify that they have reasonable grounds to suspect that the intended establishment of a branch or cooperation with the agent in question will increase the risk of violation of the host country's rules on preventing money laundering and terrorist financing, the Financial Supervisory Authority may refuse to register the branch or agent or annul the registration of the branch or agent if registration has already taken place. The payment institution can thereafter not use the branch or agent in question in connection with the offering of payment services. Subsection 8. If the host country's competent supervisory authority has referred the matter, pursuant to subsection 7, to the European Banking Authority, the Financial Supervisory Authority must make a decision in accordance with the decision from the European Banking Authority. In that case, the 3-month deadline, pursuant to subsection 7, does not apply. Subsection 9. If the Financial Supervisory Authority approves the payment institution's application, the payment institution must be entered in the register of companies with authorization under this Act, pursuant to § 14. The business can thereafter begin its cross-border activities. Subsection 10. The payment institution must ensure that an agent or branch acting on behalf of the institution informs users of payment services that this is an agent or branch of the payment institution. Subsection 11. The Financial Supervisory Authority may set further rules on the content and format of the application, pursuant to subsections 1-7. § 44. Payment institutions must notify the Financial Supervisory Authority as soon as possible if changes occur in relation to the information that the Financial Supervisory Authority has received and based on which the decision was made pursuant to § 43. The notification must be made in advance if the change can be considered significant. § 45. E-money institutions that have been granted authorization in this country and wish to issue electronic money cross-border, distribute and redeem electronic money through physical or legal persons acting on behalf of the e-money institution, or establish a branch in another EU or EEA country, must first apply to the Financial Supervisory Authority for this. Subsection 2. If the e-money institution wishes to issue electronic money cross-border, the application, pursuant to subsection 1, must contain information about
36. the institution's name, address and authorization number, and
37. the countries in which the institution wishes to offer its services. Subsection 3. If the e-money institution wishes to issue electronic money by establishing a branch, the application, pursuant to subsection 1, must contain information about
38. the institution's name, address and authorization number,
39. the countries in which the institution wishes to offer its services,
40. description of the institution's business processes and internal control measures, pursuant to § 11, subsection 1, no. 13, and
41. description of the institution's business plan, business processes and internal control mechanisms, pursuant to § 11, subsection 1, no. 4 and 11. Subsection 4. If the e-money institution wishes to distribute and redeem electronic money through physical or legal persons acting on behalf of the e-money institution, the application, pursuant to subsection 1, must contain information about
42. the institution's name, address and authorization number,
43. the countries in which the institution wishes to offer its services, and
44. the physical or legal person who distributes and redeems the electronic money, pursuant to § 36, subsection 2. Subsection 5. If an e-money institution offers payment services, pursuant to § 18, subsection 1, no. 2, and the e-money institution wishes to offer cross-border payment services, establish a branch or offer its services through an agent in another EU or EEA country, the institution must first apply to the Financial Supervisory Authority for this in accordance with § 43. Subsection 6. In addition to the information covered by subsections 2-4, an e-money institution must notify the Financial Supervisory Authority of the date from which the institution intends to begin issuing electronic money cross-border. Subsection 7. The Financial Supervisory Authority must forward the information mentioned in subsections 1-4 and a declaration that the planned activities are covered by the e-money institution's authorization to the supervisory authority in the host country no later than 1 month after receipt of the application. Subsection 8. No later than 3 months after receipt of the application mentioned in subsection 1, the Financial Supervisory Authority must notify the institution whether the application can be accommodated. The Financial Supervisory Authority must take into account the host country's comments on the application in its assessment. If the host country's authorities notify that there are reasonable grounds to suspect that the intended establishment of a branch or cooperation with the physical or legal person in question regarding distribution and redemption of electronic money will increase the risk of violation of the host country's rules on preventing money laundering and terrorist financing, the Financial Supervisory Authority may refuse to register the branch or the physical or legal person who distributes or redeems electronic money on behalf of the institution, or to annul the registration if registration has already taken place. The e-money institution can thereafter not use the branch or the physical or legal person in question to distribute or redeem electronic money on behalf of the institution. Subsection 9. If the host country's competent supervisory authority has referred the matter, pursuant to subsection 8, to the European Banking Authority, the Financial Supervisory Authority must make a decision in accordance with the decision from the European Banking Authority. In that case, the 3-month deadline, pursuant to subsection 8, does not apply. Subsection 10. If the Financial Supervisory Authority approves the e-money institution's application, the e-money institution must be entered in the register of companies with authorization under this Act, pursuant to § 14. The institution can thereafter begin its cross-border activities. Subsection 11. The e-money institution must ensure that a branch or another physical or legal person who distributes or redeems electronic money on behalf of the institution informs users of e-money about this. Subsection 12. The Financial Supervisory Authority may set further rules on the content and format of the application, pursuant to subsections 1-8. Foreign payment institutions that have been granted authorization in another EU or EEA country § 46. A foreign payment institution that has been granted authorization in another EU or EEA country may begin to offer payment services in this country by offering cross-border payment services, by establishing a branch or through an agent, when the Financial Supervisory Authority has received notification thereof from the supervisory authority in the home country. Subsection 2. If the Financial Supervisory Authority has reasonable grounds to suspect that the establishment of a branch or agent in this country will increase the risk of violation of the Money Laundering Act or the regulations issued pursuant thereto, the Financial Supervisory Authority must notify the home country's supervisory authority thereof no later than 1 month after receipt of the notification mentioned in subsection 1. If the supervisory authority in the home country refuses to register the branch or agent or annuls the registration of the branch or agent if registration has already taken place, the agent or branch can thereafter not offer payment services in this country. Subsection 3. The Financial Supervisory Authority may refer the matter to the European Banking Authority if the home country's supervisory authority registers the agent or branch, despite the Financial Supervisory Authority having reasonable grounds to suspect that the establishment of a branch or agent in this country will increase the risk of violation of the Money Laundering Act or the regulations issued pursuant thereto.

Section 4. A branch or agent shall inform users of the payment service that it is a branch of or an agent for the foreign payment institution.

Section 47. A foreign e-money institution, which has been granted authorization in another EU or EEA country, may begin to issue electronic money in this country by issuing electronic money cross-border, by establishing a branch, or via physical or legal persons who distribute and redeem electronic money on behalf of the e-money institution, when the Danish Financial Supervisory Authority has received notification thereof from the supervisory authority in the home country.

Section 2. A foreign e-money institution, which has been granted authorization in another EU or EEA country, and which offers payment services in accordance with Section 18, subsection 1, no. 2, may offer these payment services in this country by offering cross-border payment services, by establishing a branch, or through an agent, when this is done in accordance with Section 46.

Section 3. If the Danish Financial Supervisory Authority has reasonable grounds to suspect that the establishment of a branch or the physical or legal person who distributes and redeems electronic money on behalf of the e-money institution in this country will increase the risk of violation of the Money Laundering Act or the regulations issued pursuant thereto, the Danish Financial Supervisory Authority shall notify the home country's supervisory authority thereof no later than 1 month after receipt of the notification mentioned in subsection 1. If the supervisory authority in the home country, on this basis, refuses to register the branch or the physical or legal person, or annuls the registration if registration has already taken place, the agent or the physical or legal person may thereafter not issue, distribute, or redeem electronic money in this country.

Section 4. The Danish Financial Supervisory Authority may refer the matter to the European Banking Authority if the home country's supervisory authority registers the agent or the physical or legal person, despite the fact that the Danish Financial Supervisory Authority has reasonable grounds to suspect that the establishment here in the country will increase the risk of violation of the Money Laundering Act or the regulations issued pursuant thereto.

Section 5. A branch or physical or legal persons who issue, distribute, or redeem electronic money on behalf of the e-money institution shall inform users of the electronic money that this entity issues, distributes, or redeems electronic money on behalf of the foreign payment institution.

Section 48. The Danish Financial Supervisory Authority may set rules stating that providers of payment services and issuers of electronic money, who are registered in another EU or EEA country, and who are established in this country in a manner other than by a branch, are obliged to appoint a person responsible for ensuring that the business or the person complies with the rules in Chapters 5-8 of this Act.

Section 2. The Danish Financial Supervisory Authority may set rules stating that the person must have presence in this country, and which functions the person in question must perform on behalf of the business.

Section 49. The Danish Financial Supervisory Authority may require an e-money institution or payment institution, which has been granted authorization in another EU or EEA country, and which is established in this country through a branch or agent, to regularly report information about the activities carried out in this country for informational or statistical purposes.

Chapter 3 Limited Authorization (Payment Services and E-Money)

Section 50. Companies that do not have an authorization pursuant to Section 8, which wish to issue electronic money, and whose total liabilities arising from outstanding electronic money at no time exceed an amount corresponding to the value of EUR 5 million, must have a limited authorization to issue electronic money in this country.

Section 2. An authorization to issue electronic money pursuant to subsection 1 shall lapse if the issuer's total liabilities arising from outstanding electronic money exceed an amount corresponding to the value of EUR 5 million. If the company submits an application for authorization as an e-money institution pursuant to Section 10 no later than 30 days after the authorization has lapsed pursuant to the first sentence, the company may, notwithstanding the first sentence, continue its activity pursuant to subsection 1 while the application is being processed.

Section 51. Companies that do not have an authorization pursuant to Section 9, which wish to offer payment services pursuant to Annex 1, no. 1-6, and where the average of the total payment transactions for the preceding 12 months, carried out by the company in question, does not exceed an amount corresponding to the value of EUR 3 million per month, must have a limited authorization to offer payment services pursuant to Annex 1, no. 1-6, in this country.

Section 2. Authorization may be granted for one or more of the services mentioned in Annex 1, no. 1-6.

Section 3. An authorization to offer payment services covered by subsection 1 shall lapse if the average of the company's payment transactions for the preceding 12 months, carried out by the company in question, exceeds an amount corresponding to the value of EUR 3 million per month. If the company submits an application for authorization as a payment institution pursuant to Section 10 no later than 30 days after the authorization has lapsed pursuant to the first sentence, the company may continue its activity pursuant to subsection 1 while the application is being processed.

Section 52. The Danish Financial Supervisory Authority grants authorization pursuant to Sections 50 or 51, provided that the following requirements are met, subject to Section 53:

1. The company has its headquarters and domicile in Denmark.
2. The company's owners of qualifying holdings, pursuant to Section 23, are not estimated to hinder the sound and prudent management of the company.
3. The company has adequate control measures and business processes in all material areas, including prevention of money laundering and terrorist financing, IT security, and monitoring of volume limits in accordance with either Section 50 or Section 51, subsection 3.
4. The Danish Financial Supervisory Authority assesses that the company is capable of conducting sound operations.

Section 2. Sections 26 and 27 apply mutatis mutandis to companies with limited authorization pursuant to Sections 50 and 51.

Section 53. The Danish Financial Supervisory Authority shall refrain from granting authorization pursuant to Section 52 if a member of the board of directors, a member of the executive board, where the company is operated as a sole proprietorship, the owner of the company, or, where the company is operated as a legal person without a board of directors or executive board, the person or persons responsible for the management of the company, have been convicted of a criminal offense that gives rise to a likely danger of abuse of the position or office, pursuant to Section 78, subsection 2, of the Criminal Code.

Section 2. The Danish Financial Supervisory Authority shall furthermore refrain from granting authorization to companies applying for authorization pursuant to Section 52 to offer payment services, pursuant to Annex 1, no. 6, if a member of the board of directors, a member of the executive board, where the company is operated as a sole proprietorship, the owner of the company, or, where the company is operated as a legal person without a board of directors or an executive board, the person or persons responsible for the management of the company, do not have the sufficient knowledge, professional competence, and experience to exercise their profession and perform their position in the company in question.

Section 3. The Danish Financial Supervisory Authority shall furthermore refrain from granting authorization to a company if the company has been convicted of a criminal offense that gives rise to a likely danger of abuse of the authorization, pursuant to Section 78, subsection 2, of the Criminal Code, or if a beneficial owner has been convicted of a criminal offense that gives rise to a likely danger of abuse of the person's controlling influence.

Section 4. In the Danish Financial Supervisory Authority's assessment pursuant to subsections 2 and 3, Section 78, subsection 3, of the Criminal Code applies mutatis mutandis.

Section 5. The Danish Financial Supervisory Authority may withdraw authorization granted to a company pursuant to Section 52 if a member of the board of directors, a member of the executive board, where the company is operated as a sole proprietorship, the owner of the company, or, where the company is operated as a legal person without a board of directors or an executive board, the person or persons responsible for the management of the company, subsequently fall under subsection 1, or if the company or a beneficial owner subsequently falls under subsection 2.

Section 54. An application for limited authorization to offer payment services or issue electronic money shall contain the information necessary for the Danish Financial Supervisory Authority to assess whether the conditions in Section 52 are met. The application shall as a minimum contain:

1. The company's legal form with a copy of the articles of incorporation and statutes.
2. The address of the company's headquarters.
3. A description of the company's business model, including an overview of the company's current and planned business activities.
4. A budget forecast for the first 3 financial years and the most recently audited annual accounts, if such has been prepared.
5. Information about the expected total payment transactions or the expected scope of issued electronic money calculated per month based on an average calculation.
6. Information about board members, directors, and, where relevant, persons responsible for management of the institute's e-money or payment service activities, documenting that the requirements in Section 53 are met.
7. Information about owners of a qualifying shareholding in the company, the size of their shares, and documentation for the owners' suitability to ensure sound and prudent management of the company.
8. Information about the company's business processes and internal control mechanisms, including administrative, risk management, and accounting procedures, including: a) The company's IT security policy, a detailed risk assessment of the planned activities, and a description of the risk-mitigating measures the company has taken to counter the identified risks, including fraud and abuse of sensitive payment data and personal data. b) The company's business processes for prevention of money laundering and terrorist financing, including a detailed risk assessment of the planned activities, and the risk-mitigating measures the company has taken to counter the identified risks. c) The company's business processes for handling and follow-up on security incidents and security-related customer complaints, including reporting of security incidents, pursuant to Section 126 and Chapter III 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. d) A description of the institute's business processes to ensure storage, monitoring, tracking, and limiting of access to sensitive payment data.
9. The company's business process for monitoring the volume limit set in either Section 50, subsection 3, or Section 51, subsection 3.

Section 55. No later than 3 months after receipt of an application for authorization, pursuant to Section 54, or, if the application is incomplete, after receipt of the information necessary to make a decision, the Danish Financial Supervisory Authority shall notify the applicant whether the application can be granted.

Section 56. Companies that have limited authorization to issue electronic money, pursuant to Section 50, may, in addition to issuing electronic money, carry out the following other activities:

1. Offering operational and closely related ancillary services connected to the issuance of electronic money.
2. Offering payment services covered by Annex 1.
3. Other business activities than those mentioned in no. 1 and 2, subject to the limitations following from this Act.

Section 2. The provisions of this Act governing the offering of payment services shall also apply to companies issuing electronic money when they offer payment services that are not closely ancillary to the issuance of electronic money.

Section 3. Companies that have limited authorization to offer payment services, pursuant to Section 51, may, in addition to offering the payment services covered by the authorization, carry out the following other activities:

1. Offering operational and closely related ancillary services connected to the offering of payment services.
2. Other business activities than payment services.

Section 4. If a company applying for authorization pursuant to Sections 50 or 51 carries out other activities, pursuant to subsection 1, no. 3, and subsection 3, no. 2, the Danish Financial Supervisory Authority may decide that the activities covered by this Act must be carried out in a separate company if the activities impair or are estimated to impair the company's solvency or the Danish Financial Supervisory Authority's ability to supervise the company.

Section 57. Companies with limited authorization to offer payment services may not use agents in the offering of payment services.

Section 2. Companies with limited authorization to issue electronic money may not distribute and redeem electronic money via physical or legal persons acting on behalf of the company, nor use distributors in the intermediation of electronic money.

Section 58. Companies with limited authorization, pursuant to Section 50 or Section 51, shall notify the Danish Financial Supervisory Authority as soon as possible if significant changes occur in the information that the Danish Financial Supervisory Authority has received and relied upon when granting the authorization.

Section 2. If a person assumes an office or position covered by the requirements for suitability and integrity in Section 53 in a company with limited authorization, pursuant to Section 50 or Section 51, the Danish Financial Supervisory Authority shall ensure that the person meets the suitability and integrity requirements. The Danish Financial Supervisory Authority shall make a decision on whether the person may hold the office or position in the company in question.

Section 3. If a director or a person responsible for management in a company operated as a legal person without a board of directors or an executive board joins the management of a company with limited authorization, pursuant to Section 50 or Section 51, the Danish Financial Supervisory Authority may, in special cases where the Danish Financial Supervisory Authority assesses that the person does not have sufficient professional prerequisites or experience in relation to the position for which the person is assessed, pursuant to Section 53, subsection 2, make a decision that the person may hold the position under strictly defined conditions.

Section 4. Companies with limited authorization to offer payment services, pursuant to Section 51, shall notify the Danish Financial Supervisory Authority if the average of the total payment transactions for the preceding 12 months exceeds an amount corresponding to the value of EUR 3 million per month.

Section 5. Companies with limited authorization to issue electronic money, pursuant to Section 50, shall notify the Danish Financial Supervisory Authority if the company's total liabilities arising from outstanding electronic money exceed an amount corresponding to the value of EUR 5 million.

Section 59. Companies with limited authorization, pursuant to Section 50 or Section 51, shall submit to the Danish Financial Supervisory Authority no later than 1 May each year:

1. A declaration that the company meets the conditions for obtaining authorization pursuant to Section 50 and Section 51, respectively.
2. Information about the average of the total payment transactions for the preceding 12 months calculated per month when offering payment services or the issuer's total liabilities arising from outstanding electronic money when issuing electronic money.

Account Information Services

Section 60. Companies that only offer payment services pursuant to Annex 1, no. 8, must have authorization as a provider of account information services.

Section 2. The Danish Financial Supervisory Authority grants authorization as a provider of account information services when the following requirements are met:

1. The company has its headquarters and domicile in Denmark and carries out at least part of its activities in Denmark.
2. The members of the company's board of directors and executive board, the owner of a sole proprietorship, or the person or persons responsible for management of a legal person without a board of directors or an executive board meet the requirements for suitability and integrity, pursuant to Section 30.
3. The company does not have close connections, pursuant to Section 5, subsection 1, no. 17, of the Act on Financial Business, to other businesses or persons that could make it difficult for the Danish Financial Supervisory Authority to perform its tasks.
4. The company has sound and effective organizational structures, business processes, and procedures, pursuant to Section 25.
5. The company is assessed to be capable of conducting sound operations.

Section 3. An application for authorization pursuant to subsection 1 shall contain the information necessary for the Danish Financial Supervisory Authority to assess whether the requirements in subsection 2 are met. The application shall as a minimum contain:

1. Information about the company's legal form.
2. The address of the company's headquarters.
3. A description of the company's business model, including an overview of the company's current and planned business activities, and a description of the planned account information service.
4. A business plan with a budget forecast for the first 3 financial years and the most recently audited annual accounts, if such has been prepared.
5. Information about the company's business processes and internal control mechanisms, including administrative, risk management, and accounting procedures, as well as arrangements for the use of IT services 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.
6. Information about the company's business processes for handling and follow-up on security incidents

and security-related customer complaints, including procedures for reporting security incidents, pursuant to Chapter III of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

7. A description of the company's business processes and procedures to ensure the storage, monitoring, tracking, and restriction of access to sensitive payment data.

8. A description of the company's contingency plan, including a clear description of the critical functions, effective policies and plans for IT operational stability and IT response and recovery, and procedures for regularly testing and evaluating whether such plans are sufficient and effective in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience in the financial sector.

9. Information on the company's security policy, including a detailed risk assessment in connection with the payment services the company intends to offer, and the risk-mitigating measures the company has taken to address the identified risks, including fraud and misuse of sensitive payment data and personal data.

10. Information on the company's organizational structure, including the intended use of agents and branches, and on the controls that the applicant undertakes to carry out at least once a year, and a description of outsourcing arrangements.

11. Information pursuant to Section 30 regarding the board members, the director, the holder of a provider that is a sole proprietorship, or the person or persons responsible for management, if the company is operated as a legal entity without a board or a directorate.

Subsection 4. It is further a condition for obtaining permission pursuant to subsection 1 that the company has taken out liability insurance covering the geographical areas where it offers account information services, or other similar guarantee against claims for damages to the account servicing payment service providers and users as a result of unauthorized or fraudulent access to or unauthorized use of payment information.

Subsection 5. The Danish Financial Supervisory Authority may refuse to grant a permission pursuant to subsection 1 if the Danish Financial Supervisory Authority assesses that the company does not meet the requirements of this Act or regulations issued pursuant to this Act, if the information provided pursuant to subsection 3 is incomplete, or if the liability insurance does not meet the requirements of subsection 4 or the regulations issued pursuant to subsection 8.

Subsection 6. A company that has a permission pursuant to subsection 1 shall be treated as a payment institution. Sections 21-24 and 39 and Chapters 5-7, with the exception of Sections 65-67, 72, 83, and 87-90, however, do not apply to payment institutions that exclusively offer account information services.

Subsection 7. The rules on fitness and propriety, pursuant to Section 30, apply mutatis mutandis to the board or directorate of a provider of account information services, the holder of a provider of account information services that is a sole proprietorship, or the person or persons responsible for management, if a provider of account information services is operated as a legal entity without a board or a directorate.

Subsection 8. The Danish Financial Supervisory Authority may set further rules regarding the application mentioned in subsection 3 and the liability insurance or similar guarantee mentioned in subsection 4, including regarding the calculation of the minimum amount.

Section 60a. No later than 3 months after receipt of an application for permission, pursuant to Section 60, or, if the application is incomplete, after receipt of the information necessary to make a decision, the Danish Financial Supervisory Authority shall notify the applicant whether the application can be granted.

Payment instruments with limited use

Section 61. Companies that carry out activities covered by Section 5, items 14 and 15, and where the total value of payment transactions carried out in the preceding 12 months exceeds a value equivalent to 1 million euros, shall send a description to the Danish Financial Supervisory Authority of the activities that the company carries out, including an indication of which exception in Section 5, items 14 and 15, the company's activities are considered to be carried out under.

Subsection 2. The Danish Financial Supervisory Authority assesses the information, pursuant to subsection 1, and notifies the company whether the activities are covered by the rules, pursuant to Section 5, items 14 and 15.

Electronic telecommunications networks

Section 62. Companies that carry out activities covered by Section 5, item 17, shall send a description to the Danish Financial Supervisory Authority of the activities that the company offers.

Subsection 2. The Danish Financial Supervisory Authority assesses the information, pursuant to subsection 1, and notifies the company whether the activities are covered by the rules, pursuant to Section 5, item 17.

Subsection 3. Companies that carry out activities, pursuant to Section 5, item 17, shall no later than 1 May each year submit a declaration to the Danish Financial Supervisory Authority that the company complies with the criteria mentioned in Section 5, item 17.

Chapter 4 Access to payment systems and accounts held at credit institutions

Section 63. Credit institutions shall grant providers of payment services access to their payment account services on objective, non-discriminatory, and proportional terms. The access shall be of such scope that providers of payment services can offer payment services unhindered and effectively.

Subsection 2. If a credit institution denies a provider of payment services access to its payment account services, pursuant to subsection 1, the credit institution shall notify the Danish Competition and Consumer Authority and adequately justify the reasons for the denial.

Subsection 3. The Danish Competition and Consumer Authority may set further rules regarding notifications pursuant to subsection 2.

Section 64. Payment systems shall grant providers of payment services access to their payment systems on objective, non-discriminatory, and proportional terms. These terms must not prevent access to a greater extent than necessary to protect against specific risks such as settlement risks, operational risks, and business risks, and to ensure the financial and operational stability of the payment system. Payment systems must not impose any of the following requirements on providers of payment services or users of payment services or other payment systems:

1. Restrictive provisions on effective participation in other payment systems.

2. Rules that discriminate between providers of payment services regarding the participants' rights, obligations, and powers.

3. Restrictions based on corporate legal status.

Subsection 2. Subsection 1 does not apply to payment systems that consist exclusively of providers of payment services belonging to the same group.

Subsection 3. A participant in a payment system that is registered pursuant to the Directive of the European Parliament and of the Council on final settlement in payment systems and in securities settlement systems, which gives a provider of payment services that does not participate in the registered system the opportunity to send a payment order through the system, shall, upon request, give another provider of payment services the same opportunity on objective, non-discriminatory, and proportional terms.

Subsection 4. A participant in a payment system that is registered pursuant to the Directive of the European Parliament and of the Council on final settlement in payment systems and in securities settlement systems, which refuses to give a provider of payment services the opportunity to send a payment order through the system, pursuant to subsection 3, shall give this provider a comprehensive justification for the refusal.

Chapter 5 Information requirements

Section 65. A provider of payment services bears the burden of proof that the information requirements following from this chapter are met.

Section 66. A provider of payment services may not require payment for information that must be provided pursuant to the provisions of this chapter.

Subsection 2. The provider, who upon request from a user provides supplementary information more often than required pursuant to this chapter or offers that the information be provided via other communication means than established in the framework agreement, may only require a payment for this that is in reasonable proportion to the provider's actual costs.

Section 66a. A provider of payment services that offers services to consumers shall make the brochure prepared by the Commission pursuant to Article 106 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market available free of charge to all of its users in an easily accessible manner. The brochure shall appear on the provider's website and be available on paper at the provider's branches, agents, and, where relevant, other companies to which activities are outsourced. For persons with disabilities, the information referred to in the first sentence shall be made available using appropriate alternative means, so that the information is made available in an accessible format.

Single payment services

Section 67. A provider of payment services shall, no later than simultaneously with the conclusion of an agreement to perform a single payment service, notify or make the following information available to the user in an easily accessible manner, subject to subsections 6 and 7:

1. The information or the unique identification code that the user must indicate for a payment order to be carried out.

2. The maximum execution time for the requested payment service.

3. The fees that the user must pay to the provider, including a specification of the fees.

4. The exchange rate and reference rate to apply for the payment transaction, if currency exchange is performed.

Subsection 2. The provider shall, where relevant, in addition to the information mentioned in subsection 1, make other of the information mentioned in Section 72, subsection 1, available to the user in an easily accessible manner.

Subsection 3. The information in subsection 1 shall be clearly formulated and understandable in Danish or another language agreed upon by the parties.

Subsection 4. The provider shall, upon request from the user, notify the user of the information in subsection 1 on paper or other durable medium.

Subsection 5. The provider shall, in consumer agreements on payment services concluded by distance selling, furthermore give the consumer information pursuant to Section 14, subsection 1, items 2-5, 10-12, 15, and 16, of the Consumer Contracts Act. As regards the information requirement in Section 14, subsection 1, item 2, of the Consumer Contracts Act, information shall only be given that there may be other charges or costs associated with the payment service that are not paid by the trader.

Subsection 6. The provider shall, where a payment service is performed on the instruction of a user using a remote communication device, notify the user of the information mentioned in subsection 1, items 1-4, immediately after the payment transaction has been carried out.

Subsection 7. The provider is, where a payment order concerning a single payment transaction is sent via a payment instrument covered by a framework agreement, pursuant to Section 72, not obliged to notify or make available information or information that the user already receives or will receive on the basis of the framework agreement.

Special information requirements for providers of payment initiation services

Section 68. A provider of payment initiation services, pursuant to Annex 1, item 7, shall, no later than simultaneously with the initiation of a payment initiation service, in addition to the information in Section 67, subsections 1 and 2, notify or make the following information available to the user in an easily accessible manner:

1. Name, address, and e-mail address of the provider.

2. The address of any branch or agent through which the payment initiation service is offered.

3. Contact details of the relevant supervisory authority.

Section 69. A provider of payment initiation services, pursuant to Annex 1, item 7, shall, when a payment order is initiated through this, in addition to the information in Section 67, subsections 1 and 2, notify or make the following information available to the payer and the payee immediately after initiation:

1. Confirmation that the payment has been initiated with the payer's account servicing payment service provider.

2. A reference by which the payer and the payee can identify the payment transaction, and, where relevant, a reference by which the payee can identify the payer, and any additional information related to the payment transaction.

3. The amount of the payment.

4. The total fees for the payment transaction, including a specification of the fees.

Subsection 2. In addition to notifying or making the information mentioned in subsection 1 available to the payer and the payee, the provider shall make the payment transaction reference available to the payer's account servicing payment service provider.

Information in connection with the performance of payment services

Section 70. A payer's provider of payment services shall, immediately after receiving a payment order, notify or make the following information available to the payer in an easily accessible manner:

1. A reference by which the payer can identify the payment transaction, and information about the payee.

2. The amount of the payment transaction in the currency used by the payer in the payment order.

3. A specification of the fees that the user must pay to the provider.

4. The exchange rate used by the payer's provider in the payment transaction, or a reference thereto, if the exchange rate differs from the exchange rate notified pursuant to Section 67, subsection 1, item 4, and the amount of the payment transaction after currency conversion in cases where currency exchange occurs.

5. The date of receipt of the payment order.

Subsection 2. The information shall be clearly formulated and easily understandable in Danish or another language agreed upon by the parties.

Subsection 3. The provider shall, upon request from the payer, notify the payer of the information in subsection 1 on paper or other durable medium.

Section 71. A payee's provider of payment services shall, immediately after the payment transaction has been carried out, notify or make the following information available to the payee in an easily accessible manner:

1. A reference so that the payee can identify the payment transaction and the payer, and any additional information related to the payment transaction.

2. The amount of the payment transaction in the currency available to the payee.

3. A specification of the fees that the payee must pay to the provider.

4. The exchange rate used by the payee's provider in the payment transaction, and the amount of the payment transaction before currency conversion in cases where currency exchange occurs.

5. The value date of the credit, pursuant to Section 115.

Subsection 2. The information in subsection 1 shall be clearly formulated and easily understandable in Danish or another language agreed upon by the parties.

Subsection 3. The provider shall, upon request from the payee, notify the payee of the information in subsection 1 on paper or other durable medium.

Payment services covered by a framework agreement

Section 72. A provider of payment services shall, no later than simultaneously with the conclusion of a framework agreement on a payment service, notify the user of the following information:

1. Regarding the provider: a) Name, address, and e-mail address. b) The address of any branch or agent through which the payment service is offered. c) The relevant supervisory authority, the public register where the provider's permission is registered, and the registration number or equivalent identification information.

2. Regarding the use of the payment service: a) The most significant characteristics of the payment service. b) The type of information or the type of unique identification code that the user must provide for the payment service to be carried out correctly. c) The form and procedure for notifying consent to perform a payment transaction and revocation of consent. d) A description of the time when a payment order is considered received. e) The maximum execution time. f) Any possibility to agree on amount limits for the use of a payment instrument. g) Use of card-based payment instruments that have included two or more payment brands, and the user's rights pursuant to Article 8 of Regulation (EU) No 751/2015 of the European Parliament and of the Council on interchange fees for card-based payment transactions.

3. Regarding fees, interest rates, and exchange rates: a) The size of the fees that the user must pay, including a specification of the fees. b) Interest rates and exchange rates to apply, or, if a reference interest rate or reference rate is used, the calculation method for the actual interest rate and the relevant date and index or basis for setting such a reference interest rate or reference rate. c) Any agreement on immediate application of changes in the reference interest rate or reference rate, and how these changes are notified, pursuant to Section 74, subsection 4.

4. Regarding communication: a) Communication means and technical requirements for the user's equipment used for the transfer of information or notifications under this Act. b) How and how often information under this Act will be made available to the user. c) Which language the framework agreement is concluded in, and in which language communication between the provider and the user shall take place. d) The right to receive information pursuant to Section 73.

5. Regarding protective measures and corrective measures: a) A description of the security measures a user must observe when using payment instruments, including how notification is to be made pursuant to Section 93, item 3. b) A secure procedure for how the provider can notify the user of suspicion of or actual cases of misuse or security threats. c) The conditions for the provider's right to block a payment instrument, pursuant to Section 92, if such has been agreed. d) The procedures for notification of unauthorized or erroneous transactions, pursuant to Section 94, and the rules on liability for unauthorized payment transactions, pursuant to Sections 99 and 100. e) The provider's liability for initiation or performance of payment transactions. f) The conditions for refunding payment transactions initiated by or via a payee, pursuant to Sections 101 and 102.

6. Regarding changes to the framework agreement: a) Information that the conditions of the framework agreement may be changed, unless the user has notified before the proposed entry-into-force date that the user cannot approve the changes, if such an agreement has been concluded, pursuant to Section 74. b) The duration of the framework agreement. c) The user's right to terminate the framework agreement, pursuant to Section 75.

7. Regarding complaints and compensation: a) Choice of law clauses that may apply to the framework agreement. b) Out-of-court complaint possibilities and access to complain to the relevant supervisory authority.

Subsection 2. The provider shall, upon conclusion of a framework agreement on a payment account, issue a fee information document, pursuant to Section 3 of the Act on Payment Accounts and Basic Business Accounts.

Subsection 3. The information in subsection 1 shall be notified on paper or other durable medium and be clearly formulated and easily understandable in Danish or another language agreed upon by the parties.

Subsection 4. The provider shall, in consumer agreements on payment services concluded by distance selling, furthermore give the consumer information pursuant to Section 14, subsection 1, items 2-5, 10-12, 15, and 16, of the Act on Consumer Contracts. As regards the information requirement in Section 14, subsection 1, item 2, of the Act on Consumer Contracts, information shall only be given that there may be other charges or costs that are not paid by the trader.

Subsection 5. The provider shall, where a payment transaction has been carried out on the instruction of a user using a remote communication device, notify the user of the information mentioned in subsection 1 immediately after the payment transaction has been carried out.

Section 73. A user has at any time during the contractual relationship the right, upon request, to receive the framework agreement and the information mentioned in Section 72, subsection 1, on paper or other durable medium.

Section 74. A provider of payment services shall notify changes in a framework agreement and in the information appearing in Section 72, subsection 1, that are to the detriment of the user, no later than 2 months before the changes enter into force.

Subsection 2. The changes pursuant to subsection 1 shall be notified to the user in the manner established in Section 72, subsection 3.

Subsection 3. If it has been agreed between the parties that the conditions of the framework agreement may be changed as mentioned in Section 72, subsection 1, item 6, letter a, notification pursuant to subsection 1 shall contain information that the user shall be considered to have approved the changes if the user has not notified the provider before the entry-into-force date of the changes that the user cannot approve them. The notification shall contain information that the user has the right to terminate the framework agreement immediately and free of charge before the entry-into-force date of the changes.

Subsection 4. Changes in the interest rate or exchange rate may, regardless of subsection 1, enter into force immediately if this is established in the framework agreement and the changes are based on the reference interest rate or reference rate agreed upon, pursuant to Section 72, subsection 1, items 3, letters b and c, or if the changes are to the benefit of the user. The user shall be notified of the interest rate change as soon as possible in the manner established in Section 72, subsection 3, unless it has been agreed between the parties that the information is given or made available with a certain frequency or in a certain manner.

Subsection 5. The provider shall calculate changes in interest rates or exchange rates using a neutral method without discrimination between users.

Subsection 6. Changes in the framework agreement and in the information appearing in Section 72, subsection 1, that are not made in accordance with this provision, have no effect on the user.

Section 75. A user may terminate a framework agreement without notice, unless a notice period has been agreed between the parties. The notice period must not exceed 1 month.

Subsection 2. In connection with the conclusion of a framework agreement, it may be agreed between the parties that the provider may terminate the framework agreement with at least 2 months' notice in the manner established in Section 72, subsection 3, unless otherwise follows from the Money Laundering Act. Termination of a framework agreement on a basic payment account or a basic business account can only be made in accordance with

consent with §§ 13 and 13 e of the Act on Payment Accounts and Basic Business Accounts

Subsection 3. The provider may not charge the user a fee for terminating a framework agreement, subject to subsection 4.

Subsection 4. Subsection 3 does not apply if a framework agreement has been entered into for a fixed period of more than 6 months or for an indefinite period and is terminated by the user within the first 6 months. A fee must be in reasonable proportion to the provider's costs for the termination.

Subsection 5. To the extent that ongoing fees are charged for a payment service, the provider may only charge fees for the period up to the termination of the framework agreement. Prepaid fees shall be refunded proportionally.

§ 76. A payment service provider shall, when a payer has initiated a payment transaction covered by a framework agreement, upon request from the payer, inform the payer of the maximum execution time and specify the fees that the payer must pay.

§ 77. A payment service provider shall, when a payment transaction covered by a framework agreement has been debited from the payer's account or upon receipt of a payment order, if the payer does not use a payment account, as soon as possible inform the payer of the following information in the manner specified in § 72, subsection 3:

1. A reference so that the payer can identify the payment transaction, information about the payee and additional information related to the payment transaction.

2. The amount of the payment transaction indicated in the currency in which the payer's account was debited, or in the currency used in the payment order.

3. A specification of the total fees for the payment transaction or the interest that the payer must pay.

4. The exchange rate used for the payment transaction and the amount of the payment transaction after currency conversion.

5. The value date for the debit or the date of receipt of the payment order, cf. § 115.

Subsection 2. The provider and the payer may agree that the information according to subsection 1 shall be provided or made available to the payer at least once a month in a manner that makes it possible to store and reproduce the information unchanged.

§ 78. The payment service provider of the payee shall, after the completion of a payment transaction covered by a framework agreement, as soon as possible inform the payee of the following information in the manner specified in § 72, subsection 3:

1. A reference so that the payee can identify the payment transaction, information about the payer and additional information related to the payment transaction.

2. The amount of the payment transaction indicated in the currency in which the payee's account was credited.

3. A specification of the total fees for the payment transaction or the interest that the payee must pay.

4. The exchange rate used for the payment transaction and the amount of the payment transaction after currency conversion.

5. The value date for the credit, cf. § 115.

Subsection 2. The provider and the payee may agree that the information according to subsection 1 shall be provided or made available to the payee at least once a month in a manner that makes it possible to store and reproduce the information unchanged.

Micro-payment Instruments

§ 79. A payment service provider may, when offering micro-payment instruments, agree with a user that the derogations mentioned in subsections 2-4 to the provisions in § 72, subsections 1-3 and 5, and §§ 74 and 76-78 shall apply.

Subsection 2. A provider and a payer may agree when entering into a framework agreement that, notwithstanding § 72, subsections 1-3 and 5, and § 76, the provider shall only inform the payer about the main characteristics of the payment service, including how the payment instrument can be used, the payer's obligations, the fees charged, and other significant information necessary to make an informed decision. The provider must indicate where the information referred to in § 72, subsection 1, is made available in an easily accessible manner.

Subsection 3. A provider and a payer may agree that the provider, notwithstanding § 74, subsection 2, is not obliged to inform of changes to a framework agreement in the manner specified in § 72, subsection 3.

Subsection 4. A provider and a payer may agree that the provider, notwithstanding §§ 77 and 78, shall only provide or make available a reference that makes it possible for the payer to identify the payment transaction, the amount of the transaction, and fees. If there are several payment transactions of the same type to the same payee, only the total amount and total fees for these transactions need to be provided. Furthermore, it may be agreed that §§ 77 and 78 do not apply if the micro-payment instrument is used anonymously, or if it is not technically possible for the provider to provide this information. The payer must, however, always have the possibility to check the balance of the micro-payment instrument.

Chapter 6 Rights and Obligations in the Use of Payment Services and Electronic Money

§ 80. A payment service provider may not charge the user a fee for fulfilling its information obligation or for carrying out corrective and preventive measures in accordance with this chapter, except for the cases mentioned in § 103, subsection 6, § 110, subsection 3, and § 111, subsection 5.

§ 81. A payee is obliged to accept payment in cash during the period from 06:00 to 22:00, if this recipient accepts payment instruments covered by this Act, subject to § 5 of the Money Laundering Act and subsections 2-7.

Subsection 2. Subsection 1 does not apply in the case of distance selling or payment transactions in unmanned self-service environments.

Subsection 3. Payees located in areas where there may be an increased risk of robbery associated with receiving cash are, notwithstanding subsection 1, only obliged to accept cash from 06:00 to 20:00. Payees who do not accept cash during the period 20:00-22:00 must put up signs to this effect. The Ministry of Business Affairs shall determine in which areas in Denmark there may be an increased risk of robbery associated with receiving cash. The Minister for Business Affairs publishes a notice to this effect on the Ministry's website.

Subsection 4. Payees may derogate from subsection 1 as regards payments from payers who are not consumers.

Subsection 5. Subsection 1 does not apply to payees when they are part of festivals, town festivals, and similar temporary events that meet the following conditions:

1. The event lasts a maximum of 14 days.

2. The event occurs at most once a year.

3. The event is held within a geographically defined area with access control.

4. The organizer of the event has clearly informed the consumer before the consumer's registration for the event that cash payment is not possible. If the event does not require registration, this must be clearly stated in the marketing of the event.

Subsection 6. The municipal council may grant exemptions from subsection 1 for companies and institutions that carry out tasks in the field of children and youth. The municipal council must publish which institutions have been granted exemptions. Companies and institutions that have been granted exemptions according to the first sentence must clearly inform consumers about this.

Subsection 7. The Minister for Business Affairs may set rules stating that certain types of payees are obliged to always accept payment in cash, notwithstanding subsections 1-3.

§ 82. A payment transaction is only authorized if the payer has given consent to carry out the transaction. The payer may authorize the payment transaction before or after the completion of this, if it has been agreed between the payer and their provider. If no consent has been given, the payment transaction shall be considered unauthorized.

Subsection 2. Consent is given in the form agreed between the payer and their provider. It may be agreed that consent to carry out a payment transaction may also be given via the payee or a payment initiation service provider.

Subsection 3. The payer may withdraw consent according to subsection 1 until the time specified in § 111. Consent to carry out a series of payment transactions may also be withdrawn, after which any future payment transactions shall be considered unauthorized.

Payment Service Providers' Access to the Payer's Payment Account

§ 83. A user who has a payment account available online has the right to use a payment initiation service provider, cf. Annex 1, No. 7, or account information service provider, cf. Annex 1, No. 8.

Subsection 2. The user's account servicing payment service provider may not require that there is an agreement between it and the payment initiation service provider or account information service provider.

§ 84. A payment initiation service provider must obtain the user's explicit consent in accordance with § 82 before the provider can initiate a payment.

Subsection 2. The payment initiation service provider must, in connection with the provision of the payment initiation service, do the following:

1. Ensure that the user's personalized security credentials are transferred through secure and well-functioning channels, and that they are not available to other parties except for the user and the issuer of the personalized security credentials, cf. the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

2. Identify itself to the user's account servicing payment service provider each time a payment is initiated, cf. the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

3. Communicate with the account servicing payment service provider, the user, and the payee in a secure manner in accordance with the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Subsection 3. The payment initiation service provider must not possess the payer's funds in connection with the provision of the payment initiation service and must not change the amount to be transferred, the payee, or other elements of a payment transaction.

§ 85. The payment initiation service provider must not request, access, use, or store information for purposes other than the provision of the payment initiation service that the payer has explicitly requested.

Subsection 2. Notwithstanding subsection 1, the payment initiation service provider must not store the user's sensitive payment data.

Subsection 3. Other information about the user obtained in connection with the provision of the payment initiation service may only be provided by the payment initiation service provider to the payee and only with the user's explicit consent thereto.

§ 86. The account servicing payment service provider shall, immediately after receiving a payment order from the payment initiation service provider, make all information about the initiation and completion of the payment transaction available to the account servicing payment service provider itself, available to the payment initiation service provider.

Subsection 2. The account servicing payment service provider must communicate with the payment initiation service provider in a secure manner in accordance with the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Subsection 3. The account servicing payment service provider must not discriminate payment orders initiated via a payment initiation service provider in relation to payment orders initiated by the user themselves, unless there are objective reasons for this.

§ 87. An account information service provider may only provide account information services based on the user's explicit consent, given in accordance with § 82.

Subsection 2. An account information service provider may only access information from specifically specified payment accounts and related payment transactions.

Subsection 3. The account information service provider must, in connection with the provision of the account information service, do the following:

1. Ensure that the user's personalized security credentials are transferred through secure and well-functioning channels, and that they are not available to other parties except for the user and the issuer of the personalized security credentials, cf. the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

2. Identify itself to the user's account servicing payment service provider each time an account is accessed, cf. the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

3. Communicate with the account servicing payment service provider, the user, and the payee in a secure manner in accordance with the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

§ 88. The account information service provider must not access, use, or store information for purposes other than the provision of the account information service that the payer has explicitly requested.

Subsection 2. Notwithstanding subsection 1, the account information service provider must not request the user's sensitive payment data in connection with a payment account.

§ 89. The account servicing payment service provider must communicate with the account information service provider in a secure manner in accordance with the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Subsection 2. The account servicing payment service provider must not discriminate requests for information received via an account information service provider in relation to requests received from the user themselves, unless there are objective reasons for this.

§ 90. The account servicing payment service provider may refuse a payment initiation service provider or account information service provider access to a payment account if the access is on a fraudulent or unauthorized basis.

Subsection 2. If the account servicing payment service provider refuses a payment initiation service provider or account information service provider access to the payment account, cf. subsection 1, it must give the user a reason for this, no later than immediately after access to the account has been refused. The reason must, however, be omitted for objectively justified security reasons, or if it is appropriate to ensure confidentiality regarding notification in accordance with the Money Laundering Act.

Subsection 3. The account servicing payment service provider must give a payment initiation service provider or account information service provider access to the payment account as soon as the reasons for refusing access no longer exist.

Subsection 4. If the account servicing payment service provider refuses a payment initiation service provider or account information service provider access to the payment account, cf. subsection 1, the account servicing payment service provider must immediately notify the Danish Financial Supervisory Authority thereof. The Danish Financial Supervisory Authority must then assess the case and take the necessary measures.

Subsection 5. The Danish Financial Supervisory Authority may set detailed rules on the technical implementation of the notifications according to subsection 4.

Inquiry Regarding Balances on Accounts

§ 91. An account servicing payment service provider must, upon request from a payment service provider that issues card-based payment instruments, immediately inform whether an amount necessary to carry out a card-based payment transaction is available on the payer's payment account, if

1. the payer has given explicit consent to the account servicing payment service provider to respond to requests from a specific payment service provider to inform that an amount corresponding to a specific card-based payment transaction is available on the payer's payment account,

2. the payer's payment account is available online at the time of the inquiry, and

3. the consent referred to in No. 1 has been given before the first request for information is made.

Subsection 2. The provider that issues card-based payment instruments may only request the information referred to in subsection 1 if

1. the payer has given explicit consent to the provider to request this information,

2. the payer has initiated the card-based payment transaction using a card-based payment instrument issued by the provider, and

3. the provider identifies itself to the account servicing payment service provider before each request and communicates with the account servicing payment service provider in accordance with the rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Subsection 3. The information referred to in subsection 1 shall consist only of a yes or a no and must not make it possible for the account servicing payment service provider to block funds on the payer's payment account. The information must not be stored or used for purposes other than the completion of the relevant payment transaction.

Subsection 4. The account servicing payment service provider must, upon request from the payer, disclose the identity of the provider referred to in subsection 2, No. 3, and the answer given, cf. subsection 1.

Subsection 5. Subsections 1-4 do not apply to payment transactions initiated via card-based payment instruments on which electronic money is stored.

Obligations in the Use and Provision of Payment Instruments

§ 92. Terms in a framework agreement regarding access to block a payment instrument must be objectively justified in relation to the security of the payment instrument or suspicion of unauthorized use. If it concerns a payment instrument with a credit facility, it may be agreed that the payment means can be blocked if there is a significantly increased risk that the payer cannot fulfill their payment obligation.

Subsection 2. The provider must notify the payer of the blocking of the payment instrument and the reasons for it before the blocking or, if this is not possible, immediately thereafter, unless this would harm security interests.

Subsection 3. When the reasons for the blocking no longer exist, the provider must lift the blocking or issue a new payment instrument.

§ 93. A payer who has been issued a payment instrument must do the following:

1. Upon receipt of a payment instrument, take all necessary measures to protect the personal security credential associated with the payment instrument.

2. Use the payment instrument in accordance with the conditions for issuance and use of the payment instrument. These must be objective, non-discriminatory, and proportional.

3. Notify the provider as soon as the payer becomes aware of loss, unauthorized appropriation, or other unauthorized use of the payment instrument.

§ 94. A provider that issues a payment instrument must

1. take appropriate measures to ensure that the personal security credential associated with the payment instrument is not available to others than the payer entitled to use the payment instrument, subject to § 93,

2. ensure that a payer can at any time make a notification as mentioned in § 93, No. 3, or request the lifting of a blocking, cf. § 92, subsection 3,

3. ensure that the payer, for a period of 18 months from a notification, cf. No. 2, can document having made such a notification with the time of the notification,

4. give the payer the opportunity to make a notification, cf. subsections 2 and 3, free of charge, but the provider may charge a fee for the replacement of the payment instrument, provided the fee does not exceed the actual costs of the replacement, and

5. prevent any use of the payment instrument when a notification has been made, cf. § 93, No. 3.

Subsection 2. Payment instruments must not be sent unsolicited except when replacing a payment instrument already issued to a payer.

Subsection 3. The risk of loss in sending a payment instrument or the personal security credential associated with the payment instrument lies with the provider.

§ 95. If a payment transaction is initiated by or via a payee in connection with a card-based payment transaction, and the final amount is not known at the time the payer gives consent to carry out the payment transaction, the payer's provider may only reserve funds on the payer's payment account if the payer has given consent to the precise amount to be reserved.

Subsection 2. The payer's provider must release the funds on the payer's account that are reserved, cf. subsection 1, as soon as possible after receiving information about the final amount and no later than immediately after receiving the payment order.

Issuance and Redemption of Electronic Money

§ 96. Issuers of electronic money must not issue electronic money at a premium.

Subsection 2. Holders of electronic money may, before the expiry of the electronic money and for up to 1 year after expiry, request that the residual value be redeemed at nominal value.

Subsection 3. If holders of electronic money request redemption after the expiry of the electronic money, cf. subsection 2, and the issuer of electronic money carries out activities as mentioned in § 18, subsection 1, Nos. 2-4, and it is not known in advance what proportion of the funds should be used for electronic money, the issuer of electronic money must redeem all the funds that the holder of electronic money has requested.

Subsection 4. A fee may only be charged in connection with redemption if this is stated in the agreement, and only if

1. redemption is required before the expiry of the electronic money,

2. the agreement between the issuer and the holder contains an expiry date and the holder of the electronic money terminates the agreement before this date, or

3. redemption is required more than 1 year after the expiry of the agreement between the issuer and the holder.

Subsection 5. Any fee mentioned in subsection 4 shall correspond to the actual costs for the issuer of electronic money, unless the costs are disproportionately high.

Subsection 6. Redemption conditions and fees must be clearly stated in the framework agreement between the issuer and the holder. The holder of the electronic money must be informed of these conditions before they become bound by an agreement.

Liability and Responsibility Rules

Section 97. Objections to unauthorized or defective payment transactions must be received by the provider as soon as possible after the payer has identified such a payment transaction and no later than 13 months after the debit of the relevant payment transaction. The time limit runs from the point in time when the provider has communicated these details or made them available, unless they have been communicated in advance.

Subsection 2. Objections to unauthorized or defective payment transactions initiated via a payment initiation service provider shall be addressed to the account servicing payment service provider in accordance with subsection 1, subject to Section 99, subsections 2 and 3, and Sections 104 and 104a.

Section 98. Where a payer denies having authorized or initiated a payment transaction, the payment service provider bears the burden of proof that the payment transaction was correctly registered and booked and was not affected by technical failures or other errors, subject to subsection 3. When using a payment instrument, the provider further bears the burden of proof that the personal security measure associated with the payment instrument was used in connection with the payment transaction.

Subsection 2. Where a payer denies having authorized or initiated a payment transaction, the registration of the use of the payment instrument is not in itself proof that the payer approved the transaction, that the payer acted fraudulently, or that the payer failed to fulfill their obligations.

Subsection 3. Where a payer denies having authorized or initiated a payment transaction initiated via a payment initiation service provider, the payment initiation service provider bears the burden of proof that the payment transaction within its area of competence was correctly registered and booked and was not affected by technical failures or other errors.

Section 99. The payer's payment service provider is liable to the payer for losses resulting from unauthorized payment transactions, subject to Section 97, unless otherwise provided in Section 100. In the case of an unauthorized transaction, the payer's provider must immediately and no later than by the end of the following business day refund the amount to the payer, unless the payer's provider has reasonable grounds to suspect fraud and notifies the Danish Financial Supervisory Authority of these grounds.

Subsection 2. Where an unauthorized payment transaction is initiated via a payment initiation service provider, the account servicing payment service provider shall refund the amount to the payer immediately and no later than by the end of the following business day, subject to subsection 1.

Subsection 3. If the payment initiation service provider is responsible for the unauthorized payment transaction, the payment initiation service provider must, upon request from the account servicing payment service provider, immediately indemnify the account servicing payment service provider for losses or paid amounts resulting from the refund to the payer, subject to Section 98, subsection 3.

Subsection 4. The Danish Financial Supervisory Authority establishes detailed rules regarding the technical implementation of the notification, subject to subsections 1 and 2, second sentence.

Section 100. The payer's payment service provider is liable to the payer for losses resulting from the unauthorized use of a payment service by others, unless otherwise provided in subsections 2-5. The payer is only liable under subsections 3-5 if the transaction was correctly registered and booked, subject to subsection 2.

Subsection 2. The payer is liable without limit for losses arising from the payer having acted fraudulently or having intentionally failed to fulfill their obligations under Section 93.

Subsection 3. Unless greater liability follows from subsections 4 and 5, the payer is liable for up to 375 DKK for losses resulting from the unauthorized use of the payment service if the personal security measure associated with the payment service has been used.

Subsection 4. Unless greater liability follows from subsection 5, the payer is liable for up to 8,000 DKK for losses resulting from the unauthorized use of the payment service if the payer's provider proves that the personal security measure associated with the payment service has been used, and

1. the payer has failed to notify the payer's provider as soon as possible after becoming aware that the payment instrument associated with the payment service has been lost or the personal security measure has come to the knowledge of the unauthorized person,
2. the payer has intentionally handed over the personal security measure to the person who carried out the unauthorized use, unless the matter is covered by subsection 5, or
3. the payer has, through grossly negligent conduct, facilitated the unauthorized use.

Subsection 5. The payer is liable without limit for losses arising from the unauthorized use of the payment service when the personal security measure associated with the payment service has been used and the payer's provider proves that the payer has intentionally disclosed the personal security measure to the person who carried out the unauthorized use, and that this occurred under circumstances where the payer realized or should have realized that there was a risk of misuse.

Subsection 6. Notwithstanding subsections 3-5, the payer's provider is liable for unauthorized use that occurs,

1. after the provider has received notification that the payment instrument associated with the payment service has been lost, that an unauthorized person has become aware of the personal security measure, or that the payer for other reasons wishes to block the payment instrument,
2. when it is caused by actions taken by an employee, agent, or branch of a provider or an entity to which the provider's activities are outsourced, or their passivity, or
3. because the provider has not taken suitable measures, subject to Section 94, subsection 1, item 2.

Subsection 7. Notwithstanding subsections 3-5, the payer's provider is also liable if the provider does not require strong customer authentication, unless the payer has acted fraudulently. The payee or their provider must prove the losses incurred by the payer's provider if the payee or their provider has failed to use strong customer authentication. The first and second sentences do not apply to services covered by Section 1, subsection 5, and Section 5, items 14-16.

Subsection 8. Notwithstanding subsections 3-5, the payer's provider is also liable if the loss, theft, or unauthorized appropriation of the payment instrument associated with the payment service or the personal security measure associated with the payment service could not have been detected by the payer prior to the unauthorized use.

Subsection 9. Notwithstanding subsections 3-5, the payer's provider is also liable if the payee knew or should have known that there was an unauthorized use of the payment service.

Subsection 10. Subsections 1-9 also apply to electronic money, unless it is not possible for the payer's issuer of electronic money to block the payment account or payment instrument.

Section 101. A payer has the right from their provider to a refund of the full amount for a completed payment transaction initiated by or via the payee, provided that

1. the payer has not approved the precise amount of the payment transaction and
2. the payment transaction exceeded the amount that the payer could reasonably expect, taking into account their previous spending pattern and the conditions in the framework agreement.

Subsection 2. Changes in the exchange rate, when calculated based on a reference rate, cannot be invoked when applying subsection 1, item 2.

Subsection 3. It may be agreed in the framework agreement between the payer and the payer's provider that the payer does not have the right to a refund under subsection 1 if consent to carry out payment transactions covered by subsection 1 was given directly to the payer's provider and information about the future payment transaction was given or made available to the payer by the provider or the payee at least 4 weeks before the due date.

Subsection 4. For direct debits, the framework agreement between the payer and the payer's provider may state that the payer has the right to a refund from their provider, even if the requirements of subsection 1 are not met.

Subsection 5. Notwithstanding subsections 1 and 2, the payer has the right to an unconditional refund for direct debits covered by Article 1 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro.

Section 102. A request for a refund, subject to Section 101, must be received by the provider no later than 8 weeks after the debit of the relevant payment transaction.

Subsection 2. The payer's provider must, no later than 10 business days after receiving a request for a refund, either refund the entire transaction amount or justify a refusal of the refund with information about complaint options.

Subsection 3. Notwithstanding subsection 2, the provider cannot refuse a refund for direct debits, subject to Section 101, subsection 5.

Section 103. A payment order that is carried out in accordance with the unique identification code specified in the payment order is considered correctly carried out.

Subsection 2. If the unique identification code specified by the user is incorrect, the provider is not liable under Sections 104 and 104a for the failure to carry out or the defective carrying out of the payment transaction.

Subsection 3. If the user provides more information than that specified in Section 70, subsection 1, item 1, or Section 72, subsection 1, item 2, letter b, the provider is still only responsible for carrying out the payment transaction in accordance with the unique identification code specified by the user.

Subsection 4. The payer's provider must take reasonable measures to return funds that have been involved in a payment transaction where the user has provided an incorrect unique identification code. The payee's provider must cooperate in this regard, including by providing the payer's provider with all relevant information for the purpose of recovering the funds.

Subsection 5. If it is not possible to return the funds, subject to subsection 4, the payer's provider must provide the payer with all information that the payer's provider has access to and that is relevant to the payer, so that the payer can bring a legal action for the purpose of recovering the funds.

Subsection 6. The framework agreement may state that the provider can demand payment for returning the funds. A fee under the first sentence must be agreed between the user and the provider and must be in reasonable proportion to the provider's actual costs.

Section 104. If a payment order is initiated by the payer, the payer's provider is liable to the payer, subject to Section 97, Section 103, subsections 2, 4, and 5, and Section 108, for the failure to carry out or the defective carrying out of the payment transaction, unless the payer's provider can prove that the payee's provider has received the amount. After the payee's provider has received the amount, the payee's provider is liable to the payee, subject to Section 97, Section 103, subsections 2, 4, and 5, and Section 108, for the failure to carry out or the defective carrying out of the payment transaction.

Subsection 2. The payer's provider must, upon request, immediately attempt to trace the payment transaction and inform the payer of the result without cost to the payer.

Subsection 3. Where the payer's provider is liable under subsection 1, first sentence, the provider must without undue delay compensate the payer for direct losses and, where relevant, restore the debited payment account to the situation that would have existed if the defective payment transaction had not been carried out. The value date for crediting the payer's payment account must not be later than the date on which the amount was debited.

Subsection 4. Where the payee's provider is liable under subsection 1, second sentence, the provider must compensate the payee for direct losses, including immediately making the payment transaction amount available to the payee, subject to Section 115, subsection 2, and, where relevant, credit the payee's payment account with the corresponding amount. The value date for crediting the payee's payment account must not be later than the value date that the amount would have had if the transaction had been carried out correctly, subject to Section 115.

Subsection 5. If a payment transaction is carried out late, the payee's provider must, upon request from the payer's provider, ensure that the value date for crediting the payee's payment account does not lie later than the date that the amount would have had as a value date if the transaction had been carried out correctly.

Section 104a. If a payment order is initiated by or via the payee, their provider is liable to the payee, subject to Section 97, Section 103, subsections 2, 4, and 5, and Section 108, for the failure to send or the defective sending of the payment order to the payer's provider and for the payee's direct losses in accordance with the scope in Section 104, subsection 4.

Subsection 2. If the payee's provider is liable under subsection 1, the provider must immediately forward the relevant payment order to the payer's provider.

Subsection 3. In the case of delayed sending of the payment order, the amount must have a value date on the payee's payment account no later than the date that the amount would have had a value date if the transaction had been carried out correctly.

Subsection 4. The payee's provider must, upon request, immediately attempt to trace the payment transaction and inform the payee of the result without cost to the payee.

Subsection 5. If the payee's provider is not liable under subsection 1, the payer's provider is liable to the payer for direct losses under Section 104, unless the payer's provider can prove that the payee's provider has received the transaction amount. If the payer's provider is liable, they must, if necessary and without undue delay, compensate the payer for the missing or defectively paid payment transaction amount and restore the debited payment account to the situation that would have existed if the defective payment transaction had not been carried out. The value date for crediting the payer's payment account must not be later than the date on which the amount was debited.

Section 105. If a payment order is initiated by the payer via a payment initiation service provider, the payer's account servicing provider must refund an amount corresponding to the loss suffered by the payer as a result of the failure to carry out or the defective carrying out of the payment transaction.

Subsection 2. The payment initiation service provider bears the burden of proof that the payment order was correctly received by the payer's account servicing provider, subject to Section 97 and Section 103, subsections 2, 4, and 5, and that the payment transaction within its area of responsibility was correctly registered and booked and was not affected by technical failures or other errors.

Subsection 3. If the payment initiation service provider is responsible for the failure to carry out or the defective carrying out of the payment transaction, they must immediately compensate the payer's account servicing provider for their losses, subject to subsection 1.

Section 106. A payment service provider that has replaced a loss, subject to Sections 99, 104, or 104a, resulting from circumstances involving another provider or a third party, may demand that the compensation be reimbursed by the relevant party.

Section 107. If a payment is omitted or delayed under circumstances mentioned in Section 104, subsection 1, Section 104a, subsection 1, or Section 105, subsections 1 and 2, default powers cannot be asserted against the payer for this reason, except for claims on interest. If the amount has been debited from the payer's account, the payment is considered made with a discharging effect for the payer.

Section 108. Liability cannot be imposed under the rules in this chapter in the case of unusual and unforeseeable circumstances that the person invoking the circumstances had no influence on and could not have prevented, even if they had exercised the utmost care.

Carrying Out Payment Transactions

Section 109. A payment order is considered received at the time when the payment order is received by the payer's provider. The payer's account must not be debited before this time. If the time of receipt is not a business day, the payment order is considered received on the following business day.

Subsection 2. A provider may determine that a payment order received close to the end of a business day is considered received on the following business day.

Subsection 3. If the user agrees with the provider that the payment order is to be carried out at a later time, the payment order is considered received on the agreed date if this is a business day, and otherwise on the next business day thereafter.

Section 110. If a provider refuses to carry out or initiate a payment order, the user must be notified thereof with the reason for the refusal and a description of how the user can correct any factual errors that led to the refusal, unless otherwise provided by EU rules or other national rules.

Subsection 2. The notification under subsection 1 must be made as soon as possible and in any case within the time limits specified in Section 113.

Subsection 3. The framework agreement may state that the provider can charge a reasonable fee for the refusal under subsection 1. A fee under the first sentence must be agreed between the user and the provider and must be in reasonable proportion to the provider's actual costs.

§ 111. A payment order cannot be revoked after it has been received by the payer's provider, cf. § 109, subject to subsections 2-5.

Subsection 2. A payment order initiated by a payment initiation service provider or by or via the payee cannot be revoked after the payer has given consent to carry out the payment transaction to the payment initiation service provider or the payee.

Subsection 3. A payment order in connection with direct debit can be revoked no later than the end of the working day before the agreed date for the debit of funds.

Subsection 4. A payment order covered by § 109, subsection 3, can be revoked no later than the end of the working day before the agreed date.

Subsection 5. It may be agreed between the user and their provider that a payment order can be revoked later than the time limit set pursuant to subsections 1-4. In the situations referred to in subsections 2 and 3, this also requires the payee's consent. A provider may charge for the revocation if this is agreed in the framework agreement. A fee pursuant to the second sentence must be agreed between the user and the provider and must be in reasonable proportion to the provider's actual costs.

§ 112. In payment transactions in connection with agreements for the purchase of goods or services at a distance, which are initiated using a payment instrument, the payer's provider shall, regardless of § 111, subsection 1, refrain from carrying out a payment transaction or, if debit has occurred, immediately credit the payer's account, if the payer raises one of the following objections:

1. The amount debited is higher than the amount agreed with the payee.
2. The ordered good or service has not been delivered.
3. The payer or the specified recipient exercises an agreed or statutory right of withdrawal before delivery of the good or service has taken place.

Subsection 2. Prior to an objection pursuant to subsection 1, the payer must have unsuccessfully contacted the payee demanding repayment of the outstanding amount or delivery of the missing good or service.

Subsection 3. If a payer has raised an objection pursuant to subsection 1, the provider may only debit or re-debit the payer's account if the provider can prove that the objection is unjustified.

Subsection 4. Objections pursuant to subsection 1 must be made as soon as possible after the payer became aware or should have become aware that debit has occurred unlawfully.

Subsection 5. § 74, subsection 6, does not apply to changes in the rights in the framework agreement that have given the user a better legal position than pursuant to subsection 1.

Execution Time and Value Date

§ 113. The payer's provider must ensure that the amount for the payment transaction is credited to the payee's provider's account no later than the end of the next working day after the time of receipt, cf. § 109. For paper-based payment transactions, the deadline in the first sentence may be extended by one additional working day.

Subsection 2. A payee's provider must transfer a payment order initiated by or via the payee to the payer's provider within the timeframe agreed between the payee and their provider, so that settlement for direct debits and payment instruments can be carried out on the agreed due date.

Subsection 3. If the payee does not have a payment account with the provider, the funds must be made available to the relevant party by the provider receiving the funds within the timeframe set forth in subsection 1.

§ 114. When depositing cash amounts into a consumer's payment account with a provider in the currency of the respective payment account, the amount must be made available with a value date immediately after the time of receipt of the funds. If the deposit is made into a business person's account, the amount must be made available with a value date no later than the working day following the receipt of the funds.

§ 115. The value date for a credit to a payee's payment account must not be later than the working day on which the payee's provider receives the payment transaction.

Subsection 2. Immediately after a payment transaction is credited to the payee's provider's account, the payee must have access to the amount of the payment transaction, provided that

1. no currency conversion takes place, or
2. conversion takes place between the euro and a member state's currency or two member states' currencies.

Subsection 3. The value date for the debit of the payer's payment account must not be earlier than the time when the amount is debited from their payment account.

Micro-payment Instruments

§ 116. A provider may agree with a user regarding the provision of micro-payment instruments that

1. § 93, item 3, § 94, subsection 1, items 3 and 4, and § 100, subsection 5, do not apply if, due to the nature of the micro-payment instrument, it is not possible to block its use,
2. §§ 98 and 99 and § 100, subsections 2 and 5, do not apply to micro-payment instruments used anonymously, or if the payer's provider, due to the nature of the micro-payment instrument, is unable to prove that the payment transaction was authorized,
3. § 110 does not apply to micro-payment instruments if the lack of execution is clearly evident from the given context,
4. the payer, regardless of § 111, cannot revoke the payment order after having given it or communicated their consent to carry out the payment transaction to the payee, and
5. other execution periods are used regardless of § 113.

April 26, 2026. 30 No. 463.

Chapter 7 Fees etc.

§ 117. A payee or another who offers currency exchange to the payer via an ATM or at the point of sale before a payment transaction is initiated must provide the payer with all information about fees and the exchange rate used for the currency exchange. The payer must approve that the currency exchange takes place on this basis.

§ 118. A payee who charges a fee or offers a discount for the use of a specific payment instrument must inform the payer thereof prior to the initiation of the payment transaction.

Subsection 2. A provider or another who charges a fee for the use of a payment instrument must inform the payer thereof prior to the initiation of the payment transaction.

Subsection 3. The payer is only obliged to pay the fees referred to in subsections 1 and 2 if the full amount of the fees has been disclosed before the payment transaction is initiated.

§ 119. A payment service provider bears the burden of proof that the disclosure requirements following from §§ 117 and 118 are fulfilled.

§ 120. The payer's provider, the payee's provider, and their potential intermediaries must transfer the full amount of the payment transaction without deduction of fees.

Subsection 2. The payee and their provider may, regardless of subsection 1, agree that the provider deducts its fees from the transferred amount before crediting the payee. In notifications pursuant to §§ 71 and 78, the full amount of the payment transaction must be disclosed with separate indication of the fee size.

Subsection 3. If other fees than those mentioned in subsection 2 are deducted from the transferred amount, the payer's provider must ensure that the payee receives the full amount of the payment transaction as initiated by the payer. For payment transactions initiated by or via the payee, the obligation according to the first sentence lies with the payee's provider.

§ 121. The payee must pay the fees charged by their provider, and the payer must pay the fees charged by their provider, when a payment transaction is carried out within the European Union, where both the payer's and the payee's provider or the single provider involved in the payment transaction is located in the European Union.

Subsection 2. The provider must not prevent the payee from charging a fee to the payer for the use of the relevant payment instrument, prevent the payee from offering the payer a discount, or prevent the payee from otherwise encouraging the payer to use a given payment instrument, subject to subsection 3. If the payee charges a fee to the payer for the use of a payment instrument, the fee must not exceed the payee's costs for carrying out the payment transaction.

Subsection 3. The payee must not charge fees for the use of payment instruments for which interbank fees are regulated in Chapter II of the Interbank Fee Regulation, and for the payment services to which Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 applies.

Subsection 4. The Minister for Business Affairs may set further rules on prohibition or limitation of the payee's right to charge a fee to the payer, taking into account the need to increase competition and promote the use of efficient payment instruments.

§ 122. In setting fees etc. in connection with the execution of payment transactions with a payment instrument, unreasonable prices and margins must not be used. Unreasonable prices and margins are understood as prices and margins that are higher than what would be the case under competitive conditions.

Subsection 2. The prohibition in subsection 1 applies correspondingly to the setting of fees etc. in connection with the execution of direct debits, cf. § 7, item 23.

Subsection 3. The Minister for Business Affairs may, in accordance with Article 3 of the Interbank Fee Regulation, set detailed rules for the size of the interbank fee that providers of payment services may offer or demand in connection with the execution of a domestic debit card transaction.

§ 123. A payment service provider may impose on a payee the costs of operating a payment system, where transactions are carried out using a payment instrument. The fees are set according to § 122, subject to subsections 4 and 5.

Subsection 2. If the provider charges a fee from a payer for the payer's use of a payment instrument, the fee must be set independently of the payee's circumstances.

Subsection 3. In cases where a payment transaction occurs using a payment instrument, providers of payment services and the payee may enter into an agreement for payment for special schemes attached to the individual payment instrument, insofar as these special schemes are not covered by rules set by the Minister for Business Affairs pursuant to subsection 4.

Subsection 4. The Minister for Business Affairs may set detailed rules on which pricing models providers of certain types of payment instruments may use to impose on the payee to pay to cover the provider's costs for operating the payment system.

Subsection 5. The Minister for Business Affairs may set detailed rules on how the payment in pricing models set pursuant to subsection 4 shall be calculated. The Minister for Business Affairs may furthermore set supplementary rules for payment instruments covered by subsection 1.

Subsection 6. The Minister for Business Affairs may set detailed rules on which special schemes agreements may be entered into according to subsection 3.

Chapter 8 Data Protection, Operational Security and Authentication

§ 124. Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and the Data Protection Act, apply to providers of payment services and issuers of electronic money, subject to subsections 2-4.

Subsection 2. A provider of payment services and an issuer of electronic money may only access, process, and store personal data necessary for the provision of payment services with the user's explicit consent.

Subsection 3. Regardless of subsection 2 and § 125, subsection 3, a provider of payment services and payment systems and an issuer of electronic money may process personal data for the purpose of prevention, investigation, law enforcement, and detection of abuse or fraud, or if the processing is grounded in another law.

Subsection 4. Providers of payment services and issuers of electronic money must not make prices or terms for the use of payment services covered by Annex 1, items 1-7, or payment accounts conditional on the user giving consent to the processing of payment information not carried out in connection with the delivery of the payment account or payment service, or on the user giving consent to linking a loyalty card function to the payment service.

§ 125. Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and the Data Protection Act, apply to businesses processing payment information, subject to subsections 2-6.

Subsection 2. A business may only process payment information in connection with the provision of a service directly addressed to the user, with the user's explicit consent, cf. subsection 3, item 2.

Subsection 3. A business may only process payment information in connection with

1. execution or correction of a payment transaction,
2. provision of a service directly addressed to the user, or
3. anonymization of payment information.

Subsection 4. Regardless of subsection 3, payment information must not be processed to set individual prices or terms for the same good or service for different users. Furthermore, for insurance contracts, payment information must not be processed in connection with fulfilling insurance contracts.

Subsection 5. Regardless of subsection 4, a business may process aggregated payment information for use in credit assessment.

Subsection 6. Regardless of subsection 3, a business must not pass on payment information to third parties unless this is grounded in other legislation or it occurs in connection with the execution or correction of a payment transaction or the provision of a service requested by the user, which is not contrary to subsections 2-5.

§ 126. A provider of payment services must establish and maintain

1. procedures and control mechanisms for managing operational and security risks associated with the payment services they provide,
2. effective procedures for handling operational and security incidents, and
3. appropriate security measures protecting the integrity and confidentiality of the user's personalized security arrangements in accordance with regulations and rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Subsection 2. Subsection 1, items 1 and 2, do not affect the application of Chapter II 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.

Subsection 3. Providers and issuers must annually submit an updated and consolidated risk assessment according to subsection 1 and a description of the preventive measures taken by the providers to limit these risks to the Danish Financial Supervisory Authority.

Subsection 4. When initiating payment transactions via a payment initiation service, cf. Annex 1, item 7, subsection 1, item 3, also applies.

Subsection 5. When a provider of account information services requests information for the provision of account information services covered by Annex 1, item 8, subsection 1, item 3, also applies.

Subsection 6. The Danish Financial Supervisory Authority may set detailed rules on the procedures and control mechanisms a provider of payment services must have, cf. subsection 1, items 1 and 2, and subsection 3.

§ 127. A provider of payment services must report statistics on operations and abuse of the payment services provided by this provider to the Danish Financial Supervisory Authority at least once a year.

Subsection 2. The Danish Financial Supervisory Authority sets detailed rules on the technical implementation of the reporting obligation pursuant to subsection 1.

§ 128. A provider of payment services must use strong customer authentication, unless otherwise follows from regulations and rules issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, when a user

1. accesses their payment account online,
2. initiates an electronic payment transaction, or
3. performs actions through a remote communication device that may involve risk of abuse.

Subsection 2. When initiating electronic payments, cf. subsection 1, item 2, via a remote communication device, the provider must ensure that strong customer authentication is used, which includes elements dynamically linking the transaction to a specific amount and a specific payee.

Subsection 3. When initiating payment transactions via a payment initiation service, cf. Annex 1, item 7, subsection 2 also applies.

April 26, 2026. 32 No. 463.

Paragraph 4. When a provider of account information services requests data for use in the provision of services covered by Annex 1, No. 8, Paragraph 1 also applies.

Paragraph 5. The account servicing payment service provider shall grant providers of payment initiation services and account information services permission to use the authentication procedures made available by the account servicing payment service provider to its users, cf. Paragraphs 1 and 2.

Section 129. The Minister for Business Affairs may lay down rules that are necessary for the application or implementation of the decisions or acts adopted by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Chapter 9 Supervision etc. The Financial Supervisory Authority

Section 130. The Financial Supervisory Authority ensures compliance with this Act, with the exception of Section 27, and ensures compliance with rules issued pursuant to this Act, cf. however Sections 144 and 145. The Financial Supervisory Authority further ensures compliance with the Regulation of the European Parliament and of the Council on cross-border payments in the Union and with Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulation (EU) No 260/2012 and (EU) 2021/1230 and Directive 98/26/EC and (EU) 2015/2366 as regards instant euro credit transfers, regulations issued pursuant to Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market 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. The Financial Supervisory Authority further ensures compliance by issuers of e-money tokens with Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 2, Paragraph 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 concerning environmental, social and governance (ESG) rating activities and rules issued pursuant thereto.

Paragraph 2. The Board of the Financial Supervisory Authority participates in the supervision under Paragraph 1 with the competence assigned to the Board pursuant to Section 345 of the Act on Financial Business.

Paragraph 3. If an e-money institution or a payment institution has established a branch or uses an agent in another EU or EEA country, the Financial Supervisory Authority shall cooperate with the supervisory authorities of the host country in connection with the supervision of the branch or agent. The Financial Supervisory Authority may delegate to the supervisory authorities of the host country the carrying out of on-site inspections at the branch or agent.

Section 131. The Financial Supervisory Authority shall investigate companies covered by this Act, branches or agents issuing electronic money or providing payment services, or a company to which activities have been outsourced, including by means of on-site inspections at the individual company.

Paragraph 2. Following an inspection at a company, a meeting may be held with the company.

Paragraph 3. Significant conclusions may be sent in the form of a written report to the company's management following an inspection visit.

Paragraph 4. Supervisory authorities in another EU or EEA country may, after prior notification to the Financial Supervisory Authority, carry out inspections at branches or agents located in this country belonging to e-money institutions or payment institutions established in the country in question. The Financial Supervisory Authority may participate in the inspection mentioned in the first sentence. If a branch or agent as mentioned in the first sentence opposes the inspection by a competent foreign authority, the investigation may only be carried out with the participation of the Financial Supervisory Authority.

Paragraph 5. The Financial Supervisory Authority may order a branch or agent of an e-money institution or payment institution established in another EU or EEA country to take temporary necessary measures to counter a serious threat to holders of electronic money or users of payment services.

Section 132. Companies covered by this Act, branches and agents of e-money institutions or payment institutions, or a company to which activities have been outsourced, shall provide the Financial Supervisory Authority with the information necessary for the performance of its supervisory activities. The same applies to foreign e-money institutions and payment institutions established in another EU or EEA country that carry on business in this country through the establishment of a branch or through an agent.

Paragraph 2. Companies covered by this Act, branches and agents of e-money institutions and payment institutions, and a company to which activities have been outsourced, which have provided information under Paragraph 1, are obliged to correct the information to the Financial Supervisory Authority as soon as possible, if companies covered by this Act, the branch or agent of e-money institutions and payment institutions, or the company to which activities have been outsourced, subsequently establish the following:

1. The information was not correct at the time of submission.
2. The information has subsequently become misleading.

Paragraph 3. The Financial Supervisory Authority may require e-money institutions or payment institutions in another EU or EEA country that have established a branch or use an agent in this country to regularly report on the activities carried out by the branch or agent.

Paragraph 4. The Financial Supervisory Authority may, at any time upon due identification and without a court order, access companies covered by this Act for the purpose of obtaining information, including by means of inspections. The Financial Supervisory Authority may also, at any time upon due identification and without a court order, access branches, agents of e-money institutions, payment institutions, or companies to which activities have been outsourced for the purpose of obtaining information about the outsourced activity.

Paragraph 5. The Financial Supervisory Authority may require all information, including accounts and accounting material, extracts from books, other business documents, and electronically stored data, which are deemed necessary for the Financial Supervisory Authority's decision on whether a company or person is covered by the provisions of this Act.

Paragraph 6. The Financial Supervisory Authority may obtain information under Paragraphs 1-5 for use by the authorities and bodies mentioned in Section 136, Paragraph 6, Nos. 17-22.

Paragraph 7. Supervisory authorities in another EU or EEA country may, with the permission of the Financial Supervisory Authority, verify information provided by companies located in this country covered by this Act that carry on ancillary business subject to supplementary supervision by the relevant supervisory authority pursuant to provisions laid down in directives in the financial field.

Section 133. The Financial Supervisory Authority may order a company covered by this Act to have an independent investigation of one or more aspects of the company carried out and to bear the costs thereof, if the Financial Supervisory Authority considers this to be of significant importance for the supervision of the company and it is not a matter of a normally occurring investigation for the Financial Supervisory Authority. The result of the independent investigation shall be submitted in a written report, which must be available within a time limit set by the Financial Supervisory Authority. The Financial Supervisory Authority may determine that the experts, cf. Paragraphs 2-6, shall continuously report to the Financial Supervisory Authority on matters in connection with the investigation.

Paragraph 2. The independent investigation shall be carried out by one or more experts. The company appoints the experts within a time limit set by the Financial Supervisory Authority. The Financial Supervisory Authority must approve the proposed experts.

Paragraph 3. The company shall provide the experts with the information necessary for the implementation of the independent investigation.

Paragraph 4. The experts shall deliver a copy of the written report on the investigation to the Financial Supervisory Authority, no later than at the same time as the report is delivered to the company.

Paragraph 5. The experts shall immediately provide the Financial Supervisory Authority with information on matters that they become aware of in connection with the independent investigation, if the information is of significant importance for the company's risk profile or business model and may entail a not insignificant risk that these matters may develop in such a way that the company will lose its authorization pursuant to this Act.

Paragraph 6. If the expert, due to their special circumstances, cannot pass on the information in accordance with Paragraphs 4 and 5 to the Financial Supervisory Authority, notification to the Financial Supervisory Authority may be made by others than the expert, including the company.

Section 134. The Financial Supervisory Authority may order an e-money institution or payment institution to dismiss a director in the company within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 30, Paragraph 1, Nos. 2-5, cannot perform the position. The Financial Supervisory Authority may further order an e-money institution or a payment institution to dismiss a director, if the person in question does not fulfill their obligation pursuant to Section 25 a, Paragraph 4, in a satisfactory manner.

Paragraph 2. The Financial Supervisory Authority may order a member of the board of directors of an e-money institution or payment institution to resign from their office within a time limit set by the Financial Supervisory Authority, if the board member, pursuant to Section 30, Paragraph 1, Nos. 2-5, cannot perform the office.

Paragraph 3. The Financial Supervisory Authority may order an e-money institution or payment institution to dismiss the person responsible for anti-money laundering, cf. Section 7, Paragraph 2 of the Anti-Money Laundering Act, and a member of the actual management responsible for compliance or anti-money laundering, in the company within a time limit set by the Financial Supervisory Authority, if the person in question, pursuant to Section 30, Paragraph 1, Nos. 2-5, cf. Paragraph 6, cannot perform the position.

Paragraph 4. The Financial Supervisory Authority may order an e-money institution or payment institution to dismiss a director, the person responsible for anti-money laundering, cf. Section 7, Paragraph 2 of the Anti-Money Laundering Act, or a member of the actual management responsible for compliance or anti-money laundering, when criminal proceedings have been brought against the person in a criminal case regarding violation of the Criminal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would entail that the director does not meet the requirements in Section 30, Paragraph 1, No. 3, or that the person responsible for anti-money laundering, cf. Section 7, Paragraph 2 of the Anti-Money Laundering Act, or the member of the actual management responsible for compliance or anti-money laundering, does not meet the requirements in Section 30, Paragraph 1, No. 3, cf. Paragraph 6. The Financial Supervisory Authority sets a time limit for compliance with the order. The Financial Supervisory Authority may, under the same conditions as in the first sentence, order a member of the board of directors of an e-money institution or payment institution to resign from their office. The Financial Supervisory Authority sets a time limit for compliance with the order.

Paragraph 5. The duration of orders issued pursuant to Paragraphs 1-3 based on Section 30, Paragraph 1, Nos. 2-5, must be stated in the order.

Paragraph 6. Orders issued in accordance with Paragraphs 1-4 may, by the e-money institution, payment institution, and the person to whom the order relates, be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Paragraph 7. Decisions in cases under Section 30, Paragraph 1, as made pursuant to Section 30, Paragraph 2, and decisions under Section 58, Paragraph 2, may, by the company and by the person to whom the decision relates, be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been issued 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, during the processing of the case, enter the office or position for which the person has sought approval. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Paragraph 8. The Financial Supervisory Authority may, on its own initiative or upon application, withdraw an order issued to a board member pursuant to Paragraph 2 and Paragraph 4, third sentence. If the Financial Supervisory Authority rejects an application for withdrawal, the applicant may demand that the rejection be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. A request for judicial review may, however, only be made if the order is not time-limited and at least 5 years have elapsed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of the withdrawal has been upheld by judgment.

Paragraph 9. If the e-money institution or payment institution has not dismissed the director, the person responsible for anti-money laundering, cf. Section 7, Paragraph 2 of the Anti-Money Laundering Act, or the member of the actual management responsible for compliance or anti-money laundering, within the set time limit, the Financial Supervisory Authority may withdraw the company's authorization, cf. Section 135. The Financial Supervisory Authority may further withdraw the company's authorization, cf. Section 135, if a board member does not comply with an order issued in accordance with Paragraphs 2 and 4.

Section 134 a. The Financial Supervisory Authority may order a provider of account information services to dismiss a director in the company within a time limit set by the Financial Supervisory Authority, if this person, pursuant to Section 30, Paragraph 1, Nos. 2-5, cf. Section 60, Paragraph 7, cannot perform the position.

Paragraph 2. The Financial Supervisory Authority may order a member of the board of directors of a provider of account information services to resign from their office within a time limit set by the Financial Supervisory Authority, if the board member, pursuant to Section 30, Paragraph 1, Nos. 2-5, cf. Section 60, Paragraph 7, cannot perform the office.

Paragraph 3. The Financial Supervisory Authority may order a provider of account information services to dismiss a director, when criminal proceedings have been brought against the director in a criminal case regarding violation of the Criminal Code, financial legislation, or other relevant legislation, until the criminal case is resolved, if a conviction would entail that the person in question does not meet the requirements in Section 30, Paragraph 1, No. 3, cf. Section 60, Paragraph 7. The Financial Supervisory Authority sets a time limit for compliance with the order. The Financial Supervisory Authority may, under the same conditions as in the first sentence, order a member of the board of directors of a provider of account information services to resign from their office. The Financial Supervisory Authority sets a time limit for compliance with the order.

Paragraph 4. The duration of orders issued pursuant to Paragraphs 1 and 2 based on Section 30, Paragraph 1, Nos. 2-5, cf. Section 60, Paragraph 7, must be stated in the order.

Paragraph 5. Orders issued in accordance with Paragraphs 1-3 may, by the provider of account information services and the person to whom the order relates, be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the order has been issued to the person concerned. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Paragraph 6. Decisions in cases under Section 30, Paragraph 1, as made pursuant to Section 30, Paragraph 2, cf. Section 60, Paragraph 7, may, by the company and by the person to whom the decision relates, be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the decision has been issued 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, during the processing of the case, enter the office or position for which the person has sought approval. The Financial Supervisory Authority brings the case before the courts within 4 weeks after receipt of the request to this effect. The case is brought in the forms of civil procedure.

Paragraph 7. The Financial Supervisory Authority may, on its own initiative or upon application, withdraw an order issued to a board member pursuant to Paragraph 2 and Paragraph 3, third sentence. If the Financial Supervisory Authority rejects an application for withdrawal, the applicant may demand that the rejection be brought before the courts. A request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the rejection has been issued to the person concerned. A request for judicial review may, however, only be made if the order is not time-limited and at least 5 years have elapsed from the date of issuance of the order, or at least 2 years after the Financial Supervisory Authority's rejection of the withdrawal has been upheld by judgment.

Paragraph 8. If the provider of account information services has not dismissed the director within the set time limit, the Financial Supervisory Authority may withdraw the company's authorization, cf. Section 135, Paragraph 1, No. 5. The Financial Supervisory Authority may further withdraw the company's authorization, cf. Section 135, Paragraph 1, No. 5, if a board member does not comply with an order issued in accordance with Paragraphs 2 and 3.

Paragraph 9. If a provider of account information services is operated as a legal entity without a board of directors or a management, Paragraphs 1-8 apply correspondingly to the person or persons responsible for the management of the provider.

Section 135. The Financial Supervisory Authority may withdraw a company's authorization as an e-money institution, payment institution, or provider of account information services, or a limited authorization for the issuance of electronic money or provision of payment services, if the company

1. requests this,
2. does not use the authorization, no later than 12 months after the Financial Supervisory Authority has issued the authorization to the company,
3. has not carried on business as an e-money institution, payment institution, or provider of account information services, or company with a limited authorization for the issuance of electronic money or provision of payment services, for a period of more than 6 months,
4. has obtained authorization on the basis of incorrect or misleading information or in another unlawful manner,
5. no longer meets the conditions for the issuance of authorization pursuant to Chapter 2 or 3,
6. may pose a threat to the stability of an e-money system or payment system if it continues its e-money business or payment service business, or
7. is guilty of serious or repeated violations of the Anti-Money Laundering Act or Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets.

Paragraph 2. The Financial Supervisory Authority may further withdraw a company's authorization as a provider of account information services, if criminal proceedings have been brought against the holder of a provider of account information services, which is a sole proprietorship, for violation of the Criminal Code, this Act, or other financial legislation, until the criminal case is resolved, if a conviction would entail that the person in question does not meet the requirements in Section 30, Paragraph 1, No. 3, cf. Section 60, Paragraph 7.

Paragraph 3. The withdrawal of a permit, pursuant to paragraph 1, items 4-7, and paragraph 2, shall be published by the Financial Supervisory Authority.

Paragraph 4. Withdrawal of a permit pursuant to paragraph 1, item 5, due to failure to meet the requirements of suitability and honesty, pursuant to Section 30, paragraph 1, items 2-5, and withdrawal pursuant to paragraph 2, may, in the case of a provider of account information services that is a sole proprietorship, be brought before the courts by the holder of the permit. The request to this effect must be submitted to the Financial Supervisory Authority within 4 weeks after the withdrawal of the permit has been notified to the person concerned. The Financial Supervisory Authority shall bring the case before the courts within 4 weeks after receipt of the request to this effect. The case shall be instituted in the form of civil procedure.

Section 136. Employees of the Financial Supervisory Authority are, under the liability provisions of the Criminal Code Sections 152-152 e, obliged to keep confidential any sensitive information they become aware of through supervisory activities, and sensitive information they become aware of from Financial Stability. The same applies to persons who perform service tasks as part of the Financial Supervisory Authority's operations, and experts who act on behalf of the Authority. This also applies after the termination of employment or contractual relationships.

Paragraph 2. Consent from the person whom the duty of confidentiality is intended to protect does not entitle the persons mentioned in paragraph 1 to pass on sensitive information.

Paragraph 3. Paragraph 1 does not apply to information in cases covered by Chapters 5-7, except for Sections 84-91.

Paragraph 4. The provision in paragraph 1 does not prevent the Financial Supervisory Authority from passing on sensitive information in summary or aggregated form, provided that neither the individual company nor its customers can be identified.

Paragraph 5. Sensitive information may be passed on in a civil court case when a company covered by this Act has been declared bankrupt or entered into liquidation, and provided that the information does not concern customer relations or third parties who are or have been involved in attempts to save the company.

Paragraph 6. The provision in paragraph 1 does not prevent sensitive information from being passed on to:

1. The Systemic Risk Council.
2. Other public authorities, including the prosecution service and the police, in connection with the investigation and prosecution of possible criminal offenses covered by the Criminal Code or supervisory legislation.
3. The Defence Intelligence Service.
4. The relevant minister as part of their general supervision, subject to paragraph 11.
5. Administrative authorities and courts that handle decisions made by the Financial Supervisory Authority.
6. The Parliamentary Ombudsman.
7. A parliamentary commission established by the Folketing, subject to paragraphs 10 and 11.
8. Inquiry commissions established by law or pursuant to the Act on Inquiry Commissions, subject to paragraphs 10 and 11.
9. The State Auditors and the National Audit Office.
10. The Bankruptcy Court, subject to paragraph 10, other authorities participating in liquidation, bankruptcy proceedings, or similar procedures for a company covered by this Act, and trustees, and persons responsible for the statutory audit of the accounts of a company covered by this Act, provided that the recipients of the information have a need for this to perform their tasks.
11. Financial Stability, provided that Financial Stability has a need for this to perform its tasks.
12. Committees, groups, etc., established by the Minister for Business Affairs, with the aim of discussing and coordinating efforts to ensure financial stability.
13. The Danish Business Authority in its capacity as the supervisory authority for compliance with company law, when the disclosure is made with a view to strengthening the stability and integrity of the financial system, subject to paragraph 10, the Danish Business Authority and the Auditors' Board in their capacity as supervisory authorities for the statutory audit of accounts for companies covered by this Act, subject to paragraph 10. Disclosure pursuant to the first sentence may only take place, provided that the recipient has a need for this to perform its tasks.
14. Experts who assist the Financial Supervisory Authority, the Danish Business Authority, the Auditors' Board, and institutions that administer deposit, investor, or insurance guarantee schemes in carrying out their supervisory tasks, provided that the recipient has a need for the information to perform its tasks, subject to paragraphs 10 and 11.
15. Danmarks Nationalbank, central banks in countries within the European Union or countries with which the Union has concluded an agreement in the financial field, the European System of Central Banks and the European Central Bank in their capacity as monetary policy authorities, and public authorities that supervise 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 implementation of monetary policy, supervision of payment and securities settlement systems, and the maintenance of the stability of the financial system.
16. An institution that performs clearing of securities or money, if it is necessary to ensure that the institution responds appropriately to defaults or potential defaults on the market where the institution is responsible for clearing.
17. Supervisory authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for supervising companies covered by this Act, authorities and bodies responsible for maintaining financial stability through macroprudential regulation, authorities or bodies with the aim of ensuring financial stability, and bodies participating in liquidation, bankruptcy proceedings, or similar procedures for companies covered by this Act, as well as persons responsible for the statutory audit of accounts for companies covered by this Act, provided that the recipients of the information have a need for this to perform their tasks.
18. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in liquidation, bankruptcy proceedings, or similar procedures for companies covered by this Act, and authorities supervising persons responsible for the statutory audit of companies covered by this Act, provided that the recipient of the information has a need for this to perform its tasks, subject to paragraph 10.
19. Bodies in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which are responsible for detecting breaches of company law, provided that the recipient of the information has a need for this to perform its tasks and that the disclosure is made with a view to strengthening the stability and integrity of the financial system, subject to paragraph 10.
20. Experts who assist authorities in other countries within the European Union or in countries with which the Union has concluded an agreement in the financial field, which supervise bodies participating in liquidation or bankruptcy proceedings for companies covered by this Act, or similar procedures, and authorities supervising persons responsible for the statutory audit of accounts for companies covered by this Act, provided that the recipient of the information has a need for this to perform its tasks, subject to paragraph 10.
21. Inquiry committees established by the European Parliament pursuant to Article 226 of the Treaty on the Functioning of the European Union.
22. The European Banking Authority, the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, as well as bodies established by these, provided that the recipients of the information have a need for this to perform their tasks.
23. Faroese supervisory authorities in the financial field, provided that the recipients are subject to a statutory duty of confidentiality that corresponds at least to the duty of confidentiality under paragraph 1, and that the recipients have a need for the information to perform their tasks, subject to paragraph 10.
24. The International Monetary Fund and the World Bank for the purpose of assessments as part of the Financial Sector Assessment Programme.
25. The Bank for International Settlements for the purpose of quantitative impact analyses.
26. The Financial Stability Board for the purpose of its supervisory function.
27. Authorities carrying out tasks pursuant to 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 tasks under the regulation.

Paragraph 7. All who, pursuant to paragraphs 5 and 6, receive sensitive information from the Financial Supervisory Authority are subject to the duty of confidentiality referred to in paragraph 1 with regard to this information.

Paragraph 8. Sensitive information received pursuant to paragraph 6, item 22, may, regardless of the duty of confidentiality referred to in paragraph 7, be exchanged directly between, on the one hand, the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, as well as bodies established by these, and, on the other hand, the European Systemic Risk Board.

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

Paragraph 10. Disclosure pursuant to paragraph 6, items 7, 8, 10, 13, 14, 17-20, and 23, of sensitive information originating from 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 to which the consent relates. In the disclosure of information pursuant to paragraph 6, items 14 and 20, the Financial Supervisory Authority shall notify the authorities or bodies that provided the information of which experts the information will be forwarded to, specifying the powers of the experts.

Paragraph 11. Disclosure of sensitive information pursuant to paragraph 6, items 4, 7, 8, and 14, may only take place if the authorities or bodies that provided the information, or the authorities in the member state where the control visit or inspection was carried out, have given their explicit consent, where the information was received either from the European Banking Authority, the European Systemic Risk Board, the European Insurance and Occupational Pensions Authority, or the European Securities and Markets Authority and bodies established under these, and pursuant to this Act, provisions issued under this Act, Article 15 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European macro-prudential oversight of the financial system and establishing a European Committee for Systemic Risk, Article 31, 35, and 36 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European Banking Authority), and Article 31 and 36 of Regulation (EU) No 1095/2010 establishing a European supervisory authority (European Securities and Markets Authority), or from authorities responsible for supervising companies covered by this Act, authorities and bodies responsible for maintaining the stability of the financial system through the application of macroprudential rules, authorities or bodies with the aim of ensuring financial stability, bodies participating in liquidation or bankruptcy proceedings of companies covered by this Act, or similar procedures, and persons responsible for the statutory audit of accounts for companies covered by this Act, or where information was obtained through control visits or investigations pursuant to Section 131, paragraph 4.

Section 137. Employees of the Financial Supervisory Authority must not pass on information about a person when that person has reported a company or a person pursuant to Section 26, paragraph 1.

Paragraph 2. The provision in paragraph 1 does not prevent personal data from being passed on pursuant to Section 136, paragraph 5.

Paragraph 3. All who, pursuant to paragraph 2, receive personal data are subject to the duty of confidentiality referred to in paragraph 1 with regard to this information.

Section 138. 2) Reactions given pursuant to this Act's Section 130, paragraph 2, c.f. Section 345, paragraph 12, item 4, of the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to a company covered by this Act, must be published with the name of the company, subject to paragraph 4. The company must publish the information on its website, if any, in a place where it naturally belongs, as soon as possible and no later than 3 business days after the company has received notification of the reaction, or no later than at the time of publication required under the Act on Capital Markets. Simultaneously with the publication, the company must insert a link on the front page of its website in a visible manner, which gives direct access to the reaction, and it must be clearly apparent from the link and any associated text that this is a reaction from the Financial Supervisory Authority. If the company comments on the reaction, this must be done in continuation of the reaction, and the comments must be clearly separated from the reaction. Removal of the link on the front page and the information from the company's website must take place according to the same principles that the company uses for other messages, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting or meeting of the board of representatives. The company's obligation to publish the information on the company's website only applies to legal persons. The Financial Supervisory Authority must publish the information on the Authority's website. Reactions given pursuant to this Act's Section 130, paragraph 2, c.f. Section 345, paragraph 12, item 6, of the Act on Financial Business, and the Financial Supervisory Authority's decisions to hand over cases under this Act or rules issued under this Act or under regulations issued under Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, Regulation of the European Parliament and of the Council on cross-border payments in the Union, and Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directive 98/26/EF and (EU) 2015/2366 as far as instant credit transfers in euro, Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro, 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 under these for police investigation, must be published on the Financial Supervisory Authority's website with the name of the company, subject to paragraph 4. Reactions given pursuant to 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 under these must be published on the Financial Supervisory Authority's website with the name of the company. If the reaction, which is published pursuant to the first or ninth sentence, is brought before the Business Appeals Board or the courts, this must be stated in the Financial Supervisory Authority's publication, and the subsequent result of the Business Appeals Board's or the court's decision must also be published on the Financial Supervisory Authority's website as soon as possible.

Paragraph 2. Reactions given pursuant to this Act's Section 130, paragraph 2, c.f. Section 345, paragraph 12, items 4 and 6, of the Act on Financial Business, or by the Financial Supervisory Authority after delegation from the Financial Supervisory Authority's board to a company that is not under supervision, must be published on the Financial Supervisory Authority's website with the name of the company, subject to paragraph 4.

Paragraph 3. If the Financial Supervisory Authority has handed over a case for police investigation, and a verdict has been passed or a fine imposed, the verdict, the imposition of the fine, or a summary thereof must be published, subject to paragraph 4. If the verdict is not final, or if it has been appealed or reopened, this must be stated in the publication. The company's publication must take place on the company's website in a place where it naturally belongs, as soon as possible and no later than 10 business days after a verdict has been passed or a fine imposed, or no later than at the time of publication required under the Act on Capital Markets. Simultaneously with the publication, the company must insert a link on the front page of its website in a visible manner, which gives direct access to the verdict, the imposition of the fine, or the summary, and it must be clearly apparent from the link and any associated text that this is a verdict or an imposition of a fine. If the company comments on the verdict, the imposition of the fine, or the summary, this must be done in continuation thereof, and the comments must be clearly separated from the verdict, the imposition of the fine, or the summary. Removal of the information from the company's website must take place according to the same principles that the company uses for other messages, but no earlier than when the link and information have been on the website for 3 months, and no earlier than after the next general meeting or meeting of the board of representatives. The company must notify the Financial Supervisory Authority of the publication, including forwarding a copy of the verdict or the imposition of the fine. The Financial Supervisory Authority must then publish the verdict, the imposition of the fine, or a summary thereof.

or a summary thereof on its website. The company's obligation to publish the information on its website applies only to legal persons.

Subsection 4. There shall be no publication of reactions pursuant to subsection 1 regarding the requirements in Section 30, subsection 1, and Section 53, subsections 1 and 2, unless these are reactions pursuant to Sections 134 and 134 a regarding a breach of the requirements. Publication pursuant to subsections 1-3 may not take place if it would cause disproportionate damage to the company or if investigative considerations argue against publication. The publication must not contain information covered by Section 30 of the Act on Public Access to Files in the Administration. The publication must not contain confidential information originating from financial supervisory authorities in other countries within or outside the European Union, unless those authorities have given their explicit consent.

Subsection 5. If publication is omitted pursuant to subsection 4, second sentence, publication shall take place pursuant to subsections 1 and 2 when the considerations necessitating the omission are no longer valid. This applies only for up to 2 years after the date of the reaction or the decision to hand the case over to police investigation. However, publication shall only take place if no withdrawal of prosecution or discontinuance of prosecution has occurred pursuant to the rules of the Administration of Justice Act.

Subsection 6. In cases where the Financial Supervisory Authority has published a decision to hand a case over to police investigation pursuant to subsection 1, eighth sentence, and subsection 2, and a decision is made to withdraw prosecution or discontinue prosecution, or an acquittal is delivered, the Financial Supervisory Authority shall, upon request from the company concerned, publish information regarding this. The company must submit a copy of the decision on withdrawal of prosecution or discontinuance of prosecution or a copy of the judgment to the Financial Supervisory Authority simultaneously with the request for publication. If the withdrawal of prosecution, discontinuance of prosecution, or judgment is not final, this must be stated in the publication. If the Financial Supervisory Authority receives documentation that the case has been concluded by final withdrawal of prosecution, final discontinuance of prosecution, or delivery of a final acquittal, the Financial Supervisory Authority must remove all information about the decision to hand the case over to police investigation and any subsequent judgments in the case from the Financial Supervisory Authority's website.

Section 139. The Financial Supervisory Authority shall inform the public about cases handled by the Financial Supervisory Authority, the prosecution authorities, or the courts, which are of general interest or significant for the understanding of the provisions of this law, except for Chapter 2-4. The first sentence also applies to cases concerning the Regulation of the European Parliament and of the Council on cross-border payments in the Union and cases concerning Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulation (EU) No 260/2012 and (EU) 2021/1230 and Directive 98/26/EF and (EU) 2015/2366 as regards instant credit transfers in euro.

Subsection 2. The Financial Supervisory Authority shall furthermore inform the public about the name of a company offering electronic money or payment services in violation of Sections 8, 9, 50, 51, and 60.

Subsection 3. The Financial Supervisory Authority may publish a statement regarding the Financial Supervisory Authority's practice pursuant to Section 30, subsection 1, to the extent that there are cases relevant to increasing transparency regarding the Financial Supervisory Authority's practice in fitness and propriety assessments.

Section 140. The Minister for Business Affairs may establish rules for companies under supervision covered by this law regarding the companies' obligation to publish information about the Financial Supervisory Authority's assessment of the company and about the Financial Supervisory Authority's possibility to publish the information before the company.

Section 141. If an e-money institution or payment institution provides information about the institution, and the information has come to the public's attention, the Financial Supervisory Authority may order the institution to publish corrective information within a deadline set by the Financial Supervisory Authority, if

1. the information is, in the Financial Supervisory Authority's assessment, misleading or
2. the Financial Supervisory Authority assesses that the information may cause damage to the institution's customers, creditors, the financial markets on which the institution's shares are traded, or financial stability in general.

Subsection 2. If the institution 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 pursuant to subsection 1.

Section 142. Companies or persons for whom the Financial Supervisory Authority has made or will make a decision pursuant to this law or regulations issued pursuant to this law, regulations issued pursuant to Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, Articles 3 and 4 of Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro, 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 pursuant thereto, and Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and regulations issued pursuant thereto, are considered parties in relation to the Financial Supervisory Authority, subject to subsection 2.

Subsection 2. As parties in relation to the Financial Supervisory Authority, insofar as the part of the case concerns the individual, the following are also considered:

1. A company or person offering electronic money, payment services, or account information services without a permit, cf. Sections 8, 9, 50, 51, and 60.
2. A company or person applying for a permit to issue electronic money, offer payment services, or offer account information services, cf. Sections 8, 9, 50, 51, and 60.
3. A member of a company's board of directors or executive board, the person(s) responsible for management, or the person(s) in the company responsible for issuing electronic money or offering payment services, when the supervision denies a company a permit to operate as an e-money institution, payment institution, provider of account information services, or a company with a limited permit for issuing electronic money or offering payment services, or withdraws such a permit, cf. Section 135.
4. A company or person from whom the Financial Supervisory Authority requires information to decide whether this is covered by the provisions of this law, cf. Section 132, subsection 5.
5. A company or person covered by a decision made pursuant to Sections 23 and 24.

Subsection 3. As a party to the Financial Supervisory Authority's decision on fitness and propriety, both the affected e-money institution or payment institution or the affected provider of account information services and the board member, director, or person responsible for management whom the decision concerns are considered parties. The same applies to the Financial Supervisory Authority's decisions pursuant to Sections 134 and 134 a.

Section 143. Decisions made by the Financial Supervisory Authority pursuant to this law, regulations issued pursuant thereto, Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro, Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and regulations issued pursuant thereto, 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 pursuant thereto, regulations issued pursuant to Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, the Regulation of the European Parliament and of the Council on cross-border payments in the Union, or Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulation (EU) No 260/2012 and (EU) 2021/1230 and Directive 98/26/EF and (EU) 2015/2366 as regards instant credit transfers in euro, may be brought before the Business Appeals Board by the person to whom the decision is addressed, no later than 4 weeks after the decision has been communicated to the person.

Consumer Ombudsman

Section 144. The Consumer Ombudsman supervises Chapter 5 and Sections 117-119, 124, and 125, and that companies comply with Chapter 6 and Section 42, subsection 1, and regulations issued pursuant to Section 42, subsection 2, towards consumers. The Consumer Ombudsman furthermore supervises Article 12 of Regulation (EU) No 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions.

Subsection 2. The Consumer Ombudsman may require all information deemed necessary for the Consumer Ombudsman's activities, including to decide whether a matter is covered by the provisions of this law and Article 12 of Regulation (EU) No 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions.

Subsection 3. If a change in circumstances contrary to the provisions listed in subsection 1 cannot be made through negotiation, the Consumer Ombudsman may issue an order regarding this. An order may be brought before the courts by the person to whom the order is addressed. A request for this must be submitted in writing to the Consumer Ombudsman within 4 weeks after the order has been communicated to the person. The Consumer Ombudsman must bring the case before the court in the form of civil procedure within 1 week after receiving the request.

Subsection 4. The court may determine that bringing an order before the courts has suspensive effect.

Subsection 5. The Consumer Ombudsman's decisions pursuant to this law may not be brought before another administrative authority.

Subsection 6. The Consumer Ombudsman may bring a case for prohibition, order, compensation, and recovery of unlawfully charged amounts in case of violation of the provisions listed in subsection 1. Section 24, Section 25, subsection 2, Section 28, subsection 1, Section 32, subsection 1, and Section 34 of the Marketing Practices Act apply correspondingly. The Consumer Ombudsman may be appointed as a representative in a class action, cf. Chapter 23 a of the Administration of Justice Act.

Danish Competition and Consumer Agency

Section 145. The Danish Competition and Consumer Agency supervises compliance with Chapter 4, except for registered payment systems, cf. Chapter 32 of the Act on Financial Business, and Sections 120-123 and

1. Article 8 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 on cross-border payments in euro (SEPA Regulation) and
2. Articles 3-11 of Regulation (EU) No 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions.

Subsection 2. The Danish Competition and Consumer Agency may issue the necessary orders, including inter alia orders that

1. a credit institution must provide a provider of payment services with access to its payment account services in such a way that the payment institution can offer its payment services unhindered and effectively,
2. terms for access to payment systems for providers of payment services must be changed,
3. specified prices and fees must not be exceeded, and
4. specific calculation rules must be used in the calculation of prices and fees.

Subsection 3. The Danish Competition and Consumer Agency may require all information, including inter alia accounts, accounting material, extracts from books, other business documents, and electronically stored data, which are deemed necessary for the Agency's activities, including inter alia to decide whether a matter is covered by Chapter 4 and Sections 120-123 as well as Article 8 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 on cross-border payments in euro (SEPA Regulation) and Articles 3-11 of Regulation (EU) No 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions.

Subsection 4. The Danish Competition and Consumer Agency's decisions pursuant to subsection 1 may be brought before the Competition Appeals Board. Section 20 of the Competition Act applies correspondingly.

Subsection 5. Appeals pursuant to subsection 4 may be brought by

1. the person to whom the decision is addressed, or
2. the person who otherwise has an individual, significant interest in the matter.

Subsection 6. Appeals against decisions pursuant to subsection 4 may be granted suspensive effect by the Danish Competition and Consumer Agency or the Competition Appeals Board.

Subsection 7. The Act on Public Access to Files in the Administration does not apply to cases pursuant to subsection 1. Companies, however, have the right to own access in cases where a decision is or will be made pursuant to subsection 1, cf. Section 8 of the Act on Public Access to Files in the Administration. The first and second sentences also apply when information obtained pursuant to subsection 2 is passed on to another administrative authority.

Subsection 8. The Danish Competition and Consumer Agency publishes decisions pursuant to subsection 1 and rulings from the Competition Appeals Board, subject to subsection 10.

Subsection 9. The Danish Competition and Consumer Agency publishes decisions to hand over cases, where the Agency has made a decision pursuant to this law, to police investigation with the name of the company, subject to subsection 10. If the Danish Competition and Consumer Agency has handed a case over to police investigation, and a judgment has been delivered or a fine imposed, there shall be publication of the judgment or the imposition of the fine, or a summary thereof, subject to subsection 10. If the judgment is not final, or if it has been appealed or reopened, this must be stated in the publication pursuant to the second sentence.

Subsection 10. In publication pursuant to subsections 8 and 9, information about technical matters, including research, production methods, products, and trade and business secrets, may not be published, insofar as publication is of significant economic importance for the person or company to whom the information relates. Furthermore, information about individual customers' circumstances in companies supervised by the Financial Supervisory Authority may not be published.

Subsection 11. The Minister for Business Affairs submits a report every second year to the Folketing on the conditions in the payment card market. The Danish Competition and Consumer Agency performs the secretariat function for the Minister in connection with the preparation of the report.

Section 145 a. The Competition Board has the overall responsibility for the administration of the Danish Competition and Consumer Agency pursuant to this law and regulations issued pursuant thereto. The Competition Board makes decisions in cases of a principled or particularly significant nature. The Competition Board and the Danish Competition and Consumer Agency are independent of the Minister for Business Affairs in the administration of this law and regulations issued pursuant thereto.

Subsection 2. The Competition Board may delegate its competence to make decisions pursuant to subsection 1, second sentence, to the Danish Competition and Consumer Agency.

Section 145 b. The Danish Competition and Consumer Agency decides whether there is sufficient reason to investigate or make a decision in a case, including whether the case processing should be temporarily or finally suspended.

Section 146. The Danish Competition and Consumer Agency may impose daily or weekly coercive fines on the person who fails to

1. provide the information that the Danish Competition and Consumer Agency may require pursuant to Section 145, subsection 3, or
2. comply with an order issued pursuant to Section 145, subsection 2.

Fees and Costs

Section 147. Companies under supervision pursuant to this law pay a fee to the Financial Supervisory Authority pursuant to Chapter 22 of the Act on Financial Business.

Section 148. To cover the costs of the Danish Competition and Consumer Agency's and the Consumer Ombudsman's supervision pursuant to this law, the following natural and legal persons covered by the Payments Act pay the following fee annually to the Danish Competition and Consumer Agency:

1. Payment institutions pay the following: a) 8,460 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are less than 250 million DKK. b) 27,060 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are between 250 million DKK and 100 billion DKK. c) 169,120 DKK, when the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year are greater than 100 billion DKK.
2. Payment institutions from abroad (branch in Denmark) pay 8,940 DKK.
3. E-money institutions pay the following: a) 8,460 DKK, when the sum of the credit institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is less than 250 million DKK. b) 27,060 DKK, when the sum of the credit institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is between 250 million DKK and 100 billion DKK. c) 169,120 DKK, when the sum of the credit institution's average outstanding electronic money and the institution's total completed payment transactions in the second half of the previous calendar year and the first half of the current calendar year is greater than 100 billion DKK.
4. Companies with a limited permit for issuing electronic money or for offering payment services pay 3,750 DKK.
5. Companies with a permit to offer account information services pay 8,460 DKK.

Section 2. Undertakings granted permission pursuant to Section 7, subsection 1, of the Act on Financial Business to carry on business as a credit institution, and branches in this country of credit institutions established in the European Union or in a country with which the European Union has concluded an agreement in the financial field, shall pay the difference between the costs of supervision and the revenue from the fees in subsection 1, items 1-5, within the total fee amount for the year fixed in the Finance Act.

Section 3. The total fee amount for credit institutions and branches in this country of foreign credit institutions, cf. subsection 2, shall be distributed among the individual credit institutions in proportion to their share of the total debt and guarantee obligations of the undertakings covered. A minimum fee of DKK 2,000 shall always be imposed.

Section 4. The fees in subsection 1, items 1-5, shall be adjusted annually with the rates for adjustment of the general price and wage index with level correction, which are set in the successively published proposals for the Finance Act.

Section 5. The calculation of the fees mentioned in subsections 2 and 3 shall be carried out in accordance with the rules in Section 368, subsections 1-4, of the Act on Financial Business and shall be based on information from the register of supervised undertakings of the Danish Financial Supervisory Authority and reported information on debt and guarantee obligations.

Section 6. The rules in Sections 6-8 of the Act on Collection shall apply mutatis mutandis to the collection of fees under this Act.

Section 7. The Minister for Industry, Business and Financial Affairs may lay down detailed rules on the determination of the payment of the fees in subsections 1-3 and on the collection thereof by the Danish Business Authority and the Consumer Ombudsman.

Communication

Section 149. The Minister for Industry, Business and Financial Affairs may lay down rules that written communication to and from the Danish Financial Supervisory Authority and other authorities regarding matters covered by this Act or rules issued pursuant to this Act shall be carried out digitally.

Section 2. The Minister for Industry, Business and Financial Affairs may lay down detailed rules on digital communication, including the use of specific IT systems, special digital formats, and digital signatures, etc.

Section 150. A digital message is deemed to have been received when it is available to the addressee of the message.

Section 151. Where it is assumed in this Act or in rules issued pursuant to this Act that a document issued by parties other than the Danish Financial Supervisory Authority must be signed, this requirement may be fulfilled by the use of a technique that ensures unambiguous identification of the person who issued the document, cf. however subsection 2. Such documents are equated with documents with a personal signature.

Section 2. The Minister for Industry, Business and Financial Affairs may lay down detailed rules on derogation from the signature requirement. It may be specified therein that the requirement for a personal signature cannot be derogated from for certain types of documents.

Chapter 10 Criminal Provisions

Section 152. Violation of Sections 2, 3, 16, 17, 19 and 20, Section 30, subsection 5, cf. subsection 1, items 3 and 4, Section 30, subsection 6, cf. subsection 5, cf. subsection 1, items 3 and 4, Section 35, subsections 1-6 and 8, Sections 58 and 59 and Section 60, subsection 1, of this Act and Article 48, subsection 1, Article 49, subsection 4, Article 50, subsections 1 and 2, Article 54, Article 59, subsection 1, Article 60, subsection 4, Article 67, subsection 4, Article 70, subsections 1-4, Article 72, subsection 1, Article 75, subsections 1, 2 and 7, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, shall be punishable by fine or imprisonment for up to 4 months, unless a higher penalty is incurred under the rest of the legislation.

Section 2. Violation of Section 21, subsection 1, Section 22, Section 25, subsections 1 and 2, Section 25a, subsections 1-3, Section 26, subsection 1, Section 27, subsection 1, Section 27a, subsection 1, Section 28, Section 29, subsection 1, items 1 and 2, Section 36, subsection 1, Section 37, subsection 1, 3rd indent, Section 38, subsection 1, 1st sentence, and subsection 2, Section 40, Section 43, subsections 1 and 7, 4th indent, and subsection 10, Section 44, Section 45, subsections 1 and 5 and subsection 8, 4th indent, Section 60, subsection 7, Section 61, subsection 1, Section 62, subsections 1 and 3, Section 63, subsections 1 and 2, Section 64, subsections 1, 3 and 4, Section 66, subsection 1, Section 67, subsections 1-6, Sections 68, 69, 70, 71 and 72, Section 75, subsection 3, Sections 76-78 and 80, Section 81, subsection 1, Section 83, subsection 2, Sections 84, 85, 86, 87, 88 and 89, Section 90, subsections 2-4, Section 91, subsections 1-4, Section 92, subsections 2 and 3, Section 94, subsections 1 and 2, Section 95, Section 96, subsections 1-3, Section 101, subsection 1, Section 110, subsection 1, Section 117, Section 118, subsections 1 and 2, Section 120, subsection 1, Section 121, subsection 2, 1st sentence, Section 122, subsections 1 and 2, Section 123, subsections 1 and 2, Section 124, subsections 2 and 4, Section 125, subsections 2-6, Section 126, subsection 1, Section 127, subsection 1, and Section 128, subsections 1 and 5, as well as Article 3, subsections 1 and 1a, Article 3a, subsections 3-5, Article 3b, and Article 4, subsections 1, 3 and 4, of Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, Articles 3-6 and 8-9 of Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 on technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 on cross-border payments in euro (the SEPA Regulation), Article 46, subsections 1 and 2, Article 47, subsections 1-3, Article 48, subsections 6 and 7, Article 49, subsection 5, Article 51, subsections 1-9 and 11-13 and subsection 14, 1st sentence, Article 53, subsections 1-3, 5 and 6, Article 55, Article 65, subsection 4, Article 66, subsections 1-5, Article 68, subsections 4-9, Article 69, Article 71, subsections 1-4, Article 72, subsections 2-4, Article 73, subsections 2 and 3, Article 74, Article 75, subsections 3-6 and 9, and Article 82, subsection 1, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, Article 5, subsections 1-3, Article 6, subsections 1-8, Article 7, subsection 1, Article 8, subsections 1-7, Article 9, subsections 1-3, Article 10, subsections 1-4, Article 11, subsections 1-8 and 10, Article 12, subsections 1-4, 6 and 7, Article 13, subsections 1-7, Article 14, subsections 1-3, Article 16, subsections 1 and 2, Article 17, subsections 1-3, Article 18, subsections 1 and 2, Article 19, subsections 1, 3 and 4, Article 24, subsections 1-6, Article 25, subsections 1 and 3, Article 28, subsections 1-4, 7 and 8, Article 29, subsections 1 and 2, and Article 30, subsections 1-3, of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and Regulation (EU) 2015/751 of the European Parliament and of the Council on interchange fees for card-based payment transactions, shall be punishable by fine.

Section 3. An undertaking or person who fails to comply with an order given pursuant to Sections 134, 134a, 141, 144 or Section 145, subsection 2, or fails to notify or correct information pursuant to Section 132, Section 144, subsection 2, or Section 145, subsection 3, shall be punishable by fine.

26 April 2026. 42 No. 463.

Section 4. The person who, in matters covered by Section 145, subsection 1, provides false or misleading information to the Danish Business Authority or the Danish Competition and Consumer Appeals Board, or conceals matters of significance for the case in question, or in matters otherwise covered by the Act, provides the Danish Financial Supervisory Authority with false or misleading information, shall be punishable by fine.

Section 5. Companies etc. (legal persons) may be subject to criminal liability in accordance with the rules in Chapter 5 of the Criminal Code.

Section 6. The limitation period for violations of the provisions of this Act or rules issued pursuant to this Act is 5 years.

Section 7. Rules issued pursuant to this Act may stipulate penalties in the form of fines for violations of rules issued pursuant to this Act.

Section 153. The person who carries on business covered by this Act or participates therein may, by judgment, be deprived of the right to continue to carry on the business in question, to carry it on under certain forms, or to participate therein, if the conduct displayed justifies a likely risk of abuse in the exercise of the business. Section 79, subsections 3 and 4, of the Criminal Code shall apply mutatis mutandis.

Section 2. A claim for deprivation pursuant to subsection 1 shall be brought by the public prosecution service upon request from the Danish Financial Supervisory Authority.

Section 3. The person who carries on business covered by this Act to which the right has been deprived pursuant to subsection 1, or who in their business allows anyone who has been deprived of the right to participate in the business as mentioned in subsection 1 to participate, shall be punishable by fine, unless a higher penalty is incurred under Section 131 of the Criminal Code.

Chapter 11 Entry into Force, Transitional Provisions etc.

Section 154. This Act shall enter into force on 1 January 2018, cf. however subsection 2.

Section 2. Section 157, item 5, shall enter into force on 3 January 2018.

Section 3. Section 84, subsection 2, Section 86, subsection 2, Section 87, subsection 3, Section 89, subsection 1, Section 91, subsection 2, item 3, and Section 126, subsection 1, item 3, shall apply 18 months after regulations and rules thereon have been issued by the Commission pursuant to Article 98 of Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Section 4. The Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015, is repealed.

Section 5. Executive orders issued pursuant to the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, shall remain in force until they are repealed or replaced by executive orders issued pursuant to this Act.

Section 6. Legal persons who have a license as a payment institution or e-money institution pursuant to the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, may continue this business without a license under this Act until 13 July 2018.

Section 7. Legal persons who have a license pursuant to Section 37, subsection 1, item 2, or Section 39p, subsection 1, item 2, of the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, may continue this business without a license under this Act until 13 January 2019.

Section 8. Legal persons who have a license as a payment institution pursuant to the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, to offer payment services pursuant to point 7 in Annex 1 to the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, shall retain the license to offer these payment services until 13 January 2020, as these payment services are also deemed to be covered by point 3 in Annex 1 to this Act.

Section 9. Undertakings that have commenced business before 1 January 2018, which after the entry into force of the Act will require a license pursuant to Section 9 or Section 60 to offer payment services covered by Annex 1, items 7 or 8, may continue this business in this country without a license until 13 July 2018.

Section 10. Legal persons who have a dispensation granted pursuant to Section 1, subsection 3, of the Act on Payment Services and Electronic Money, cf. Consolidation Act No. 613 of 24 April 2015 with later amendments, shall retain this until 13 July 2018.

Section 11. Changes to existing agreements, terms etc. with the purpose of bringing them into compliance with the requirements for a framework agreement, cf. Section 72, and which are to enter into force no later than 1 January 2018, may regardless of contrary agreement be implemented by giving notice of the change with 1 month's notice. Changes to the benefit of the user may however be implemented without notice. Changes pursuant to the 1st and 2nd sentences shall be notified on paper or other durable medium and be clearly formulated and easily understandable in Danish or another language agreed by the parties, cf. Section 72, subsection 3. If the user cannot approve the changes to the framework agreement that are to the detriment of the person concerned, the person concerned shall notify the provider of this before the date of entry into force of the changes. Notice pursuant to the 1st sentence shall contain information on the matter mentioned in the 3rd sentence.

Section 12. Section 124, subsection 2, shall not apply to existing agreements on the provision of payment services entered into before 1 January 2018, which involve the processing of personal data in accordance with Article 6, subsection 1, point (b), of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.

Section 155. (Repealed)

Sections 156 - 160. (Omitted)

Section 161. This Act does not apply to the Faroe Islands and Greenland, but Sections 1-158 and 160 may be put into force wholly or partially for the Faroe Islands and Greenland by Royal Order with the changes that the Faroese and Greenlandic conditions require.

Act No. 552 of 7 May 2019 (Implementation of the political agreement on further initiatives to strengthen the fight against money laundering and terrorist financing and implementation of recommendations from the working group for review of financial regulation) contains the following entry into force provision:

Section 18

Section 1. This Act shall enter into force on 1 July 2019.

Section 2. An employee who is responsible for anti-money laundering, cf. Section 7, subsection 2, of the Money Laundering Act, or a member of the actual management who is responsible for compliance or anti-money laundering, who at the time of the entry into force of the Act holds the position in an e-money institution or a payment institution, shall not notify the Danish Financial Supervisory Authority of information on their suitability and integrity pursuant to Section 30, subsection 2, cf. subsection 3, of the Act on Payments as amended by this Act, Section 3, item 10. For these employees, matters occurring before the entry into force of the Act shall not be included in a later assessment of whether Section 30, subsection 1, items 2-5, cf. subsection 3, of the Act on Payments as amended by this Act, Section 3, item 10, is fulfilled.

Sections 3-5. (Omitted)

Act No. 1374 of 13 December 2019 (Direct debit, handling of compensation claims in accordance with a building damage insurance taken out in Qudos Insurance A/S, whistleblower scheme for undertakings with limited license, auditor's duty to report to the Danish Financial Supervisory Authority and amendment of procedure for redemption of minority shareholders etc.) contains the following entry into force provision:

Section 19

Section 1. This Act shall enter into force on 1 January 2020, cf. however subsections 2-4.

Section 2. (Omitted)

Section 3. Section 7, item 13, shall enter into force on 15 December 2019.

Section 4. Section 7, items 6-9, shall enter into force on 19 April 2020.

Section 5. (Omitted)

Section 6. Rules laid down pursuant to Section 122, subsection 2, of Act No. 652 of 8 June 2017 on Payments shall remain in force until they are repealed or replaced by regulations issued pursuant to Section 122, subsection 3, of the Act on Payments, cf. this Act, Section 7, item 5.

Section 7. The Minister for Industry, Business and Financial Affairs shall submit a proposal for revision of Section 122, subsection 2, of the Act on Payments, cf. this Act, Section 7, item 5, no later than in the parliamentary year 2021-22.

Act No. 641 of 19 May 2020 (Changes as a result of the PEPP Regulation, amendment of the rules for outsourcing and clarification of the rules on the independence of insurance brokers) contains the following entry into force provision:

Section 9

Section 1. This Act shall enter into force on 1 July 2020, cf. however subsections 2-6.

Section 2. (Omitted)

Section 3. Section 4, item 7, shall enter into force on 22 May 2020.

Sections 4-6. (Omitted)

Section 7. Regardless of Section 148, subsection 2, of the Act on Payments as amended by this Act, Section 4, item 6, the total fee amount shall be DKK 4.7 million for the second half of 2020.

Section 8. Rules issued pursuant to provisions amended by Section 1, items 5, 6, 14 and 19, Section 4, item 5, Section 5, item 4, Section 7, item 1, and Section 8, item 1, shall remain in force until they are amended or repealed.

Act No. 568 of 10 May 2022 (Stricter requirements for targets and policies for the underrepresented gender) contains the following entry into force provision:

Section 11

Section 1. This Act shall enter into force on 1 January 2023.

Section 2. (Omitted)

Act No. 570 of 10 May 2022 (Appointment of resolution authorities for distressed central counterparties and rules for life insurance undertakings offering health and accident insurance etc.) contains the following entry into force provision:

Section 13

Section 1. This Act shall enter into force on 1 July 2022, cf. however subsections 2-4.

Sections 2-7. (Omitted)

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

Section 10

Section 1. This Act shall enter into force on 1 July 2023.

Sections 2-32. (Omitted)

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 the appointment of an administration company for the Guarantee Fund and remuneration rules for corporate pension funds) contains the following entry into force provision:

Section 17

Section 1. This Act shall enter into force on 1 July 2024, cf. however subsections 2-5.

Section 2. Section 1, item 2, Sections 332, 332a, 332b and 332d in the Act on Financial Business as amended by this Act, Section 1, item 26, Section 1, items 47 and 48, and Section 2, items 28 and 29, Section 211, subsection 2, item 15, in the Act on Capital Markets as amended by this Act, Section 3, item 18, and Section 5, items 8 and 9, shall enter into force on 30 June 2024.

26 April 2026. 44 No. 463.

Sections 3 and 4. (Omitted)

Section 5. Section 1, items 6, 8 and 9, Section 2, items 1-3 and 5-18, Section 3, items 5-9 and 12-14, Section 211, subsection 2, item 16, as amended by this Act, Section 3, item 18, Section 251c in the Act on Capital Markets as amended by this Act, Section 3, item 24, Section 4, items 1 and 4, Section 275, subsection 1, item 10, in the Act on Securities Brokerage Companies and Investment Services and Activities as amended by this Act, Section 4, item 16, Section 5, items 1 and 3, Section 6, item 9, Section 8, items 17 and 19-23, and Sections 9 and 11-13 shall enter into force on 17 January 2025.

Sections 6-13. (Omitted)

Section 14. Section 152, subsection 1, of the Act on Payments as amended by this Act, Section 2, item 28, shall only have effect for violations of Article 59, subsection 1, Article 60, subsection 4, Article 67, subsection 4, Article 70, subsections 1-4, Article 72, subsection 1, and Article 75, subsections 1, 2 and 7, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, committed after 30 December 2024.

Section 15. Section 152, subsection 2, of the Act on Payments as amended by this Act, Section 2, item 29, shall only have effect for violations of Article 65, subsection 4, Article 66, subsections 1-5, Article 68, subsections 4-9, Article 69, Article 71, subsections 1-4, Article 72, subsections 2-4, Article 73, subsections 2 and 3, Article 74, Article 75, subsections 3-6 and 9, and Article 82, subsection 1, of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, committed after 30 December 2024.

Section 16. (Omitted)

Act No. 642 of 11 June 2024 (Temporary relaxation of the cash rule) contains the following entry into force provision:

Section 2

Section 1. This Act shall enter into force the day after publication in the Danish Law Journal.

Section 2. Section 81, subsection 1, 2nd sentence, of the Act on Payments as amended by this Act, Section 1, item 1, shall be repealed on 1 June 2025.

Act No. 1602 of 17 December 2024 (Gender Balance Act) contains the following entry into force provision:

Section 16. This Act shall enter into force on 28 December 2024.

Section 2. This Act shall have effect for accounting years beginning on 1 January 2025 or later.

Section 3. (Omitted)

Act No. 1666 of 30 December 2024 (Access to a basic business account for entrepreneurs and associations, supervision pursuant to the Regulation on European green bonds and annual target setting for the management of Danmarks Nationalbank etc.) contains the following entry into force and transitional provision:

Section 18

Section 1. This Act shall enter into force on 1 January 2025, cf. however subsections 2 and 3.

Section 2. (Omitted)

Section 3. Section 5, items 3, 6, 7, 10 and 14, and Section 6, items 1, 2 and 5, shall enter into force on 9 April 2025.

Sections 4-7. (Omitted)

Section 8. Rules laid down pursuant to Section 35, subsection 6, of the Act on Payments, cf. Consolidation Act No. 53 of 18 January 2023, shall remain in force until they are repealed or replaced by regulations issued pursuant to Section 35, subsection 9, of the Act on Payments as amended by this Act, Section 5, item 2.

Sections 9 and 10. (Omitted)

Act No. 711 of 20 June 2025 (Cross-sectoral pension funds and insurance undertakings' access to own and drive forests, terms for access to payment systems for providers of payment services and establishment of state guarantee on part of the real estate credit agreements in rural areas etc.) contains the following entry into force and transitional provision:

Section 6

Section 1. This Act shall enter into force on 1 July 2025, cf. however subsections 2-4.

Section 2. Section 259, subsection 2, item 11, in the Act on Insurance Business as amended by this Act, Section 1, item 10, and Section 2, item 7, shall enter into force on 1 March 2026.

Section 3. Section 1, items 15, 16 and 20, and Section 2, items 18, 19 and 21, shall enter into force on 2 July 2026.

Section 4. (Omitted)

Section 7

Sections 1 and 2. (Omitted)

Section 3. Rules issued pursuant to Section 30, subsection 4, and Section 81, subsection 6, of the Act on Payments, cf. Consolidation Act No. 53 of 18 January 2023, as amended by Section 9 in Act No. 409 of 25 April 2023, shall remain in force until they are repealed or replaced by rules issued pursuant to Section 30, subsection 7, and Section 81, subsection 7, of the Act on Payments, cf. this Act, Section 2, items 1 and 7.

Danish Financial Supervisory Authority, 26 April 2026

Louise Mogensen / Karina Vilhof Ankergren

26 April 2026. 45 No. 463.

2. The law amendment, which concerns Section 2, item 14, in Act No. 711 of 20 June 2025, amends Section 138. By error, the law prescribes that the amendment is made in the 5th sentence, but the amendment has been made correctly in the 7th sentence. The error will be corrected by a law amendment.

3. The law amendment, which concerns Section 5, item 13, in Act No. 1666 of 30 December 2024, amends Section 143. By error, the law prescribes that the amendment is made in Section 143, 2nd sentence. There is no 2nd sentence in Section 143, hence the amendment has been made correctly in the 1st sentence. The error will be corrected by a law amendment.

4. The law amendment concerns Section 30, subsections 2-4 and 6, Section 58, subsections 2 and 3, Section 64, subsection 1, 1st sentence, Section 81, subsection 1, 1st sentence, and subsection 6, Section 130, subsection 1, 3rd sentence, Section 134, subsections 3-5 and 7, Section 134a, subsections 4, 6 and 9, Section 138, subsection 1, 1st and 5th sentences, Section 138, subsection 4, and subsection 5, 1st sentence, Section 139, subsection 3, and Section 152, subsection 1.

26 April 2026. 46 No. 463.

Annex 1 Payment Services

1. Services that enable cash amounts to be placed on a payment account, and all transactions necessary for the operation of a payment account.

2. Services that enable cash withdrawals from a payment account, and all transactions necessary for the operation of a payment account.

3. Execution of payment transactions, including transfer of funds to a payment account at the user's provider or at another provider: a) Execution of direct debits, including one-off direct debits. b) Execution of payment transactions via a payment card etc. c) Execution of credit transactions, including standing orders.

4. Execution of payment transactions when the funds are covered by a user's credit facility: a) Execution of direct debits, including one-off direct debits. b) Execution of payment transactions via a payment card etc. c) Execution of credit transactions, including standing orders.

5. Issuance or redemption of payment instruments.

6. Money remittance business.

7. Payment initiation services.

8. Account information services.

26 April 2026. 47 No. 463.

Appendix 2 Calculation of requirements for payment institutions' capital base, cf. Section 32, subsection 1, no. 2

1. Calculation Methods

Method A Calculation basis: The institution's fixed costs. The payment institution's capital base must amount to a sum that corresponds to at least 10 percent of the fixed costs for the preceding year. If the payment institution has not yet completed a full year of operations on the date of calculation, the fixed costs shown in the company's estimates for the coming year are used as the basis for the calculation.

Method B Calculation basis: The institution's payment volume. The payment institution's capital base must amount to a sum that is at least equal to the sum of the following elements multiplied by the conversion factor, k, defined in point 2, where the payment volume (PV) represents 1/12 of the total sum of the payment transactions that the payment institution has carried out in the preceding 12 months: a) 4.0 percent of the relevant part of PV up to 5 million euros plus b) 2.5 percent of the relevant part of PV over 5 million euros up to 10 million euros plus c) 1 percent of the relevant part of PV over 10 million euros up to 100 million euros plus d) 0.5 percent of the relevant part of PV over 100 million euros up to 250 million euros plus e) 0.25 percent of the relevant part of PV over 250 million euros. If the company has not yet completed a full year of operations on the date of calculation, 1/12 of the total sum of the payment services, as shown in the company's estimates for the coming year, is used as the basis.

Method C Calculation basis: The institution's net income. The payment institution's capital base must amount to a sum that is at least equal to the sum of the following elements multiplied by the conversion factor, which is defined in point 2: a) 10 percent of the relevant part of the relevant indicator up to 2.5 million euros plus b) 8 percent of the relevant part of the relevant indicator from 2.5 million euros up to 5 million euros plus c) 6 percent of the relevant part of the relevant indicator from 5 million euros up to 25 million euros plus d) 3 percent of the relevant part of the relevant indicator from 25 million euros up to 50 million euros plus e) 1.5 percent of the relevant part of the relevant indicator over 50 million euros. The relevant indicator consists of the sum of interest income, interest expenses, received commissions and fees, as well as other operating income. Each element is included in the sum with a positive or negative sign. Income from extraordinary and unusual items is not included. Expenses for outsourcing of services delivered by third parties may be included if these expenses are charged by a company with its seat in a country within the European Union or in a country outside the European Union with which the Union has concluded an agreement in the financial area. The relevant indicator is calculated over the preceding year. If the payment institution has not yet completed a full year of operations on the date of calculation, the net income shown in the institution's estimates for the coming year is used as the basis for the calculation. The capital base must, however, amount to at least a sum calculated in accordance with this method, where the relevant indicator constitutes 80 percent of the average for the preceding 2 years, if the institution has completed 2 years of operations or more, and for the preceding 3 years, if the company has completed 3 years of operations or more.

2. Conversion Factor The conversion factor, k, used in Method B and C, is set to: a) 1, if the payment institution offers one of the payment services listed in Appendix 1, points 1-5. b) 0.5, if the payment institution only offers the payment service listed in Appendix 1, point 6.