On Nov. 4, DEN FSA proposed amended duty to publish assessments.
DEN FSA issued consultation on draft executive order on obligation of financial firms to publish DEN FSA company assessments, with comparison version, hearing list.
Follows DEN GVT May. 2024 issued executive order on disclosure duty, see #203998.
Summary
Consolidated law implementing DORA regulation and DEN FSA element of the NIS-2 directive, means some consequential changes must be made to the current order.
Includes changes in relation to common data centers/digital financial infrastructure operators; scope of application to include legal/natural persons licensed Financial Business Act and crowdfunding service providers under the Financial Business Act.
Also proposes to be extend to: companies supervised under Insurance Business Act.
Includes branches of foreign companies permitted to conduct business referred to in the Money Laundering Act; must publish statements on branches investigated by FSA.
There will be no changes for companies already covered under the current order.
It is proposed that the executive order enters into force on Jan. 1, 2025.
Repeals executive order 553 of 28 May 2024 on financial companies' etc. obligation to publish the Danish Financial Supervisory Authority's assessment of the company.
Effectiveness
Comments are invited until Dec. 2, 2024.
Dec. 2024 Executive Order Published
On Dec. 4, 2024, DEN GVT published Executive Order BEK 1355 of Dec. 3, 2024 on the obligation of financial undertakings to publish DEN FSA assessment of the undertaking.
Details on subject entities, publication, formal requirements, branches, penalties.
The order enters into force on Jan. 1, 2025; order 553 of May 28, 2024 is repealed.
Dec. 6, 2024 Executive Order Published
On Dec. 6, 2024, DEN GVT issued Executive Order BEK 1389 of Dec. 4, 2024 on the obligation of financial undertakings to publish DEN FSA assessment of the undertaking.
Scope of applicability includes banks, mortgage credit institutions, companies designated as operators of digital financial infrastructure as per s. 333 of the act.
Specifically, under the Danish Financial Business Act, investment management companies and CO2 allowance providers, legal and natural persons, amongst others.
Executive order will enter into force on Jan. 1, 2025, and Executive Order 553 of May 28, 2024 on the obligation of financial undertakings, etc. is repealed.
Executive Order 1355 of Dec. 3, 2024 on the obligation of financial undertakings, etc. to publish DEN FSA's assessment of the undertaking, etc. is repealed.
