DEN GVT Financial Business Act


On Dec. 22, DEN GVT issued promulgation of Financial business act.


  • Promulgation of Financial business act cf. Legislative Decree 406 of Mar. 29, 2022, with amendments resulting from § 1 of Act 2383 of Dec. 14, 2021, § 13 of Act 2601 of Dec. 28, 2021, S. 5 of Act 568 of May 10, 2022, S. 1 of Act 570 of May 10, 2022, S. 37 of Act 871 of Jun. 21, 2022, S. 7 of Act 243 of Mar. 7, 2023, S. 27 of Act 405 of Apr. 25, 2023, S. 1 of Act 409 of Apr. 25, 2023, S. 3 of Act 480 of May 12, 2023.
  • This version includes those amendments included that are in force up to Dec. 5, 2023.
  • Follows DEN PRL Mar. 2023 amended companies act and various other laws, #165849.
  • Follows, DEN PRL Apr. 2023 updated on L 42, officially published as Act 405, #170015.
  • Follows, DEN PRL Apr. 2023 updated on bill L40 amending various acts, see #170828.
  • Follows, DEN GVT May 2023 Act 480 of 5/12/2023 amending act on a guarantee fund for non-life insurance companies, money laundering act, the financial business act and various other laws (expansion of the coverage area of the guarantee fund for non-life insurance companies to include life insurance companies that carry out occupational accident insurance in Denmark, and to include motor liability insurance), see #171762.
  • Not Included
  • Changes resulting from S. 335 of Act 718 of Jun. 13, 2023 on insurance business in cross-border pension funds, life insurance companies and non-life insurance companies etc. (Insurance Business Act) have not been incorporated into this order, as these enter into force on Jan. 1, 2024, cf. S. 321 of Act 718 of Jun. 13, 2023, see #172805.
  • The changes resulting from § 44 of Act 1534 of Dec. 12, 2023 on credit service companies and credit buyers are not incorporated in this order, as these come into force on Dec. 30, 2023, cf. § 42 of Act No. 1534 of Dec. 12, 2023, see #177755.
  • The changes that follow from § 1, Nos. 1 and 2 and Nos. 4-10, in Act 1546 of Dec. 12, 2023 on amendment of the Act on mortgage loans and mortgage bonds, the Act on financial business and various other laws (Mortgage of offshore wind turbines, strengthening of the DEN FSA's supervisory powers and coverage of motor liability insurance at the Garantifonden for non-life insurance companies, etc.), are not incorporated in this legislative order, as these enter into force on Jan. 1, 2024, cf. S. 15, subsection 1, in Act No. 1546 of Dec. 12, 2023.
  • Amendment that follows § 1, no. 3, in Act 1546 of Dec. 12, 2023 on the amendment of the Act on mortgage loans and mortgage bonds, the Act on financial business and various other laws (Mortgage lending of offshore wind turbines, strengthening of the supervisory powers of the Danish Financial Supervisory Authority and coverage of motor liability insurances with the Guarantee Fund for non-life insurance companies, etc.), is not incorporated in this statutory order, as it enters into force on Dec. 23, 2023, cf. section 15, subsection 2, in Act 1546 of Dec. 12, 2023, see #192026.
  • Sep. 2024 Financial Business Act Promulgation
  • On Sep. 6, 2024, DEN FSA issued the executive order on the Financial business act.
  • Promulgation of Danish Financial business act, cf. consolidated act 1731 of Dec. 5, 2023 promulgated with amends from s.335 of Act 718 of Jun. 13, 2023, see #172805.
  • Section 44 of Act 1534 of Dec. 12, 2023 (#177755), section 1 of Act 1546 of Dec. 12, 2023 (#192026), section 7 of Act 480 of May 22, 2024 (#210743), section 1 of Act 481 of May 22, 2024 (#213072) and section 3 of Act 639 of Jun. 11, 2024.
  • Promulgated text of Act relating to section 1(3), (7), (18), (25), Title IX c, as amended by sections 1(26), 1(27), (37), shall enter into force on Oct. 18, 2024.
  • Promulgated text of the Act relating to sections 332c and 332e-332h, as amended by sections 1, 26, and 1, 41, shall enter into force on Dec. 30, 2024.
  • Promulgated text of the Act re section 1(6), (8), (9) enters into force on Jan. 17, 2025.

Regulators DEN FSA; DEN GVT
Entity Types Auditor; B/D; Bank; Corp; CU; Depo; Exch; IA; Ins; Muni; Pension
Reference OG, 9/6/2024; Ord LBK 1013, 8/21/2024; OG, 12/22/2023; Act 1731, 5/12/2023; Act 718; Act 1534; Act 1546; Act 480; Act 481; Act 639;
Functions Accounting; AML; Compliance; C-Suite; Exams; Financial; HR; Legal; Market Conduct; Operations; Product Design; Registration/Licensing; Risk; Sanctions; Technology; Trading; Treasury; Underwriting
Countries Denmark
Category
State
Products Banking; Corporate; Cryptocurrency; Equity; Forex; Fund Mgt; Insurance; Loan; Mortgage; Municipal; Payments; Pensions; Securities
Regions EMEA
Rule Type Final
Rule Date 12/22/2023
Effective Date 10/18/2024
Rule Id 196483
Linked to Rule :172805
Reg. Last Update 9/6/2024
Report Section EU

Last substantive update on 09/10/2024