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Timestamp: 2019-10-23 05:41:31
Document Index: 79387476

Matched Legal Cases: ['art 1', 'art 6', 'art 6', 'art 23', 'art 2', 'art 3', 'art 4', 'art 10', 'art 5', 'art 6', 'art 7']

Securities Trading, etc. Act 1 - PDF
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1 Securities Trading, etc. Act 1 Consolidated Act no. 214 of 2 April 2008 This is an Act to consolidate the Securities Trading, etc. Act, cf. Consolidated Act no of 4 September 2007 with amendments consequential upon section 2 of Act no. 108 of 7 February 2007 and section 7 of Act no. 181 of 28 February I Introductory provisions Part 1 Securities trading 1.-(1) This Act shall apply to securities trading. (2) Securities trading shall mean 1) public offers of securities, 2) purchase and sale of securities for own or third party's account, 1 This Act contains provisions implementing parts of Council Directive 98/26/EC of 19 May 1998 on settlement finality in payment and securities settlement systems, (Official Journal 1998 no. L 166, p. 45) (Finality Directive); parts of Directive 2000/64/EC of 7 November 2000 (Official Journal 2000, no. L 290, p. 27), amending Council Directive 85/511/EEC, 92/96/EEC and 93/22/EEC (exchange of information with third countries), parts of the directives 79/279/EEC, 80/390/EEC, 82/121/EEC and 88/627/EEC, which are now consolidated in Directive 2001/34/EC of the European Parliament and the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities (Official Journal 2001, no. L 184, p. 1) (Consolidated Admission and Reporting Directive), Directive 2002/47/EC of the European Parliament and the Council of 14 June 2002 on financial collateral arrangements (Official Journal 2002 no. L 168, p. 43) (Collateral Directive), Directive 2003/6/EC of the European Parliament and the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), (Official Journal 2003, no. L 96, p. 16) (Market Abuse Directive), parts of Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Official Journal 2003, no. L 345, p- 64) (Prospectus Directive), Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation, (Official Journal 2003, no. L 339, p. 70), Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions (Official Journal 2004, no. L 162, p. 70), parts of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (Official Journal 2004, no. L 142, p. 12) (Take-over Directive), parts of Directive 2004/109/EC of the European Parliament and the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (Official Journal 2004, no. L 390, p- 38) (Transparency Directive, parts of Directive 2004/39/EC of the European Parliament and the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, (Official Journal 2004, no. L 145, p. 1), (MiFID Directive), and parts of Directive 2006/31/EC of the European Parliament and the Council of 5 April 2006 on markets in financial instruments, as regards certain deadlines (Official Journal 2006, no. L 114, p. 60) (Postponement Directive). 1
2 3) transmission of purchase and sale of securities, 4) professional advice with respect to securities, 5) portfolio management, and 6) issue underwriting. (3) This Act shall also apply to the operation of regulated markets and multilateral trading facilities, clearing activities, book-entry activities, etc. and registered payment systems. 1a. (Repealed) 2.-(1) The provisions of this Act with respect to securities shall apply to the following instruments: 1) negotiable securities (except for payment instruments) that can be traded on the capital markets, including a) shares in companies and other securities equivalent to shares in companies, partnerships and other businesses, and share certificates, b) bonds and other securities equivalent to these, c) any other securities of which securities as mentioned in a) or b) can be acquired or sold, or give rise to a cash settlement, the amount of which is fixed with securities, currencies, interest rates or returns, commodities indexes and other indexes and targets as reference, 2) money market instruments, including treasury bills, certificates of deposits and commercial papers, with the exception of payment instruments, 3) holdings in collective investment schemes covered by the Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes etc. Act, and holdings in other institutions for collective investments, 4) options, financial-futures contracts and similar instruments, swaps, Forward Interest-Rate Agreements (FRAs), and any other derivative agreement concerning securities, currencies, interest rates or returns, or other derivatives, financial indexes or financial targets which can be subject to physical or cash settlements, 5) options, futures, swaps, Forward Interest-Rate Agreements (FRAs), and any other derivative agreement concerning commodities for cash settlement, or which can be settled in cash if one of the parties so wishes (for other reasons than breach or termination), 6) options, futures, swaps, and any other derivative agreement concerning commodities for physical settlement, if traded on a regulated market or a multilateral trading facility, 7) options, futures, swaps, forward contracts or any other derivative agreement concerning commodities not covered by no. 6 and which can be physically settled, and have no commercial purpose, and which have characteristics similar to other derivative financial instruments, taking into consideration whether they are cleared and settled through acknowledged clearing institutions or are covered by regular determination of a margin, 8) credit derivatives, 9) financial contracts for difference (CDFs), 10) options, futures, swaps, Forward Interest-Rate Agreements (FRAs) and any other derivative agreement regarding climatic variables, freight rates, emissions permits or inflation rates, or other official financial statistics for cash settlement, or which can be settled in cash if one of the parties so wish (for other reasons than breach or termination) and any other derivative agreement concerning assets, rights, obligations, indexes and targets not covered by nos. 1 to 9, and which have characteristics similar to other derivative financial instruments, taking into consideration whether they are traded on a regulated market or through a multilateral trading facility, cleared and settled through acknowledged clearing institutions or are covered by regular determination of a margin, and 11) negotiable mortgage deeds on real property or chattels. 2
3 (2) The Danish FSA may lay down regulations to the effect that specified instruments not mentioned in subsection (1) be covered by all or part of the regulations on securities of this Act. 2a.-(1) Equity securities shall, in part 6 of this Act and in regulations issued pursuant to section 23(7) and (8) and section 24(2), mean shares and other negotiable securities equivalent to shares as well as any other type of negotiable securities giving the right to acquire any of the aforementioned securities as a consequence of their being converted or the rights conferred by them being exercised, provided that securities of the latter type are issued by the issuer of the underlying shares or by an entity belonging to the group of the said issuer. (2) Non-equity securities shall, in part 6 of this Act and in regulations issued pursuant to section 23(7) and (8) and section 24(2), mean all securities other than those mentioned in subsection (1). 2b. Offer of securities to the public shall, in this Act, mean any communication to natural and legal persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe to these securities. 3.-(1) All securities transactions shall be carried out fairly and in conformity with good securities trading practices. The Danish FSA may order that matters which are contrary to the 1st clause be rectified. (2) The Minister for Economic and Business Affairs shall lay down more detailed regulations on good securities trading practises. (3) The Consumer Ombudsman may institute legal proceedings on prohibitions and orders regarding violations of regulations on good securities trading practices, cf. subsection (1), and regulations issued pursuant to subsection (2). The provisions of section 20(1) of the Marketing Practices Act shall apply correspondingly to legal proceedings instituted by the Consumer Ombudsman in pursuance of this provision. The Consumer Ombudsman may be appointed as group representative in group actions, cf. part 23a of the Danish Administration of Justice Act. 3a. The Minister for Economic and Business Affairs shall lay down more detailed regulations on the use of digital communication, including electronic signatures, when exchanging information in accordance with this Act between citizens and undertakings on the one hand and the public administration on the other hand, as well as storage of information. Part 2 Securities dealers 4.-(1) For the purposes of this Act, a "securities dealer" shall mean 1) financial undertakings licensed as banks, to the extent that such undertakings are licensed under section 9(1) of the Financial Business Act, and financial undertakings licensed as investment companies, 2) financial undertakings licensed as mortgage-credit institutions or investment management companies to the extent that such undertakings are licensed under section 9(1) of the Financial Business Act, 3) credit institutions, investment firms and management companies, which have been granted 3
4 a license in another country within the European Union or a country with which the Community has entered into an agreement for the financial area, if such institution or company legally carries out securities trading either through a branch or by providing services in Denmark, cf. sections 30 and 31 respectively of the Financial Business Act, and 4) credit institutions and investment firms, which have been granted a license in another country outside the European Union with which the Community has not entered into an agreement for the financial area, if such institution or firm legally carries out securities trading either through a branch or by providing services in Denmark, cf. sections 1(3) and 33 respectively of the Financial Business Act. (2) The Danish FSA may lay down regulations to the effect that the provisions of this Act regarding the obligations of a securities dealer shall also apply to foreign credit institutions and investment firms that are not covered by section 1, no. 3 or 4, and that, pursuant to section 20(4), have been accepted as members of a regulated market, or that, in pursuance of section 64(3), have entered into participation agreements with a central securities depository. 4a. (Repealed) 5. (Repealed) 6. (Repealed) 7.-(1) For the purposes of this Act: Part 3 Common provisions 1) an "operator" shall mean a limited company operating on a regulated market, 2) a "clearing centre" shall mean a limited company carrying out securities clearing activities, 3) a "central securities depository" shall mean a limited company carrying out book-entry activities. (2) Provisions regarding the board of directors or members hereof in section 12(1); section 12d(5) and section 31(1), no. 2, shall, for SEs (Societas Europea) with a two-tier management system, only apply with the necessary changes to the management organ or members thereof. (3) Provisions regarding the board of directors or members hereof and provisions regarding the management in section 9; section 12a(1) and (3); section 12c; section 12d(1)-(3); section 13; section 28a(2); section 37(1), 1st clause; section 60(4); section 84b(2), no. 2, and subsection (3); section 87(1); section 95(1); and section 96(1) shall, for SEs with a two-tier management system in addition to the management organ, cf. section 8(1) of the Act on the European Company (the SE Act), also apply to the management organ or members thereof with the necessary changes. (4) The time limits fixed in or pursuant to this Act shall take effect from the day following the day when the event occasioning the time limit occurred. This shall apply to the calculation of time limits involving both days, weeks, months, and years. (5) Where the time limit is indicated in weeks, said time limit shall expire on the day in the week when the event occasioning the time limit occurred, cf. subsection (4). (6) If the time limit is indicated in months it shall expire on the day in the month when the 4
5 event occasioning the time limit occurred, cf. subsection (4). If the day when the event occasioning the time limit occurred is the last day of a month or if the time limit expires on a date which does not exist, the time limit shall always expire on the last day of the month, irrespective of its length. (7) If a time limit expires during a weekend, on a holiday, 5 June, 24 December or on 31 December, the time limit shall be extended to the next weekday. 7a. -(1) For the purposes of this Act, a "registered payment system" shall mean a payment system registered pursuant to section 57a(1), 1st clause. (2) For the purposes of this Act, a company that operates an alternative market place shall mean a company that operates a multilateral trading facility as an alternative market place, cf. Section 9(10) of the Financial Business Act. 8.-(1) Activities covered by section 7(1) of this Act may not be commenced until the Danish FSA has granted a license herefor. The securities clearing activities carried out by Danmarks Nationalbank (Denmark's central bank) shall not be covered by the 1st clause. (2) Conditions for such license shall be 1) that the activities are carried out by a limited company registered with the Danish Commerce and Companies Agency, 2) that the company has a share capital of no less than DKK 8 million as regards operators of regulated markets, and no less than DKK 40 million as regards clearing centres and central securities depositories, 3) that the company has submitted the required information, including an operating plan, organisational charts, procedures and control and safeguard arrangements, 4) that the members of the applicant s board of directors and board of management satisfy the requirements of section 9, and 5) that the owners of qualified interests meet the requirements of section 10. (3) As regards a central securities depository, the license shall also be conditional upon the central securities depository having capital resources, cf. section 82. (4) Licenses of clearing centres shall also be conditional upon the prevailing regulations and participation agreements of the relevant clearing centre containing provisions laid down pursuant to section 57c. (5) If the Danish FSA refuses an application for a license, the applicant shall be notified of reasons within six months of receipt of the application or, should the latter be incomplete, within six months of the applicant sending the information required for the decision. In any case, a decision shall be made no later than twelve months after receipt of the application. If the Danish FSA has not made a decision no later than six months after receipt of a complete application for a license, the company may bring the case before the courts. 9.-(1) Members of the board of directors or board of management of a company, who are covered by section 7(1), shall have adequate experience in carrying out the duties and responsibilities in respect hereof. (2) Members of the board of directors or board of management may not exercise the duties and responsibilities of a member of the board of directors or the board of management of a company covered by section 7(1), if the person in question 5
6 1) is held liable or convicted of violating the Danish Criminal Code or the Securities Trading, etc. Act, and if said violation entails a risk that the duties are not carried out adequately, 2) has filed for suspension of payments, is administered in bankruptcy, has filed for debt restructuring, or negotiations have been initiated with regard to compulsory composition, or 3) has behaved such that there is reason to assume that said person cannot perform the duties and responsibilities of such position adequately. (3) Members of the board of directors or board of management shall be obligated to provide the Danish FSA with information about the matters stated in subsection (2). (4) The person or persons who are actually managing an already approved operator of a regulated market s activities in accordance with the regulations of the Directive on markets in financial instruments (the MiFID Directive) shall be considered to fulfil the requirements of subsection (1) in connection with the application for a license to operate a regulated market. 10.-(1) Any natural or legal person planning directly or indirectly to acquire a qualifying interest of 10 per cent or more in a company covered by section 7(1) shall notify the Danish FSA in advance, and the Danish FSA shall approve the acquisition planned. The same shall apply to an increase in the qualifying interest which, after the acquisition, results in the interest equalling or exceeding a limit of 20 per cent, 33 per cent or 50 per cent respectively of the share capital or voting rights, or results in the company covered by section 7(1) becoming a subsidiary undertaking. Qualified interests shall be construed in the same way as in section 5(3) of the Financial Business Act. (2) Acquisition or increase of the interest mentioned in subsection (1) shall only be approved when such approval is not contrary to ensuring appropriate operation of the company covered by section 7(1). (3) The Danish FSA's approval or refusal shall be available no later than three months after the Danish FSA's receipt of adequate notification of the projected acquisition. (4) The Danish FSA may, when approving acquisitions or increases pursuant to subsection (1), stipulate a time limit for the completion of such acquisitions or increases. (5) Owners of capital holding an interest of at least 10 per cent, and who intend to reduce said interest so that it falls below one of the limits stipulated in subsection (1), shall give the Danish FSA notification hereof and state the size of the intended future interest. (6) Where a company covered by section 7(1) learns of acquisitions or sales as specified in subsections (1) and (5), said company shall immediately notify the Danish FSA hereof. (7) A company covered by section 7(1) shall, no later than February each year, submit information to the Danish FSA of the names of the owners of capital who own qualifying interests in the company as well as information on the sizes of said interests. (8) An operator of a regulated market shall publish the names of all direct and indirect owners of the company. Furthermore, the names of direct and indirect owners of qualified interests in the company and the sizes of said interests shall be made available to the public. 10a.-(1) Where owners of capital holding one of the interests mentioned in section 10(1) in a company covered by section 7(1) act contrary to appropriate operation of said undertaking or holding company, the Danish FSA may order said undertaking or holding company to follow 6
7 specific guidelines and withdraw the voting rights associated with the equity investments of the relevant owner. (2) The Danish FSA may withdraw the voting rights associated with equity investments owned by natural or legal persons who do not comply with the duty to notify the Danish FSA in advance mentioned in section 10(1). Said equity investments shall have their full voting rights restored if the Danish FSA is able to approve the acquisition. (3) The Danish FSA shall withdraw the voting rights associated with equity investments owned by natural or legal persons who have acquired equity investments as specified in section 10(1) notwithstanding the fact that the Danish FSA has refused approval of this acquisition of equity investments. (4) Where the Danish FSA has withdrawn voting rights pursuant to subsections (1)-(3), the relevant equity investment shall not be included in calculations of the voting capital represented at general meetings. 11. A company covered by section 7(1) and a company operating a multilateral trading facility shall inform the Danish FSA if the company becomes aware of or suspects that somebody has violated this Act, executive orders issued pursuant to this Act or has grossly or repeatedly violated the regulations laid down by an operator of a regulated market, a clearing centre, a central securities depository or by a company operating a multilateral trading facility. 12.-(1) The board of directors of a company covered by section 7(1) shall consist of no less than five persons. (2) The provisions laid down in section 56(7) of the Public Companies Act shall apply correspondingly to companies covered by section 7(1) of this Act. (3) A company covered by section 7(1) may not, without the consent of the Danish FSA, enter into agreements of far-reaching importance with other undertakings with respect to operating a regulated market, securities clearing activities and book-entry activities as well as payments services. (4) A company covered by section 7(1) may not merge with another company without the approval of the Danish FSA. 12a.-(1) A company covered by section 7(1) shall not, without the approval of the board of directors, which shall be entered in the minute-book, establish any exposures, etc. with other companies in which the members of the board of management or members of the board of directors of the company act as members of the board of management or members of the board of directors. (2) The exposures specified in subsection (1) shall be granted in accordance with the usual business terms of the company and on terms based on market conditions. The external auditors of the company shall make a statement in the audit book relating to the annual financial statements whether the requirements set out in the 1st clause have been met. (3) The board of management and the board of directors shall, in particular, monitor the propriety and progress of the exposures mentioned in subsection (1). (4) The regulations in subsections (1), (2), 1st clause, and (3) shall also apply to exposures established with companies in which persons related to the managing director by marriage, kinship or relationship by marriage in the direct line of ascent or descent or as brothers and 7
8 sisters are members of the board of management. 12b.-(1) Persons employed by the board of directors of a company covered by section 7(1) in pursuance of legislation or provisions in the articles of association, and employees for whom there is a significant risk of conflicts between own interests and the interests of the company shall not, at their own expense, or through companies they control, 1) take up loans or draw on previously established credits to be used for acquisitions of securities when the securities acquired are provided as collateral for said loans or credits, 2) acquire, issue, or trade in derivative financial instruments, except to hedge risk, 3) acquire holdings, except for units in investment associations and special-purpose associations, etc., with a view to selling such units less than six months from the date of acquisition, or 4) acquire positions in foreign currency, except for euro (EUR), if the positions are acquired with a view to anything other than payment for the purchase of securities, goods or services, or purchase or management of real property, or for use when travelling. (2) The group of persons mentioned in subsection (1) may not acquire holdings in companies that carry out activities mentioned in subsection (1), nos This shall not apply, however, for purchases of shares in banks and investment companies, as well as units in investment associations and special-purpose associations, etc. (3) The board of directors shall decide which employees have a significant risk of conflicts between their own interests and the interests of the company, and who are therefore to be covered by the prohibition. (4) The board of directors shall, for the persons covered by subsection (1), draw up guidelines regarding compliance with the bans in subsections (1) and (2), 1st clause, including guidelines on reporting of capital transactions. (5) The external auditors shall once a year review the financial undertaking's guidelines under subsection (4) and in the audit book comments relating to the annual report state whether the guidelines are adequate and have functioned appropriately, as well as whether the undertaking's control procedures have given rise to observations. (6) An account-holding institution shall, upon request from the board of directors of the financial undertaking, provide the external auditors of said financial undertaking with access to information on accounts and deposits and provide printed statements herefrom with regard to persons covered by subsection (1). (7) The prohibition in subsection (1), no. 2 shall not cover financial instruments derived from shares in the company, or a company in the same group as the company, received as part of the relevant person's salary. (8) The prohibition in subsection (1), no. 1 shall not cover loans to buy employee shares or the instruments mentioned in subsection (7). (9) The prohibition in subsection (1), no. 3 shall not cover shares acquired through utilising the instruments mentioned in subsection (7). (10) Chief internal auditors and deputy chief internal auditors may, irrespective of subsections (1)-(9), not have financial interests in the company or group in which they are employed. 8
9 12c. A board member in a company covered by section 7(1) shall not be allowed to hold the position as member of the board of management or chief internal auditor of said company. However, in the event of the absence of a member of the board of management, the board of directors may appoint one of its members as a temporary member of the board of management. In this event, the relevant person may exercise voting rights in the body mentioned. 12d.-(1) Persons employed by the board of directors of a company covered by section 7(1) in accordance with legislation or the articles of association may not, without the authorisation of the board of directors, own or operate an independent enterprise, or in the capacity as a member of the board of directors or an employee, or in any other way, participate in the management or operation of another enterprise than said company. (2) Other employees in a company covered by section 7(1) for whom there is a significant risk of conflicts between the interests of the employee and those of the company may not, without the consent of the board of management, own or operate an independent enterprise, or in the capacity of member of the board of directors or as an employee, or in any other way, participate in the management or operation of another enterprise than the company. The board of directors shall be informed of any authorisation granted by the board of management. (3) The board of directors shall decide for which employees there is a significant risk of conflicts between the interests of the employee and those of the company, and who are consequently to be required to obtain the authorisation of the board of management, cf. subsection (2). (4) The activities mention in subsections (1) and (2) shall only be carried out where the company or companies which form part of a group with said company do not have and do not enter into exposures with the enterprises mentioned in subsections (1) and (2). This shall not apply to exposures in the form of holdings and exposures in enterprises that form part of a group with the company or enterprises where companies covered by section 7(1) jointly own more than 4/5 of the holdings. (5) All authorisations granted by the board of directors in pursuance of subsection (1) shall appear in the minute book of the board of directors. (6) The company shall at least annually publish information on the duties and positions approved by the board of directors under subsection (1). Furthermore, the external auditors shall make a declaration in the audit book comments on the annual report stating whether the company has exposures with enterprises covered by subsections (1) and (2). (7) In special cases, the Danish FSA may grant exemptions from subsection (4). 12e. (Repealed) 12f.-(1) The Danish FSA may order a company to remove a member of the board of management covered by section 7(1) within a time limit set by the Danish FSA, if the member of the board of management does not meet the requirements of section 9(2). (2) If the company has not removed the member of the board of management within the set time limit, the Danish FSA may revoke the license of the company, cf. Section 92(1). 12g. (Repealed) 12h. (Repealed) 9
10 13.-(1) The board of directors, auditors, members of the board of management and other employees in a company covered by section 7(1), nos. 1 and 2 may not, without due cause, divulge anything, which has come to their knowledge during the performance of their duties. (2) Subsection (1) shall not prevent a company covered by section 7(1), nos. 1 and 2, as part of its cooperation with other companies under section 7(1), a regulated market for securities in a country within the European Union or a country with which the Community has entered into a cooperation agreement for the financial area, or a foreign regulated market, clearing centre and central securities depository recognised by the Danish FSA from divulging information to these, provided that such information is subject to a similar duty of confidentiality with the recipients of such information. (3) Subsection (1) shall also include information which a company covered by section 7(1), nos. 1 and 2 receives from other companies covered by section 7(1), nos. 1 and 2 or any regulated foreign markets stating that the information is secret or confidential or wherever this follows from the nature of the information. (4) The regulations laid down in section 60(2)-(4) shall apply to central securities depositories. 14.-(1) The annual report of a company covered by section 7(1), the audit book comments of an external auditor regarding the annual report, and the audit book comments of the chief internal auditor regarding the annual report shall be submitted to the Danish FSA in duplicate. The Danish FSA shall submit one copy of the annual report to the Danish Commerce and Companies Agency, which shall record the receipt in its computer information system. The annual reports received shall be available to the public at the premises of the Danish Commerce and Companies Agency. (2) The Danish FSA may lay down regulations on the presentation of accounts and the performance of the audit, including systems audit, in companies covered by section 7(1). (3) The Danish FSA may lay down regulations on consolidated accounts. (4) The Danish FSA shall lay down more detailed regulations on transactions carried out between companies covered by section 7(1), and 1) undertakings directly or indirectly linked to the company as subsidiary undertakings, associated undertakings or parent undertakings, or as associated undertakings or other subsidiaries of the parent undertaking, 2) undertakings or persons linked to the company through close links, cf. section 5(1), no. 17 of the Financial Business Act, or 3) undertakings not covered by nos. 1 and 2 where the majority of the members of the management of said undertakings are the same individuals or where the undertakings have joint management under an agreement or provisions in their articles of association. (5) Intra-group transactions carried out contrary to regulations laid down in subsection (4) shall be cancelled so that performance of all transactions is reversed where possible. This shall include termination of any collateralisation. Payments from the company made in connection with intra-group transactions contrary to regulations laid down in pursuance of subsection (4) shall be returned with annual interest at an amount corresponding to the interest stipulated in section 5(1) and (2) of the "lov om rente ved forsinket betaling m.v."(interest on late payments etc. act). 10
11 15.-(1) The base capital of a company covered by section 7(1), shall be calculated as the paid-up share capital less the holding of own shares and losses for the current year plus additional paid-in capital and reserves. (2) The Danish FSA may lay down capital adequacy regulations and regulations on hedging of the risks of companies covered by section 7(1). The Danish FSA may lay down regulations governing amortisation of intangible assets. (3) The board of directors and the board of management of a company covered by section 7(1), shall ensure that the company has sufficient base capital, cf. subsection (1), and that the company has at its disposal internal procedures for risk measurements and risk management for ongoing assessments and maintenance of a base capital of a size that is sufficient to cover the risks of the company. The board of directors and the board of management shall, on the basis of the assessment, in accordance with the 1st clause, calculate the capital need of the company. The capital need may not exceed that of section 8(2) for the relevant type of undertaking. The Danish FSA may lay down a higher individual capital requirement than that in section 8(2). II Trade Part 4 Operation of a regulated market 16.-(1) A "regulated market" shall mean the multilateral system where within the system and in accordance with the absolute regulations hereof, a plurality of third party interests in the purchase and sale of securities are brought together and carried, in a such a manner that agreements on trading in securities admitted to trading in accordance with the regulations or systems of the market, shall be made. (2) Operators of regulated markets shall have an exclusive right to employ the words reguleret marked (regulated market) and authoriseret markedsplads (authorised market place) in their names and about the regulated market. The operators of regulated markets whereupon listed securities have been admitted to trading, mentioned in the 1st clause, shall have an exclusive right to employ the word fondsbørs (stock exchange) in their names and about the regulated market. Other natural or legal persons may not employ names or words for their undertakings which are likely to cause the impression that they operate a regulated market, including a regulated market where listed securities are admitted to trading. (3) Operators of regulated markets, which have been granted a license by the Danish FSA to operate regulated markets, shall employ a word for that regulated market, which shows that they are a regulated market. 17.-(1) An operator of a regulated market may carry out ancillary activities in addition to operating a regulated market, for instance as a clearing centre, central securities depository and operation of multilateral trading facilities. The Danish FSA may decide that the ancillary activities are to be carried out by another company. If the operator of a regulated market is operating a multilateral trading facility as an ancillary activity, the multilateral trading facility may however always be operated by the same company as the regulated market. (2) If an operator of a regulated market carries out activities as a clearing centre, central 11
12 securities depository or a multilateral trading facility as an ancillary activity, cf. subsection (1), the requirements of this Act for a license and operation of this type of undertaking shall apply. With respect to ancillary operation of a multilateral trading facility the requirements of the Financial Business Act for a license and operation of this type of undertakings shall also apply. 18.-(1) An operator of a regulated market shall be responsible for the market being conducted in an adequate and appropriate manner. (2) The operator shall be obliged 1) to identify and deal with any conflicts of interest between the operator and the operator s group of owners, and the sound function of the regulated market, 2) to manage the risks to which the operator and the regulated market are exposed, to identify all significant risks of the operation of the market and to introduce measures for the purpose of reducing such risks, 3) to ensure sound management of the technical function of the market s systems, including the establishment of effective emergency systems. 4) to have regulations ensuring honest and correct trading, and list objective criteria for effective execution of orders, 5) to ensure effective and timely execution of transactions carried out in the systems of the market, 6) to have at its disposal sufficient financial resources to ensure the well-functioning functions of the market, taking into account the transactions carried out on the market and the risks to which the market is exposed, 7) to check that issuers of securities and members of the market comply with the regulations for the regulated market, 8) to register the transactions that are carried out by members of the market by use of the market s systems, with a view to identifying violations of the market s regulations, trading conditions in violation of the regulations for the regulated market or behaviour that may involve violation of Part 10, 9) to check that issuers of securities admitted to trading on the regulated market comply with their disclose obligations, 10) to facilitate the access of the market members to disclosed information, and 11) to check regularly that securities admitted to trading continue to comply with the admission requirements. 18a.-(1) An operator of a regulated market shall publish the current prices and the market depth of these prices of shares admitted to trading on the regulated market, and which are offered in the system of the regulated market. This information shall, within the normal opening hours of the regulated market, regularly be made available to the public on reasonable and commercial terms. (2) If a operator of a regulated market gives securities dealers, who are required to disclose publicly prices of shares according to section 33a, access to the arrangements that the operator is applying to disclose information covered by subsection (1), this shall take place on reasonable commercial terms and on a non-discriminatory basis. (3) The Danish FSA may exempt an operator of a regulated market from the obligation in subsection (1) on the basis of market model, type of order or size of order. (4) The Danish FSA may lay down more detailed regulations on the duty to disclose under subsection (1) and on exemption under subsection (3). 18b.-(1) An operator of a regulated market shall publish price, volume and time of 12
13 transactions carried out with shares admitting to trading on the market. Such information shall be made available to the public on reasonable commercial terms and as close to real time as possible. (2) If an operator of a regulated market gives securities dealers who are required to disclose publicly information about transactions in shares according to section 33b, access to the arrangements that the operator is applying to disclose information covered by subsection (1), this shall take place on reasonable commercial terms and on a non-discriminatory basis. (3) An operator of a regulated market may lay down regulations regarding postponement of publication on the basis of the size or type of the transactions. These regulations shall be approved by the Danish FSA. The operator shall publish the approved regulations. (4) The Danish FSA shall lay down more detailed regulations on the duty of an operator of a regulated market to publish price, volume and time of transactions carried out in other securities than shares. (5) The Danish FSA may lay down more detailed regulations on the duty to publish under subsection (1). The Danish FSA may furthermore lay down more detailed regulations on the conditions of postponement of publication under subsection (3). 19.-(1) An operator of a regulated market shall lay down regulations on membership of the market. The regulations shall be transparent, non-discriminatory and based on objective criteria. The regulations shall indicate any obligations for the members as a consequence of 1) establishment and operation of the market, 2) regulations for transactions on the market, 3) professional standards incurred on employees at securities dealers who are operating on the market, 4) conditions laid down for other members of the market than securities dealers, and 5) regulations and procedures for clearing and settlement of transactions carried out on the market. (2) The regulations for the regulated market on clearing and settlement shall ensure that members of the regulated market are entitled to use another settlement system for transactions in financial instruments than the one chosen by the market operator, if 1) there are the required connections and arrangements between the settlement system selected by the member and any other relevant system or any other relevant facility to ensure an effective and financial settlement of the relevant transaction, and 2) the Danish FSA finds the technical conditions for settlement of transactions on the regulated market through another settlement system than that selected by the operator of the regulated market to be suitable for ensuring the effective and proper function of the financial markets. Part 5 Access to regulated markets 20.-(1) Securities dealers, with the exception of investment management companies and management companies, with a license to execute client orders or trading on their own account, and who are covered by section 4(1), nos 1-3, Danmarks Nationalbank and other central banks from countries within the European Union or from countries with which the Community has entered into an agreement for the financial area, shall have the right to 13
14 become members of a regulated market, if they comply with the regulations laid down for the market, cf. section 19. Securities dealers, with the exception of investment management companies and management companies covered by section 4(1), no 3, who in their home country are licensed to execute client orders or trade on their own account, but who do not exercise securities trading through a branch or services in Denmark, cf. sections 30 and 31 of the Financial Business Act, shall have the same right. (2) Securities dealers covered by subsection (1) and central banks from countries within the European Union or from countries with which the Community has entered into an agreement for the financial area, shall have the right to become remote members of a regulated market, unless physical presence under the trading procedures and systems of the regulated market is required in order to carry out transactions on the market. (3) An operator of a regulated market may admit other natural or legal persons than those mentioned in subsection (1) as members of the regulated market, if the persons 1) are suitable and honest, 2) have sufficient legal capacity and competence, 3) have proper administrative procedures to the extent necessary, and 4) have sufficient resources to manage the functions following from membership of the regulated market which shall ensure appropriate settlement of transactions. (4) Notwithstanding subsection (3), an operator of a regulated market may only admit persons domiciled in a country outside the European Union with which the Community has not entered into an agreement for the financial area if these are credit institutions, investment firms or central banks. If the relevant credit institution or investment firm is not covered by section 4(1), no 4, admission shall be subject to authorisation from the Danish FSA. (5) An operator of a regulated market shall regularly give notice to the Danish FSA about the changes in the membership of the regulated market. (6) An operator of a regulated market who intends to allow natural or legal persons in another country within the European Union or in a country with which the Community has entered into an agreement for the financial area to become remote members of the regulated market, shall notify the Danish FSA hereof. The Danish FSA shall within one month deliver such notification to the supervisory authorities of the country where the remote members are domiciled. Part 6 Admission of securities for trading on a regulated market, official listing and public offers of securities exceeding EUR 2,500,000 etc. 21.-(1) An operator of a regulated market shall lay down clear and transparent regulations governing admission of securities for trading on the regulated market. The regulations shall ensure that securities admitted for trading are traded in an honest, proper and effective manner, and that when these are securities covered by section 2(1), no 1, they are freely negotiable. In relation to derivatives, the regulations shall in particular ensure that the derivates contract is drawn up in a manner ensuring correct price formation and effective settlement conditions. (2) An operator of a regulated market shall, in admission of securities for trading on the regulated market, ensure that the regulations laid down pursuant to subsection (1) are met, and that an approved and published prospectus has been presented, cf. section 23(2) and 14
15 section 24(1). (3) An operator of a regulated market may, without the consent of the issuer, admit a security for trading on the regulated market, if the security, with the consent of the issuer, has been admitted to trading on an other regulated market in Denmark or in another country within the European Union or in a country with which the Community has entered into an agreement for the financial area. The operator of the regulated market shall inform the issuer that the issuer's security has been admitted to trading on the regulated market. (4) In admission of a security for trading under subsection (3) compliance with the regulations of this Act on disclosure obligations for issuers and about prospectuses rests with the person giving rise to admission of the security for trading. (5) An operator of a regulated market may, with prior authorisation of the Danish FSA, admit instruments not covered by section 2(1) for trading on the regulated market. 22.-(1) The Danish FSA may, upon request from an issuer of shares, share certificates or bonds, make a decision about official listing of the relevant security, if said security has been admitted or will be admitted to trading on a regulated market. (2) The Danish FSA shall lay down regulations on the conditions for official listing of securities, cf. subsection (1), and on suspending and removing the securities from listing. 23.-(1) An issuer or a person requesting admission of securities to trading on a regulated market, may not give rise to admission of the securities to trading until an approved prospectus for the relevant securities has been made available to the public, cf. subsection (2) and section 24(1). Similarly, an issuer may not make an offer of securities to the public until an approved prospectus for the relevant securities has been made available to the public, cf. subsection (2) and section 24(1). (2) The Danish FSA shall make decisions regarding the approval of the prospectus. (3) The prospectus shall include the information deemed necessary for investors and their investment advisors to form a well-founded estimate of the assets and liabilities, financial position, results and future prospects, and of any guarantor, and of the rights attaching to the securities offered to the public or admitted to trading. (4) The regulations in this part of this Act regarding the obligation to publish a prospectus shall, notwithstanding subsection (1), not apply to the following: 1) Money-market instruments, cf. section 2(1) no. 2 with a lifetime of less than 12 months. 2) Negotiable mortgage deeds, cf. section 2(1) no 11. 3) Participation in collective investment schemes covered by the Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes etc. Act. 4) Non-equity securities, issued by a. a country within the European Union or a country with which the Community has entered into an agreement for the financial area, or by one of the relevant country's regional or municipal authorities, b. international public-law institutions of which one or more countries within the European Union or countries with which the Community has entered into an agreement for the financial area, are members, c. the European Central Bank, or d. central banks domiciled in countries within the European Union or countries with which the Community has entered into an agreement for the financial area. 15
16 5) Shares in a central bank domiciled in a country within the European Union or a country with which the Community has entered into an agreement for the financial area. 6) Securities unconditionally and irrevocably guaranteed by a country within the European Union or a country with which the Community has entered into an agreement for the financial area, or by one of the relevant country's regional or municipal authorities. 7) Securities issued with a view to raising funds for non-profit purposes by state-recognised organisations domiciled in a country within the European Union or a country with which the Community has entered into an agreement for the financial area, which work for non-profit purposes. 8) Non-equity securities issued in a continuous or repeated manner by credit institutions provided that these securities: a. are not subordinated, convertible or exchangeable, b. do not give a right to subscribe to or acquire other types of securities and that they are not linked to a derivative instrument, c. materialise reception of repayable deposits, and d. are covered by a deposit guarantee scheme. 9) Securities included in a public offer of securities, where the entire offer is below EUR 2,500,000, the limit being calculated over a period of 12 months. 10) Non-equity securities issued in a continuous or repeated manner by credit institutions where the total consideration of the offer is less than EUR 50,000,000, which limit shall be calculated over a period of 12 months, provided that these securities a. are not subordinated, convertible or exchangeable and b. do not give a right to subscribe to or acquire other types of securities and that they are not linked to a derivative instrument. (5) An issuer, an offeror or a person requesting admission to trading of securities mentioned in subsection (4), nos. 4, 6, 9 and 10 may, however, draw up a prospectus in accordance with the regulations stipulated in this part of this Act as well as regulations issued pursuant to subsections (7) and (8) and section 24(2). (6) A prospectus shall be drawn up in conformity with the regulations laid down by the Danish FSA pursuant to subsection (7), and shall be presented in such a manner that it is possible to understand the contents and to assess the importance of the information given. (7) The Danish FSA shall lay down regulations governing the contents of prospectuses, format, language, advertising and duration as well as omission of information in the prospectus. Moreover, the Danish FSA shall lay down regulations for the approval of prospectuses in cases where the security is requested for trading on several regulated markets in Denmark or on regulated markets in another country within the European Union or in a country with which the Community has entered into an agreement for the financial area. (8) The Danish FSA shall lay down regulations on exemption from the duty to publish a prospectus, including regulations stipulating that specified securities be exempted from this duty, and regulations on approval of natural persons and small and medium-sized undertakings as qualified investors. Moreover, the Danish FSA shall lay down regulations on admission to a register for natural persons and small and medium-sized undertakings as qualified investors. 23a.-(1) The Danish FSA shall notify the issuer, the offeror or the person asking for admission to trading of its decisions regarding the approval of the prospectus within ten business days after receipt of the application for approval of the prospectus. (2) The time limit mentioned in subsections (1) and (5) shall be extended to 20 business days if the public offer involves securities issued by an issuer which does not have securities 16
17 admitted to trading and which has not previously offered securities to the public. (3) If there are reasonable grounds to assume that the documents submitted are incomplete or that supplementary information is needed, the time limits of subsections (1), (2) and (5) shall not apply until the date on which such information is provided by the issuer, the offeror or the person asking for admission to trading. If the documents are incomplete and the time limit for approval is consequently suspended, the Danish FSA shall notify the relevant person in this respect within ten business days after receipt of the application. (4) The Danish FSA may transfer the approval of a prospectus to the competent authority of another country within the European Union or a country with which the Community has entered into an agreement for the financial area, provided the competent authority of said country accepts this. The issuer, the offeror or the person asking for admission to trading shall be notified of such transfer within three business days after the date of the Danish FSA's decision regarding the transfer. (5) When the Danish FSA receives an application for approving a prospectus from a competent authority in another country within the European Union or a country with which the Community has entered into an agreement for the financial area, the Danish FSA shall notify the issuer, the offeror or the person asking for admission to listing or trading of its decision regarding the approval of the prospectus within ten business days after the competent authority has made its decision regarding the transfer of the approval of the prospectus. 24.-(1) Offers to the public of securities and admission of securities to trading on a regulated market may not take place until the prospectus has been published according to the regulations laid down in pursuance of subsection (2). (2) The Danish FSA shall lay down regulations governing offers for sale and the publication of prospectuses. 25.-(1) An operator of a regulated market may suspend or remove a security from trading on the regulated market, if the security no longer meets the regulations of the regulated market. Suspension or removal, however, may not take place if it is likely that this will be of significant detriment to the interests of the investors or the proper functioning of the market. (2) An operator who under subsection (1) makes a decision about suspension or removal of a security shall, as soon as possible, make the decision about suspension or removal available to the public and notify the Danish FSA about the relevant information. (3) If an issuer whose securities are admitted to trading on a regulated market, submits a request for removal from trading, the operator of the regulated market shall comply with such request. The removal may, however, not be made if it is likely that this will be to the detriment of the interests of the investors or the proper functioning of the market. (4) An issuer may have a security removed from trading on a regulated market if said security in this connection is or will be admitted to trading or has been admitted to trading on another regulated market. 26. (Repealed) 26a. The powers that have been assigned to an operator of a regulated market in accordance with the provisions of section 21 shall be exercised by the Danish FSA when an operator of a regulated market in Denmark or another country within the European Union or a country with which the Community has entered into an agreement for the financial area, or a company 17
18 operating an alternative market place, makes a request for admission of securities to trading on a regulated market. The Danish FSA shall also exercise the powers assigned to an operator of a regulated market, cf. section 25, when securities covered by the 1st clause have been admitted to trading on the regulated market. Part 7 Obligations to disclose information 27.-(1) An issuer of securities admitted to trading on a regulated market in Denmark, or another country within the European Union or in a country with which the Community has entered into an agreement for the financial area on securities, or for which a request for admission for trading on such market has been made, shall, as soon as possible, disclose publicly inside information, cf. section 34(2), if this information pertains directly to said issuer s activities. The issuer shall be required to disclose publicly such information immediately upon the coming into existence of the relevant circumstances or the occurrence of the relevant event, albeit not yet formalised. Significant changes concerning already publicly disclosed inside information shall be publicly disclosed promptly after these changes occur, and through the same channel as the one used for public disclosure of the original information. (2) Inside information, which an issuer, as mentioned in subsection (1), or a person acting on his behalf or for his account, discloses to a third party in the normal exercise of his employment, profession or duties, cf. section 36, shall be publicly disclosed in a complete and effective manner simultaneously with the disclosure to said third party. If at the time of the disclosure, the issuer is not aware that disclosure has taken place, public disclosure shall be effected immediately after the issuer learns or ought to have learnt that disclosure of inside information has been effected. The 1st and 2nd clauses shall not apply if the third party receiving the inside information is subject to a duty of confidentiality under legislation, administrative provisions, articles of association or a contract, or if the disclosure is effected in such a manner that it is ensured that the receiving third party knows that the information is inside information and that said third party is consequently subject to the ban against disclosure of inside information, cf. section 36. (3) An issuer shall only be obliged to disclose publicly inside information under subsections (1) and (2) in relation to the regulated market(s) where the issuer has requested or received approval for admission of securities for trading. (4) An issuer shall ensure that public disclosure of inside information is effected in such a manner that provides the public with rapid access to said information and that the disclosed information is sufficient for complete, correct and timely assessment of the inside information to be carried out. The issuer may not, in a manner likely to be misleading, combine disclosure of inside information with marketing activities. An issuer shall, as far as possible, ensure that public disclosure be effected simultaneously to all categories of investors in all countries within the European Union or countries with which the Community has entered into an agreement for the financial area where the issuer has requested or received approval of securities. (5) A securities issuer as mentioned in subsection (1) shall, without undue delay and for an appropriate period after publication of inside information was effected under subsection (1) or (2), display all this information on his website. (6) An issuer may under his own responsibility delay the public disclosure of inside information in accordance with subsection (1) such as not to prejudice his legitimate interests provided that such omission would not be likely to mislead the public and provided that the 18
19 issuer is able to ensure the confidentiality of that information. Legitimate interests under the 1st clause may, in particular, pertain to: 1) Negotiations in course, or related elements, where the outcome or normal pattern of those negotiations would be likely to be affected by public disclosure. If the financial viability of the issuer is in grave and imminent danger, although a petition for bankruptcy or commencement of compulsory composition has not been submitted, public disclosure of inside information may only be delayed for a limited period, and only if such public disclosure would seriously jeopardise the interests of existing and potential shareholders by undermining the conclusion of specific negotiations designed to ensure the long-term financial recovery of the issuer. 2) Decisions or contracts made or established by the management of an issuer, where approval is required from another company body of the issuer in order for the decision or contract to become effective. The 1st clause shall only apply if publication of the decision made or the establishment of the contract before the approval has been granted would entail a risk that the investors do not carry out a correct assessment of the information disclosed. (7) An issuer of negotiable securities covered by section 2(1), no 1 and admitted to trading on a regulated market in Denmark, in another country within the European Union or in a country with which the Community has entered into an agreement for the financial area, shall no later than eight days prior to the annual general meeting, but no later than four months after the end of the financial year, make public the annual report approved by the board of directors. The issuer shall also publish the interim financial statement approved by the board of directors for the first six months of the financial year. The publication of the interim financial statement shall take place as soon as possible after expiry of the six-month period, but no later than two months after said period. The published annual reports and interim financial statements for issuers in Denmark and from other countries within the European Union or from countries with which the Community has entered into an agreement for the financial area, shall be prepared in accordance with the accounting legislation of the country in which the issuer is domiciled. The Danish FSA shall lay down regulations on which regulations shall apply with respect of preparing annual reports and interim financial statements for issuers from other countries. The annual report and the interim financial statement shall be made available to the public for a minimum of five years. (8) An issuer of shares admitted to trading on a regulated market in Denmark, in another country within the European Union or a country with which the Community has entered into an agreement for the financial area, shall publish an interim financial statement during the first as well as the second six-month period of the financial year. The statement shall be published ten weeks after the beginning of the six-month period in question at the earliest and no later than six weeks before then end hereof. An issuer who publishes quarterly reports shall not be obligated to publish the interim financial statements mentioned in the 1st clause. (9) The provisions on interim financial statements laid down in subsection (7) shall only apply to issuers of shares or bonds or other types of negotiable debt instruments, except for securities equivalent to shares in companies, or securities that, if converted or the attached rights are exercised, provide a right to acquire shares or securities equivalent to shares. (10) Subsection (7) shall not apply in relation to participation in collective investment arrangements covered by the Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes etc. Act. (11) Subsections (7) and (8) shall not apply to the following issuers: 19
20 1) Countries within the European Union or countries with which the Community has entered into an agreement for the financial area, or regional or municipal authorities in these countries. 2) International public-law institutions of which one or more countries within the European Union or countries with which the Community has entered into an agreement for the financial area, are members. 3) The European Central Bank. 4) Central banks domiciled in countries within the European Union or countries with which the Community has entered into an agreement for the financial area. 5) Issuers who only issue debt instruments admitted to listing or trading on a regulated market in Denmark, or another country within the European Union or in a country with which the Community has entered into agreement for the financial area for securities, and whose nominal value per unit is no less than EUR 50,000, or whose nominal value per unit on the date of issue corresponds to no less than EUR 50,000 if the debt instruments are issued in another currency than euro. (12) Subsection (7), 2nd clause shall not apply to issuers who, on 20 January 2004, exclusively issued and continue to exclusively issue debt instruments admitted to trading on a regulated market in Denmark, in another country within the European Union or in a country with which the Community has entered into an agreement for the financial area, which is covered by an unconditional and irrevocable guarantee from the issuer s home country in the European Union, or in a country with which the Community has entered into an agreement for the financial area, or regional or municipal authorities in this country. 27a.-(1) Issuers of negotiable securities covered by section 2(1), no. 1 shall in connection with publication of information in accordance with this part, ensure that the publication takes place in such a manner that the information quickly becomes available throughout the European Union and countries with which the Community has entered into an agreement for the financial area. (2) An issuer as mentioned in subsection (1) shall, together with the publication, submit the information to the Danish FSA. (3) An issuer as mentioned in subsection (1) shall submit information published in accordance with subsection (1) to the Danish FSA, which will store the information. The Danish FSA may identify other authorities or legal persons in and outside Denmark to deal with the task. (4) Subsections (1)-(3) shall not apply to participation in collective investment schemes covered by the Act on investment associations and special-purpose associations and other collective investment schemes etc. (5) Subsections (1)-(3) shall not apply to the document which an issuer is obligated to publish under section 27b. (6) Subsections (1)-(3) shall not apply to notifications about holdings of shares in companies admitted to trading on an alternative market place that an issuer is obligated to publish under section 29(1), 3rd clause. 27b.-(1) Issuers whose securities have been admitted to trading on a regulated market in Denmark or in another country within the European Union, or in a country with which the Community has entered into agreement for the financial area, shall at least once a year prepare and publish a document that includes or refers to all the information that the issuers have published or made available to the public during the last 12 months in accordance with the obligations of this Act, the Limited Companies Act, the Financial Statements Act and 20