Securities trading

§ 6

(1) Employees shall not trade in shares and ownership interests, including derivative instruments issued by the following undertakings or parent undertakings of these:

a)  Undertakings with a license under part 3 of the Financial Business Act and/or section 7 of the Securities Trading, etc. Act.

b)  Other Danish undertakings with securities traded on a stock exchange, an authorised market place or on a regulated market in another country within the European Union or in a country with which the Community has entered into an agreement for financial area.

c)  Other foreign undertakings about which the Danish FSA has material supervisory information.

 

(2) The restrictions in subsection (1) shall not include

1)  investment in shares issued by investment associations and special-purpose associations,

2)  investment in pool deposits, cf. sections 50-51 of the Danish Financial Business Act,

3)  investments in pension schemes where the employee does not have direct influence on investment transactions pertaining to the relevant pension funds,

4)  investments made through placement of funds in a scheme administered by a financial undertaking where the employee has no control over specific transactions in the scheme (portfolio management),

5)  purchase of shares and ownership interests in banks with a view to obtaining shareholder benefits, e.g. in the form of a higher interest-rate on deposits or a lower interest-rate on loans; though such that the total share price of the holding at the time of purchase does not exceed DKK 10,000, and

6)  sale of shares and ownership interests in banks, acquired with a view to obtaining shareholder benefits in accordance with section 6(2), no. 5, if the total share price of the holding at the time of sale does not exceed DKK 10,000.

(3)  After authorisation from the Administrative Director, an employee of the Danish FSA may sell securities covered by subsection (1), that the employee has

1)  received as an inheritance, gift, through administration of community property, compensation, allowances or similar,

2)  acquired before employment with the Danish FSA, 

3)  acquired before 1 May 2007, and

4)  acquired through authority to sign documents on behalf of a company.

(4) The Administrative Director may, under special circumstances, permit an employee to make transactions other than those mentioned in subsections (2) and (3).

(5) Applications under subsections (3) and (4) shall be dealt with as quickly as possible and replies shall be given within five business days.

 

§ 7

Persons employed by the Danish FSA shall, no later than 14 days after employment, notify the Administrative Director of holdings of securities, except for holdings covered by section 6(2).