Notification and approval of loans etc.

§ 19

(1) All new employees of the Danish FSA shall, in connection with their employment, provide the secretariat of the Danish FSA with the name of their bank and any loans in and collateral with financial undertakings.

(2) Mortgage loans and guarantees for mortgage loans shall not be covered by the duty to notify.

 

§ 20

(1) All employees, except for the Director General, the Deputy Director General and the Heads of Division, shall, within two weeks, notify the Administrative Director of loans taken out with, and collateral provided for, financial undertakings.

(2) The Deputy Director General and the Heads of Division, shall, within two weeks, notify the Director General of the Danish FSA of loans taken out with, and collateral provided for, financial undertakings.

(3)  Mortgage loans and guarantees for mortgage loans shall not be covered by the duty to notify.

 

§ 21

Pursuant to section 20(2), said notification shall include a copy of the loan document or document concerning collateralisation. 

 

§ 22

(1) The loans and collateralisation notified under section 20(1) may be regarded as approved, unless the Administrative Director, no later than five business days after the notification, comments on the loan or collateralisation. Approval may be denied if the loan or collateralisation concerns a financial undertaking that the employee has under supervision or is in any other way connected to in his daily work. Approval may furthermore be denied if the loan or collateralisation is of such size that it is not in reasonable proportion to the income etc. of the employee.

(2) Loans and collateralisation notified under section 20(2) shall, no later than five business days after the notification, be approved or rejected by the Director General of the Danish FSA. Approval may be rejected if the loan or collateralisation is not entered into on market terms. Approval or rejection of approval shall be by endorsement of the notification by the Director General.

 

§ 23

Sections 19-22 shall apply correspondingly to loans and collateralisation made by undertakings which are under supervision under the Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes etc. Act.

 

§ 24

A binding advance statement may be made about whether a loan or collateralisation can be approved. Such applications shall also be replied to before the time-limit of five business days under section 22(1) and (2).