Reports from the Danish Securities Council 1996

The Danish Securities Council consists of 11 members with financial or legal knowledge as well as insight into the securities market.

The Danish Minister of Economic Affairs appoints the chairman and deputy chairman who shall represent general social interests. The chairman shall have financial and commercial expertise whereas the deputy chairman shall have legal and commercial expertise.

The other members and their substitutes are appointed by the Danish Minister of Economic Affairs on the recommendation of a number of organisations.

Thus, Danmarks Nationalbank nominates one member, the Danish Insurance Association (Assurandør-Societetet), the Labour Market Pension Council (AMPR - Arbejdsmarkeds-pensionsrådet) and the Company Pension Funds Association (Foreningen af Firmapensionskasser) nominate two members jointly, the Labour Market Supplementary Pension Scheme (ATP) and the Employees' Capital Pension Fund (LD) nominate one member jointly. The Danish Securities Dealers Association (Børsmæglerforeningen) nominates two members. The Danish Bankers' Association (Finansrådet) and the Federation of Danish Investment Associations (InvesteringsForeningsRådet - previously the Joint Committee of Danish Investment Companies (Danske Investeringsforeningers Fællesrepræsentation)) nominate one member jointly. The Association of Danish Mortgage Banks (Realkreditrådet) nominates one member and the Confederation of Danish Industries (DI), the Danish Shipowners' Association (Danmarks Rederiforening) and the Danish Chamber of Commerce (Det Danske Handelskammer) nominate one member jointly.

The members are elected for up to 4 years at a time.

A member of the Danish Securities Council and substitutes for a member must not at the same time be a member of the management of a stock exchange, an authorised market place, a clearing centre, a central securities depository, an authorised money-market broker or a securities broker.

The Danish Securities Council makes its decisions subject to a simple majority of votes, cf. section 83 (4) of Danish Securities Trading, etc. Act and Article 7 in the rules of procedure of the Danish Securities Council.

On 1 January 1997 the Danish Securities Council consisted of:

Erik Hoffmeyer (chairman), former Governor of Danmarks National-bank

Mette Christensen (deputy chairman), vice-president

Erik Behn, managing director

Substitute: Kurt Anker Nielsen, vice-managing director

Mette Täby, economist
Substitute: Birthe Werner, securities manager
(Nominated jointly by the Labour Market Supplementary Pension Scheme and the Employees' Capital Pension Fund)

Niels Roth, director
Substitute: Kaj Østergaard Mortensen, vice-director

Niels-Erik Hemmingsen, director
Substitute: Henry Nielsen, bank director
(Nominated by the Danish Securities Dealers Association)

Karsten S. Knudsen, managing director
Substitute: Kaj Steenkjær, chief executive
(Nominated jointly by the Danish Bankers' Association and the Federation of Danish Investment Associations)

Hugo Andersen, group managing director
Substitute: Sven-Karsten Topp, securities manager
(Nominated by the Association of Danish Mortgage Banks)

Jens Thomsen, Governor of Danmarks Nationalbank
Substitute: Jørgen Ovi, vice-director
(Nominated by Danmarks Nationalbank)

Bent Nyløkke Jørgensen, managing director
Substitute: Knud Nissen, director

Bent Vestergaard Christensen, director
Substitute: Lars Steen Hansen, director
(Nominated jointly by the Danish Insurance Association, the Labour Market Pension Council and the Company Pension Funds Association).

The Danish Financial Supervisory Authority acts as a secretariat for the Danish Securities Council, cf. section 84 (1) of the Danish Securities Trading, etc. Act.

Pursuant to section 5 of Executive Order No. 254 of 28 March 1996 on the Rules of Procedure of the Danish Securities Council, the secretariat submits to the Danish Securities Council the cases which the Danish Securities Council is under an obligation to consider, cf. section 1.2.2 to 1.2.6, or which, in the opinion of the secretariat, should be submitted. The secretariat executes the decisions of the Danish Securities Council and keeps the Council informed of its day-to-day business.

The secretariat may make decisions on matters where the Danish Securities Council has delegated the decision-making power to the secretariat or where the Danish Securities Council has laid down guidelines for the consideration of such matters and matters which can be decided according to the fixed practice of the Danish Securities Council or which the secretariat deems to be routine cases.

Unless otherwise decided by the Danish Securities Council, the secretariat conducts the necessary negotiations in connection with the activities of the secretariat with public authorities, organisations, financial undertakings subject to supervision and private individuals. Moreover, the secretariat handles international cooperation.

Published by the Danish Securities Council, May 1997
Electronic edition by Net Bureauet