English Summary
In pursuance of the various laws on supervision, the Danish Financial Supervisory Authority (for simplicity, referred to as the Supervisory Authority throughout this summary) shall submit an annual report of its activities to the Minister for Economic Affairs. This report contains a description of the supervisory activities as they pertain to credit institutions, mortgage credit institutions, insurance companies, pension funds, the stock exchange area, investment companies and investment funds in the reporting year 1996. The Supervisory Authority reports to the Minister for Labour on the supervision of the Danish Labour Market Supplementary Pension Fund (ATP) and the Danish Employees' Capital Pension Fund (LD). "Selected Articles Pertaining to the Financial Sector and to the Supervisory Authority" .In November 1996, the Supervisory Authority asked Jan Schans Christensen, Member of the Danish Bar and Dr.Jur. from the University of Copenhagen, LL.M. from Columbia University and partner at the Danish law firm Bech-Bruun & Trolle, to write a report aimed at shedding light on the Supervisory Authority's competence over financial companies which are subject to the Supervisory Authority's supervision of their solvency and their company procedures as well as subject to the Supervisory Authority's supervision of the securities market. The Supervisory Authority has chosen to introduce its annual report with Jan Schans Christensen's report. The report consists of six main sections. The first section deals with the background for the report. According to the author, "double supervision" raises a problem for the Supervisory Authority. Via its company supervision, it can become cognizant of information or make decisions which, according to the information requirements in the Securities Trading, etc. Act, must be made known to the securities market. In its capacity as supervisor of the securities market, the Supervisory Authority must also see to it that the provisions in the Securities Trading, etc. Act on the obligation to disclose information are enforced. In the second section, the author outlines his report. The third section is a description of the Supervisory Authority's organisation. The fourth section contains a detailed report of the Supervisory Authority's competence over listed companies which are also subject to supervision. The author emphasises that a study of the Supervisory Authority's competence over this group of companies must start in the Securities Trading, etc. Act. In this section, the author provides a detailed analysis of the roles of the Danish Securities Council (Fondsrådet) and the Supervisory Authority. Jan Schans Christensen refers to the comments on section 83 in the Bill for the Securities Trading, etc. Act in which market supervision of the securities market is seen to by the Danish Securities Council, while supervision of solvency and company procedures are the province of the Supervisory Authority. However, the author does state that this division is not unconditional. In the fifth section, the author deals with three areas: 1) cases where the Supervisory Authority requires extra provisions for loss on bad debts or writing down of assets in supervised companies, 2) cases where the Supervisory Authority, because of its supervision of solvency and company procedures, becomes cognizant of circumstances which might require notifying the stock exchange and 3) cases in which the Supervisory Authority receives, without having requested them, draft prospectuses prior to forthcoming new issues. The sixth section contains the author's concluding remarks and recommendations. He concludes that the Securities Trading, etc. Act does not contain a precise delimitation of the roles and tasks of the Danish Securities Council and the Supervisory Authority on the one hand and the securities markets on the other. There is also an article written by Henrik Bjerre-Nielsen, Director General of the Supervisory Authority, on the supervision of mortgage credit institutions. The article begins with a brief description of the history of the supervision of mortgage credit institutions which has, since 1990, been an integral part of the Supervisory Authority. The author then deals with mortgage credit legislation. According to the author, the legislation - if it is followed - ensures that every single loan made is based on real security in the collateral provided. Such security is achieved by means of the requirement that there must be a registered mortgage in the real estate combined with lending limits and valuation rules. Such legislation is the basis for the actual low credit risks (and helps explain why the risks are not particularly dependent on the borrowers' financial situation) on mortgage credit institutions. There is a subsequent discussion of the supervision of mortgage credit institutions. According to the mortgage credit act, the Supervisory Authority must see to it that the institutions follow the provisions in the law and the rules written in pursuance of the law. In order for the Supervisory Authority to manage this task, the institutions are required to inform the Supervisory Authority of all their activities. The author then describes the different types of inspections performed by the Supervisory Authority on the mortgage credit institutions. In a concluding section, the author mentions some of the new supervisory instruments available for use in mortgage credit institutions. For example, he mentions the establishment of the Supervisory Authority's own corps of appraisers and the setting up of a store of information on rentals and prices in the property market. These two instruments have meant that the Supervisory Authority can now verify the mortgage credit institutions' (as well as the other financial institutions') appraisal of real estate. There is then an article on structural changes in the financial sector written by the Stock Exchange and Accounting Department at the Supervisory Authority. The article consists of seven sections, and its objective is to shed light on selected features of structural developments within the financial sector from 1986 until today. In the second section, the expression "financial sector" is defined as a common term for companies and institutions under supervision. The third section is a report of developments in balance sheet totals and in the number of companies being supervised. The report is illustrated both by table 0.1: Balance Sheet Totals in the Financial Sector 1986-1996 and table 0.2: Number of Companies in the Financial Sector 1986-1996. In the following section on concentration ratios, developments in concentration ratios within the area of credit institutions are illustrated by means of figure 0.2: Market Shares for the Five Largest Credit Institutions Measured in Working Capital 1986-1996. Concentration ratios within the area of non-life insurance are illustrated by figure 0.3: Market Shares for the Five Largest Non-life Insurance Groups Measured in Premiums 1986-1996. Likewise, figure 0.4 illustrates the concentration ratio within the area of life assurance. Later, in the fifth section, there is a discussion of developments in total lending for credit institutions and mortgage credit institutions, cf. figure 0.5. There is also an account of developments in long-term pension savings, and table 0.3 and figure 0.6 illustrate the distribution of pension capital amongst the institutional investors. In the final section of the article, there is a discussion of the formation of groups within the financial sector. In the next article on "Supervision of Financial Groups" written by the Planning, Finance and Personnel Department at the Supervisory Authority, a number of questions concerning financial groups is dealt with. The article is divided into six sections, and has been written on the basis of a memorandum from the Supervisory Authority to the Danish Parliament's Commerce Committee. According to the introductory section of the article, developments over the past 10-15 years in the Danish as well as international financial sectors have featured a blurring of the classic distinctions among the different financial sectors. Financial companies are more and more competing in the same market. This feature has expressed itself in the formation of financial groups which can offer their customers several types of financial services. In the article, the term financial groups is used broadly - indeed, more broadly than in the normal corporate sense. It includes companies under joint ownership offering several types of financial products. In a separate section on the legislation which made the formation of groups possible, the article gives an account of developments in the legal basis for supervision of financial groups. In line with the build-up of financial groups, the Supervisory Authority has introduced supervisory rules and developed supervisory methods aimed particularly at strengthening supervision of financial companies which are part of a group. One of the most important supervisory areas where efforts have been intensified has been the acquisition of a "bird's-eye view" of the entire group. In this way, the Supervisory Authority can keep track of structural developments as well as activities within the groups. In the next section on group risks, there is a list of the ten most important group risks and problem areas. Among other items, the list mentions double-gearing, financing the parent company's capitalisation of subsidiaries by borrowing and transactions within the group. There follows a section on supervisory methods. According to current legislation, groups consisting mainly of credit institutions, mortgage credit institutions and investment companies are subject to a consolidated supervision. On the other hand, groups consisting mainly of insurance companies are subject to a solo-plus supervision. The article concludes with a section on EU regulation. Danish legislation on supervision of financial groups builds, to a certain extent, on EU regulation, i.e. the general directives on credit institutions, insurance companies and investment institutions. Moreover, the directive on the supervision of credit institutions on a consolidated basis, 92/30/EEC, contains supervisory rules for credit institution groups. The article concludes with a discussion of a proposal for a directive which the European Commission has submitted on rules for supervision of insurance groups. Chapter 1, "Activities of the Supervisory Authority" , consists of six main sections: one for each of the following areas of supervision.
The stock exchange area includes securities exchanges, authorised markets, securities brokers, money market brokers, clearing undertakings, registration undertakings as well as joint credit institution data centres. Each main section is introduced by a detailed elaboration of the legal basis for the individual areas of supervision. Reference is made to attachment 2 which contains a complete summary of EEC directives, acts, executive orders, circulars, circular letters and instructions issued as of 1 April 1997 for each area of supervision. There follows a report on market developments within the individual business areas, illustrated by means of tables. Please see the following tables: Table 1.1.1: Excerpt of the Profit and Loss Account and the Balance Sheet, etc. of Credit Institutions 1992-1996 Table 1.2.1: Excerpt of the Profit and Loss Account and the Balance Sheet of Mortgage Credit Institutions 1992-1996 Table 1.3.1: Excerpt of the Profit and Loss Account and the Balance Sheet of Life Assurance Companies 1992-1996 Table 1.3.4: Excerpt of the Profit and Loss Account and Balance Sheet of General Pension Funds 1992-1996 Table 1.3.7: Excerpt of the Profit and Loss Account and Balance Sheet of ATP (the Danish Labour Market Supplementary Pension) 1992-1996 Table 1.3.10: Excerpt of the Profit and Loss Account and Balance Sheet of LD (the Danish Employees' Capital Pension Fund) 1992-1996 Table 1.3.13: Excerpt of the Profit and Loss Account and Balance Sheet for directly underwritten non-life insurance companies 1992-1996 Table 1.5.1: Excerpt of the Profit and Loss Account and Balance Sheet of Investment Companies 1996 Table 1.6.1: Excerpt of the Profit and Loss Account of Investment Funds which either Distribute the Profit or Appropriate the Profit to Increase the Capital 1992-1996 Table 1.6.1: Excerpt of the Balance Sheet of Investment Funds which either Distribute the Profit or Appropriate the Profit to Increase the Capital 1992-1996. Following the sections on market developments, there is a discussion of supervisory activities within the individual business areas. In conjunction with this discussion, particular supervisory activities in the year of reporting are mentioned. Furthermore, chapter 2 contains summaries, within the individual business areas, of the number of companies under supervision. It also contains information on newly established companies, changes of name, mergers and takeovers as well as the activities of foreign companies operating in Denmark. With regard to credit institutions, the number of Danish credit institutions, including 4 credit institutions at the Faroe Islands and 2 in Greenland, totalled 201 as of 31 December 1996; 13 foreign credit institutions had a branch in Denmark as of 1 April 1997. As of 1 April 1997, 93 foreign credit institutions had given notice that they were offering cross-border services in Denmark. 8 foreign credit institutions had, as of 1 April 1997, established representative offices in Denmark. The supervision of mortgage credit institutions covers 8 institutions. In 1996, the following number of companies had the right to carry on life assurance and pension fund business in Denmark: 51 public limited companies 2 mutual companies 1 foreign company represented in Denmark 4 reinsurance companies 32 general pension funds 72 company pension funds Moreover, as of 1 April 1997, the following number of companies had the right to operate life assurance undertakings in Denmark. 1 foreign EU/EEA insurance company was registered and noted as a life insurance undertaking in Denmark in the form of a branch. 55 foreign EU/EEA insurance companies were registered and noted as providers of services, from headquarters, under the Third Life Assurance Directive. 3 foreign EU/EEA insurance companies were registered and noted as providers of services, from a branch, in another EU/EEA country, under the Third Life Assurance Directive. Furthermore, the following number of companies was authorised to carry on non-life insurance undertakings in Denmark in 1996: 77 public limited companies and 1 war risk insurance association 86 mutual companies 4 branches of foreign companies. As of 1 April 1997, the following number of companies has the right to operate non-life insurance undertakings in Denmark: 33 foreign EU/EEA insurance companies operating non-life insurance companies in the form of a branch. 175 foreign EU insurance companies noted as "major risk" providers under the Second Non-Life Insurance Directive. 177 foreign EU/EEA insurance companies were registered and noted as providers, from headquarters, under the Third Non-life Insurance Directive. 35 foreign EU/EEA insurance companies were registered and noted as providers, from a branch in another EU/EEA country, under the Third Non-life Insurance Directive. In the report in chapter 1 concerning supervision of workmen's compensation insurance (industrial injuries insurance), it is stated that 20 companies are, as of 1 April 1996, authorised to underwrite workmen's compensation insurance directly. At the end of 1996, 6 investment companies were permitted to operate a stock broker company as opposed to 8 in the previous year. Furthermore, 20 credit institutions, 3 of which are branches of a French, a German and a Swedish bank, have received permission to trade on the Copenhagen Stock Exchange. 2 foreign investment companies investment companies had, as of 1 April 1997, either set up, or had announced that they would set up, operations in Denmark. 561 foreign investment companies had, as of 1 April 1997, announced their intention to operate cross-border services in Denmark. At the end of 1996, 55 investment funds were registered at the Supervisory Authority. At the end of 1996, 2 foreign EU investment institutions were noted as entitled to market their shares in Denmark under section 8 of the Danish Investment Associations Act. For further information, please see this summary's list of attachments which, among other things, contains a list including Danish financial undertakings' cross-border activities - a consequence of the implementation of EU directives into Danish legislation. Chapter 2, "Test Decisions and Complaints", deals with several test decisions and complaints within the individual areas of supervision.The chapter starts with section 2.1 which contains test decisions and complaints concerning the rules of law for credit institutions, including the Danish Commercial Banks and Savings Banks, etc. Act. This is followed by section 2.2. which contains test decisions and complaints concerning the rules of law for mortgage credit institutions, including the Danish Mortgage Credit Act. Section 2.3 contains the Supervisory Authority's test decisions and complaints concerning the rules of law for insurance companies and pension funds, including the Danish Consolidated Act on Insurance Business. This section concludes with a single decision concerning the Money Laundering Act. Section 2.4 contains test decisions and complaints concerning the rules of law for the stock exchange area. The section contains only test decisions concerning the Securities Trading, etc. Act. Section 2.5 contains test decisions and complaints concerning the Investment Companies Act. Chapter 2 concludes with section 2.6 containing test decisions and complaints concerning the Danish Investment Associations Act. Chapter 3 "International Cooperation" contains a detailed description of the work of the Supervisory Authority within the European Union.This is followed by a brief discussion of the Supervisory Authority's cooperation with the other Nordic countries: Finland, Iceland, Norway and Sweden. The chapter concludes with a discussion of the Supervisory Authority's cooperation with countries outside of the European Union and the Nordic countries. This chapter begins with a discussion of the work done in the Banking Advisory Committee ("Det Rådgivende Bankudvalg") within credit institutions. This committee was established under article 11 in the first council directive of 12 December 1977 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (77/780/EEC). Henrik Bjerre-Nielsen, Director General of the Supervisory Authority, is a member of the committee which meets three times per year. In 1996, the realisation of the Single Market in the financial sector continued to leave its stamp on the work of the committee. Director General Bjerre-Nielsen is also a member of the Banking Supervisory Sub-Committee under the European Monetary Institute (EMI). The work in this group has been dominated by preparations for the third phase in the Economic and Monetary Union with its common central bank and common currency. Furthermore, the Supervisory Authority participates in the work of the "Groupe de Contact" which meets three times per year. This group draws up reports for the Banking Advisory Committee as well as for the Banking Supervisory Sub-Committee. Together with the Danish public prosecutor for serious economic crime, the Supervisory Authority participates in a contact committee, set up by the Commission under article 13 in council directive of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering (91/308/EEC). The Supervisory Authority also participates in the Technical Group of the Commission on the Interpretation of the Banking Directives. Finally, there is a status report on the work being done in some of the European Commission's working parties: 1) sub-group on financial fragility set up by the EMI, 2) working group on credit registers and 3) working group on a draft proposal for amending council directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions. Within the area of insurance, chapter 3 contains a description of the present state of work in the insurance committee established pursuant to Council Directive of 19 December 1991 on setting up an insurance committee (91/675/EEC).There is a subsequent discussion of the Supervisory Authority's participation in the cooperative work among the financial supervisory authorities within EU; this work has its basis in the three non-life insurance directives and the three life assurance directives. Moreover, a status report of the following work is provided: 1) proposal for a directive on coordination of laws, regulations and administrative provisions relating to the compulsory winding up of direct insurance undertakings, 2) the work in the Commission's working party concerning the codification of life assurance directives and non-life insurance directives and 3) the work in the Insurance Committee's working party concerning the interpretation and use of insurance directives. The next part of the chapter is a description of the state of affairs concerning the stock exchange area, investment companies and UCITS. There is a status report of the work being done on a directive on investor protection schemes. This directive was passed 3 March 1997, and must be implemented no later than 18 months after its official publication. Finally, the Supervisory Authority, assisted by the Danish Ministry of Justice and the Danish Central Bank, participates in negotiations on a proposal for a directive on settlement finality in payment and securities settlement systems. With regard to Nordic cooperation, the Supervisory Authority is a member of the Nordic Group for Securities Markets ("Den Nordiske Værdipapirmarkedsgruppe"). The other members are the supervisory authorities from Finland, Iceland, Norway and Sweden. This group usually has two meetings per year, during which the members discuss developments and legislation within the stock exchange area. In conjunction with the informal Nordic supervisory cooperative efforts, a group consisting of representatives of each supervisory authority's market monitoring / insider units has been established. This group held its first meeting in 1996 during which the individual authority's experience with insider cases was the main item on the agenda. Within the area of credit institutions, the Supervisory Authority also participates in regular meetings with the supervisory authorities from the other Nordic countries during which developments in the Nordic financial markets are discussed. In the field of insurance, the supervisory authorities from Denmark, Finland, Iceland, Norway and Sweden meet annually (excepting, however, those years during which Pan-European Supervisory Conferences are held) to brief each other. With regard to international cooperation outside the framework of EU and the Nordic countries, the Supervisory Authority would like to emphasise the following: The Third Annual Conference of IAIS (International Association of Insurance Supervisors) was held in Paris on 14 and 15 October 1996. Denmark is a member of the Board of this organisation. Under the auspices of the OECD, the Supervisory Authority participates in two annual meetings in OECD's insurance committee. A description follows of the WTO/GATS agreement. The basic principle in GATS, Most Favored Nation Status, is that deregulation vis à vis one country will necessarily benefit all WTO countries. If the agreement does not come into effect as planned, and negotiations must therefore be resumed, all countries and groups of countries (including EU) will have the opportunity to expand concrete obligations for deregulating the market for financial services or to retract such offers. Together with the Danish public prosecutor for serious economic crime and the Danish Ministry of Foreign Affairs, the Supervisory Authority participates in meetings in the Financial Task Force (FATF) concerning money laundering. Finally, mention is made of the Supervisory Authority's membership of the International Organization of Securities Commissions (IOSCO). Chapter 4, "Participation in Councils, Boards and Committees" ,describes the work done in various committees and working parties established by the Minister in charge of the particular area or the Supervisory Authority or, in some cases, by an institution being supervised. The following working parties are included: -A steering committee with the brief of investigating draining of assets (selskabs-tømning). -The committee on the liability of financial advisors. -The working group on updating the executive order on the performance of audit-ing in credit institutions. -The working group on revision of the Bookkeeping Act. -The Supervisory Authority's Advisory Committee on Accounts for credit institutions, etc. -The working group on a new executive order on appraisals and lending measures. -The working group on winding-up proceedings, etc. of credit institutions. -The Greenland committee. -The committee on the function of the appointed actuary in life assurance compa-nies and pension funds. -The committee on possible payments for interest guarantees. -The committee on maximum guaranteed basic interest resulting from the Third Life Assurance Directive. -The committee on supplementary insurance. Chapter 5 , "Publications". Every year the Supervisory Authority publishes a report on its activities as well as a collection of publications with detailed account of information and statistical material on the individual areas of supervision.In addition, the Supervisory Authority annually publishes an up-to-date edition of the publication "Aggregate Figures from The Danish Financial Supervisory Authority" ("Hovedtal fra Finanstilsynet"); some of the information which it contains is a summary of the financial sector's share holdings and share in the capital of listed companies. Taken together with the publication on aggregate figures, the publications containing statistical material assume the quality of a statistical yearbook for the financial sector. Furthermore, in 1996, the Supervisory Authority published an introductory folder on itself. Chapter 6, "The Strategy of the Supervisory Authority: the Main Tasks, Organization and Staff of the Danish Financial Supervisory Authority", describes the main tasks, organisation and staff of the Supervisory Authority.The Supervisory Authority has drawn up a strategy for 1997-2000. The strategy is based on the following seven main objectives: -The Supervisory Authority will contribute to the financial sector's continuing, under changed external conditions, ability to perform its duties with due regard for economic conditions in society as a whole, and to maintaining society's and the in-dividuals' trust in the sector. -The Supervisory Authority will use its resources to maximise the effect of this contribution. -The Supervisory Authority will be a reliable and technically competent institution that maintains open dialogue with organisations, companies, etc. -The Supervisory Authority will provide qualified advice for the responsible ministers and councils served by the institution. -The Supervisory Authority will collect and disseminate information about conditions in the financial sector. -The Supervisory Authority will have a high level of IT. -The employees of the Supervisory Authority will be characterised by strong in- volvement in their work as well as by high educational and personal qualifica-tions. The Supervisory Authority will perform its duties in accordance with these main objectives. By Royal Assent of 30 December 1996, it was decided to transfer legislation and cases concerning regulation and supervision of financial undertakings from the Ministry of Business and Industry to the Ministry of Economic Affairs. The Supervisory Authority thus became, together with the Ministry of Economic Affairs, one of the three institutions that constitute the aggregate area of responsibility for the Minister for Economic Affairs; the other two are the Economic Council and Statistics Denmark. The Danish Labour Market Supplementary Pension (ATP) and the Danish Employees' Capital Pension Fund (LD) fall under the Minister of Labour. Danmarks Skibskreditfond falls under the Minister for Business and Industry. The Supervisory Authority acts as secretariat for the Danish Insurance Council (Forsikringsrådet), the Danish Securities Council (Fondsrådet) and the Danish Pension Market Council (Pensionsmarkedsrådet), see below. The Insurance Council is that body which makes decisions in test questions, new creations within the insurance area, major cases, etc. while the Supervisory Authority attends to daily administrative matters. A more precise breakdown of the respective services provided by the Insurance Council and the Supervisory Authority can be found in Executive Order No. 593 of 23 December 1981 issued by the Danish Minister for Industry on Rules of Procedure for the Insurance Council and No. 594 on the Directorate for The Danish Insurance Supervisory Authority. The Danish Securities Council was established under Act no. 1072 of 20 December 1995 on securities trading, etc. According to section 83 in this act, the "Danish Securities Council shall be instrumental in promoting a smooth Danish securities market, which is so efficient, transparent and competitive that it will be attractive to issuers, investors and securities dealers and which will comply with international standards." The Supervisory Authority acts as secretariat for the Securities Council. In executive order no. 254 of 28 March 1996, the rules of procedure for the Securities Council are laid down. The Danish Pension Market Council. As a consequence of a recommendation from the committee on more democracy and openness in the investment decisions made by pension institutions, etc., cf. report no. 1306 of December 1995 from the Ministry of Economic Affairs, the Government decided to set up a pension market council. The council's task is to contribute to support on-going public discussions of openness in the investment policies of pension institutions as well as to ensure continued focus on the investment decisions made by the institutions and development of member influence. As of 1 April 1997 the Supervisory Authority consists of a management and 4 departments consisting of 13 divisions. The management consists of: Director General: Henrik Bjerre-Nielsen Deputy Director General:Peter Sylvest Larsen (The Securities and Accounting Depart-ment) Deputy Director General:Erik Johansen (The Insurance Department) Deputy Director General:Flemming Nytoft Rasmussen (The Banking and Mortgage Credit Department Assistant Director General:Susanne Kortsen (The Planning, Finance and Personnel De-partment) Chapter 7, "Appeals Boards and Deposit Guarantee Scheme" , contains, among other things, a list of appeals boards empowered to deal with complaints concerning the financial sector.Attachment 1 contains an organisational chart of the Supervisory Authority.Attachment 2 contains a summary of EU directives, acts, executive orders, etc. issued as of 1 April 1997 and which concern the Supervisory Authority's area of activities. Apart from the executive orders, etc. issued by the Supervisory Authority, there is also a list of other orders immediately applicable to the work of the Supervisory Authority.In the case of the Supervisory Authority having provided for an authorised translation into English of acts, executive orders or instructions listed in attachment 2, this will be supplemented with the Danish expression "Autoriseret engelsk oversættelse foreligger". Attachment 3 : Foreign credit institutions' branches in Denmark.Attachment 4 : Credit institutions in EU countries providing cross-border services in Denmark.Attachment 5 : Foreign credit institutions' representative offices in Denmark.Attachment 6 : Danish credit institutions' branches in foreign countries.Attachment 7 : Cross-border services in foreign countries provided by Danish credit institutions.Attachment 8 : Foreign EU insurance companies and other foreign insurance companies operating life assurance undertakings in Denmark in the form of a branch.Attachment 9 : Foreign EU insurance companies and other foreign insurance companies operating, from headquarters, life assurance undertakings in Denmark by way of freedom to provide services.Attachment 10 : Foreign EU insurance companies and other foreign insurance companies operating, from a foreign branch, life assurance undertakings in Denmark by way of freedom to provide services.Attachment 11 : Foreign EU insurance companies and other foreign insurance companies operating non-life insurance undertakings in Denmark in the form of a branch.Attachment 12 : Foreign EU insurance companies registered and noted as "major risk" providers before 1 July 1994.Attachment 13 : Foreign EU insurance companies and other foreign insurance companies operating, from headquarters, non-life insurance undertakings in Denmark by way of freedom to provide services.Attachment 14 : Foreign EU insurance companies and other foreign insurance companies operating, from a foreign branch, non-life insurance undertakings in Denmark by way of freedom to provide services.Attachment 15 : Danish insurance companies with permission to operate insurance service undertakings in the field of direct life assurance undertakings in foreign countries.Attachment 16 : Danish insurance companies operating branches in the field of direct non-life insurance undertakings in foreign countries.Attachment 17 : Danish insurance companies with permission to operate insurance service undertakings in the field of direct non-life insurance undertakings in other EU member states under the Second Non-life Directive.Attachment 18 : Danish insurance companies with permission to operate insurance service undertakings in the field of direct non-life insurance undertakings ((Third Non-life Directive) in other EU member states or in other foreign countries.Attachment 19 : Foreign investment companies' branches in Denmark.Attachment 20 : Foreign EU/EEA investment companies which have announced their intention to operate cross-border services in Denmark.Attachment 21 : Danish investment companies, including stock-broker companies, who have announced that they will operate cross-border services in other EU/EEA countries.Attachment 22 : Foreign investment institutions operating, from headquarters, investment fund undertakings in Denmark by way of freedom to provide services.
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