March 09 2007
In December 2006 the Financial Services Authority (FSA) finalized a new set of guidelines for Danish banks. The guidelines primarily concern the organization of banks, their internal controls and the areas in which written procedures and policies are necessary. The guidelines set out the FSA's interpretation of Sections 71(1)(1) to (8) of the Financial Business Act, as well as certain other provisions, and may thus be seen as a summary of the FSA's recommended practice for the areas covered by the guidelines.
The revised guidelines contain the following new provisions:
In addition, banks must have written procedures in the following areas:
The revised guidelines do not incorporate any changes that may be necessary to implement the EU Markets in Financial Instruments Directive; however, this is expected to be implemented in Denmark shortly.
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