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Denmark adapts to the euro

The Minister of Business and Industry has proposed amendments to the Presentation of Accounts Act that would allow companies to present their annual accounts and state the size of their capital in euro. The proposed act is intended to remove some of the barriers which the introduction of the euro might create for Danish companies. The proposal stresses that the companies are given an opportunity, but are not under an obligation, to present their accounts or state their capital in euro. It also proposes to amend the Companies Act in accordance with the amended Presentation of Accounts Act.

The Minister of Economic Affairs has proposed an act incorporating an EU Directive on international money transmission. The act will regulate the rights and obligations between financial institutions and their clients before and after the execution of an international transmission. The act will only regulate transmissions up to the equivalent of 50,000 euro ($59,000).

The Minister of Economic Affairs has also proposed an Act on Insurance Brokers. The proposed act incorporates parts of an EU Directive and is in accordance with EU recommendations. It is proposed that an authorization procedure should be established for insurance brokers and for insurance broking companies. Under the Act it will be permissible to undertake insurance brokerage as an individual enterprise, in a general partnership or as a private limited company or a limited company. Application for authorization should be filed with the Danish Financial Supervisory Authority. Insurance broking companies already existing in company form must also file an application. Insurance brokers already authorized in their own country (if inside the EU) may act as insurance brokers in the entire EU.

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