This content is from: Local Insights

Denmark

At the end of 1995 the Danish parliament decided that the rules on the rights and duties of of the management of financial institutions (insurance companies, banks, stockbroker firms, pension funds and so on) should be harmonized and, where appropriate, tightened. In February of this year, the Ministry of Economy, which now encompasses the Financial Supervisor, submitted its proposal on the matter to other ministries and interested bodies for comment.

In general terms, the proposal forbids the management of financial institutions to undertake speculative dealings, and imposes strict private business reporting obligations. It furthermore forbids managers, with few exceptions, to hold other managerial positions outside their group.

Comments on the proposal have included an amount of criticism.

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