Legal framework
The Danish Securities Trading Act etc.
- VP A/S is a limited company and is fully subject to the Danish Securities Trading Act 1995 (the 1995 Act).
- VP was established and began operations in 1983 pursuant to the Danish Securities Trading Act 1980 (the 1980 Act).
In accordance with the 1980 Act, VP was set up as private self-governing institution. On 1 January 2000 VP was converted into a limited company and the 1980 Act has as of 1 July 1999 been entirely supplanted by the Danish Securities Trading Act 1995 (the 1995 Act).
VP and the businesses carried on by VP as a CSD and Clearing Centre are governed by the 1995 Act. VP's organisation (i.e. authorisation, capital requirements and management etc.) is thus governed by Part 3 'Common Provisions', while its book-entry and clearing businesses fall under Section IV 'Registration (Book-Entry)' and Section III 'Clearing and Settlement', respectively.
Certain aspects of the statutory rules are detailed in Executive Orders issued pursuant to the 1995 Act. The most important Executive Orders, as seen from VP's perspective, are as follows:
- The Executive Order concerning the Book-Entry etc. of Electronic Securities in a Central Securities Depository
- The Executive Order concerning the Complaints Board for Central Securities Depositories
- The Executive Order listing the Clearing and Settlement Systems in which Netting may be applied with legal effect pursuant to Section 57(1) of the 1995 Act
- The Executive Order concerning the Deadlines for the Assertion of Rights pertaining to Automatic Collateral and Payment Reservations etc.
Translated acts and Executive Orders can be downloaded from the Danish Financial Supervisory Authority's website.
Regulation and supervision
In accordance with the 1995 Act, VP and its businesses are principally regulated and supervised by the Danish Financial Supervisory Authority (the Supervisory Authority) which executes solvency and institutional supervision (i.e. supervision and regulation of institutions etc. with respect to capital requirements, satisfactory business practices etc.) and the Danish Securities Council (the Securities Council) which carries out market supervision (i.e. regulation of the market place with a view to its transparency and efficiency). In relation to VP, the Supervisory Authority is basically concerned with the concrete supervision and regulation of VP and its businesses. |
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Investor Services
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Guidelines - SWIFT
