The delegation agreement between the Danish Financial Supervisory Authority and the Copenhagen Stock Exchange shall be amended as of 1 September 2006 so that the competence to approve prospectuses and consider cases involving takeover bids will rest with the Danish Financial Supervisory Authority as of that date. The decision was made after submission to the Danish Securities Council and in agreement between the Copenhagen Stock Exchange and the Danish Financial Supervisory Authority. The Danish Financial Supervisory Authority announces that the competence of Dansk AMP to consider takeover cases will be revoked. Today, the competence to approve prospectuses is not delegated to Dansk AMP.
The future distribution of duties between the Danish Financial Supervisory Authority and the Copenhagen Stock Exchange is fully in line with the OMX strategy for the Nordic integration of the capital markets. The duties, especially approval of prospectuses, already lie with public authorities in most other countries, including Sweden and Finland, and not with the exchanges.
It is possible to revoke the delegation under the current rules. The reason for the decision is that the Danish Financial Supervisory Authority’s possibility of delegating functions to the regulated markets in any case is limited in time pursuant to EU regulation. Also, today, the rules regulating prospectuses apply both to securities seeking listing on a stock exchange and others. In this connection both the Danish Financial Supervisory Authority and the Exchange find it expedient that only one body should administer the rules.
It is a common goal of the Danish Financial Supervisory Authority and the Exchange to arrange the future work so as to consolidate the foundation of a smooth market. In this connection it is important that the issuers and other market participants continue to see smooth and efficient administrative case handling.
At the end of August 2006, seminars directed at the various issuers of securities will be held to inform the issuers and their advisers of the future distribution of duties and the listing procedures process.
Issuers seeking admission of their securities to listing on the Copenhagen Stock Exchange should, naturally, still contact the Copenhagen Stock Exchange first with a view to discussing the listing. A part of the basis for listing is the approved prospectus. Such approval shall, in future, be granted by the Danish Financial Supervisory Authority.
The regulated markets will continue to carry out duties on behalf of the Danish Financial Supervisory Authority. Thus, the Copenhagen Stock Exchange will still be responsible for the surveillance of the market and the listed companies on behalf of the Danish Financial Supervisory Authority.
