Payment of fees to the Danish FSA

Fees 2011

Undertakings under the supervision of the Danish FSA pay fees to cover for the cost of the supervision work and general operation of the Danish FSA . The fees are collected at the end of each year. In December undertakings will receive invoices covering the cost of supervision during the year.

 

The total budget of the Danish FSA is given annually as an appropriation in the Danish Finance Act  the Danish FSA being under section 08.23.01.

The allocation of fees between different types of undertakings is regulated by Part 22 of the Financial Business Act.

 

Who pays what?

Several types of undertakings pay a fixed fee, while others pay a proportional fee based on company size, balance sheet, gross premiums, etc.

 

Fixed fee

Undertakings that pay a fixed fee include reinsurance brokers, investment advisers, securities dealers, financial holding companies and some foreign investment undertakings.

 

When a company asks for a prospectus approved by the FSA, it generates a fixed fee. A notification or application on cross-border marketing of units in investment undertakings also generates a fee.

 

Section 361(1) of the Financial Business Act lists all the fixed fees collectable by the Danish FSA. The fixed fees are stated at the 2004 level. These amounts are adjusted annually, equivalent to the change in the appropriation to the Danish FSA in each year's Finance Act.

 

Proportional fee

Undertakings that pay a proportional fee include banks and mortgage institutions, insurance companies, pension funds, investment associations and insurance broker companies. All types of undertakings that pay a proportional fee are listed in sections 362-367 of the Financial Business Act.