The Danish Securities Council

The Danish Securities Council enforces compliance of undertakings listed or traded on a stock exchange or traded on an authorised market place with the current accounting regulations in their annual and interim reports.

As from 1 January 2005, enforcement activities were thus established for financial information in annual and interim reports of listed and traded undertakings. These activities were initiated pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and Act no. 491 of 9 June 2004 (L214). The activities are carried out by the Danish Securities Council. The Danish Financial Supervisory Authority (Danish FSA) and the Danish Commerce and Companies Agency work as parallel secretariats for the Danish Securities Council. 

The Danish FSA carries out the secretariat function for financial listed or traded undertakings, while the secretariat function for non-financial listed or traded undertakings is carried out by the Danish Commerce and Companies Agency.

The activities annually cover up to 20 per cent of the listed or traded undertakings, which are selected on the basis of a risk assessment as well as a random sampling.

In addition to the enforcement activities regarding financial information in annual and interim reports, the Danish Securities Council makes decisions in matters of a principle nature or of far-reaching significance for stakeholders in the securities market. This activity includes such decisions regarding enforcement of financial information in prospectuses and other documents than annual and interim reports. The Council also advises the Danish FSA in matters regarding best securities trading practices and in connection with issuing regulations. Finally, the Council assists the Danish FSA in its information activities.

In connection with the enforcement activities regarding financial information in annual and interim reports, the Danish Securities Council acts as an independent authority, while in connection with other tasks, the Council forms part of the Danish FSA. Subsequently, this website only deals with the enforcement activities of the Danish Securities Council regarding financial information in annual and interim reports.