Financial Supervisory Authority (Denmark)

Coordinates: 55°42′24″N 12°35′17″E / 55.7068°N 12.5880°E / 55.7068; 12.5880
Source: Wikipedia, the free encyclopedia.
Danish Financial Supervisory Authority
Finanstilsynet
Agency overview
FormedJanuary 1,  1988 (1988 -January-01)
JurisdictionDenmark
HeadquartersCopenhagen, Denmark
Agency executive
  • Ulrik Nødgaard, Director General
Websitehttp://www.finanstilsynet.dk

The Danish Financial Supervisory Authority (DFSA) (

Danish government responsible for the regulation of financial markets in Denmark
.

Finanstilsynet is part of the

Ministry of Economic and Business Affairs
and also acts as secretariat for the Financial Business Council, the Danish Securities Council and the Money and Pension Panel.

History

Finanstilsynet was established on the 1 Jan 1988 with the merger of the Supervisory Authority for Banks and Savings Banks and the Insurance Supervisory Authority.

In January 1990, the Supervisory Authority for Mortgage Credit Institutions was transferred to Finanstilsyne from the Danish Housing Agency. However political responsibility for mortgage credit remained with the ministry of housing and so Finanstilsynet reported to both the Minister for Housing and the Minister for Economic Affairs until 1994 when political responsibility was passed to the Minister for Economic Affairs.

In November 2001 the Ministry of Economic Affairs merged with the Ministry of Business and Industry. Since then the Minister of Economic and Business Affairs has been responsible for Finanstilsynet.

Responsibilities and functions

It is responsible for regulation, supervision and collecting statistics of financial participants. These include;

pension funds, insurance brokers, investment companies
and investment associations.

Its stated aims are to:[1]

  • strengthen the market's role as a disciplinary factor through enhanced transparency
  • intensify management's consideration of the risk profile
  • improve consumers' possibilities to compare prices and products among companies.

Organization structure

Finanstilsynet is run by an executive management team that report to the minister of Economic and business affairs. The executive is made up of a Director general and three deputy director generals. Each deputy is assigned a subsection of the responsibilities of the agency.

International

Finanstilsynet is a member of the European Securities and Markets Authority (ESMA), which is actively contributing to the harmonisation of financial regulation in Europe.

Finanstilsynet is also a member of the

securities commissions
.

See also

References

  1. ^ "Finanstilsynet - Objectives and Core Areas". /www.finanstilsynet.dk.

External links

55°42′24″N 12°35′17″E / 55.7068°N 12.5880°E / 55.7068; 12.5880


Denmark

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