The Danish Financial Supervisory Authority (DFSA) () is the financial regulatory authority of the

Danish government The Cabinet of Denmark (), officially the Government of the Kingdom of Denmark (), is the national cabinet of the Kingdom of Denmark. It has been the chief executive body and the government of the Danish Realm—Denmark proper together with the F ...

responsible for the regulation of financial markets in

Denmark Denmark is a Nordic countries, Nordic country in Northern Europe. It is the metropole and most populous constituent of the Kingdom of Denmark,, . also known as the Danish Realm, a constitutionally unitary state that includes the Autonomous a ...

. 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;

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

stock exchanges A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and sell security (finance), securities, such as share (finance), shares of stock, Bond (finance) ...

, securities and money market brokers, clearing and registration organizations,

insurance companies Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

pension funds A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world' ...

insurance broker An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negoti ...

s, investment companies and investment associations. Its stated aims are to: * 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 The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of three European Supervisory Authori ...

(ESMA), which is actively contributing to the harmonisation of financial regulation in Europe. Finanstilsynet is also a member of the

International Organization of Securities Commissions International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

(IOSCO), and is a signatory of the IOSCO multilateral Memorandum of Understanding (MoU) to cooperate with other countries securities commissions.

References

External links