Frontpage News 2016 New marketing legi...

New marketing legislation will ensure better distribution of competencies

1 July 2016

On 1 July 2016, the committee on marketing legislation submitted a 500 page report, containing proposals for new marketing legislation. The Danish Bankers Association is pleased that the stage is now set for a clearer distribution of competencies between the Danish FSA and the Danish Consumer Ombudsman.
 
The draft legislation is expected to be introduced by the Minister for Business and Growth in autumn 2016, so that Denmark will have a new marketing act in summer 2017.
 
The draft legislation contains re-enactments of a range of Danish provisions, as well as provisions, where implementation closely based on a directive is suggested in relation to relevant directives, such as the directive concerning unfair commercial practices, which the draft legislation re-implements.
 

Financial companies

With regards to financial companies, the Danish Bankers Association is pleased that the draft legislation contains clarification of the distribution of competencies between the Danish FSA and the Danish Consumer Ombudsman.
 
“This specifically means that if a financial company has sought advice at the Danish FSA and has set up its activities in accordance with this advice, the Danish Consumer Ombudsman cannot subsequently start criminal proceedings against the company, if the organisation does not agree with the advice given by the Danish FSA,” says the Legal Executive Director at the Danish Bankers Association, Kenneth Joensen.
 
“We are happy with the clarification and it will give companies more legal protection,” Kenneth Joensen concludes.
The two authorities have shared competence for cases on, for example, price information, misleading actions and omissions in marketing.
 
 
For further information please contact the Head of Media Relations at the Danish Bankers Association, Stine Luise Hansen on tel.: +45 3016 1009 or slh@finansraadet.dk
 
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