The Estonian financial supervision and resolution authority Finantsinspektsioon and the Danish FSA in this statement express their shared understanding of the supervisory responsibilities between the two regulators, as a response to numerous respective inquiries from media.

In the decision of the Danish FSA, dated May 3, 2018, it is stated that the Danish FSA will incorporate new relevant information that will later appear in the Danske Bank case. Now, the Danish Bank report is available, and therefore the Danish FSA will again look at the basis of the case.

The European Banking Authority (EBA) has today informed the Danish FSA that this week EBA expects to forward a formal inquiry to the Danish FSA concerning the FSA’s handling of anti-money laundering supervision. The background for the inquiry is the case relating to Danske Bank’s branch in Estonia.

Today, Danske Bank has presented its conclusions from the bank’s own investigations of the branch in Estonia.

The Danish Supervisory Authority has issued a decision on Danske Bank's follow-up to the eight orders that were part of the decision of 3 May 2018 on management and control in relation to the Estonian branch. Due to increased compliance and reputational risks, the bank received an order to re-evaluate the solvency need and, as a minimum, to increase its Pillar II add-on covering these risks to at least DKK 10 billion.

Today, the Danish FSA has issued its decision on Danske Bank's management and control in the money laundering case at the bank's branch in Estonia. The decision comprises eight orders and eight reprimands, and indicates the need for an increase in the bank's capital requirement by DKK 5bn due to increased compliance and reputational risk.

The Danish Financial Supervisory Authority (the Danish FSA) completed an inspection of Københavns Andelskasse during june and august 2018. The inspection included all the main areas of risk including anti-money laundering (AML). During the course of the inspection the Danish FSA observed a signifi-cant amount of breaches to the financial regulation and AML-regulation.

The heads of relevant ministries, central banks, financial supervisory authorities and resolution authorities in the Nordic and Baltic countries, have signed a Memorandum of Understanding (MoU) on cooperation and coordination on cross-border financial stability.

Danmarks Nationalbank wishes to increase cyber resilience in the most critical part of the Danish financial infrastructure in particular. Consequently, Danmarks Nationalbank and the financial sector have agreed to establish a Danish red team test programme.

Today, Danish Financial Supervisory Authority (the Danish FSA) will open for applications to the FT Lab, which is a regulatory sandbox for fintech initiatives. The idea is to make it possible for financial entrepreneurs to test their product or service on real customers.

The EU-wide stress test shows that the four Danish banks will maintain excess capital relative to capital requirements even in the event of a severe economic downturn. Danske Bank, Nykredit, Jyske Bank and Sydbank will maintain Common Equity Tier 1 capital ratios be-tween 11.7 and 15.6 per cent by the end of 2020. Going forward, the results will feed into the supervisory dialogue with the banks on their capital targets and distribution policies.

The Danish Financial Supervisory Authority (Danish FSA) has published Jesper Berg's speaking notes for his presentation to the Folketing's hearing on Danske Bank of 19 November 2018. In particular, the purpose was to further communicate facts about the division of responsibility between Denmark and Estonia and about supervisory activities between 2007-2018.

Qudos Insurance A/S has on 27 November 2018 announced it has entered into solvent liquidation. Please contact your broker with any queries.

Blockchain is gaining traction in the financial field and the potential of the technology is widely recognised. However, with the use of new technology, new risks often also follow, and it can be difficult to determine how to handle services based on blockchain within the existing regulation.

The European Commission has decided to permanently lower the threshold for notification of net short positions. The threshold is changed from 0.2% to 0.1% of the issued share capital and will apply as from Monday 31 January 2022.

The DFSA launches a new programme for strengthened operational resilience in the financial sector. In the programme, the consequences of an extensive ICT disruption will be analysed by means of cyber stress testing.

The Danish insurance company Gefion Finans A/S under frivillig likvidation (Gefion) formerly known as Gefion Insurance A/S has been declared bankrupt. Policyholders can cancel their policy, if they wish to do so. The policy will be cancelled 3 months after the declaration of the bankruptcy in the Danish journal, Statstidende. The Danish Guarantee Fund for non-life insurance undertakings will only cover risks (within the scope of coverage) in Denmark for insurance policies written in Denmark

Danske Bank, Nykredit, Jyske Bank, and Sydbank have participated in the EU-wide stress test 2021. This is a very severe stress test, which leads to significant decreases in the capital ratios of the institutions. For Danske Bank the decrease is of a magnitude that the institution has to make use of the capital conservation buffer over the three-year projection. Jyske Bank fulfils its capital requirements, but with modest excess capital. All institutions fulfil their solvency need with a comfortable margin.

The Financial Supervisory Authority has now prepared the final resolution plans and MREL for Danske Bank, Jyske Bank and Sydbank. As previously indicated, the overall MREL for SIFIs will be set to twice the solvency requirement plus twice the combined capital buffer requirement. The resolution plans for Nykredit and DLR Kredit will be finalised after 1 July, when a new legislative proposal is expected to come into effect.

The Danish FSA and the European Investment Bank (EIB) are putting investment finance in Denmark on the agenda at an international conference in Copenhagen on 15 December.Registration is now closed.