Time pressure creates a domino effect

Once a reporting process is initiated, it is meant to be completed relatively quickly. However, how quickly depends on the individual financial institution.

Banks are under time pressure because Finanstilsynet (the Danish Financial Supervisory Authority) expects them to process all data correctly, including the required reporting. If they fail to receive your report, they risk significant fines. So, if you feel like you’re being rushed, it’s simply a domino effect—everyone involved just wants to ensure things are done properly.

Upcoming general meeting

If you need to pause the reporting process because your general meeting is coming up soon, you may, in exceptional cases, be allowed to delay the reporting until after the meeting. In any case, a new report is automatically triggered on the 2nd of the month following your general meeting. To request a postponement, you must contact your bank, as they are the ones who can approve the delay.

If a board member is temporarily absent and unable to complete the required reporting steps, a substitute must step in. The substitute should be registered as a regular board member.

In some cases, the bank may approve an exemption for the absent board member from signing the report. This decision is up to the financial institution.

Resignation of a board member

If a board member resigns during the reporting process and no longer wishes to remain on the board, you must stop the reporting process, make the necessary updates, and sign the report again. You can read more about this here.