Have you received authorisation to conduct business that is subject to an authorisation obligation? What does it mean to be under FI’s supervision, and what happens now? Keep reading to learn more.
Once you have received a new authorisation to conduct business that is subject to an authorisation obligation, FI begins its supervision of your firm.
Part of this supervision is managing incidents and urgent problems, but the main purpose of supervision is to prevent problems. In order to reap the greatest possible benefits, supervision must be both risk-based and forward-looking.
Supervision also aims to ensure that the governance of firms does not threaten the stability of the financial system and consumer protection.
Supervision is planned on a yearly basis. Read more at:
FI charges an annual fee to firms that conduct business subject to an authorisation obligation and are under FI's supervision.
The size of the fee is determined by the Annual Fees for the Financing of Finansinspektionen's Operations Ordinance (2007:1135).
Supervisory fees (in Swedish)
Depending on the authorisation you have received, you might need to report data to FI. This data helps FI assess the financial situation of individual firms and the financial market as a whole. We forward some of the data on to the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).
Periodic reporting is the reporting of data on specific days of the year. This means that you might need to be prepared to report data only a few days after you have received your authorisation.
Periodic reporting normally is submitted by logging in to FI's reporting portal.
If you already conduct business that is subject to an authorisation obligation, you might need to apply for a new authorisation, for example if you want to expand your business and the new business does not fall under the authorisation you already have. FI may also need to assess new owners and management. It is your responsibility to know when you need to submit an authorisation or suitability assessment application to FI. Your firm might also need authorisation to be exempted from a certain regulation.
New authorisation could include the following:
Normal notifications may include the following:
Normal suitability assessments may include the following:
Normal exemptions from regulations could include the following:
Remember that new authorisations may mean new reporting requirements.
FI enters information about your firm in our Company Register, which is available to the public. In addition to basic company information, the Company Register contains information about which authorisations have been granted, if a firm has any cross-border operations and if a firm has any branches.
Data from the register helps us handle new matters and exercise supervision of firms that are subject to the authorisation obligation.
As long as your firm is registered with us as active and has an authorisation, you are obligated to pay an annual feel and report data in accordance with applicable requirements. It is therefore important that you return your authorisation when you have closed the business.