FFFS 2013:9

Summary

The regulations have been adapted to the terminology that has changed in the act and streamlined to only apply to Swedish management companies that manage Swedish UCITS. The new regulations repeal the regulations regarding investment funds, FFFS 2008:11, but basically have the same content. One difference is that the provisions that specifically refer to special funds have been moved to a separate chapter in the regulations regarding alternative investment fund managers. The provisions regarding foreign management companies and foreign UCITS with authorisation pursuant to Chapter 1, section 8 and Chapter 1, section 9 of the Swedish UCITS Act, respectively, have been removed. Corresponding provisions are being introduced into the regulations regarding alternative investment fund managers to the extent necessary.

Amendments

The amendments to the regulations make requirements on fund managers to have procedures for submitting certain information when they apply an adjusted fund unit value. The amendments apply to Swedish management companies and foreign management companies that manage UCITS.

The amendments enter into force on 1 July 2023. Amendment 2023:10

FI adds a disclosure that there are additional provisions Finansinspektionen's regulations (FFFS 2022:20) regarding a pan-European personal pension product Swedish management companies that are PEPP providers or PEPP distributors pursuant to Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP).

The amendments enter into force on 1 January 2023. Amendment 2022:21

The amendments stipulate that the provisions regarding the provision of key investor information documents and the language in these do not apply to key investor information documents that are drawn up, provided, amended and translated according to the EU regulation on key information documents for packaged retail and insurance-based investment products for non-professional investors (the PRIIP regulation).

The amendments are motivated in part by the fact that the PRIIP regulation started to be applied to actors in the fund area on 1 January 2023 and in part by the legislative amendments that the Swedish Parliament decided on 7 December 2022 due to Government Bill 2022/23:8, Key investor information documents and deadline for fund splitting.

The amendments enter into force on 1 January 2023. Amendment 2022:18

These amendment regulations apply to Swedish management companies. However, some of the amendments do not apply to certain activities performed by Swedish management companies from a branch in another EEA country, but they apply to certain activities that foreign management companies within the EEA perform from a branch within Sweden.

The amendments entail primarily that the undertakings

• shall consider and integrate sustainability risks into different parts of their operations and organisation
• shall have sufficient resources and personnel with the knowledge required to integrate sustainability risks
• shall identify the types of conflicts of interest that can arise as a result of integrating sustainability risks in the company's processes, systems and internal controls and that can damage the interest of the unit holders
• shall consider in some cases the primarily negative impact investment decisions can have on sustainability factors when applying various prudence requirements.

The amendments implement the amendments to Directive 2010/43/EU made through Directive (EU) 2021/1270.

The amendments apply from 1 August 2022. Amendment 2022:1

The regulatory amendments apply to foreign UCITS and foreign management companies.
The amendments entail in part that;

• Foreign UCITS and foreign management companies shall provide the information on the tasks the functions in Sweden perform on a durable medium
• Foreign UCITS shall disclose their intention to terminate marketing in Sweden by providing the information on their websites
• Foreign UCITS may use all types of electronic communication or another technology for distance communication to provide remaining unit holders in Sweden with the information when the marketing has been terminated.

The aim of the regulatory amendments is to implement amendments to the UCITS Directive, for which the authority has been mandated to issue regulations. The amendments enter into force from 7 June 2022. Amendment 2022:10

According to FI's regulations regarding UCITS (UCITS regulations), Swedish fund management companies must apply parts of FI's regulations regarding securities business (securities regulations). Because the provisions in the securities regulations were amended with regard to remuneration to or from a third party, the provisions in the UCITS regulations also need to be amended.

The amendments enter into force on 8 March 2022. Amendment 2022:3

The amendments relate to Swedish UCITS. They entail that Swedish fund management companies and foreign fund management companies shall submit each year no later than 31 May data on the performance of the funds that were active on 31 December the prior year. The data must be reported to Statistics Sweden in accordance with the procedures that apply for the collection of Profit and Loss Statement for Investment Funds.

The aim is to provide Statistics Sweden with express regulatory support to gather the data and create necessary conditions for Finansinspektionen to see the data as part of its supervision.

The amendments enter into force on 1 January 2022. Amendment 2021:33

The provision on how Swedish management companies must calculate overhead costs is repealed since the method for this calculation is set out in the Investment Firms Regulation (2019/2033/EU). Pursuant to this regulation, a requirement is introduced that information about undertakings that are part of a consolidated situation in accordance with the regulations must be provided in the business plan and in conjunction with owner suitability assessments. An additional change was also made due to the Investment Firms Regulation. Some editorial changes were also made.

The amendments enter into force on 29 June 2021 with respect to Chapter 2, section 9 and Chapter 5, section 4, and for the rest of the amendments on 7 July 2021. Amendment 2021:19

The amendments refer to Swedish UCITS and entail that Swedish management companies and foreign management ocmpanies must submit additional information to FI every quarter in its holdings report.

The date to report the holdings is also changed. FI also introduces provisions that the annual report for a UCITS must contain disclosures about the reviews of the remuneration policy conducted by the manager during the year. The objective is to make the supervision of UCITS more efficient. Amendment 2020:25

Under the amendments, new provisions have been inserted on how to calculate the activity measurement active risk. New provisions have also been inserted on how the information about the degree of activity must be presented in the funds' key investor information documents and annual reports. The objective is to make it easier for consumers to compare different funds. Amendment 2019:17

A number of new requirements on information in the annual reports have been added to strengthen the rights of shareholders. The amendments go into effect on 25 June 2019, but are applied for the first to annual reports submitted in 2020. Amendment 2019:15

FI must amend these regulations as a result of amendments to Finansinspektionen's regulations and guidelines (FFFS 2014:12) regarding prudential requirements and capital buffers. References to repealed sections have been removed.

The regulations enter into force on 15 June 2019. Amendment 2019:4

Swedish management companies shall apply certain provisions in Finansinspektionen's regulations (FFFS 2017:2) regarding investment services and activities. This applies when the Swedish management companies

• receives funds with a reporting obligation, and
• gives advice to customers regarding fund units in fund operations.

The regulations are amended pursuant to Government Bill 2017/18:148 regarding money market funds.

The updated regulations enter into force on 1 August 2018. Amendment 2018:13

FI has decided on amendments to Finansinspektionen's regulations (FFFS 2013:9) regarding Swedish UCITS.

According to the amendment, Swedish management companies and foreign management companies must also report the risks to which the fund is exposed in addition to its holdings in UCITS.

The amendments enter into force on 1 October 2018 and apply to the first reporting of data as per 28 December 2018. Amendment 2018:8

Finansinspektionen is amending its regulations to adapt to the amendments to the Securities Market Act, Finansinspektionen's regulations (FFFS 2017:2) regarding investment services and activities and the Delegated Regulation for MiFID II. As a result of the amendments, Swedish fund management companies by reference must apply some of the provisions in the securities regulations. The regulations also contain changes as a result of the new Anti Money Laundering Act.

The amendments enter into force on 1 August 2017 in respect of Chapter 2, section 27, and the other amendments enter into force on 3 January 2018.  Amendment 2017:6

The amendments replace some references to national provisions in the regulations with references to EU's Market Abuse Regulation.

The amendments enter into force on 1 February 2017. Amendment 2016:37

Finansinspektionen has decided on amendments to Finansinspektionen's regulations (FFFS 2013:9) regarding Swedish UCITS. The regulations must be adapted to amendments to the Swedish UCITS Act (2004:46), which in turn were due to additions to the UCITS Directive.

The amendments entail that rules on Swedish management companies' remuneration schemes and information about such schemes in prospectuses and annual reports are introduced into the regulations. The amendments also introduce changes on what information the depositary must provide in the prospectus about a UCITS.

Finansinspektionen has also decided on amendments to the owner, owner management and management suitability assessments. Under the new rules, legal and natural persons must provide information about all sanction decisions directed to them, even if the decisions are older than ten years. The time restriction that previously existed as been removed in the new regulations. Information about sanction decisions is provided in the forms for owner, owner management, and management suitability assessments, which are appendices to FI's regulations (FFFS 2013:9) regarding Swedish UCITS.

The new regulations enter into force on 1 November 2016. Amendment 2016:26

FI is adjusting terms and phrases in the appendices to agree with those used in the Capital Requirements Regulation. FI is also updating references to acts and regulations that have been repealed with references to the acts and regulations that replaced them. The amendments enter into force on 2 August 2014. Amendment 2014:28