News & Published Material

Here you can find everything that has been published in different news lists on www.fi.se.

2021

Application for administrator authorisation – STIBOR may continue to be used while FI evaluates the application

2021-12-27 | BMR News Markets

Swedish Financial Benchmark Facility AB (SFBF) submitted an application to Finansinspektionen (FI) on 27 December 2021 to become an authorised administrator in accordance with the EU’s Benchmark Regulation (BMR).

Erik Thedéen: Crypto-assets today and in the future

” Ultimately, this is about energy efficiency. Energy is a scarce resource, and as a society, we have invested heavily in energy-efficiency improvements across all sectors. We need to consider a similar technology shift for crypto-assets.”

Recommended actions in the event STIBOR is no longer provided

2021-12-17 | BMR News Markets

The Swedish Bankers’ Association published a recommendation yesterday on the actions users of the STIBOR reference rate should take if STIBOR were no longer provided. Finansinspektionen (FI) would therefore like to clarify how we will issue statements, if necessary, in the event STIBOR ceases to be provided.

FI extends the risk weight floor for Swedish mortgage exposures

FI has decided to extend the risk weight floor by two years, from 31 December 2021 to 30 December 2023.

FI leaves the countercyclical buffer rate unchanged

In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 0 per cent.

Updates in reporting AML

New reporting questions in 2022

FI Supervision 19: Credit institutions’ management of counterparty risk and CVA risks

2021-12-09 | Reports Markets Bank

FI has conducted an investigation into a number of credit institutions’ exposures, risk measurement and management of counterparty risk and credit valuation adjustment (CVA) risk related to positions in financial derivatives.

FI Analysis 35: Lender significance for repayment problems and debt at the Swedish Enforcement Authority

2021-12-07 | Reports Consumer Bank

There are different types of lenders. They offer different types of loans, and their risk tolerance varies. The risk tolerance is evident in their business model, which consists in part of how they conduct their credit assessment. There are also different types of borrowers. Some want small loans, and others want big loans. Both the lender’s credit assessment and the borrower’s repayment capacity are often better for large loans. The small loans represent a large share of early repayment problems – reminders and collection notices. But the borrower can often pay back small loans before they are registered with the Swedish Enforcement Authority.

European Commission approves extension of the risk weight floor for Swedish mortgages

2021-12-06 | ESRB Mortgage EBA

The European Commission has announced that it does not intend to object to FI's intention to extend the current risk weight floor for Swedish mortgages. This means that FI may implement the measure.

Capital requirements of Swedish banks as of Q3 2021

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q3 2021.

Resilience is needed as the risks in the commercial real estate sector increase

The economic recovery has been stronger than expected this year, in part due to strong support measures during the pandemic. At the same time, risks are building up, writes Finansinspektionen (FI) in its second stability report of the year. The report is being presented today by Director General Erik Thedéen and Chief Economist Henrik Braconier at a press conference.

Stability in the Financial System (2021:2)

Sweden’s economy has largely recovered and there is good access to financing in the financial system. The Riksbank should therefore begin the phase-out of asset purchasing to avoid further increase of risk-taking. Amongst others, FI sees growing risks within the commercial real estate companies.

IMF to assess financial stability in Sweden

2021-11-19 | News Stability Markets

The International Monetary Fund (IMF) will conduct a review of the financial sector and the work of the authorities on financial stability, a so-called FSAP (Financial Sector Assessment Program) in 2022. FSAPs are conducted regularly for countries with systemically important financial markets. In its report, the IMF will highlight any flaws and risks in the system and propose measures to deal with them.

Continued problems with credit assessments of consumer credits

2021-11-17 | News Consumer Bank

Borrowers of consumer credits have higher incomes and pay less for their loans in relation to their income compared to previous years. But we are seeing deficiencies in the credit assessment, and many borrowers are still receiving collection notices. Young borrowers are still overrepresented among those that experience early repayment problems. These are the conclusions from this year’s consumer credit survey.

Swedish Consumer Credit

2021-11-17 | Reports Consumer Bank

One of Finansinspektionen’s (FI) assignments is to promote a high level of protection for consumers on the financial markets. FI does this in part by conducting an annual survey of new consumer credit. The survey helps enhance our understanding of consumer credit and the risks it entails for borrowers. Loans and loan service payments have a major impact on household finances. For a borrower with an average income that takes out a large consumer credit, the monthly payment for the interest and amortisation payments can correspond to the payment of a significantly larger mortgage.

TRS 2 closed for maintenance 18 November

2021-11-16 | News Reporting Markets

TRS 2 will be closed for maintenance the 18 November.

Crypto-assets are a threat to the climate transition – energy-intensive mining should be banned

The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions. Crypto-asset producers are keen to use more renewable energy, and they are increasing their presence in the Nordic region. Sweden needs the renewable energy targeted by crypto-asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement. Energy-intensive mining of crypto-assets should therefore be prohibited. This is the conclusion of the director generals of both the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency.

Erik Thedéen talks about sustainability reporting at COP26

A global standard for sustainability reporting will make it possible for the finance sector to steer investments from harmful activities to activities that contribute to the climate transition. Finansinspektionen’s (FI) Director General Erik Thedéen will be at the UN’s climate conference (COP26) in Glasgow to talk about this work.

The TRS2 test environment closed on Monday for maintenance

2021-10-27 | News Reporting Markets

On Monday, 1 November, the TRS2 test environment will be closed for maintenance.

Incident in the TRS 2 test environment resolved

2021-10-22 | News Reporting Markets

The incident entailing missing or incomplete feedback in the TRS2 test environment has been resolved today the 22 October. FF- and FD-files are now generated normally.

FI increases sustainability efforts with new manager

Finansinspektionen (FI) is creating a new position to strengthen its work within sustainability. Johanna Fager Wettergren will be the new Head of Sustainable Finance.

Ongoing incident in the test environment for TRS 2

2021-10-21 | News Reporting

There has been an ongoing incident since 18 October in the test environment for TRS 2. Submitting entities are either not receiving all expected feedback or receiving no feedback at all (neither FF nor FD files). Troubleshooting is in progress.

Danske Bank has deficiencies in its anti-money laundering work

Danske Bank has not sufficiently assessed the risk of how the bank’s products and services in Sweden may be used for money laundering and terrorist financing. Danske Bank must therefore rectify these deficiencies no later than June 30, 2022.

Danske Bank receives injunction to take remedial action

Danske Bank has not sufficiently assessed the risk of how the bank’s products and services in Sweden may be used for money laundering and terrorist financing. Danske Bank therefore must rectify this deficiency no later than 30 June 2022.

FI withdraws the authorisation of securities company Nordic Fondkommission AB

2021-10-13 | News Consumer Markets

Finansinspektionen (FI) is withdrawing the authorisation of securities company Nord Fondkommision AB (Nord) due to severe deficiencies in the company’s advisory activities and other areas. This decision means that the company must cease all regulated activities. As a result, it may no longer provide financial advice or sell financial products. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Wednesday, 13 October, at 10:00 AM.

Nord Fondkommission AB’s authorisation is withdrawn

Finansinspektionen (FI) is withdrawing all of Nord Fondkommission AB’s (Nord) authorisations due to severe deficiencies, in part in the company’s advisory services.

FI Supervision 24: Complaints handling in insurance firms

Finansinspektionen (FI) conducted a survey of twenty insurance firms and determined that the firms in general handle complaints in a satisfactory manner, but there is room for improvement.

Children can understand money’s value even without cash

Cash is not necessary for children to understand the value of money. This is the outcome of a study by KTH Royal Institute of Technology that was commissioned by Finansinspektionen (FI). Parents therefore should not let the decreasing use of cash stand in the way of teaching children about money, a knowledge that children need to have for a good understanding of their personal finances as adults.

FI raises the countercyclical buffer rate to 1 per cent

Finansinspektionen (FI) has decided to raise the countercyclical buffer rate to 1 per cent. The new buffer rate will be applied as of 29 September 2022. Until then, the buffer rate will remain at 0 per cent.

FI opens investigation into EQT AB

Finansinspektionen has decided to open an investigation into EQT AB for suspected breach of the Market Abuse Regulation (MAR) in conjunction with a delayed disclosure of inside information. FI’s handling of this matter is thus entering a new phase.

FI notifies the EU regarding extension of the existing risk weight floor for Swedish Mortgages

Finansinspektionen has notified the Commission and the European Systemic Risk Board (ESRB) that it intends to adopt a decision to extend the current risk weight floor for Swedish Mortgages for a period of two years, in accordance with Article 458 of the CRR.

TRS 2 closed for maintenance

2021-09-17 | News Reporting Markets

On Friday, 24 September, until Sunday, 26 September, TRS 2 will be closed for maintenance.

New guidelines regarding consumer credit assessments

2021-09-15 | Fintech Regulations News

Many consumer credit assessments need to improve to fulfil the requirements of the Consumer Credit Act. Finansinspektionen (FI) is therefore now clarifying what information lenders should gather for a credit assessment and how this information should be used. The new general guidelines will go into effect on 1 November 2021.

FI reviews EQT’s handling of delayed disclosure

On 7 September, FI received a notification from EQT AB regarding a delayed disclosure of inside information. On 14 September, FI requested that the company submit an account of the circumstances that served as a basis for the delayed disclosure. FI will analyse the response from EQT AB in order to decide if there are grounds for further action.

FI intends to raise the countercyclical buffer rate to 1 per cent

Finansinspektionen (FI) intends to raise the countercyclical buffer rate to 1 per cent in Q3 2021.

FI wants the EU to comply with Basel III

During the autumn, the European Commission will publish a proposal for updated capital adequacy rules for banks within the EU. Finansinspektionen (FI) now urges the EU Commission to stick to the Basel III agreement.

Karin Lundberg: Finansinspektionen’s view on capital and distributions

Karin Lundberg, Executive Director of Banking, talked about Finansinspektionen’s view on capital and distributions in a speech at the  UBS Annual Nordic Financial Services Conference.

New procedures for submission of Key Investor Information Document for foreign UCITS

2021-09-01 | Funds News Markets

Pursuant to Article 93 (7) and (8) of Directive 2009/65/EC, a foreign UCITS established in another Member State authorised for marketing in Sweden must submit to Finansinspektionen annual updates of KIID(s) or updated KIID(s) of share class(es) authorised for distribution in Sweden.

LEI validation in the TRS 2 system is functional again

2021-09-01 | News Reporting Markets

FI has received and input all GLEIF LEI data files that were missing in the TRS 2 system due to an incident that occurred at ESMA during the period 2021-08-10–2021-08-27.

The TRS 2 system has an ongoing IT incident

2021-08-25 | ESMA News Reporting

ESMA has had an ongoing IT incident since 10 August 2021 that has prevented it from delivering to national supervisory authorities LEI reference data files for transaction validation.

Capital requirements of Swedish banks as of Q2 2021

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q2 2021.

Proposal to repeal regulations regarding MREL reporting

FI proposes that the regulations (FFFS 2019:1) regarding periodic reporting of data on the minimum requirement for own funds and eligible liabilities (MREL) be repealed.

Mortgages must be amortised again

The rules on amortisation go into effect as normal again after 31 August. The temporary exemption that Finansinspektionen (FI) introduced due to the exceptional uncertainty in the economy during the spring of 2020 is now ending. This means that households with high loan-to-value and debt-to-income ratios must amortise their mortgages.

FI will not extend its recommendation regarding dividends

Uncertainty is decreasing, and the economy is continuing to recover. Therefore, the recommendation regarding restrictions on dividends will not be extended. The recommendation ends on 30 September 2021.

Large Swedish banks show resilience in EU stress test

2021-08-02 | EBA News Bank

The five largest Swedish banks are resilient and have the ability to withstand a sharp deterioration in market conditions, based on the stress test conducted by the European Banking Authority (EBA).

Updated Pillar 2 method for assessing flowback risk associated with securitisation

FI has updated its method for assessing flowback risks associated with securitisation for individual banks. The aim is to decide, where applicable, on an additional own funds requirement under Pillar 2 for flowback risks associated with securitisation. This enables us to safeguard that a bank is sufficiently covering the flowback risks to which it is exposed.

FI investigates IT incident at Klarna

2021-07-05 | News Bank

FI will investigate whether Klarna violated its duty of confidentiality in conjunction with an IT incident in May when the bank’s customers were able for a limited time to access information about one another. This matter will be added to the investigation that FI has already opened into Klarna’s work with information and cyber security.

Overall assessment of macroprudential measures

Since 2010, FI has implemented a number of macroprudential measures aimed at increasing the resilience in the financial system and subduing the risks associated with high and rising household debt. These measures include tightening the capital requirements on banks and introducing a mortgage cap and two amortisation requirements. In this report, we present an overall assessment of these measures, with a focus on the measures that, via lenders, place restrictions on households’ mortgage borrowing.

Macroprudential measures subdue household loans

2021-06-30 | Mortgage News Stability

The mortgage cap and amortisation requirements have had intended effect and subdued household debt. They are slowing a scenario where new mortgagors borrow more, taking larger loans in relation to the value of the home or their income. These are the conclusions of Finansinspektionen’s (FI) evaluation of the macroprudential measures implemented in Sweden.

FI Analys No 34: Temporary amortisation exemption led to new mortgagors borrowing

The temporary amortisation exemption resulted in new mortgagors borrowing almost 4 per cent more and buying homes that were approximately 1 per cent more expensive, concludes a new FI Analysis.

Maiden Life receives warning and administrative fine

2021-06-23 | Sanctions Insurance

Finansinspektionen is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.

Maiden Life receives warning and administrative fine

2021-06-23 | News Insurance

Finansinspektionen (FI) is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.

FI reciprocates Norwegian risk weight floor

2021-06-21 | ESRB News Stability

Finansinspektionen has passed a decision to reciprocate the Norwegian Ministry of Finance’s decision to implement an average risk weight floor of 20 per cent for retail exposures collateralised by real estate in Norway and of 35 per cent for corporate exposures collateralised by real estate in Norway.

FI Supervision Report 23: Observations from anti-money laundering reporting

FI has analysed and compared information that firms under FI’s money laundering supervision reported to the authority during the years 2018-2021. The analysis indicates areas where the companies need to develop their processes to better handle the risk of being misused for money laundering or terrorist financing.

Erik Thedéen: Crypto-assets – risks and opportunities

“The technology behind crypto-assets has the potential to create value for society, but crypto-assets like Bitcoin also pose significant risks,” said Erik Thedéen, when he spoke about the development of crypto-assets today at a seminar arranged by the Swedish Investor Relations Association.

FI Analysis No. 33: Household debt and resilience

The ability to borrow is beneficial to households in many ways. At the same time, debt can make their consumption more sensitive to unexpected changes in interest rates, income, and house prices. This, in turn, can affect how the economy evolves in a crisis. But measures that lead to lower debt don’t necessarily increase the resilience of all households. To assess the effects of borrower-based measures, it is necessary to also consider households’ balance sheets, in particular their liquid assets.

TRS 2 closed for maintenance

2021-06-08 | News Reporting Markets

On Wednesday, 16 June, TRS 2 will be closed for maintenance.

Stability in the Financial System (2021:1)

The economy is continuing to recover. Support measures have been necessary to speed up the recovery, but they need to be gradually phased out as the economy strengthens. This applies primarily to measures that are associated with the build-up of stability risks.

Support measures can build up stability risks

The support measures have been important for offsetting the economic impact of the crisis and speeding up the recovery. However, they can also contribute to greater stability risks in the long run, concludes Finansinspektionen (FI) in this year’s first report on the stability in the financial system, which is being published today.

Liquidity tools in UCITS and special funds

2021-06-01 | Funds Reports Markets

Finansinspektionen concludes in a new report that fund managers need access to additional tools to manage liquidity risks in Swedish UCITS and special funds. We consider there to be a certain type of swing pricing that could be used already today. The report outlines a suggestion for how to regulate this and other liquidity management tools in legislation and regulations. FI takes the position that Swedish UCITS only need to be open for redemptions once a week. We suggest that the funds instead only need to be open for redemptions twice a month.

FI leaves the countercyclical buffer rate unchanged

Finansinspektionen (FI) leaves the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 1.6 per cent.

FI’s approach to assess suitable level of own funds in Swedish banks (Pillar 2 guidance)

FI has decided on a general approach to assess the size of a bank’s so-called Pillar 2 guidance. The approach is based on a two-step assessment that starts with a sensitivity-based stress test.

Capital requirements of Swedish banks as of Q1 2021

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q1 2021.

Memorandum Legislative Measures due to the EU’s Green Taxonomy Regulation

Finansinspektionen (FI) supports in general the proposals in the memorandum. However, FI has some feedback points about the proposals.

Low income the greatest risk factor for loans leading to debt with the Swedish Enforcement Authority

2021-05-12 | News Consumer

One fifth of all debts with the Swedish Enforcement Authority come from loans. And people with low incomes run the greatest risk of suffering repayment problems. Repayment problems often start with life events such as unemployment or illness. This is shown by a new analysis from Finansinspektionen (FI), the Swedish Consumer Agency and the Swedish Enforcement Authority.

FI Analysis 32: Loans, Repayment Problems and Debts with the Swedish Enforcement Authority

2021-05-12 | Reports Consumer

Loans and other debts are of significance to repayment problems. This analysis focuses on the significance of loans to individual’s repayment problems.

TRS2 Test environment will be closed 19 May

2021-05-11 | News Reporting Markets

On Wednesday, 19 May, the test environment of the TRS 2 system will be closed for maintenance.

FI Analysis 31: Funding structure of the major banks – historical trends

2021-05-11 | Reports Bank

This FI analysis describes the funding structure of the major Swedish banks in the period 2002–2019. Consequently, the period analysed does not cover the ongoing pandemic and its impact on the financial markets through central banks’ and supervisory authorities’ various monetary policy and supervision measures.

Appointment of FI’s Director General has been extended

2021-04-29 | News About FI

The Government has decided to extend Erik Thedéen’s employment as director general and head of Finansinspektionen by three years.

FI introduces new reporting system

2021-04-26 | News Reporting Markets

FI has decided to replace several of our existing reporting systems with a new system with the aim of better meeting current and future legal requirements and enhancing user-friendliness for the companies that report via the systems. The new reporting system, FIDAC, will be used for both periodic and event-driven reporting.

Erik Thedéen: The private sector can and should take the chance to speed up the transition

Climate change is an existential threat to mankind. In order to meet this threat, we need extensive policy decisions. In particular, carbon prices must go up. The private sector and the financial market can contribute, said Finansinspektionen’s Director General Erik Thedéen at the Hållbara Finanser 2021 conference (Sustainable Finances). By already preparing now to be able to quickly report in accordance with future international standards on corporate sustainability reporting and also voluntarily using and reporting internal carbon pricing.

New borrowers are taking larger mortgages

2021-03-24 | Mortgage News Stability

New borrowers are continuing to take larger mortgages in relation to their income and the value of their home, according to this year’s Swedish Mortgage Market, which is being presented today by Finansinspektionen (FI). FI also announces in the report that the temporary exemption from the amortisation requirement will end on 31 August.

The Swedish Mortgage Market (2021)

New borrowers continue to take larger mortgages in relation to their income and the value of their home. At the same time, they have good margins for servicing their loans under weaker economic conditions.

FI’s approach to setting the countercyclical capital buffer

In a new memorandum, Finansinspektionen describes the general principles for the application of the countercyclical capital buffer. FI is also leaving the countercyclical capital buffer unchanged at 0 per cent.

New memorandum and level of the countercyclical buffer rate

Today Finansinspektionen (FI) publishes a new memorandum, describing its approach for setting the countercyclical buffer rate. FI also leave the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 2.1 per cent.

FI’s approach to setting the countercyclical capital buffer

In a new memorandum, Finansinspektionen describes the general principles for the application of the countercyclical capital buffer.

FI Analysis 30: Internal price on carbon – what and why?

To reach the climate goals in the Paris Agreement, carbon emissions must go down. The most efficient way to achieve this is by raising the cost of emissions compared to today.

Sustainability Report 2021 – the climate in focus

Finansinspektionen has an assignment to promote the financial system’s contribution to sustainable development. The sustainability report outlines the current sustainability issues that are related to the financial sector and lists examples of what FI is working on in this area.

Enhanced review of sustainability in banks

2021-03-18 | Sustainability News Bank

FI will include a sustainability perspective when reviewing business models and credit risks of banks, according to a report published by FI today.

Temporary lowering of notification threshold expires

2021-03-15 | ESMA News Reporting

The European Securities and Markets Authority (ESMA) has decided not to renew its decision to temporarily lower the notification threshold for when net short positions are to be notified to the relevant national competent authority.

FI extends the risk weight floor for Swedish mortgage exposures

FI has decided to extend the risk weight floor by one year, from 30 December 2020 to 30 December 2021.

Cyber threats and financial stability – FI’s roll and assignments

In recent years, a number of legislative proposals and other initiatives have been presented to strengthen the financial sector’s resilience to cyberattacks. Given this background, Finansinspektionen has prepared a memorandum to describe FI’s role in terms of contributing to strong cyber security and its work to prevent cyber threats to the Swedish financial sector.

FI clarifies obligations for third-party payment service providers

2021-03-03 | PSD 2 Fintech News

Finansinspektionen would like to clarify the obligations of third-party payment service providers when gathering information about bank customers’ payment accounts via digital interfaces. FI has also contacted the banks and reminded them about their obligations as an account servicing payment service provider (ASPSP).

IOSCO takes important step towards global sustainability disclosure

An important step has now been taken towards a global standard for sustainability reporting. The Board of Directors of the International Organization of Securities Commissions (IOSCO) voted during its meeting yesterday for IOSCO to actively work to achieve a unified and comparable global standard for sustainability disclosure. IOSCO’s work in this area is being carried out within the work group led by Finansinspektionen’s Director General Erik Thedéen.

Capital requirements of Swedish banks as of Q4 2020

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q4 2020.

Young adults and low-income earners face greatest risk of debt trap

2021-02-24 | News Consumer Markets

Young borrowers and borrowers with low income run a higher risk of experiencing payment problems when they take non-mortgage loans, even if they only borrow small amounts. At the same time, the risk that consumers will get trapped in debt decreases if credit providers conduct thorough credit assessments. These are the conclusions of a new analysis from Finansinspektionen that is presented in conjunction with this year’s consumer protection report.

FI Analysis 29: Why do some borrowers experience payment problems?

2021-02-24 | Reports Consumer

Young borrowers and borrowers with low income have a higher risk of experiencing payment problems when taking non-mortgage loans. The risk decreases if the credit providers conduct more thorough credit assessments. These are the conclusions drawn in a new report from Finansinspektionen (FI).

Consumer Protection Report 2021

2021-02-24 | Reports Consumer Markets

Paying by invoice or with other credit-based offers is becoming an integral part of shopping online. Young adults are unique with their small margins and large number of payment reminders and collection notices. Unaffordable loans are a prioritised consumer risk in this year’s report.

FI warns consumers of risks connected to cryptoasset products

Think carefully before buying a financial product containing cryptoassets. The risks are significant and the protections for you as a consumer are weak, FI warns today.

FI Supervision Report 21: Financial instruments with crypto-assets as underlying asset

2021-02-22 | Fintech Reports Consumer

FI conducted a thematic review of the market for financial instruments with crypto-assets as an underlying asset. FI is of the view that there is a lack of adequate consumer protection regulation for crypto-assets. Valuing them is also challenging and the instruments are volatile. This makes the products unsuitable for most, if not all, retail consumers.