Implementation of the European supervisory authorities’ guidelines and recommendations

Finansinspektionen finds that guidelines from the European supervisory authorities addressed to competent authorities or financial market participants are equivalent to Swedish general guidelines.

The ESA regulations imply that competent authorities or financial market participants shall, directly due to the regulations, make every effort to comply with these guidelines. Since the regulations are directly effective, Finansinspektionen will not issue any general guidelines of its own. However, when Finansinspektionen deems it necessary, guidelines can be reworked into binding rules in the form of regulations.

Already when a proposal for a new guideline is presented, Finansinspektionen intends to analyse whether the proposal is within the mandate of the European supervisory authorities and how the proposal stands in relation to Swedish law. Finansinspektionen intends to work actively both internationally and in Sweden in order for the procedure of preparing guidelines to be more transparent and predictable.