A stable, well-functioning financial market for allA stable, well-functioning financial market for allNews
Here you can find news from FI.
2021
Application for administrator authorisation – STIBOR may continue to be used while FI evaluates the application
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).
Recommended actions in the event STIBOR is no longer provided
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 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
European Commission approves extension of the risk weight floor for Swedish mortgages
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.
IMF to assess financial stability in Sweden
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
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.
TRS 2 closed for maintenance 18 November
TRS 2 will be closed for maintenance the 18 November.
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
On Monday, 1 November, the TRS2 test environment will be closed for maintenance.
Incident in the TRS 2 test environment resolved
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
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.
FI withdraws the authorisation of securities company Nordic Fondkommission AB
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.
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.
TRS 2 closed for maintenance
On Friday, 24 September, until Sunday, 26 September, TRS 2 will be closed for maintenance.
New guidelines regarding consumer credit assessments
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.
New procedures for submission of Key Investor Information Document for foreign UCITS
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
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
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
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).
FI investigates IT incident at Klarna
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.
Macroprudential measures subdue household loans
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.
Maiden Life receives warning and administrative fine
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
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.
TRS 2 closed for maintenance
On Wednesday, 16 June, TRS 2 will be closed for maintenance.
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.
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.
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.
Low income the greatest risk factor for loans leading to debt with the Swedish Enforcement Authority
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.
TRS2 Test environment will be closed 19 May
On Wednesday, 19 May, the test environment of the TRS 2 system will be closed for maintenance.
Appointment of FI’s Director General has been extended
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
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.
New borrowers are taking larger mortgages
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.
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.
Enhanced review of sustainability in banks
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
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 clarifies obligations for third-party payment service providers
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
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 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’s prioritised areas for 2021
Are the banks conducting thorough credit assessments when customers apply for consumer credit? Are smaller banks and payment service firms taking sufficient measures to prevent money laundering? What risks will the coronavirus pandemic pose in the future? These are three areas that Finansinspektionen (FI) will look more closely at in 2021.
Don’t be fooled again
Have you been the victim of investment fraud? Then there is a risk that you will be targeted again. You might be contacted with new investment offers, or you might receive a fake offer to help recover previous losses. Sometimes these offers come right after the first fraud, but other times they come several years later.
Clarification of Finansinspektionen's sanction decision against Nasdaq Clearing AB
By its decision of 26 January 2021, Finansinspektionen (FI) issued Nasdaq Clearing AB a warning for serious deficiencies in its operations. According to the decision, Nasdaq Clearing must also pay an administrative fine of SEK 300 million.
Nasdaq Clearing receives warning and administrative fine of MSEK 300
Finansinspektionen (FI) is issuing Nasdaq Clearing AB a warning for serious deficiencies in its operations, in part in conjunction with a member of the firm’s commodities market being declared in default in 2018. Nasdaq Clearing must also pay an administrative fine of SEK 300 million.
TRS 2 closed for maintenance
On Tuesday, 26 January, TRS 2 will be closed for maintenance.
