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2020
New procedures to enhance transparency
As of 1 January 2021, FI will implement new procedures for how it announces opened and closed supervision investigations.
Households’ finances and financial literacy 2020
Single-adult households with children continue to have a more difficult financial situation than other households. FI has measured households’ financial literacy and found that it has improved in almost all areas compared to previous surveys.
Financial firms must be restrictive with dividends until September 2021
In light of the economic uncertainty caused by the ongoing coronavirus pandemic, FI expects banks, including credit institutions and other financial firms such as insurance companies, to be restrictive with dividends and share buybacks until 30 September 2021. During this period, total dividends from and buybacks by the banks should not exceed 25 per cent of their aggregate net earnings for the two financial years 2019–2020.
Maintenance of TRS2 system planned for beginning of January 2021 in conjunction with Brexit
Due to Brexit, ESMA will have a maintenance window from 31 December 2020 through (preliminarily) 7 January 2021.
US central bank joins NGFS
FI welcomes the Federal Reserve to the Network for Greening the Financial System (NGFS), which celebrates its third anniversary today.
Reminder: what a hard Brexit will entail
What will happen in the event that the transition period ends without an agreement between the EU and the UK.
Dampened recovery can weaken financial stability
An increase in the spread of the coronavirus will dampen the recovery in European economies and, in the long run, this could impact financial stability, writes Finansinspektionen (FI) in this year’s second stability report, which will be published today.
Capital requirements of Swedish banks as of Q3 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 Q3 2020.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 24 November not to change the countercyclical buffer rate. 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 1.7 per cent.
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.
Bank dividends not appropriate until the situation has stabilised
As the crisis unrolled this past spring in full force, it required fast and extraordinary measures. For example, FI lowered the countercyclical buffer requirement for the banks and encouraged them at the same time to postpone their dividend payments until the situation had become clearer. During the autumn, FI repeated its message to the banks to not make any dividend payments in 2020.
AK Nordic receives a remark and an administrative fine
Finansinspektionen (FI) is issuing credit market company AK Nordic AB a remark. The company must also pay an administrative fine of SEK 20 million.
TRS 2 closed for maintenance
On Friday, 16 October, from 1:00 PM to 4:00 PM, TRS 2 will be closed for maintenance.
The new Short Selling Register is launched today
Today, FI launches a new Short Selling Register for significant net short positions.
Credit checks must be improved
Large credits are growing, but the smallest credits are growing faster. More borrowers are having difficulty making their payments soon after the credits are granted, and these payment difficulties are more prevalent among younger borrowers than older borrowers. These are some of the conclusions from Finansinspektionen's report this year on consumer credit. These conclusions indicate that lenders’ credit checks are not working as they should, and FI is therefore now reviewing the guidelines.
FI proposes amended rules and a change in the application of banks’ capital requirements
FI is proposing regulatory amendments and a change in the application of capital requirements for Swedish banks in order to adapt to the EU’s so-called banking package.
New reporting system for short selling is launched today
Today, FI launches a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
New reporting system for short selling to be launched this week
This week, FI will launch a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
FI confirms investigation into Swedbank
Swedbank has written in a press release that FI is investigating potential breaches of the Market Abuse Act. Given that the company has chosen to disclose information about the investigation, FI confirms that the information is correct. FI has opened an investigation.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 9 September not to change the countercyclical buffer rate. 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 1.3 per cent.
Reminder: New log-in method for periodic reporting replaces reporting card
Finansinspektionen would like to remind rapporteurs that FI has introduced a new log-in method for periodic reporting filed via an application on the computer that previously required a card and card reader. The new method requires users to log in using Bank ID.
Continued grounds for suspension of dividend payments for the rest of the year
Despite positive signals, there is still considerable uncertainty about how the coronavirus pandemic will develop in the next few months in both Sweden and the rest of the world. To ensure the banks’ resilience in a situation that continues to be uncertain, the banks should suspend the payment of dividends to shareholders in 2020. This was the message from Finansinspektionen’s Director General Erik Thedéen at Fastighetsdagen today.
Capital requirements of Swedish banks as of Q2 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 Q2 2020.
TRS 2 closed for maintenance
On Friday, 28 August, TRS 2 will be closed for maintenance.
New log-in method for periodic reporting replaces reporting card
Finansinspektionen has introduced a new log-in method for periodic reporting filed via an application on the computer that previously required a card and card reader. The new method requires users to log in using Bank ID.
ESRB recommendation on distribution
The COVID-19 pandemic has incurred large human and economic costs and also affected the financial sector. Maintaining own funds in financial institutions is important both for ensuring the resilience of the financial system and supporting banks' lending through this crisis.
New reporting system for short selling
In the autumn of 2020, Finansinspektionen will introduce a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
UCITS holdings now published
The first publication occasion covers UCITS holdings for Q1 2020 and older figures for the period Q4 2018 onward. The data will from now on be published with a two-month delay. This means that the holdings for Q2 2020 will be published on 1 September.
SEB receives an administrative fine for deficiencies in its work to combat money laundering in the Baltics
SEB has not sufficiently identified the risk of money laundering in its Baltic operations and has had deficiencies in its governance and control of the Baltic subsidiary banks’ anti-money laundering measures. SEB is therefore being issued a remark and an administrative fine of SEK 1 billion.
FI will hold press conference about SEB
Finansinspektionen (FI) will hold a press conference on Thursday, 25 June, following the Board of Directors’ decision regarding the investigation into SEB AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
JAK Medlemsbank receives a remark and an administrative fine
JAK Medlemsbank (JAK) has been deficient in its work to prevent money laundering and terrorist financing. The bank is therefore being issued a remark and must pay an administrative fine of SEK 1.6 million.
New log-in method for periodic reporting replaces reporting card
On 18 August 2020, FI will introduce a new log-in method for periodic reporting filed via an application on the computer and that previously required a card and card reader. The new method requires users to log in using Bank ID.
Measures stabilised the financial situation
Governments, central banks, and authorities around the world have taken powerful measures to mitigate the economic impact of the coronavirus pandemic. These measures also helped dampen uncertainty on the financial markets. By utilising available buffers and continuing to lend to firms and households, the financial sector can dampen the impact of the crisis. It is also important to remember that the economic crisis is not over, and uncertainty is therefore high, notes Finansinspektionen (FI) in its first stability report of the year.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 3 June not to change the countercyclical buffer rate. 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 0.48 per cent.
FI withdraws the authorisation of investment firm Exceed
Finansinspektion (FI) immediately withdraws the authorisation for Exceed Capital Sverige AB. Under FI’s decision, the company loses all its authorisations and may no longer conduct regulated business. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Tuesday, 2 June, at 2:00 PM.
Global sustainability network NGFS publishes status report and guide for supervisors
The global sustainability network NGFS (Network for Greening the Financial System) is publishing today a report on how banks around the world consider climate-related risks in their lending. The report shows that this is occurring more frequently, but it is at the same time difficult to see which loans constitute a lower risk. This is because, for example, there is no international classification and a shared perception of which assets are “green” and “brown”.
Capital requirements of Swedish banks as of Q1 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 Q1 2020.
New collection of data in EIOPA’s ongoing impact assessment of the Solvency II Review
The European Insurance and Occupational Pensions Authority (EIOPA) will collect new data for its ongoing impact assessment to assess the effects of the coronavirus pandemic.
FI resumes work on supervision investigations
FI decided on 1 April given the acute stage of the coronavirus pandemic to extend the freeze on new supervision investigations until 3 May. This decision will not be extended again, which means that the freeze on ongoing supervision meetings, investigations and information gathering will be lifted starting on 4 May.
EU authority publishes consumer guides on insurance
Due to the coronavirus pandemic, the European Insurance and Occupational Pensions Authority (EIOPA) has published a consumer guide with tips that target insurance customers.
EIOPA on principles for mitigating the effects of the coronavirus pandemic in the occupational pensions sector
The European Insurance and Occupational Pensions Authority (EIOPA) has published a statement on principles that national competent authorities should consider to mitigate the impact of the coronavirus pandemic on the occupational pensions sector.
FI issues Skandia Liv a warning
Skandia Liv has not calculated its capital need and commitments to its customers realistically or correctly for several years. This has entailed that the company’s customer protection and the company’s solvency have not been fairly assessed. Skandia Liv is therefore receiving a warning and an administrative fine of SEK 35 million.
The Swedish Bankers’ Association transfers administration of STIBOR to Swedish Financial Benchmark Facility
The Swedish Bankers’ Association has announced that the association is transferring the administration of the Swedish benchmark STIBOR to Swedish Financial Benchmark Facility (SFBF), whereupon the task of adapting STIBOR to the requirements set out in the EU Benchmarks Regulation falls to SFBF. Finansinspektionen will assess the application for authorisation of SFBF as administrator of STIBOR when it is submitted.
ESMA’s guidelines on alternative performance measures – questions and answers on COVID-19
Due to the coronavirus pandemic, the European Securities and Markets Authority (ESMA) has published new Q&As on its guidelines for alternative performance measures (APMs). ESMA aims with this document to continue to promote common application of the guidelines in the EU countries.
Minutes of the Financial Stability Council Meeting on 16 April
The minutes from the Financial Stability Council’s extraordinary meeting on 16 April have now been published on the Council’s website.
Financial Stability Council convenes an extraordinary meeting on 16 April
On Thursday, 16 April, the Minister for Financial Markets and Housing Per Bolund, Finansinspektionen, the Riksbank, and the Swedish National Debt Office will convene an extraordinary meeting of the Financial Stability Council.
FI’s view on the application of the EBA’s new guidelines on moratoria
The European Banking Authority (EBA) published guidelines on 2 April on the criteria that must be fulfilled in order for measures taken to be viewed as general moratoria. FI considers exemptions from amortisation requirements for mortgages and payment reliefs for small and mid-sized firms in accordance with the Swedish National Debt Office’s loan guarantees to be measures that can be viewed as general moratoria under the guidelines.
Banks may now grant amortisation exemption
FI’s Board of Directors has decided that the proposal communicated on 2 April will go into effect as of today. This means that banks will now be able to grant both new and existing mortgagors exemption from the requirement on amortisation. The exemption gives mortgagors greater financial manoeuvrability in these uncertain times during the spread of COVID-19.
ESMA statement on publication of periodic reports for investment funds
The European Securities and Markets Authority (ESMA) has published a statement on the coronavirus pandemic’s impact on the possibilities for managers of different types of funds to fulfil the requirements on when publication of periodic reports is to occur according to their respective regulations.
Proposed general guidelines for exemption from amortisation requirements on special grounds
The proposal provides mortgage undertakings with the possibility of granting all new and existing mortgagors a temporary exemption from amortisation requirements. The exemption possibility applies during a severe downturn in the Swedish economy. The current situation due to the spread of the corona virus is a clear example of when the exemption may be granted to all mortgagors amortising in accordance with the amortisation regulations.
Banks may grant all mortgagors amortisation exemption
Banks will have the possibility of offering all new and existing mortgagors an exemption from the amortisation requirements due to the spread of the coronavirus and its effects on the Swedish economy. The exemption will be in force until the end of June 2021. This enables Finansinspektionen to provide all mortgagors with greater manoeuvrability in these uncertain times.
Reporting on money laundering postponed
Due to the current situation with the ongoing spread of the coronavirus, Finansinspektionen has postponed the deadline for the annual reporting on money laundering and financing of terrorism. The deadline has been pushed forward from 31 March 2020 to 30 April 2020.
ESMA statement on extended deadlines for publishing financial statements
The European Securities and Markets Authority (ESMA) has published a statement on the coronavirus pandemic’s impact on the possibilities of listed companies to fulfil the requirements on when publication of financial statements is to occur according to the Transparency Directive. The Directive has been implemented into Swedish law through the Securities Market Act.
FI expects banks and credit market companies to stop dividend payments
The spread of the coronavirus has created immediate challenges for society and caused economic disruptions throughout Sweden and the global economy. The forecasts for the Swedish economy are rapidly deteriorating. Therefore, it is important the we safeguard a stable supply of credit to households and firms and maintain good resilience in the system. Banks and credit market companies play a crucial role in this respect.
FI delays decision on SEB until June
FI is delaying the decision that will conclude the ongoing sanction assessment in the investigation into the governance and control of anti-money laundering measures at Skandinaviska Enskilda Banken AB (SEB). FI is now planning to pass its decision in June.
EBA’s statement on payment delays linked to COVID-19
The spread of the coronavirus has introduced considerable challenges for society as a whole, and even the financial system. We find ourselves in an exceptional situation, and uncertainty is widespread. These extraordinary circumstances demand appropriate application of existing regulations, including rules for forbearance and assessment of a significant increase in credit risk.
Swedbank fined for serious deficiencies in its measures to combat money laundering
Swedbank AB has had serious deficiencies in its management of the risk of money laundering in its Baltic operations. This is the conclusion of parallel investigations into parent company Swedbank AB and its subsidiary bank Swedbank AS in Estonia that were conducted by Swedish Finansinspektionen (FI) and Estonian Finantsinspektsioon.
FI will hold a press conference related to Swedbank
Finansinspektionen (FI) will hold a press conference on Thursday, 19 March, following the decision by FI’s Board of Directors regarding the investigation into Swedbank’s measures to combat money laundering.
Loss of income due to corona-virus a cause for exemption from amortisation
Due to the spread of the coronavirus disease (COVID-19), many households and firms may be exposed to economic stress. Even if the crisis is expected to be temporary, its effects can be far-reaching. Banks and borrowers may agree to reduce or suspend amortisation payments temporarily given special grounds. FI considers the loss of income linked to COVID-19 to qualify as special grounds.
Decision by FI’s Board of Directors: the countercyclical buffer rate is lowered to zero
During an extraordinary meeting today, Monday, 16 March, FI’s Board of Directors decided to adopt a countercyclical buffer rate of 0 per cent in accordance with the proposal presented on Friday, 13 March 2020.
FI on liquidity coverage ratios (LCR) for Swedish banks
Given the current circumstances, FI would like to clarify that it will temporarily allow banks to fall below the liquidity coverage ratio (LCR) for individual currencies and total currencies.
Proposed amendment to regulations due to reduction in countercyclical buffer rate
Finansinspektionen proposes that the buffer rate be lowered by 2.5 percentage points and set at 0 per cent.
FI lowers the countercyclical capital buffer to zero
The spread of the coronavirus disease is sending serious economic shocks throughout the world and in Sweden. There is currently widespread uncertainty about the future course of events and how far-reaching the economic impact will be. The economic disruptions and the greater uncertainty are also affecting the financial system. Finansinspektionen (FI) will therefore lower the countercyclical capital buffer requirement for banks from 2.5 per cent to 0 per cent. This corresponds to a reduction of around SEK 45 billion. The buffer is being lowered pre-emptively to ensure a well-functioning supply of credit, which helps firms and households maintain production, consumption and investments.
FI comments on COVID-19 and the banks
The spread of the coronavirus disease (COVID-19) is having a financial impact on firms and households around the world. There is considerable uncertainty about how much the disease will impact the global economy. This economic uncertainty also affects the financial system.
Capital requirements of Swedish banks as of Q4 2019
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 2019.
Extra Board Meeting on 19 March at 9:00 AM
The agenda for this meeting includes the investigation into Swedbank AB’s governance and control of anti-money laundering measures in the bank’s subsidiaries in the Baltic countries.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 29 January not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which has applied since 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.18 per cent.
Increased capital requirements on bank loans for commercial real estate
Finansinspektionen (FI) considers there to be elevated risks in the banks’ lending for commercial real estate. The banks should hold more capital for these exposures, which is why FI is raising the capital requirements.
Finansinspektionen is changing SFTP connection for TRS 2
The IP addresses for the production and test environment will change for TRSII SFTP. This change will go into effect on 24 February.
Increased transparency on carbon pricing can strengthen the financial system
FI will explore the possibility of advocating both nationally and internationally increased disclosure of firms’ internal carbon pricing.
New log-in for reporting stock exchange information and major shareholding notifications
On 17 February 2020, FI is introducing a new portal for reporting stock exchange information (previously called “financial reports”) and major shareholding notifications. The new log-in requires BankID and will completely replace the old method of logging in. However, the reporting procedure itself has not been altered and reports are submitted exactly the same way as before.
2019
Clarification on the impact for Swedish banks from revised Basel standards
In relation to the report published by the European Banking Authority (EBA) in August Finansinspektionen would like to make the following clarification on the impact for Swedish banks of the revised Basel standards. According to Finansinspektionen’s calculation, the increase in tier 1 minimum required capital would be about 30 per cent instead of 53 per cent as shown in the report from the EBA (keeping the assumptions and methodology set by EBA, but taking into account the current Swedish mortgage floor for the current risk-weighted assets).
FI opens sanction case in SEB investigation
FI is opening a sanction case in the investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
Planned service disruptions in FI’s reporting systems
From Monday, 2 December, to Tuesday, 10 December, all of FI’s reporting systems will experience service disruptions or closures due to planned maintenance and updates. The extent to which individual systems will be affected will vary.
Capital requirements of Swedish banks as of Q3 2019
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 2019.
FI opens sanction case in Swedbank investigation
FI is opening a sanction case in the investigation into Swedbank AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 24 October not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which has applied since 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.16 per cent.
ESRB recommendation to Sweden for vulnerabilities in the residential real estate sector
The European Systemic Risk Board (ESRB) has issued warnings to five EEA countries and recommendations to six EU countries for medium-term vulnerabilities in their respective residential real estate sectors. Sweden is one of the countries that receives a recommendation. The recommendation suggests appropriate actions to address the identified vulnerabilities. In 2016, the ESRB issued a warning to Sweden regarding risks in the residential real estate sector.
Martin Noréus resigns from FI
FI’s Deputy Director General and Executive Director of Banking, Martin Noréus, has resigned from his position at FI to become Chief Compliance Officer at Handelsbanken.
Reinhold Europe AB must pay administrative fine
Finansinspektionen (FI) has decided that Reinhold Europe AB must pay an administrative fine of SEK 750,000.
StrateVic Finance Group AB must pay administrative fine
Finansinspektionen (FI) has decided that StrateVic Finance Group AB must pay an administrative fine of SEK 1,500,000.
New rules on contingency mechanisms for a dedicated interface
New rules enter into force in the EU on 14 September 2019 on contingency mechanisms for a dedicated interface. Finansinspektionen would therefore like to provide the following information for firms under supervision.
New rules on strong customer authentication
FI is publishing a Q&A on new rules that will go into effect on 14 September.
Comments to questions about conflict of interest in the supervision of Swedbank
Due to the announcement that Folksam’s CEO Jens Henriksson has been named President and CEO of Swedbank, FI has received questions about whether this gives rise to a conflict of interest since FI’s Director General Erik Thedéen was previously Managing Director of KPA, which Folksam owns together with SKL.
Timeframe for investigations into Swedish banks’ management of money laundering risks in the Baltics
During the month of July, FI sent notification letters to SEB and Swedbank as part of the investigations into the banks’ management and control of money laundering risks in Estonia, Latvia and Lithuania.
Capital requirements of Swedish banks as of Q2 2019
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 2019.
New Chief Legal Counsel
Eric Leijonram named Chief Legal Counsel at Finansinspektionen.
FI’s Director General Erik Thedéen reappointed to ESMA’s Management Board
FI’s Director General Erik Thedéen was reappointed to the Management Board of the European Securities and Markets Authority (ESMA) for a further 2½ year term.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 5 July not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which will be applied as of 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.04 per cent.
Hoylu AB receives an administrative fine
Finansinspektionen (FI) has decided that Hoylu AB (Hoylu) must pay an administrative fine of SEK 2.1 million due to deficiencies in following the EU Market Abuse Regulation (MAR). Hoylu, a company in the field of communication, is an issuer listed on Nasdaq First North.
