A stable, well-functioning financial market for allA stable, well-functioning financial market for allResult
2024
TRS 2 system closed 4−5 December
The TRS 2 system will be closed for maintenance Wednesday, 4 December and Thursday, 5 December 2024.
Stability in the Financial System (2024:2): Improved outlook, but risk of set-backs
The outlook for financial stability has improved somewhat in the past six months. Sweden continues to experience a mild economic downturn, but interest rate cuts are contributing to improved optimism about the future. At the same time, the uncertain global economic and geopolitical situation is leading to heightened risks, in part in the form of cyber attacks. These are the conclusions of FI’s second stability report for the year.
TRS 2 system closed 7 November
The TRS 2 system will be closed for maintenance Thursday, 7 November 2024.
TRS 2 system closed 4−7 October
The TRS 2 system will be closed for maintenance from Friday, 4 October 2024, until Monday, 7 October 2024, due to a change of certificate at ESMA.
Nasdaq Stockholm receives a remark and an administrative fine
Finansinspektionen has decided to issue Nasdaq Stockholm Aktiebolag a remark and an administrative fine of SEK 100 million.
The TRS2 test environment closed 28 May for maintenance
On Tuesday, 28 May, the TRS2 test environment will be closed for maintenance. It will still be possible to submit TR files, but feedback will not be sent until the maintenance has been completed.
Stability in the Financial System (2024:1): A slightly better outlook in an uncertain environment
The outlook for financial stability has improved somewhat, and uncertainty has decreased, but we are still in the middle of a recession. Higher costs for both interest payments and other goods and services are putting pressure on households and firms. The worsened global security situation is also imposing increased demands on the operational resilience in the financial sectorn. These are the conclusions of this year's first stability report.
FI notifies foreign supervisory authorities after complaints about misleading advice
FI has been receiving complaints from consumers in Sweden about four foreign investment firms. The foreign supervisory authorities who are responsible for the supervision of these companies have been notified about the complaints.
The TRS2 test environment closed May 16 for maintenance
On Thursday, 16 May, the TRS2 test environment will be closed for maintenance.
Operational disruptions in TRS 2 18–19 May
There may be minor disruptions to both the production environment and the test environment of the TRS 2 system on 18–19 May due to planned maintenance.
FI Supervision 29: Advisors are not taking customers’ sustainability preferences into account
Six out of ten say that sustainability is important when saving money. Advisors at banks, investment firms and insurance intermediaries have an obligation to take into account consumers’ sustainability preferences. This does not always happen. Instead, many consumers currently face a risk of investing in products that do not correspond to their expectations when it comes to sustainability. This is the conclusion FI draws from its analysis, and we are now encouraging firms to devote a special focus to this topic.
FI Analysis No. 42: Gender differences in investment behaviour
The study confirms previous results showing that women are underrepresented in the stock market. The differences arise as early as three years of age, which shows that adults more often buy stocks for boys than for girls. We also see that men generally have larger stock portfolios than women throughout life, although women increase their stock wealth later in life.
TRS 2 system closed 10 January
The TRS 2 system will be closed for maintenance on 10 January 2024.
2023
Regulations amending Finansinspektionen’s regulations (FFFS 2017:22) regarding position limits
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Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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FI Analysis No. 41: Commercial real estate firms may need to reduce their debt
In this analysis, we estimate how much Swedish listed and larger privately owned commercial real estate firms need to reduce their debt in a climate of rising financing costs and falling property values. We calculate the firms need to reduce their debt to maintain certain levels of interest coverage ratio and loan-to-value.
Stability in the Financial System (2023:2): Adjustments to higher interest rates remain to be made
The higher interest rate means that households and companies need to make adjustments to their finances. Finansinspektionen (FI) is now seeing a decline in risk-taking. However, the change in the state of the economy and uncertainty regarding how long the higher interest rates will remain pose a risk to financial stability. Commercial real estate undertakings with high debt are particularly at risk should the interest rates remain high. These are the conclusions of the second Stability Report of the year.
Monitor what your funds are costing you
Today, almost all households invest in funds, either directly through private savings or indirectly through our pensions. However, close to one third of fund savers are unaware of how high the fund fee is and many risk paying too much for their savings. We are, therefore, now publishing the most common fees for some popular fund categories to help consumers monitor what certain funds cost.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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License to be registered as manager of units or shares
If a fund company’s register of shareholders is kept by an organisation which is not a Swedish central securities depository, an authorisation from the Financial Supervisory Authority is required for registration as a manager of units or shares (nominee licence).
TRS 2 system closed on 27 September
TRS 2 system closed on Wednesday, 27 September.
Planned maintenance of the TRS 2-systems test environment
The TRS 2 system's test environment will be closed for maintenance on Wednesday, 6 September.
Consumer Protection Report 2023
The risks given the highest priority in FI’s consumer protection work for 2023 are unaffordable lending, unsuitable investment products and investment fraud.
Open finance in Sweden
Digitalisation introduces both opportunities and risks to the financial market. After conducting a new survey, FI has noted that broader regulation on how customer data can be shared with third-party providers could make it easier for consumers to compare financial products such as occupational pensions and mortgages.
On Saturday, 10 June, until Sunday, 11 June, TRS 2 will be closed for maintenance
It will be possible to submit TR files, but feedback will not be sent until after 12 pm on Monday 12 June.
Updated approach to assessing Pillar 2 guidance for Swedish banks
Finansinspektionen has decided on an updated approach for assessing the size of the Pillar 2 guidance for Swedish banks. The updated method contains in part new intervals and an upper limit on how much the outcome of the sensitivity-based stress test can contribute to the final guidance.
FI Analysis No. 40: Winners and losers in the trading of meme stocks
In 2021, Gamestop, a relatively unknown American company, experienced a sudden increase in its stock price. The price increase had been orchestrated by a group of investors who had collaborated via a social media platform and successfully drove up the price of the stock by 1,500 per cent within days. Other stocks, including AMC, had exhibited similar patterns, giving rise to the term "meme stocks" due to the humorous elements found in the online forums where these stocks were discussed.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Finansinspektionen’s regulations regarding a pan-European personal pension product
In force from 2023-01-01
Swedish Financial Benchmark Facility AB receives authorisation as administrator of STIBOR under BMR
Finansinspektionen grants Swedish Financial Benchmark Facility AB (SFBF) authorisation as an administrator of STIBOR under the EU regulation on benchmarks (BMR).
IMF assessment of the financial sector in Sweden is complete
During 2022, the International Monetary Fund (IMF) carried out a special assessment of the financial sector in Sweden, a so-called FSAP (Financial Sector Assessment Program). FSAPs are conducted regularly for member countries with systemically important financial markets. The most recent FSAP for Sweden by the IMF was in 2016.
Operational disturbances in TRS 2 on March 18–19
There may be some minor disturbances in the TRS 2 system on March 18 and 19 in both the production environment and the test environment. The disturbances are due to planned maintenance. In the event of problems, rapporteurs are advised to try again later during the day.
TRS 2 system closed on Wednesday, 15 March
TRS 2 system closed on Wednesday, 15 March.
Correction of TRS 2 validation
All submitting entities that received incorrect validations with error codes CON-070 and CON-160 may now resend the incorrectly rejected transactions.
Authorisation as an administrator of STIBOR – FI assesses that the application is complete
Swedish Financial Benchmark Facility AB 's (SFBF) application to become an authorised administrator of STIBOR in accordance with the EU’s Benchmark Regulation (BMR) has of 2 January 2023 been assessed to be complete.
2022
A strategy to prevent greenwashing
Finansinspektionen will prevent greenwashing in the financial sector through preventive measures and supervisory activities. Today, in a new report that is submitted to the government, FI presents a strategy to prevent greenwashing.
Finansinspektionen’s strategy to prevent greenwashing
FI’s strategy for preventing greenwashing in the financial sector aims to safeguard the trust in sustainable investments and a sustainable finance market.
Roadmap for sustainable finance
In 2019, FI’s overarching mandate was expanded to include a responsibility to ensure that the financial system contributes to sustainable development. FI is also the responsible supervisory authority for a number of new regulations related to sustainable finance that are the result of the EU’s ambitious sustainability agenda.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Financial stability risks are increasing on the back of rising interest rates and a weakening economy
Rising interest rates, decreased risk-taking and a slowing economy are weighing on highly indebted commercial real estate firms and households. The rapid transition to higher interest rates and a decreased willingness to take risk means financial stability risks have increased since spring. At the same time, this transition may lead to lower risk-taking and indebtedness in the long run, thus lowering stability risks.
Stability in the Financial System (2022:2)
High inflation has led to rapidly rising interest rates. Given the current rapid change in conditions, both participants on the financial markets and borrowers need to transition quickly. In the short term, this means elevated risks and greater uncertainty. The already high risks in the commercial real estate sector have continued to increase.
FI Analysis No. 37: Stress tests of funds’ liquidity risks
FI’s stress tests show that the majority of Swedish funds appear to be able to handle relatively large outflows in an effective manner. However, some corporate bond funds and a relatively large share of high-yield bond funds may experience liquidity problems under stressed market conditions.
TRS 2 system closed on Wednesday, 23 November
The TRS 2 system will be closed for maintenance on Wednesday, 23 November. It will be possible to submit TR files, but feedback will not be sent until after the maintenance is completed.
SIP Nordic receives a warning and an administrative fine
SIP Nordic Fondkommission AB (SIP Nordic) is receiving a warning and must pay an administrative fine of SEK 6.7 million.
Celina Fondförvaltning receives warning and administrative fine
Celina Fondförvaltning AB (Celina) is receiving a warning and must pay an administrative fine of SEK 10 million.
Improperly issued error codes CON-070 and CON-160 may occur in the TRS 2 validation
From around the 26:th of October it has occurred that Buyer and Seller LEI have been wrongly validated, which has resulted in improperly issued error codes CON-070 and CON-160.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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The TRS 2 system’s test environment will be closed for maintenance on Wednesday, 9 November
It will be possible to submit TR files, but feedback will be sent first after the maintenance has been completed.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Funds with sustainable investment as its objective
The Swedish Financial Supervisory Authority, Finansinspektionen (FI) has conducted an in-depth analysis of how managers of funds registered in Sweden that have sustainable investment as its objective (so-called Article 9 funds) meet the requirements on sustainability-related disclosures in the pre-contractual information they must provide to investors.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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TRS 2 system closed on Wednesday, 5 October
The TRS 2 system will be closed for maintenance on Wednesday, 5 October.
TRS 2 closed 28 september
The FTP server for the TRS 2 system will not be available on 28 September 2022 due to a change in certificate.
The TRS 2 system’s test environment will be closed for maintenance on Wednesday, 21 September
It will be possible to submit TR files, but feedback will be sent first after the maintenance has been completed.
Erik Thedéen: Adjustments needed on the commercial real estate market
Erik Thedéen, Director General of Finansinspektionen (FI), spoke at the Öresundsmarknaden conference about FI’s view on the commercial real estate market.
Unclear information about sustainable funds
The disclosures provided about funds with sustainable investment as their objective are often unclear. This is the conclusion of an in-depth analysis conducted by Finansinspektionen (FI). In many cases, the disclosures provided in the funds’ prospectuses need to be clearer and more specific.
FI closes investigation into EQT AB
Finansinspektionen has closed an investigation into whether EQT AB was in violation of EU’s Market Abuse Regulation (MAR) when the company disclosed information on 7 September 2021 regarding a revision of the existing lock-up agreements. FI has closed the investigation.
Test environment for TRS 2 closed 14 september
The FTP server for the TRS 2 system's test environment will not be available on 14 September 2022 due to a change in certificate.
Erik Thedéen: Current assessment of financial stability
FI’s Director General Erik Thedéen participated in a panel discussion on the opportunities and risks associated with increased application of artificial intelligence and machine learning within lending and advice to households. Before he described FI’s view on this topic, Thedéen commented briefly on FI’s current assessment of the stability of the Swedish financial system.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Supervisory disclosure
2022-06-30 | Markets
The purpose of the supervisory disclosure framework is to enhance the transparency of supervisory practices and to provide a comprehensive overview of regulatory rules adopted.
Rules and guidance
2022-06-30 | Markets
This section contains information concerning national laws, regulations and administrative rules adopted in Sweden in the field of prudential supervision.
Options and national discretions
2022-06-30 | Markets
This section contains information concerning how options and national discretions embedded in Directive (EU) 2019/2034 and Regulation (EU) 2019/2033 are exercised in the Swedish legislation.
Supervisory review
2022-06-30 | Markets
This section contains information concerning the general criteria and methodologies used in the supervisory review and evaluation process by the Swedish Financial Supervision Authority.
Statistical data
2022-06-30 | Markets
This section contains statistical data on key aspects of the implementation of the prudential framework in Sweden. For an overview regarding statistical data of each EU Member State see the corresponding section on the EBA's website.
Start of regular publication of aggregate short positions
Starting today, Finansinspektionen will regularly publish the total of all short positions that must be reported to FI.
It is now possible to update the installed application for periodic reporting
Rapporteurs need to update the application for periodic reporting that they have installed locally. The new version is now available to download and install.
Rising interest rates put pressure on indebted households and firms
Interest rates are rising rapidly in the wake of high inflation. High interest rates and lower risk appetite are placing downward pressure on risk-taking and asset prices. In the long term, this can slow the growth of debt and benefit financial stability. However, the large debts that built up over the extended period of low interest rates are putting pressure on highly indebted households and firms.
Stability in the Financial System (2022:1)
Interest rates and interest rate expectations have increased in 2022 due to high and rising inflation. One sector that is vulnerable to rising interest rates is the commercial real estate sector. FI has also noted that liquidity on the bond markets has decreased, and the functionality of the corporate bond market is once again impaired.
Operational interruption in TRS 2 for maintenance
The TRS 2 system will be closed for maintenance on Tuesday, 31 May, due to the roll-out of the European Securities and Markets Authority’s (ESMA) updated validation rules.
FI publishes aggregate short positions
Starting today, and on every Wednesday at 1:00 PM, Finansinspektionen will publish aggregate outstanding short positions.
Nordnet Bank receives a remark and an administrative fine
Nordnet Bank is being issued a remark and must pay an administrative fine of SEK 100 million.
Increased cyber security in the finance sector is needed
The financial sector must quickly become better at preventing and handling cyber threats. Customers and society at large must be able to trust that the critical services offered by financial corporations will function even during periods of uncertainty and in the presence of threats. As commissioned by the government, Finansinspektionen (FI) therefore has proposed a number of measures to increase resilience to cyber attacks in the financial sector.
TRS 2 system continues to experience disruptions
The TRS 2 system has been experiencing operational disruptions following the technical maintenance performed on Wednesday. Some rapporteurs are having difficulty connecting or not receiving feedback.
Consumer Protection Report 2022
Unsound lending practices and commission from the sale of financial instruments are the highest prioritised risks in Finansinspektionen’s (FI) consumer protection assignment for 2022.
Are banks refusing to open payment accounts for too many customers?
Are banks correct in refusing to open accounts for certain consumers? And what role do credit intermediaries play in many consumers taking large unsecured loans? These are two of the issues that Finansinspektionen (FI) will look more closely at in 2022 and that we present in this year's Consumer Protection Report.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance the 4 May.
Finansinspektionen introduces new online tool for applications
The objective of the new online tool is to facilitate and streamline the application process at FI. It should be easy to submit an application to Finansinspektionen correctly and difficult to submit an application incorrectly. It will also be possible to track an application through the different stages of FI’s processing. The first applications that can be submitted via the new online tool will be management and owner management suitability assessments, and this module is expected to be operational in the autumn.
FI reviews sustainable funds
Demand for green and sustainable investments is increasing rapidly. This increases the risk of greenwashing, i.e. presenting organisations and products as more sustainable than what they are in reality. Finansinspektionen (FI) will therefore review that the disclosures provided about the funds classified as the most sustainable fulfil the strict requirements placed on them.
Johanna Fager Wettergren: Social factors are important for sustainable investments
“A lot is about common sense; there isn't time to wait for the perfect solutions. This obviously applies to the climate, but it also clearly applies to social issues. Politicians may be equipped with the sharpest tools – but the financial sector has a very important role to play.”
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Finansinspektionen’s general guidelines regarding reporting of events of material significance
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Erik Thedéen's speech at the A4S Roundtable
Erik Thedéen, Finansinspektionen's Director General made a speech at the A4S Reporting Roundtable the 1 March in London.
New EU sanctions in response to the situation in Ukraine
EU is implementing new and expanded sanctions in response to the situation in Ukraine. Sanctions issued by the European Union in the form of regulations are directly applicable in Sweden.
Installed application for periodic reporting will be upgraded this spring
The application that is used for some periodic reporting to Finansinspektionen and that rapporteurs have installed locally on their computers will need to be upgraded later this spring. The reason for the upgrade is security improvements.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance Wednesday the 16 February.
FI’s prioritised areas for 2022
Do firms lend money to people who cannot pay back the loan? Do financial firms work enough with their IT security? How green are green funds, in reality? These are three areas that Finansinspektionen (FI) will investigate more closely in 2022.
The threshold for notifing net short positions is lowered
The notification threshold is permanently lowered from 0.2 per cent to 0.1 per cent.
Postponed maintenance of the TRS 2 system
TRS 2 will be closed for maintenance on Monday the 31 January.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance on Monday the 24 January.
Susanna Grufman new executive director of Markets
On 1 February, Susanna Grufman will become the executive director of FI’s Markets section. She will continue to serve as the deputy director general and maintain responsibility for consumer protection matters.
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).
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
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.
Updates in reporting AML
New reporting questions in 2022
FI Supervision 19: Credit institutions’ management of counterparty risk and CVA risks
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.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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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.
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.
TRS 2 closed for maintenance 18 November
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
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.
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.
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 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.
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.
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.
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.
Cross-border distribution of collective investment undertakings [EU] 2019/1156
This page contains information on the national laws, regulations and administrative provisions governing the marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
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.
TRS 2 closed for maintenance
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.
Liquidity tools in UCITS and special funds
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Consumer Protection Report 2021
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
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.
2021:1 Bond-financed lending
In this document, FI states its position on what is viewed as receiving repayable funds in accordance with Chapter 1, section 4 of the Banking and Financing Business Act.
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.
Finansinspektionen’s prioritised areas for 2021
Consumer protection, money laundering and risks that the coronavirus pandemic may pose in the future are three areas that FI will look more closely at in 2021.
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.
Nasdaq Clearing Aktiebolag receives a warning and an administrative fine
Nasdaq Clearing Aktiebolag is receiving a warning and must pay an administrative fine of SEK 300 million.
FATF and other entities
2021-01-25 | Markets
In Sweden and abroad, there are many more entities which are, in some way, concerned with or work with combating money laundering and terrorist financing. Some of them are presented here. More information can be found on the relevant websites.
EU sanctions
2021-01-25 | Markets
International sanctions limit the discretionary actions of a state, a region, a group or individuals. The sanctions that apply in Sweden are decided by the UN or the EU.
Monitoring
2021-01-25 | Markets
A firm shall review transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing.
Risk classification
2021-01-25 | Markets
Customer due diligence measures shall be adapted based on an assessment of the extent of the risk of being used for money laundering and terrorist financing.
Customer due diligence
2021-01-22 | Markets
The firm must possess solid knowledge about its customers and their affairs so as to make it more difficult for the business to be used for, and to prevent, money laundering or terrorist financing.
Training
2021-01-22 | Markets
A firm’s employees shall receive training to provide them with sufficient knowledge to follow the firm’s anti-money laundering procedures and guidelines.
Procedures
2021-01-22 | Markets
A firm shall have in place procedures and guidelines in terms of measures for customer due diligence, monitoring, reporting and processing of personal data.
Firms subject to the Act
2021-01-22 | Markets
Both financial firms and non-financial business operators are subject to the Money Laundering and Terrorist Financing (Prevention) Act.
Terrorist financing
Activities that constitute “terrorist financing” are described in the Money Laundering and Terrorist Financing (Prevention) Act (the Anti-Money Laundering Act).
Risk assessment
2021-01-22 | Markets
Banks, insurance companies and other financial firms must perform an assessment of the risk of the products and services they offer being used for money laundering or terrorist financing. The firm must also assess the scope of this risk.
Process – work method for measures to counteract risks of money laundering
2021-01-22 | Markets
These steps should be included in a comprehensive process to avoid the risk of being used for money laundering and the financing of terrorism.
TRS 2 closed for maintenance
On Tuesday, 26 January, TRS 2 will be closed for maintenance.
Update of FI’s Company Register
Due to the United Kingdom’s withdrawal from the European Union, financial actors’ right to conduct cross-border operations in or from the United Kingdom that are based on European Union law was repealed on 1 January 2021.
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.
Reporting to FI
2020-12-21 | Markets
Firms must report information annually in FI's system for periodic reporting.
Money Laundering
2020-12-21 | Markets
Many of the firms that are subject to Finansinspektionen's supervision must comply with the regulations intended to prevent the firms being misused for money laundering and terrorist financing. Information is presented here about what the firms in the financial industry need to do to comply with the regulations.
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.
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.
Stability in the Financial System (2020:2)
The pandemic has triggered a deep economic recession in many countries, even if a slight recovery has begun. Extensive support measures have mitigated the economic impact and reduced the uncertainty on the financial markets. During the autumn, infection rates have once again begun to increase and several countries have introduced new restrictions, which will dampen the economic recovery, even though it is uncertain to which extent.
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.
Henrik Braconier's speech at SNS/SHOF Finance Panel: Corporate Finance in a Low Interest Rate Environment
Henrik Braconier, Chief Economist at FI, spoke on risks related to low interest rates at SNS/SHOF’s Finance Panel: Corporate Finance in a Low Interest Rate Environment.
FI Analysis 23: Can the bond market dampen the credit cycle?
The access of non-financial firms to credit is central for financial stability, particularly during financial crises. In recent years, the market for corporate bonds has grown steadily and currently plays an important role in firms’ financing. This analysis shows that it has not been easier to issue corporate bonds in Swedish krona during financial crises than to take a bank loan. This pattern deviates from previous research on the USA and the euro zone.
TRS 2 closed for maintenance
On Friday, 16 October, from 1:00 PM to 4:00 PM, TRS 2 will be closed for maintenance.
Acquisition and disposal of own shares
2020-10-05 | Markets
An issuer whose shares are admitted to trading on a regulated market and that acquires or disposes its own shares is obliged to disclose information about this to the public under certain circumstances.
The new Short Selling Register is launched today
Today, FI launches a new Short Selling Register for significant net short positions.
Erik Thedéen's speech at Driving Global Standards on Sustainable Finance
Erik Thedéen, Finansinspektionen's Director General and Chair of IOSCO's Task Force on Sustainable Finance made a speech at the conference Driving Global Standards on Sustainable Finance.
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.
Erik Thedéen: How can consumer welfare be improved in financial markets?
FI's Director General Erik Thedéen took part in a panel discussion during the conference "Consumer Behavior in Financial Markets", arranged by the Swedish House of Finance at the Stockholm School of Economics today.
TRS 2 closed for maintenance
On Friday, 28 August, TRS 2 will be closed for maintenance.
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.
FI Analysis 21: New liquidity indicators for the fixed-income market
The Swedish fixed-income market – which consists of the bond market, the money market and interest rate derivatives – is important for the government, municipalities, banks and firms to be able to finance their operations and manage risks. It is therefore of central importance to understand how these markets function and, more specifically, how liquid they are. This FI Analysis presents a new method for measuring market liquidity that focuses on government bonds and covered bonds.
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.
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.
Stability in the Financial System (2020:1)
The coronavirus pandemic has resulted in an exceptional stress for the real economy. Governments, central banks and supervisory authorities have implemented significant measures to dampen the crisis. This has helped to reduce the uncertainty on the financial markets. But we are in still in the middle of the crisis, and there is considerable uncertainty going forward.
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.
Withdrawn authorisation for Exceed Capital Sverige AB
Finansinspektionen withdraws all Exceed Capital Sverige AB’s (Exceed) authorisations to conduct securities business and its authorisation for ancillary services, authorisation to conduct insurance distribution, and authorisation to be registered as a manager of fund units.
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”.
JM receives a caution and an order to follow financial reporting rules
JM has been in violation of the international financial reporting standard IFRS 10 in its consolidated financial statements for 2017 by not including – consolidating – tenant-owners associations during the so-called production phase. FI is issuing JM a caution and ordering the company to take corrective action in future financial statements. The correction shall be implemented no later than in the company’s half-yearly report for 2020.
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.
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.
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.
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.
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.
Measures to improve effectiveness of anti-money laundering supervision
“There are interesting ideas about placing parts of this supervision at the EU level. I believe that joint analytical resources and supervision methods in the long run could lead to more effective supervision, in part due to improved insight into cross-border payment flows”, asserted Erik Thedéen at the international conference Finance Summit 2020 in Paris.
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.
Erik Thedéen: FinTech and cyber threats – what impact do they have on financial stability?
The rate at which household debt is increasing has slowed the past three years. The two amortisation requirements that FI introduced contributed to this change. But the low interest rates entail risks. The debt of commercial real estate companies has been increasing sharply, and the banks have large exposures to the sector. FI decided today to raise the capital requirements for bank loans for commercial real estate. Erik Thedéen also noted that cyber threats are a challenge facing society as a whole, and cooperation is needed on a broad front.
Consumer Protection Report 2020
Finansinspektionen (FI) will prioritise two consumer protection risks for further work in 2020: unaffordable lending and unsuitable advice and distribution of financial products to consumers who were not part of the product’s original intended target market. FI will also assess the adequacy of claims handling for home insurance.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
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.
Securities
2020-01-03 | Markets
Operating a securities business in Sweden requires authorisation in accordance with the Securities Market Act (2007:528).
Stock exchanges
2020-01-03 | Markets
Rules regarding authorisation for stock exchanges are set out in chapter 12 of the Securities Market Act (2007:528). Chapter 13 of the same act contains provisions specifying the fundamental requirements for the business of a stock exchange. Furthermore, there are additional requirements in a number of EU regulations.
Data reporting services
2020-01-02 | Markets
Providing data reporting services as APA providers, ARM providers or CTP providers requires authorisation in accordance with the regulation on markets in financial instruments 600/2014 (Mifir). The regulation specifies the fundamental rules that apply to the operations.
Clearing and settlement
2020-01-02 | Markets
Conducting clearing and settlement business on the financial markets requires authorisation from Finansinspektionen.
Administrator (BMR Benchmarks)
2020-01-02 | Markets
Finansinspektionen (FI) is the competent authority under the BMR. This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI shall also conduct supervision of administrators, contributors and users.
2019
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
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.
Stability in the Financial System (2019:2)
The low interest rates are expected to remain low for a longer period of time. It could lead to greater risk-taking among various actors, and increased challenges for insurance undertakings.
FI’s work to combat money laundering and terrorist financing
Finansinspektionen (FI) strengthened its anti-money laundering supervision in 2019, in part by dedicating considerable resources to reviewing major Swedish banks’ governance and control of anti-money laundering measures in Baltic subsidiaries.
Euroclear Sweden AB receives authorisation to be central securities depository under CSDR
Finansinspektionen is granting Euroclear Sweden AB authorisation to act as a central securities depository under Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR).
FI Supervision 15: decreased transparency in bond trading
Transparency on the Swedish bond markets has decreased. This is the conclusion of Finansinspektionen’s (FI) analysis of the impact of the transparency rules that were introduced when the Directive and the Regulation for the securities market entered into force in 2018.
FI Analysis 18: Swedish risk premia and monetary policy
A disorderly and abrupt increase in international market rates could lead to significantly higher term and equity risk premia. This is the conclusion of an analysis conducted by FI.
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.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Regulations regarding product intervention with regard to contracts for differences (CFDs)
Read more
Erik Thedéen: Climate and sustainability in focus at FI
FI’s Director General spoke today at the Finansdagen conference in Stockholm.
NASDAQ’s supervision 2008–2018
Documentation of the financial reporting supervision for periodic financial information that NASDAQ Stockholm was responsible for up through 2018.
Excerpts from European Enforcers Coordination Sessions decision database – for harmonised financial reporting supervision in the EU
The European Securities and Markets Authority (ESMA) regularly publishes supervision decisions regarding issuers’ financial reports that are made by individual countries’ supervision organs and that all EU countries have at a later date committed their support to publish.
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.
Erik Thedéen's introductory speech at IOSCO SFN Stakeholder Meeting
Erik Thedéen made the introductory speech at the first IOSCO SFN Stakeholder Meeting in Stockholm.
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.
Stability in the Financial System (2019:1)
Both the global and the Swedish economies appear to be slowing down. Low interest rates – which have resulted in high risk-taking and rising asset prices – are expected to remain low for a prolonged period of time. Resilience in the Swedish financial system is satisfactory in general. However, even if the banks’ resilience is satisfactory overall, FI makes the assessment that they need more capital to cover the risks in their lending to commercial real estate firms.
Banks’ lending to commercial real estate firms requires more capital
Finansinspektionen (FI) considers the firms in the Swedish financial system to have sufficient resilience for withstanding a weaker economy. However, commercial real estate firms are vulnerable to shocks. FI therefore makes the assessment that the banks need more capital for these exposures. This is one of the conclusions in FI’s first stability report for the year, which is being presented today.
Nordic and Baltic financial supervisors enhance cooperation to fight money laundering
Heads of the Nordic and Baltic financial supervisors met today in Stockholm. They agreed on measures to enhance the cooperation between the authorities with the aim of fighting money laundering and terrorist financing.
TRS2 Test environment will be closed for an upgrade
On Wednesday, 29 April 2019, the test environment of TRS2 will be closed and not available due to an upgrade to a new version of the system. Finansinspektionen will announce when the system is available again.
Consumer Protection Report 2019
In this report, Finansinspektionen (FI) presents the most prioritised consumer risks it has identified for 2019. FI also presents the experiences from its consumer protection work over the past year. Finally, FI identifies two areas on the financial market where consumer protection is clearly deficient and proposes regulatory changes to fill these gaps.
FI Analysis 16: How do covered bonds function?
This FI Analysis describes how Swedish covered bonds function, how the regulation governing the cover pool is designed and how the cover pool is affected by a fall in house prices.
TRS 2 will be closed for servicing
On Wednesday, 20 February, the TRS 2 system will not be available at the beginning of the day due to a service window. The system is planned to reopen after 4 p.m.
Finansinspektionen’s regulations regarding supervision of issuers’ periodic financial information
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ESMA postpones changes to transaction reporting
The European Securities and Markets Authority (ESMA) has announced that the transition to the new XML Schema and updated validation rules will not occur on Monday, 18 February 2019, as earlier planned. It will now be postponed until Q3 2019.
Statement regarding Nordic-Baltic financial crisis simulation, January 2019
The Nordic and Baltic financial stability authorities have conducted a joint financial crisis management exercise. The exercise was held from 22 to 23 January 2019 and involved 31 authorities from Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden as well as relevant European Union authorities. A staff member of the International Monetary Fund observed the simulation.
How FI will continue to handle the event where a member was declared in default on the commodity market
FI is continuing to analyse the event that occurred in September 2018 when a member on the commodity market was declared in default. We describe here several of the issues that FI is currently analysing. We are also publishing a discussion paper that FI wrote to contribute to an ongoing international discussion on auctions as a method to manage a default in a central counterparty.
2018
The TRS 2 system is unable to create FD files at the moment
At the moment, Friday, 7 December, the TRS 2 system is unable to create FD files (daily feedback).
FI Analysis 14: Reference rates are changing
Reference rates are important since they are used in many financial contracts, and it is therefore crucial that they are fair, transparent and accurately reflect the underlying market.
Higher interest rates test resilience
Low interest rates have contributed to high risk-taking, rising asset prices and increasing debt. Higher interest rates in the next few years could reduce risk-taking and thus dampen the build-up of risk. However, unexpectedly large interest rate fluctuations and uncertain global developments could also test the financial sector’s resilience. These are some of the conclusions Finansinspektionen (FI) draws in this year’s second report on the stability in the financial system. The report will be presented at a press conference today.
Stability in the Financial System (2018:2)
The economy continues to be strong, both in Sweden and globally, but it is now showing signs of a slow-down. Interest rates have been low for a long period of time, which has led to high risk-taking and rising asset prices. As a result, the risks in the financial system are elevated. The resilience in the Swedish financial system is satisfactory in general but continued high growth in debt fuelled by lending and investments related to residential property and commercial real estate require monitoring.
TRS 2 upgraded to a new system version
On Monday, 26 November, TRS 2 was upgraded to a new system version.
Klas Granlund: Brexit, positive progression not a reason to stop preparations
Despite the positive progression over the past few weeks, there is still some uncertainty surrounding Brexit. FI has previously identified the limited access to clearing services as one of the consequences of Brexit that could have a major impact on Swedish firms. The European Commission’s communication that it will take action to manage risks to financial stability that are associated with clearing is therefore welcomed. At the same time, though, a hard Brexit could create other types of frictions that affect Swedish firms. It is therefore of utmost importance that Swedish firms continue to prepare for Brexit.
Extended system maintenance in TRS 2 system
FI is extending the ongoing maintenance and upgrade of the production environment in the TRS2 system until further notice.
About financial reporting supervision
Monitoring of periodic financial information (financial reporting supervision) helps both provide protection for investors and generate confidence in the capital market. The supervision should also ensure that the accounting regulations are applied in a harmonised manner in all regulated markets within the EEA.
Work with sustainability is progressing – but there is still much to be done
FI is publishing today three reports on sustainability. The reports show that the work with sustainability is progressing on several fronts and that the industry’s own initiatives, where relevant, are working. But there is still a lot of work left to be done. FI is also publishing a follow-up report for the Government on FI's work with sustainability-related matters in 2018.
Integration of sustainability in corporate governance
Sustainability-related risks and opportunities do not differ from the other risks and opportunities that can be linked to financial firms’ operations. Therefore, sustainability should not be managed in limited areas of corporate governance, but rather be an integral part of corporate governance as a whole. In this survey, FI studied how financial firms describe their management of sustainability aspects in corporate governance and how these aspects are integrated into the operations.
Finansinspektionen’s work in 2018 to contribute to sustainable development
FI has conducted a number of supervision activities related to sustainability at the same time as the organisation has been partly restructured and received additional resources. During the year, FI's work has focused on integrating sustainability-related matters into its ongoing supervision, a project that will continue and be intensified.
Issuers
2018-11-05 | Markets
We have compiled information here about the various requirements that are placed on issuers.
Change in total number of shares or voting rights
2018-11-01 | Markets
An issuer whose shares are admitted to trading on a regulated market is obliged to disclose changes in the issuers total number of shares or voting rights.
Periodic financial information
2018-11-01 | Markets
Companies listed on a regulated market within the EEA that have Sweden as their home member state shall disclose and report financial reports to FI in accordance with the Securities Market Act (2007:528). Reporting to FI shall take place at the same time as the company discloses this information.
Home member state
2018-11-01 | Markets
The purpose of the rules concerning home member state is to specify a competent authority for supervision under the regulations in the Transparency Directive. The member state that is the issuer’s home member state is therefore responsible for conducting supervisions pursuant to the provisions of the Transparency Directive.
Insider lists
2018-11-01 | Markets
Issuers on a regulated market or a multilateral trading facility (MTF) shall continually maintain a list of persons who have access to inside information. This list is called an “insider list”.
Inside information
2018-11-01 | Markets
An issuer on a regulated market (stock exchange – e.g. Nasdaq Stockholm and NGM Main Regulated) or a multilateral trading facility (MTF) (e.g. Spotlight Stock Market and Nordic MTF) shall inform the public as soon as possible about inside information that directly affects that issuer. This shall be done in a manner which gives the public fast access to the information and enable them to make a complete and correct assessment of the information.
List of persons discharging managerial responsibilities
2018-11-01 | Markets
An issuer shall draw up a list of all persons discharging managerial responsibilities and persons closely associated with them. The same obligation applies to emission allowance market participants. This list is not to be confused with an issuer’s insider list. This list is not to be sent to FI. However, FI is permitted to request this list should the need arise.
Investment recommendations
2018-10-22 | Markets
These regulations apply to persons who produce or disseminate investment recommendations or other information recommending or suggesting a certain investment strategy.
Short selling
2018-10-22 | Markets
Short selling involves the sale of a security that the seller does not own at the time the sale takes place. Instead, the seller has borrowed, or ensured that the security can be borrowed, before the transaction is conducted. When short selling takes place, a short position arises in the security in question.
Major shareholding notifications
2018-10-22 | Markets
Major shareholders are obliged to submit major shareholding notifications concerning changes to their holdings in companies whose shares are admitted to trading on a regulated market (stock market – e.g. Nasdaq Stockholm and NGM Main Regulated). The obligation to submit a major shareholding notification arises when a change results in the proportion of all shares or voting rights in a company reaching or passing, upwards or downwards, certain set thresholds.
Trading ban
2018-10-19 | Markets
Persons discharging managerial responsibilities within an issuer may not conduct transactions in financial instruments issued by the issuer – or related financial instruments – for a period of 30 calendar days prior to the announcement of an interim financial report or year-end report. An issuer may grant exemptions from the ban on trading under certain circumstances.
PDMR transactions
2018-10-19 | Markets
Persons discharging managerial responsibilities within an issuer or an emission allowance market participant shall report transactions they have made in securities that are issued by or linked to this issuer. This also applies to persons closely associated with persons discharging managerial responsibilities. The notification shall be made to both FI’s PDMR transactions register and to the issuer in question.
Investors
2018-10-19 | Markets
This is where you can find information about the requirements placed on people who trade in securities, in other words conduct transactions in issuers.
The Network for Greening the Financial System has published its first report
The members of the international Network for Greening the Financial System (NGFS) acknowledge in their first report that climate-related risks are a source of financial risk. The Network therefore clarifies that it is within the mandates of central banks and supervisors to ensure the financial system is resilient to climate-related risks.
IOSCO creates a sustainable finance network chaired by Erik Thedéen
The International Organization of Securities Commissions (IOSCO) decided today to create a Sustainable Finance Network (SFN).
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Regulations amending Finansinspektionen’s regulations (FFFS 2014:33) regarding the countercyclical buffer rate
FI has decided to raise the buffer rate from 2.0 to 2.5 per cent. The reason for this change is that the systemic risks have increased. The amendments will enter into force on 19 September 2019.
Finansinspektionen follows closely the developments at Nasdaq Clearing
Finansinspektionen has an ongoing dialogue with Nasdaq Clearing given that the company decided to declare a member in the firm’s commodity market in default. Finansinspektionen is also in contact with other affected authorities and organisations.
FI's comments on Nasdaq Clearing's decision today
Nasdaq Clearing AB has decided to declare a clearing member in the firm’s commodity market in default. The member is active in the electricity derivatives markets through trading on the Norwegian Stock Exchange, Nasdaq Oslo ASA. These financial instruments are centrally cleared in Nasdaq Clearing AB, a firm under Finansinspektionen’s (FI’s) supervision.
Proposal to change Finansinspektionenʼs Regulations (FFFS 2014:33) regarding the countercyclical buffer rate
Finansinspektionen proposes to raise the countercyclical buffer rate to 2,5 percent. The rate is currently at 2 percent. The change will be effective from the 19 September 2019.
ESMA on the exemption for pension scheme arrangements from the clearing obligation
The European Securities and Markets Authority (Esma) published on 3 July 2018 a statement on the exemption for pension scheme arrangements (PSAs) from the clearing obligation. The objective of the statement is to avoid, to the extent possible, disruption after 17 August 2018 when the current exemption for PSAs from the clearing obligation expires.
Esma publishes new information regarding the LEI requirements under MiFIR
ESMA published new information on 20 June 2018 regarding the LEI requirements under MiFIR. The publication confirms that the last day for the temporary period that was brought-in in December 2017 to allow for a smooth introduction of the LEI requirements will be 2 July 2018.
Operational disruptions in TRS 2 Production
On Wednesday, 27 June, there will be operational disturbances in the TRS2 production environment due to an upgrade to a new system version.
Changes in reporting of holdings
Finansinspektionen is making changes to the reporting of holdings for funds. The changes will go into effect in January 2019.The changes to the reporting aim to achieve more effective supervision of both individual funds and the fund market as a whole.
Consequences of Brexit for the Swedish financial market
Brexit will become a reality when the UK leaves the EU on 29 March 2019. This will change conditions for cross-border trade in financial services to and from the UK. FI describes in this report its analysis of a number of significant economic and legal aspects related to Brexit.
FI Supervision 5: Market Abuse 2017–2018
Over the past year, FI has primarily intervened against small-volume trading and ”wash trades” that were carried out deliberately or negligently by private individuals. The financial undertakings’ reporting plays a key role in FI’s possibilities for intervening against market abuse. FI’s cooperation with EBM has contributed to the development of this work. These are the three conclusions in FI’s report, Market Abuse 2017–2018.
Förlängt underhåll och driftstörningar i TRS 2 Produktion
On Friday, 8 June, the TRS 2 production environment will still be closed for maintenance.
Operational disruption in TRS 2 Production
On Thursday, 7 June, the TRS 2 production environment will be closed for maintenance.
Stability in the Financial System
The Swedish economy continues to be strong, and resilience in the financial system is satisfactory. However, a long period of low interest rates and strong growth has resulted in an elevated risk appetite, high asset prices and high debt globally, among Swedish households and on the commercial real estate market. The high level of indebtedness makes the financial sector more sensitive to shocks, and, if necessary, FI will take additional measures to strengthen the resilience.
Risks can build up when the economy is strong
The Swedish economy continues to be strong, and resilience in the financial system is satisfactory. However, a long period of low interest rates and strong growth has resulted in an elevated risk appetite, high asset prices and high debt. This makes the financial sector more sensitive to shocks, writes Finansinspektionen (FI) in the first Stability Report of the year, which is being presented today.
FI Supervision 4: Survey of Funds of Funds
FI has surveyed 25 funds of funds managed by 25 fund management companies and AIF managers. FI has scrutinised how the consumer is informed about fees and how the managers have reported their funds of funds’ objectives and performance.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Finansinspektionen’s general guidelines regarding reporting of events of material significance
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Regulations amending Finansinspektionen’s regulations (FFFS 2017:22) regarding position limits
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Operational disruption in TRS 2 Production
On Thursday, 3 May, the TRS 2 production environment will experience operational disruptions due to an upgrade to a new system version.
FI Supervision 2: Audit supervision of public-interest entities
Pursuant to the Supervision of Public-Interest Entities (Audit) Act (2016:429), FI is responsible for conducting certain audit supervision activities. FI has conducted an investigation into this supervisory area in 2017. This report provides an overview of the investigation’s results and describes FI’s view on how the regulations can be applied.
Solidar Fonder AB receives a warning and an administrative fine
Finansinspektionen (FI) is issuing Solidar Fonder AB (Solidar) a warning. The company must also pay an administrative fine of SEK 10 million.
TRS 2 closed for maintenance
On Friday,13 April, TRS 2 will be closed for maintenance.
FI Supervision 1: Experiences from money laundering supervision 2016–2017
It is FI’s assessment that firms in general have a greater awareness of the regulations than in previous investigations and are committing more resources to their work to prevent money laundering. But more needs to be done.
Erik Thedéen re-elected Vice-Chair of IOSCO's European Regional Committee
Finansinspektionen's Director General Erik Thedéen has been re-elected as Vice-Chairman of the International Organization of Securities Commissions' (IOSCO) European Regional Committee (ERC) for the period 2018-2020.
FI updates information about periodic reporting required by the Anti-Money Laundering Act
FI has updated the instructions and FAQs about the periodic reporting firms under Finansinspektionen’s supervision are required to file according to the Anti-Money Laundering Act.
Videos about anti-money laundering now in English
FI has translated into English its educational videos about efforts to combat money laundering and terrorist financing.
New Nordic-Baltic Memorandum of Understanding
The Swedish Ministry of Finance, the Riksbank, Finansinspektionen (the Swedish Financial Supervisory Authority) and the Swedish National Debt Office in its role as resolution authority, have produced, together with their equivalents in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania and Norway a new Memorandum of Understanding on cooperation and coordination on cross-border financial stability.
Erik Thedéen: Rules prevent crises
Finansinspektionen is responsible for macroprudential policy in Sweden, which includes both promoting financial stability and counteracting financial imbalances. We are also tasked with promoting a high level of consumer protection on the financial markets. One of the reasons that we have been given the responsibility for macroprudential policy is that financial crises have proven themselves to be very expensive.
First meeting of the Network for Greening the Financial System
The international Network for Greening the Financial System (NGFS) held its inaugural meeting in Paris last week.
Financial stability and macroprudential policy
Finansinspektionens Director General Erik Thedéens speech in the Standing Committee on Finance the 23 januari 2018.
Application of transparency rules in accordance with MiFID II/MiFIR for Swedish trading venues and investment firms
FI establishes its adaptation to the new transparency rules that will go into effect on 3 January 2018 in conjunction with the new European regulatory framework: the Directive and the Regulation on markets in financial instruments (MiFID II/MiFIR).
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS;
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FI publishes supplementary transparency calculations for MiFIR/MiFID II
In accordance with the announcement published on 7 December 2017, FI has carried out supplementary transparency calculations for equity instruments and bonds admitted for trading on a Swedish trading venue in November and December 2017.
2017
AIFM reporting to Finansinspektionen
Finansinspektionen (FI) has identified common errors in the AIFM reporting. FI includes below a list of the most common errors as well as a description of how AIF-managers should fill in the rows in ESMA’s reporting forms.
ESMA and FI publish transparency calculations for MiFIR/MiFID II
ESMA, the European Securities and Markets Authority, has published transparency calculations for equities and bonds prior to the entry into force of MiFIR/MiFID II on 3 January 2018. FI will also publish some supplementary calculations.
FI establishes an innovation centre
FI is establishing a fintech innovation centre that will provide information to and maintain a dialogue with companies conducting innovation-based business. This centre and additional initiatives are presented in FI's report to the Government regarding an assignment.
Stability in the Financial System (2017:2)
The Swedish economy continues to be strong and interest rates are extremely low, which contributes to high asset prices and low risk premiums. As global interest rates rise in the future, there is a risk for an abrupt increase in risk premiums and a fall in asset prices, which could be stressful for the financial system.
Important information about transaction reporting in accordance with MiFID
The last trading date for transactions in financial instruments that must be reported to FI’s current transaction reporting system, TRS, is 2 January 2018. The TRS system will be open until 23:59 PM on 12 January 2018 to receive transactions and/or cancellations of transactions in accordance with MiFID with trading dates up to an including 2 January 2018.
Summary of the rules
Finansinspektionen (FI) is the competent authority under the BMR. This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI shall also conduct supervision of administrators, contributors and users.
About BMR
The EU regulation on benchmarks (Benchmarks Regulation (BMR)) came into effect on 1 January 2018 and it applies directly, without any implementation via Swedish law. The regulation will be supplemented with additional EU legislation in the form of delegated acts and implementing acts, which will specify the details in certain areas of the Benchmarks Regulation.
Benchmarks (BMR)
On 1 January 2018, new rules for benchmarks started to apply in the EU via the Benchmarks Regulation (BMR). The new regulation affects all firms providing indices that are used as benchmarks and the firms that contribute input data to such indices. The regulation affects firms that use the benchmarks if the firms are subject to FI’s supervision.
Operational disruptions in the TRS 1 system
There will be operational disruptions in the TRS 1 system today, 20 November 2017. The disruptions affect rapporteurs submitting encrypted files.
Information about forthcoming periodic reporting in accordance with Finansinspektionen’s regulations FFFS 2017:11
On 1 August, the new Money Laundering Act entered into force as well as FI’s new regulations. According to these new regulations, firms under FI’s supervision must report data that enables FI to assess the risk that firms will be used for money laundering and the financing of terrorism.
Delayed publication of short-selling notification
Finansinspektionen was late with its publication of a short-selling notification from Coatue Management.
ESMA publishes reference data and instructions for downloading files
The European Securities and Markets Authority (ESMA) has published instructions on how to access the reference data that is covered by the MAR and MiFID II/MiFIR regulations. The EU authority has also published current reference data that is available for download.
Finansinspektionen’s regulations regarding measures against money laundering and terrorist financing
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FI:s response to the EU Consultation on FinTech: A more competitive and innovative European Financial Sector
Finansinspektionen has responded to the Commission Consultation Document on FinTech: A more competitive and innovative European Financial Sector.
New page about transaction reporting for MiFID2/MiFIR
A new webpage is now available with information about the transaction reporting required under MiFID 2/MiFIR.
Test reporting in the TRS2 system
On 3 January 2018, when the MiFID II Directive and the MiFIR Regulation enter into force, a new transaction reporting system (TRS2) will open for reporting. Transaction reporting as required by MiFID II and MiFIR will occur only in the new TRS2 system. All firms intending to file transaction reports in accordance with MiFID II/MiFIR starting on 3 January are encouraged to have filed test reports in the test environment of the TRS2 system before reporting live. The test environment is open 24/7, with the exception of service disruptions.
Transaction Reporting MiFID2/MiFIR
The MiFID II directive and the MiFIR regulation entered into force on 3 January 2018. The new rules apply to all firms providing investment services or activities. Transaction reporting in accordance with MiFID II/MiFIR occurs through the TRS 2 system that entered into operation on 3 January 2018. The system is open 24/7, except during service disruptions.
Notification
A financial institution that is authorised in another EEA State may conduct financial activities in Sweden if it is within the scope of a relevant EU Single Market Directive. In order to do so, the institution must first contact its home-state regulator which will notify Finansinspektionen.
Notification
A financial institution that is authorised in another EEA State may conduct financial activities in Sweden if it is within the scope of a relevant EU Single Market Directive. In order to do so, the institution must first contact its home-state regulator which will notify Finansinspektionen.
Notification
A financial institution that is authorised in another EEA State may conduct financial activities in Sweden if it is within the scope of a relevant EU Single Market Directive. In order to do so, the institution must first contact its home-state regulator which will notify Finansinspektionen.
Supervision of the Swedish Securities Market (2017)
In 2016, FI's analysis of trends and risks on the securities market focused on the subareas fixed income market, derivatives market and equity market.
Market abuse
Finansinspektionen (FI) monitors that the market complies with the Market Abuse Regulation (MAR).
FI’s view on automated investment advice
It is likely that automated services will play a greater role on the financial market. Finansinspektionen (FI) views an online market with simplified investment advice as a step in the right direction in terms of achieving an independent market for investment advice that reaches a wide number of consumers.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS funds
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Finansinspektionen’s general guidelines regarding reporting events of material significance
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EEA-based AIF managers
2017-01-27 | Markets
A foreign AIF manager based in a country within the EEA is able to pursue its activities in Sweden.
Non-EEA-based AIF managers
2017-01-27 | Markets
A foreign AIF manager based in a country outside the EEA is able to market units or shares in an alternative investment fund it manages to investors in Sweden. Such marketing activity requires authorisation from FI.
Alternative investment fund managers
The Alternative Investment Fund Managers Act (2013:561 – LAIF) regulates alternative investment fund managers (AIF managers) but only regulates alternative investment funds to a limited extent.
PDMR transactions
Persons discharging managerial responsibilities, and closely associated persons, must report to Finansinspektionen changes in their holdings.
2016
Regulations regarding prudential requirements for credit institutions and investment firms
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Regulations amending Finansinspektionen’s regulations (FFFS 2008:11) regarding investment funds
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Regulations and general guidelines regarding special supervision of financial conglomerates
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Regulations regarding the activities in Sweden of foreign management companies and fund companies
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Regulations governing investment funds
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Finansinspektionen’s general guidelines regarding reporting of events of material significance
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Finansinspektionen’s regulations governing the reporting of interim and annual report data
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Finansinspektionen’s regulations regarding reporting internal capital adequacy assessments
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Regulations regarding the reporting of liquidity risks for credit institutions and investment firms
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