Regulation (2015:1035) On Preventing State Aid To Credit Institutions

Original Language Title: Förordning (2015:1035) om förebyggande statligt stöd till kreditinstitut

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2015:1035

/Entry into force: 2016-02-01/

Scope of application article 1 in this regulation, there are provisions for support under the Act (2015:1017) concerning the prevention of State aid to credit institutions.



Initiation of matters on preventing State AIDS prevention section 2 of the application for State aid may be made with the Swedish national debt Office. The Swedish national debt Office will also take up a case if the support without any application.



Agreements relating to support paragraph 3 of the agreement or decision relating to the conclusion of the respective support are made by the Swedish national debt Office. The Swedish national debt Office shall submit an agreement relating to support to the Government for approval.



Conditions for support paragraph 4 of the terms and conditions for support shall be regulated by contract. Conditions should be designed taking into account the State's risk and to protect the State's right and ensure the need for monitoring and follow-up.



The Swedish national debt Office, in agreement to the conditions during the term of this agreement 1. restricting the use of State aid in the beneficiary's marketing of credits, 2. ensure that the following applies to the five top executives of the beneficiary with the highest aggregate remuneration: a) fixed salary or other fixed payments to some executives, for the specific position shall not exceed the level of remuneration decided before the application for aid was submitted, or on its own initiative, the Swedish national debt Office took up the case on support, b) variable remuneration, including the transfer of securities and the grant of the right in the future to acquire securities from the beneficiary must not be decided in time for the support and the circumstances relating to this time may not be taken into account when the variable remuneration is calculated as a result of previous agreements, and no variable remuneration decided before the application for aid was submitted, or on its own initiative, the Swedish national debt Office took up the case for aid may be executed or paid during the period when the aid remains, and (c)) the conditions of agreement regarding severance pay shall not be more favourable than under current guidelines for terms of employment for senior executives of the company

with State ownership, 3. aimed at directors ' fees and other compensation for Board shall be limited to a maximum of the level that is determined before the application for aid was submitted, or on its own initiative, the Swedish national debt Office took up the case for aid, and 4. ensure that operations do not undergo such a substantial enlargement had not taken place if the beneficiary had not been covered by State aid.



If there are serious reasons, the Swedish national debt Office in an individual case contract despite the fact that the conditions provided for in the second subparagraph 2 and 3 are not met.



§ 5 If capital injections provided to State compensation preferably in the form of preference shares with powerful voting rights.



Asset management section 6 of the Swedish national debt Office to manage shares and other assets that the State owns or may, as security in connection with that support must be provided.



The State's ownership should be settled in such a pace that the State, as far as possible, receives compensation for the risk and the costs that have been associated with an implemented measure. The Swedish national debt Office may decide on the liquidation of the State's ownership of such shares and other assets that are managed by the Agency, if the ownership is not of fundamental importance or otherwise of major importance.



Follow-up of left support 7 § the national debt will continuously follow the development of the credit institutions that have received assistance. The Swedish national debt Office will see to it that the conditions for reimbursement and other conditions of the aid are fulfilled.



Obligation to provide information section 8 Of Chapter 4. section 1 of the Act (2015:1017) concerning the prevention of State aid to financial institutions follow a credit institution shall submit the national debt and Government with the information needed. If the Swedish national debt Office requests it, the data shall be audited by an auditor appointed by the institution in accordance with chapter IV (a). section 1 of the Savings Bank Act are amended (1987:619), Chapter 8. section 1 of the Act (1987:667) on economic associations, 7 a Cape. section 1 of the Act (1995:1570) where the member banks or Chapter 9. 8 of the Swedish companies Act (2005:551).



European Commission approval For State aid within the meaning of section 9 of this regulation, the condition that it must be approved by the European Commission before it can proceed. Detailed rules on disclosure, see section 12 of the Act of the first paragraph (2013:388) on the application of the State aid rules of the European Union.



Additional regulations section 10 of the Swedish national debt Office may notify the regulations necessary for the implementation of this regulation.