The scope of the law
paragraph 1 of this law provides for certain professional
the business of consumer credit that is to leave or
pass on credit to consumers.
The law does not apply to the business of consumer credit that is powered
licensed under the regulations.
section 2 of this Act also applies to foreign business operations
with consumer credit in Sweden. For activities through branch
terms in other respects the Act (1992:160) of foreign branches, etc.
Measures against money laundering and the financing of terrorism
paragraph 3 of the Provisions on the obligation for companies that operate
the business of consumer credit to help
prevent money laundering and the financing of terrorism, see
law (2009:62) on measures against money laundering and the financing
Obtain a permit
4 § to pursuit of the business of consumer credit under
This law required the permission of the financial supervision authority. Condition
may be granted only to a Swedish limited liability company, a Swedish
Economic Association or equivalent foreign company.
Exemption from permit requirement
paragraph 5 of the Licence under this Act is not required for
1. undertakings authorised in accordance with
(a)) Act (2004:297) on banking and finance law,
(b)) code (2010:751) on payment services, or
c) Act (2011:755) on electronic money,
2. the undertakings referred to in Chapter 2. 3 paragraph 2 – 7 the law on
banking and finance law,
3. State and municipal authorities;
4. legal persons operating with
consumer credit and to a lesser extent for non-commercial purposes.
The derogations referred to in the first subparagraph shall also apply to the corresponding
foreign companies and foreign governmental, municipal and other
Conditions for authorisation
section 6 Authorization for activities under this Act shall be a
Swedish limited liability company or a Swedish economic association, if
1. the articles of association or by-laws not inconsistent with this Act
or any other Constitution,
2. There is reason to believe that the planned activities
will be operated in accordance with this law and other
regulations governing the company's activities,
3. the person having or likely to have a
qualifying holding in the company is deemed appropriate to exercise
a significant influence over the management of the company, and
4. to be included in the Board of directors or be
Executive Director, or be replacements for any of
them, have sufficient knowledge and experience to participate in
Management nor otherwise is suitable for such a
With qualifying holding shall mean a direct or
indirect holding in an undertaking if the holding, calculated on the
as explained in Chapter 1. 5 a § Act (2004:297) on banking and
finance law, represent 10% or more of
capital or of the voting rights or otherwise allows a
significant influence over the management of the company.
section 7 of the assessment referred to in section 6 3 of if the holder is
appropriate to the holder's reputation must be taken into account. It should also
be taken into account if there is reason to believe that
1. the holder will counter that the company's activities
operated in a manner consistent with the requirements of this Act and
regulations governing the company's activities, or
2. the holding in connection with or may increase the risk of
a) money-laundering referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) if
measures against money laundering and the financing of terrorism,
b) offence under section 2 (2), (3) or section 4 § lagen (2002:444) if
punishment for the financing of particularly serious crime in
some cases, with respect to offences under section 2 of the Act (SFS 2003:148) if
the penalties for terrorist offences.
If your company has or likely to get near
relations with anyone else, getting permission is granted only if the
relations do not prevent the effective exercise of their supervisory functions by
section 8 a foreign company may be authorised to drive
activities under this Act from the branch in Sweden. Condition
should be provided, if
1. the company operates corresponding activities in the country in which the
has its registered office,
2. the company is subject to prudential supervision by the competent
authority of the country in which it has its registered office and the
the authority has admitted that the company establishes itself in
3. There is reason to believe that business here in the country
will be operated in accordance with this law and other
regulations governing the company's activities.
section 9, a Swedish company that operates under this
law may, where authorized by the Swedish financial supervisory authority set up branch
in another country. Such authorisation will be granted if there is
reason to believe that the planned activities will
operate in accordance with this Act and the regulations
governing the company's activities.
section 10 of the rules on ownership review of credit institutions in 14
Cape. Act (2004:297) on banking and finance law should
also apply to companies operating under this
Approval of the articles of association or by-laws
section 11 of the company's articles of association or statutes shall be approved in
When it is authorized to carry on business in accordance with
A company that decided to amend their articles of association or
its statutes shall apply for approval of the change.
The change shall be approved if the articles of association or statutes
is not contrary to this law, regulations and administrative provisions of
impact on operations and in General contains the
specific provisions are needed to take account of
the extent and nature of the business.
A decision amending the articles or bylaws shall not
be registered before it is approved.
section 12 of a company operating under this Act shall
drive it in a way that's healthy.
13 § individuals ' conditions to a company that operates
activities under this Act shall not unduly disclosed.
In the public activities should apply instead of the provisions
in publicity and secrecy (2009:400).
Liability under Chapter 20. paragraph 3 of the criminal code should not follow the
in breach of the prohibition laid down in the first subparagraph.
In 5 a § credit information Act (1973:1173) provides
that what is true of professional secrecy referred to in the first subparagraph
does not prevent the information in some cases are exchanged for
credit reporting purposes.
section 14 of The companies operating under this Act may
instruct anyone to carry out a specific work or some
operational features that are included in this activity. Company
shall notify such contract to the Swedish financial supervisory authority.
Assignment for someone else to perform such functions as are of
essential for the business may be granted only if
the company is responsible for
1. the business operated by the contractor under controlled
and safely secure forms, and
2. the mission does not significantly impair the quality of the
the company's internal control and financial supervision
opportunities to ensure that the company follows the rules
applies to it.
section 15, the financial supervision authority shall maintain a register of companies
authorised to carry on business under this Act.
section 16 of the financial supervision authority has oversight over companies that operate
activities under this Act. Supervision includes
the company's business is conducted in accordance with
1. this law,
2. regulations governing operations,
3. the company's articles of association or by-laws, and
4. the company's internal instructions based on
regulations governing business.
The Swedish financial supervisory authority does not include
konsumentkredit Act (2010:1846).
Information from surveys of a company
operating under this Act
section 17 of a company operating under this Act shall
provide the financial supervision authority the information on their activities
and related circumstances that the inspection
The financial supervision authority may, when the inspection is of the opinion that it is
necessary, conduct a study of a company
operating under this law.
Information from investigations of other companies
section 18 Of the companies operating under this Act
is a member of a group, to the other companies of the Group provide
The financial supervision authority the information on their activities and
related circumstances that the inspection needs
for his supervision of the company.
section 19 Has a company been commissioned by a company driver
activities under this Act to carry out a specific work or
Some functions, should the company leave the Swedish financial supervisory authority the
information on their activities and related
circumstances that the inspection request.
The financial supervision authority may conduct surveys of a
such a company, if necessary for the supervision of the company
operating under this law.
Action against companies operating under this
section 20 if a company fails to discharge its obligations under
This Act, the regulations governing the company's
activities, articles of incorporation, bylaws or internal
instructions based on a Constitution that regulates
activities, the financial supervision authority Act.
The Swedish financial supervisory authority will then issue an order within the
certain time limit operations, reduce risk in the or
take any other action to tackle
situation, a prohibition to execute decision or a
Note. If the infringement is serious to the company's
authorisation is withdrawn or, if it is enough, warning
will be notified.
The financial supervision authority may refrain from action if a
infringement is insignificant or pardoned, if the company does
correction or if any other authority has taken steps
against the company and these measures are considered sufficient.
section 21 Of someone who is part of the Board of Directors of a company which operates
activities under this Act, or is its Executive
Director, does not meet the requirements set out in section 6 of 4,
The Swedish financial supervisory authority to revoke the company's licence. It may
However, only take place if the inspection first decided to point out that
the person is a member of the Board of directors or Executive Director
and if he or she, since one of the inspection, fixed period if
no more than three months have passed, still included in the Board of Directors
or is the Executive Director.
Rather than withdraw the authorization, may
The financial supervision authority may decide that a Board member or
Executive Director may no longer be there. the inspection
may then appoint a replacement. Long mission comes to
the company has appointed a new Member of the Board of directors or
It provided for the Chief Executive Officer of first and second
paragraphs also applies to a Deputy or substitute for
section 22 of the Swedish financial supervisory authority to revoke the licence of a
companies operating under this Act, if the entity
1. have received authorization by submitting incorrect information
or by any other wrongful means,
2. not within one year of the authorization was granted have begun
drive the activities permit relates,
3. for a continuous period of six months has not pushed
such activities as the authorization applies;
4. have declared that they refrain from the State,
5. has transferred all its activities, or
6. has been declared bankrupt or if the decision has been taken to
the company should go into compulsory liquidation.
In the cases referred to in the first subparagraph 1 – 3, instead warning
be notified, if it's enough.
If the consumer has made a decision under section 51
konsumentkredit Act (2010:1846) to submit to a company
to cease to provide loans and the decision has won
the force of law, the financial supervision authority may revoke the licence for
section 23 Of the permit is withdrawn, the financial supervisory authority
decide on the liquidation of operations under this Act
A withdrawal decision may be subject to prohibition
stay in business.
Intervention against the which does not have permission
section 24 If any operating under this law without
be eligible for it, to the financial supervision authority shall submit to the
him to cease operations. The inspection may decide
how the decommissioning of operations to occur.
The financial supervision authority may submit to the operator of the activity
to provide information on the activities that the inspection
need to assess whether the law applicable to a given
section 25 Of the companies operating under this Act
have received notice or warning in accordance with section 20, the
The financial supervision authority may decide that the company should pay a
Levy belongs to the State.
section 26 of the Sanctioning fee must amount to not less than 5 000 kroons and
not more than SEK 50 million. The fee shall not exceed ten
per cent of turnover the last
If the infringement has taken place during the company's first
year of operation or if the data on the turnover otherwise
missing or inadequate, the turnover is estimated.
For a company that also runs other than the
licensed under this Act to the turnover in
the first subparagraph shall refer to only the business with
27 § When sanctioning fee is decided upon, the Special
taking into account the gravity of the infringement is that
led note or warning and how long
infringement has been going on.
section 28 where a firm is not in time leaves the information it
is required to file pursuant to regulations issued by
support of 34 § 3, the financial supervision authority may decide that the company
shall pay a late fee of up to 100 000 kroons.
Levy belongs to the State.
Enforcement of penalty fee and late fee
section 29 Sanction fees or fines to be paid
to the financial supervision authority within thirty days of the
the decision to withdraw the charge has become final or the
the longer period of time as specified in the decision.
section 30 of the financial supervision authority decision on sanction or
late charge may be enforced under the enforcement of the beam
provisions, if the fee has not been paid within the time limit set by
set out in section 29.
If sanction fee or penalty fee is not paid in
time, the financial supervision authority shall submit the unpaid fee for
recovery. Provisions on recovery of State assets
see Act (1993:891) for recovery of State assets
section 31 A penalty fee or late charge falls away in
the extent to which the enforcement has not happened within five years
from the decision to levy the charge won the final.
32 § FSA injunction or prohibition under
This law may be subject to a penalty.
Contributions to the financial supervision authority
33 § Companies operating under this Act shall
pay for FSA activities under this Act with
The financial supervision authority may charge fees for the examination of
applications and notifications under this law.
34 § Government or authority the Government determines
may provide for
1. what content one application to operate
under this Act shall have,
2. how the requirement of health referred to in section 12 can be fulfilled,
3. what information a company operating
under this Act shall submit to the financial supervision authority of its
regulatory activities pursuant to §§ 17 and 18, and
4. the fees referred to in section 33.
35 § finansinspektionen's decision pursuant to section 24 of the second subparagraph
not subject to appeal.
FSA decision otherwise under this law may
be appealed to the General Administrative Court. However, this does
No decision in the cases referred to in paragraph 5
Administrative Procedure Act (1986:223).
Leave to appeal is required in the case of appeal to the
the Administrative Court of appeal.
The financial supervision authority may provide that a decision
If prohibition, injunction or withdrawal shall apply
1. This law shall enter into force on 1 July 2014.
2. Any natural or legal person who at the time of
the entry into force of the Act leaves the consumer credits under Chapter 7.
1 paragraph 2 Act (2004:297) on banking and
finance law as other financial activities in accordance with
Act (1996:1006) concerning the reporting obligation for specific financial
activities may continue to run the business according to older
provisions by 1 January 2015 without permission
or, if the application for a permit to the Swedish financial supervisory authority has
been received within this time, until the application has been examined
3. A fee as referred to in section 25 shall be applied only to
violations which have occurred after the entry into force.