Regulation (2013:588) Of Mutual Funds

Original Language Title: Förordning (2013:588) om värdepappersfonder

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2013:588

Scope of the directive



section 1 of this Regulation shall apply for the purposes of the law

(2004:46) on mutual funds.



Terms and expressions used in the regulation has the same

meaning and scope of the law on

unit trusts.



Certificate of beneficiary Fund



section 2 of the financial supervision authority shall, on request, issue a certificate of

to a unit trust complies with the requirements to be

the recipient Fund according to Chapter 1. 1 paragraph 19 (b) and (c)

Act (2004:46) on mutual funds.



Consultation and notification of refusals



3 § Before the financial supervision authority refuses a management company

application for authorization to administer a unit trust under

1 Cape. 6 (b) § Act (2004:46) on mutual funds, to

the inspection shall consult the competent authority in the company's

homeland.



The financial supervision authority shall inform the European Commission and

The European Securities and markets authority about how many

applications rejected and the reasons for rejection.



Web information



paragraph 4 of the financial supervision authority shall publish on its website

information on the laws, regulations and administrative provisions relating to the

for formation and operation of mutual funds in this country

as well as for the marketing of units of UCITS

refers to Chapter 1. section 7 of the Act (2004:46) on mutual funds.

The information shall be published at least in a language

widely used on the international financial

markets.



Request for additional information



5 § where a competent authority requests additional information about

the contents of a certificate issued in accordance with the Swedish financial supervisory authority

Chapter 2. 13 section or paragraph 15 a law

(2004:46) if mutual funds or the documentation

a fund management company in connection with an application for authorisation

Managing a UCITS, the inspection should answer

request within 10 working days from the date it was received.



Details of the contract



section 6 of the financial supervision authority shall promptly forward

details of the contract referred to in Chapter 4. section 7 of the law

(2004:46) if investment funds to the competent authority of a

touched the UCITS home Member State.



Notification to the tax on cross-border

mergers



section 7 of the financial supervision authority shall inform the tax authority decisions

to allow unit trust may be included in a

cross-border merger under Chapter 8. section 21 Act (2004:46)

about mutual funds.



The financial supervision authority shall also inform the tax authorities of

decision of a competent authority to approve a

cross-border merger where a unit trust is

takeover fund.



Applications for authorisation for the acquisition of shares



§ 8 the provisions of sections 9 to 12 applicable to

The Swedish financial supervisory authority's processing of applications for permits

to the acquisition of shares in accordance with section 11. paragraph 1 of the first and second

paragraph (s) Act (2004:46) on mutual funds.



9 § financial supervisory authority to the written confirmation

referred to in section 11. 1 paragraph Act (2004:46) about

mutual funds enter the date of the assessment period

out.



section 10 If the FSA need additional information for

to assess an application for authorisation to acquire, get

the inspection order the purchaser to complete the application.

The notice shall be in writing and should clearly indicate

what further information is required.



An order completion may not be made later than

the 50th working day of the assessment period.



section 11 Of the financial supervisory authority requests supplementary information,

should the assessment period be extended by a period equal to

the number of working days between the date on which the notice was sent

and the date on which the additional information was submitted to the

the inspection. The extension shall not exceed twenty

working days unless otherwise follows from the second paragraph.

The assessment period may be extended by not more than one point.



The financial supervision authority may extend the assessment period to a maximum of

thirty working days about



1. the customer does not have his domicile in the EEA, or



2. the customer is not



(a)) credit institutions, electronic money institutions,

an insurance undertaking, a securities firm, a stock exchange,

a mutual fund company, a mutual fund company or an aifm and

under the supervision of the Swedish financial supervisory authority, or



(b)) a foreign company in the EEA as in their home country may

push the corresponding activities of a company referred to in (a)

and under the supervision of a public authority or another

competent body.



The financial supervision authority shall, within two working days of

additional information submitted to the inspection post

a confirmation to the customer that data has been

received. In confirmation, it will also indicate the date on which the

the evaluation period expires.



section 12 of the Swedish financial supervisory authority's decision in the case of authorisations to

the acquisition will be written. The decision must be notified within two

working days from the time it was taken.



If an authority or another competent body in another

country in the EEA of the acquirer has provided

comments to the Swedish financial supervisory authority, those comments

indicated in the decision.



Notifications to the companies Registration Office of members and alternates



section 13 Of the financial supervision authority pursuant to Chapter 12. section 3 of the law

(2004:46) on unit trusts decides that a

Member of the Board or the Executive Director may no longer be

be it, should the inspection as soon as possible, inform the companies registration office if

the decision. The same applies if the supervision authority appoints a

replacement of a member of the Board of directors or Executive

Director.



Notification to the EU institutions



section 14 of the financial supervision authority shall inform the European

Securities and markets authority if any condition that

granted in accordance with Chapter 1. the first sentence of paragraph 4 of the Act (2004:46)

about mutual funds.



section 15, the financial supervision authority shall inform the European

the Commission and the European Securities and

markets authority about the difficulties of a general nature that

Fund company encountered in the marketing of the units in countries

outside the EEA.



section 16 of the financial supervision authority shall inform the European

the Commission and the European Securities and

markets authority of measures inspection

taken against the management company pursuant to Chapter 12. 15 § third

first sentence Act (2004:46) about

unit trusts.



section 17 of the financial supervision authority to the European Commission and

The European Securities and markets authority shall submit a

list of banks and credit market companies rated

authorization to issue covered bonds under the law

(2003:1223) on the issuance of covered bonds. At

any change to a new list to be handed over.



Appropriations



section 18 of the financial supervision authority may, in the case of Act (2004:46) about

mutual funds provide for



1. translation into Swedish and English language of

information which UCITS and management companies in

Sweden



2. the information, beyond what is apparent from this

Regulation, an application, notification or notice to

contain and the information to be given at the same time to

The Swedish financial supervisory authority,



3. what action that UCITS shall take according to Chapter 1. 7 §

second subparagraph,



4. the items which may be included in the initial capital in accordance with 2

Cape. 4 §,



5. the contents of such a plan required pursuant to Chapter 2. section 6 of the

second subparagraph,



6. the items which may be included in the own resources referred to in Chapter 2.

8, 9 and 11 sections,



7. the contents of such a plan required pursuant to Chapter 2. 12 §

first paragraph 1 or article 15 paragraph 1,



8. on the language in which the notification provided for in Chapter 2. 15 c section

the paragraph should be written,



9. the management company shall publish the documents according to 2

Cape. 15 (c) paragraph,



10. what a fund company must respect in order to meet

the obligations in Chapter 2. 17 and 17 c sections,



11. the contents of the Fund rules pursuant to Chapter 4. section 8,



12. the information to be provided in the notification to the

shareholders according to Chapter 4. 9 (a) and the manner in which

the notification shall be submitted,



13. content of information brochures and fact sheets in accordance with

4 Cape. 15 and 16 (a) sections,



14. the contents of information on risk management according to Chapter 4.

section 17,



15. the content of annual reports and semi-annual reports

According to Chapter 4. section 18,



16. provision of information brochure and fact sheet

According to Chapter 4. section 20,



17. the language in which the information referred to in Chapter 4. section 20 should

be provided,



18. information on costs in accordance with Chapter 4. section 22,



19. criteria for financial assets in a

unit trust may be placed in accordance with Chapter 5. 1 section

subparagraph, first sentence thereof,



20. what techniques and instruments a fund company may use

According to Chapter 5. 1 paragraph and the conditions and limits for the

such use,



21. the system of risk management as a fund company to have

According to Chapter 5. section 2 of the first and second subparagraphs,



22. the contents of information on risk management in accordance with Chapter 5.

section 2 of the third paragraph,



23. criteria for index funds in accordance with Chapter 5. section 7,



24. the estimation of exposures in accordance with Chapter 5. 13 and 14 sections,



25. any information relating to the administrative charges referred to in 5

Cape. section 18, first paragraph,



26. How does the notification to the shareholders in accordance with the

5 a Cape. section 7 shall be provided,



27. the errors and omissions to be reported under 5 (a)

Cape. section 18,



28. the conditions for the transfer of financial instruments

and management under 5 a Cape. 37 and 46 §§,



29. what steps a company should take if it takes

against funds with accountability according to Chapter 7. 1 §,



30. what measures a fund company should take to

comply with the requirements deriving from the provisions of Chapter 7. 3 §,



31. what information referred to in Chapter 8. section 8 should contain, how

It should be designed, how it should be provided and

What is to be attached to the information,



32. the language in which the documents to be submitted together

with the application in accordance with Chapter 8. section 19 shall be established,



33. what information companies, fund management companies,

UCITS and depositories shall submit to


The Swedish financial supervisory authority in accordance with Chapter 10. section 2 of the first paragraph, and when

the information to be provided, and



34. to certain tasks in accordance with Chapter 10. paragraph 2(1) of the

must be submitted to the financial supervision authority instead to be given to

The central statistical office. Regulation (2014:566).



19 § Before the FSA announces rules with

support of section 18 of the 34, the Inspectorate give the Riksbank and

The central statistical office the opportunity to submit their comments.

Regulation (2014:507).



Transitional provisions



2013:588



1. This Regulation shall enter into force on 22 July 2013.



2. This regulation repeals Regulation (2004:75) if

investment funds.



3. The repealed regulation remains in force with regard to the

such mutual fund companies and other fund managers with the support of

transitional provisions to the Act (2013:563) to amend the

Act (2004:46) if investment funds operating

According to the law and with regard to special funds and

UCITS managed by them.