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Team (2013:561) On Alternative Investment Fund Managers

Original Language Title: Lag (2013:561) om förvaltare av alternativa investeringsfonder

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Chapter 1. The law's content, definitions, scope of application and

General provisions on alternative

investment funds



The law's content



1 §/expires U:den day Government/

This Act provides for the licensing of,

the registration and supervision of alternative

investment fund managers (aifms) as well as how their activities

should be run.



The Act also includes provisions concerning the depositary and

external värderares liability.



The Act is divided into sixteen chapters. These are



– the law's content, definitions, scope of application and

General provisions on alternative

investment funds (Chapter 1),



– registration in the management of alternative

investment funds that do not exceed certain thresholds

(Chapter 2),



– authorisation of aifm Swedish (Chapter 3),



– Swedish aifm marketing in Sweden

(Chapter 4),

– Foreign aifm activity in Sweden

(Chapter 5.)



– Swedish aifm activity abroad (Chapter 6),



– start-up capital and own funds (Chapter 7),



– the protection of investors and other operating rules (Chapter 8),



-Depositary (Chapter 9),



– information requirements (Chapter 10),



– especially if the acquisition of unlisted companies and issuers

(11.),



– especially if special funds (12 chapters),



– supervision and regulatory cooperation (Chapter 13.)



-intervention (Chapter 14.)



– appropriations (Chapter 15), and



-Appeal (ch. 16)



the entry into force of paragraph 1 of the I:den/day Government/

This Act provides for the licensing of,

the registration and supervision of alternative

investment fund managers (aifms) as well as how their activities

should be run.



The Act also includes provisions concerning the depositary and

external värderares liability.



The Act is divided into seventeen chapters. These are



– the law's content, definitions, scope of application and

General provisions on alternative

investment funds (Chapter 1),



– registration in the management of alternative

investment funds that do not exceed certain thresholds (2

Cape.)



– authorisation of aifm Swedish (Chapter 3),



– Swedish aifm marketing in Sweden (4

Cape.)



– Foreign aifm activity in Sweden and

abroad (Chapter 5.)



— reference country for non EEA aifm (5 a

Cape.)



– Swedish aifm activity abroad (Chapter 6),



– start-up capital and own funds (Chapter 7),



– the protection of investors and other operating rules (Chapter 8),



-Depositary (Chapter 9),



– information requirements (Chapter 10),



– especially if the acquisition of unlisted companies and issuers (11

Cape.)



– especially if special funds (12 chapters),



– supervision and regulatory cooperation (Chapter 13.)



-intervention (Chapter 14.)



– appropriations (Chapter 15), and



-Appeal (ch. 16).

Law (2014:797).



Definitions



2 section With alternative investment fund is a company that has

formed for collective investments and that



1. receive capital from a number of investors to

invest it in accordance with a defined investment policy

for the benefit of those investors, and



2. does not require authorisation in accordance with article 5 of

European Parliament and Council directive 2009/65/EC of 13

July 2009 on the coordination of laws, regulations and administrative provisions

to undertakings for collective investment in transferable

Securities (UCITS), as amended by

European Parliament and of the Council/61/EU.



With EEA-based alternative investment fund is a

alternative investment fund



1. authorised or registered in one country within the

European economic area (EEA) in accordance with

the applicable national law,



2. has its registered office or head office in a country

in the EEA, or,



3. If the Fund does not have permission or are registered in

any country or have any registered office or head office, has

the strongest ties to a country in the EEA.



An alternative investment fund which does not satisfy the conditions laid down in

the second paragraph is a non EEA-based options

Investment Fund.



3 § With aifm covered legal entities, whose normal

business is the management of one or more alternative

investment funds.



An internal aifm is an internally managed options

Investment Fund.



An external aifm is a from the alternative

investment fund independent legal person who manages

Fund.



The aifm shall mean an aifm which

has its registered office in a country in the EEA. Other

Aifm are non EEA aifm.



4 section With management of an alternative investment fund is

that, in relation to the Fund, perform at least

portfolio management or risk management.



section 5 with an alternative investment fund homeland means



1. the country within the EEA in which the Fund, in accordance with the

the legislation, first got his permit or was

registered,



2. If the Fund does not have a permit or to be registered, it

country within the EEA where the Fund has its statutory seat, or

its headquarters, or



3. in cases other than those referred to in 1 and 2, the country in the EEA

to which the Fund has the closest connection.



section 6 With an aifm home country means the country of the EEA

where the trustee has its registered office.



6 a section/entry into force I:den day Government/

For non EEA aifm, references in

This law into the Manager's home country rather than refer to

the country of reference. Law (2014:797).



section 7 With an EEA-based aifm host country "means the

land, other than the home Member State, in which the trustee



1. manages an alternative investment fund that has the

the country as their homeland,



2. market units or shares of an alternative

Investment Fund, regardless of the country in which the Fund

country of origin, or



3. offer and provide the services referred to in (3)

Cape. 2 §. Law (2015:397).



§ 8 expiry date/U:den Government/

With a non EEA-based aifm hostings referred to

the country in which the trustee



1. manages an alternative investment fund that has the

the country as their home country, or



2. market units or shares of an alternative

Investment Fund, regardless of the country in which the Fund

homeland.



the entry into force of section 8/I:den day Government/

With a non EEA-based aifm hostings referred to

the country, other than the reference country, in which the trustee



1. manages an alternative investment fund that has the

the country as their home country, or



2. market units or shares of an alternative

Investment Fund, regardless of the country in which the Fund

homeland. Law (2014:797).



section 9 with the competent authority referred to in Sweden

The financial supervisory authority and a foreign authority in a

country within the EEA which have to supervise

Aifm or aifm.



Having regulator referred to a foreign authority in a country

outside the EEA which have to supervise

Aifm or aifm.



10 § With a depositary's competent authorities referred to

the following. If the depositary



1. a credit institution with authorization referred to under

European Parliament and Council Directive EU of 26

June 2013 if access to the activity of credit institutions

and the prudential supervision of credit institutions and investment firms, if

Amendment of Directive 2002/87/EC and repealing Directive

2006/48/EC and 2006/49/EC: the authority referred to in Chapter 1.

section 6 of the Act (2014:968) if special supervision of credit institutions

and securities companies or any other authority in another

country within the EEA which supervise institutions, institutions for

electronic money or equivalent foreign companies,



2. is an investment firm with permission as referred to under

European Parliament and Council Directive 2004/39/EC of 21

April 2004 on markets in financial instruments and on the

amending Council Directive 85/611/EEC and 93/6/EEC and

European Parliament and Council Directive 2000/12/EC as well as

repealing Council Directive 93/22/EEC, as last amended by

European Parliament and Council directive 2010/78/EU: the

authorities referred to in Chapter 1. 5 § 2 Act (2007:528)

the securities market,



3. are such institutions as referred to in Chapter 9. section 4 first

paragraph 3: the authorities of the home Member State as referred to in

national law is authorized to

supervise such institutions,



4. is someone referred to in Chapter 9. section 7: the authorities of the country

within the EEA in which he is established and which, in accordance with national

the law, has the competence to exercise oversight

over him, or the official bodies

permission to enroll or supervising him in

accordance with the rules of professional conduct, or



5. are appointed as depositary for a non EEA-based

alternative investment fund under Chapter 9. section 5 and not

covered by 1-4: the national authorities concerned in the

country in which the depositary has its registered office.

Law (2014:991).



section 11 of this Act means



1. workers ' representatives "means the same as in article 2 (e)

European Parliament and Council Directive 2002/14/EC of 11

March 2002 establishing a general framework for informing

and consulting employees in the European Community, of the

original wording,



2. the directive on alternative investment fund managers

investment funds: European Parliament and Council directive

2011/61/EU of 8 March 2011 on alternative


investment fund managers and amending Directive 2003/41/EC and

2009/65/EC and regulations (EC) No 1060/2009 and (EU)

1095/2010, in wording pursuant to European Parliament and Council

Directive 65/EU,



3. EEA: European economic area,



4. the issuer "means an undertaking which has its registered office in a

country within the European economic area and whose shares are admitted to trading on a

regulated market,



5. established:



(a) ") for an alternative investment fund: where the Fund has

authorised or registered or, if the Fund has neither

authorised or registered, where its registered office

or head office is located, or, if the Fund does not have a

registered office or head office, the country to which

the Fund has the closest connection;



(b)) for an aifm: where its registered office is situated,



(c)) for a depositary: where its registered office

or a branch,



6. branch: branch offices with independent management,

also taking an aifm establishment of several

establishment in a country other than the home Member State of the EEA or

a country outside the EEA must be regarded as a single branch;



7. financial leverage: a method by which a

Aifm increases the exposure of a managed options

investment funds through borrowing of cash or securities,

or with the use of derivatives or in any

otherwise,



8. financial instruments: the same as in Chapter 1. section 4 first

paragraph 1 Act (2007:528) on the securities market,



9. the fund company: same as in Chapter 1. Article 1, first paragraph 9

Act (2004:46) about mutual funds,



10. holding company: a company with shareholdings in one or

several other companies, whose business idea is to proceed with a or

several business strategies through its subsidiaries, related

companies or participations in order to contribute to their value on

long term, and that is a company that either



(a)) acting on their own behalf and whose shares are admitted to

trading on a regulated market, or



(b)) has been established not mainly to generate

Returns for their investors through the sale of their

subsidiaries or related companies, as evidenced by

the company's annual report or other public

documents,



11. capital base: same as in article 72 in

European Parliament and Council Regulation (EC) no 575/2013 of

on 26 June 2013 on prudential requirements for credit institutions and

investment firms and amending Regulation (EC) no

648/2012, in the original wording,



12. the Commission delegated regulation: Commission

Regulation (EU) no 231/2013 of 19 december

2012 on the completion of a European Parliament and Council

2011/61/EU as regards exceptions, General

operating conditions, custodians, financial leverage,

transparency and oversight, in the original wording,



13. qualifying holding shall mean a direct or indirect holding in

an aifm, holding calculated as

specified in Chapter 1. 1 a of the law on investment funds

represents 10% or more of the capital or of the

all of the votes or otherwise allows a significant

influence over the management of the trustee,



14. marketing: direct or indirect offer or

placement, on the initiative or on behalf of

On behalf of the aifm of units or shares of a

alternative investment fund it manages and that

is aimed at investors resident or registered

established in the EEA,



15. feeder Fund to an alternative investment fund: a

alternative investment fund



a) invests a minimum of 85 percent of its assets in units

or shares in another alternative investment fund

(the master Fund to an alternative investment fund), or



b) invests a minimum of 85 percent of their assets in more than one

the master Fund to an alternative investment fund provided

that these funds have identical investment strategies, or



c) otherwise has an exposure of at least 85% of the

their assets against such a fund to an alternative

Investment Fund,



16. the parent undertaking and the subsidiaries: the same as in Chapter 1. 4 §

annual accounts Act (1995:1554),



17. the master Fund to an alternative investment fund: a

alternative investment fund in which another alternative

Investment Fund invests or against which this Fund has

an exposure in accordance with 15,



18. close links: same as in Chapter 1. section 2 of the Act on

mutual funds, with the difference that it listed on

fund companies rather than should apply to aifm,



19. private equity company: a company that has its registered

established in a country in the EEA and whose shares are not admitted

to trading on a regulated market,



20. primary brokers: credit institutions, investment firms,

investment firms or other regulated entity

under continuous supervision, which offers professional

Investor Services to mainly finance or that

counterparty to perform transactions with financial instruments, and

that can also provide other services, such as clearing,

clearing, custody, securities lending, tailored

technical solutions and support services,



21. the professional investor means an investor referred to in 8

Cape. 16 or section 17 of the securities market Act,



22. regulated market: the same as in Chapter 1. 5 § 20 Act on

the securities market,



23. Special Fund: an alternative investment fund managed

According to this law and meets the specific conditions in 12

ch.,



24. Securitisation: a company whose

sole purpose is to implement one or more

securitisation transactions within the meaning of

Article 1(2) of the European central bank regulation (EC) no

24/2009 of 19 december 2008 concerning statistics on the assets

and liabilities of financial vehicle corporations engaged in

securitisation transactions, in the original

the wording, and other appropriate activities to achieve that

objectives,



25. initial capital: the same as in Chapter 1. paragraph 5 of the 18 teams

(2004:297) on banking and finance law,



26. Special profit share means a share of an alternative

Investment Fund earnings accruing to the aifm which

compensation for management, excluding any share of

the Fund's profits accruing to the trustee who return on a

investment made in the Fund by the administrator, and



27. Investment Fund: the same as in Chapter 1. section 1 of the first

paragraph 25 of the law on investment funds. Law (2015:397).



11 a §/I:den date of entry into force of the Government/

In this law means



1. established



a) legal representatives who are legal entities:

where their registered office is situated,



b) legal representatives who are natural persons: where

they have their residence,



2. the reference country: the country within the EEA as determined in accordance

with 5 a Cape. or in accordance with the legislation of another

country within the EEA which implement policies if a reference country in

the directive on alternative investment fund managers,



3. legal representative: a natural person who has their

habitual residence in a country within the EEA or a legal person

its registered office in a country in the EEA, and that

specifically appointed by a non EEA aifm

to shop for such a nominee's behalf vis-à-vis

authorities, customers, other entities and counterparties to

the trustee in the EEA regarding the Manager's obligations

in accordance with this Act and the directive on alternative investment fund managers

investment funds. Law (2014:797).



The scope of the law



12 §/expiration date defines the U:den Government/

This law applies to AIF managers established in

Sweden, which manages one or more alternative

investment funds, whether such funds are

EEA-based or non-EEA-based.



For foreign aifm, the provisions of this

law to the extent shown in Chapter 5. and chapter 14.

19-22 sections. For branches of foreign aifm applies in

Moreover, the Act (1992:160) if foreign branches, etc.



In Chapter 2. There are special rules for aifm which

manages portfolios of mutual funds, whose total assets

do not exceed certain thresholds.



the entry into force of section 12/I:den day Government/

This law applies to AIF managers established in

Sweden, which manages one or more alternative

investment funds, whether such funds are

EEA-based or non-EEA-based.



For foreign aifm, the provisions of this

law to the extent shown in Chapter 5., 5 amp., 8

Cape. 28, 30 to 36 sections and chapter 14. 19-22 sections. For branches of

Foreign aifm applies otherwise Act (1992:160) if

foreign branches, etc.



In Chapter 2. There are special rules for aifm which

manages portfolios of mutual funds, whose total assets

do not exceed certain thresholds. Law (2014:797).



Exception



section 13 of this Act shall not apply to aifm in

extent they manage one or more alternative

investment funds whose only investors are the aifm,

its parent company or subsidiaries or other

subsidiaries of such parent companies, provided

that none of them is an alternative investment fund.



The law should not apply to



1. holding company,



2. institutions for occupational retirement provision falling within the scope of

Directive 2003/41/EC of 3 June 2003 on

activities and supervision of institutions for occupational retirement provision, as last

amended by European Parliament and Council directive

2011/61/EC, in so far as they are not managing the alternative

investment funds,



3. supranational institutions and international


organizations, where such Manager alternative

investment funds, and to the extent such funds

acting in the public interest,



4. the national central banks,



5. national, regional or local authorities and bodies

or other institution that manages funds that are tied

to social security systems and pension schemes,



6. employee share ownership or savings,

or



7. the securitisation.



General provisions on alternative

investment funds



section 14 of The alternative investment fund shall have only one

Aifm.



The aifm shall be either an internal aifm

or an external aifm.



An internal aifm may not be external aifm

for an alternative investment fund.



The aifm is responsible for ensuring that the requirements of this Act and other

regulations governing the business are met.



Chapter 2. Registration in the management of alternative

investment funds that do not exceed certain thresholds



section 1 of the Swedish aifm managing portfolios of

alternative investment funds, whose total assets

do not exceed the thresholds referred to in paragraph 2 is applied

only the provisions of this chapter and Chapter 4. section 5 and section 6 of the

second subparagraph, if the trustee does not have the condition

Aifm under this Act. Alternative

investment funds that aifm manages,

marketed to professional investors in Sweden.



An aifm is registered under section 3 shall not

manage special funds or other alternative

investment funds aimed at retail

investors in cases other than those referred to in the third subparagraph.



A registered aifm may manage alternative

investment funds targeting investors who

specified in Chapter 4. paragraph 5 of the second paragraph, if the funds



1. has no right to redemption for at least five years from the

the first investment, and



2. in accordance with the investment policy generally invests in

issuers or non-listed companies to acquire control

According to Chapter 11.



Thresholds



the provisions of paragraph 2 of the 3 to 5 sections apply to aifm which

directly or indirectly manages portfolios of alternative

investment funds



1. whose assets, including those acquired through

leverage, not exceeding the equivalent of 100 million

euros, or



2. whose assets do not exceed the equivalent of 500 million

the euro, if the portfolios consist of alternative

investment funds without leverage and without the right

redemption rights during a period of five years from the date of the

the first position in the Fund.



Registration



section 3 a Swedish aifm referred to in section 2 shall, if it does not

applying for an authorisation as referred to in Chapter 3. section 1, sign up for

registration with the Swedish financial supervisory authority.



A notice of registration shall contain



1. the aifm, and



2. the alternative investment fund managers that the liquidator intends

the management and investment strategies of these.



If the aifm is part of a group referred to in Chapter 1. 4 §

annual accounts Act (1995:1554), a notice of

registration also include details of the ownership structure

within the group, as well as about the alternative investment funds

managed by companies within the group.



Duty to notify



4 § registered the aifm shall regularly inform the

The Swedish financial supervisory authority on the main instruments in that they

managing alternative investment funds are trading as well as

If the funds ' principal exposures and most important

concentrations.



An aifm shall inform the financial supervision authority if the

no longer satisfies the conditions laid down in paragraph 2.



Obtain a permit



§ 5 registered aifm which cease to fulfil

the conditions laid down in paragraph 2 shall apply for a licence pursuant to Chapter 3. § 1. A

such application shall be made within 30 calendar days from the date of

the applicable threshold is exceeded, if not

the excess is temporary.



Supervision



section 6 Of the regulations on supervision in chapter 13. only article 1

the first and second paragraphs, 3, 7, 9, 10 and 15 sections apply to

Aifm referred to in section 2 but who do not have permits

Aifm under this Act. Law (2015:397).



Interventions



section 7 of the rules on intervention in only 9 – 18,

23 and 24 sections apply to aifm referred to in section 2 but

who does not have authorisation as an aifm under this Act.



Chapter 3. Permits for Swedish aifm



Permit and licence, meaning



1 § to administer an alternative investment fund is required

the permission of the financial supervision authority, unless otherwise indicated

of this law. An aifm with such permission shall

comply at all times with the conditions for authorisation in accordance with

This law.



Permission to administer an alternative investment fund shall

include portfolio management and risk management. A

Aifm shall not provide portfolio management

without at the same time provide risk management, or

the other way around.



An aifm shall not engage in any other activity

than that specified in the second subparagraph. An external aifm

may, however,



1. perform services under section 2, and



2. managing a mutual fund or a mutual fund company after

the permission of the financial supervision authority pursuant to the Act (2004:46) about

mutual funds.



Discretionary management of investment portfolios and

ancillary services



2 § external aifm authorised in accordance with article 1, of

The financial supervision authority granted permission to perform discretionary

management of investment portfolios.



An aifm authorised for discretionary management

of investment portfolios, with the permission of the

The Swedish financial supervisory authority



1. store and administer the units or shares of the company

for collective investment,



2. receive funds with accountability,



3. receive and transmit orders concerning financial

instruments, and



4. provide investment advice.



At the offering and provision of services by

the first and second subparagraphs to Chapter 8. 1, 9 to 12, 14, 21 and 27 and

sections 34 and 35 of law (2007:528)

securities market Act shall apply. Funds received by

accountability under the second subparagraph 2 shall immediately

separated from the aifm's own assets.

Law (2015:397).



Conditions for authorisation



paragraph 3 of the financial supervision authority shall give an aifm with

registered office in Sweden the permission under section, if



1. the administrator is headquartered in Sweden,



2. the trustee has sufficient start-up capital and sufficient

own funds pursuant to Chapter 7,



3. Manager's shareholders or members that have or can

is expected to have a qualifying holding, judged appropriate to exercise

a significant influence over the management of the aifm,



4. the members of the Management Board of trustee's

business has enough insight and experience to

participate in the governance of the aifm and in other respects is

suitable for such a task, and



5. There is reason to believe that the planned activities

will be operated in accordance with the provisions of this law and other

statutes regulating the Manager's activities.



If the aifm intends to manage a special fund, the

permission is granted only if the trustee is a corporation.



4 § an aifm is a limited liability company shall have a

Board with at least three members and an Executive

Director. The company's Managing Director shall not be

Chairman of the Board.



Other aifm shall have a management that consists of at least

three people.



Application for a permit and authorisation



section 5 an application for a permit referred to in paragraph 1 shall contain



1. information about who is included in the management of

The aifm,



2. a list of shareholders, where qualifying holdings and

the size of these shows,



3. a business plan with the

organizational structure,



4. information on the



a) procedures to delegate or sub-delegate functions

in accordance with Chapter 8. 14-18 sections, and



b) remuneration schemes in accordance with Chapter 8. section 22,



5. information on the investment strategies

to be used,



6. where the Fund is established, in cases where the

managed fund is a feeder Fund to an alternative

Investment Fund,



7. Fund rules, instruments of incorporation or equivalent

documents,



8. procedures for how the depositary shall be appointed, and



9. a draft prospectus under 10 Cape. § 1.



If the business relating to the management of the special funds, to

the application also contain a draft fact sheet according to

10 Cape. 2 §.



If the aifm is authorised to operate the Fund activities

under the Act (2004:46) about mutual funds, need a

the application referred to in the first subparagraph shall not include such

information that has been submitted to the financial supervision authority with

reason of application for that State, if such information

are still valid. In such a case, the application shall contain

a clear reference to the information and

time at which the information has been provided. The corresponding

applies where authorisation as referred to in paragraph 2.



paragraph 6 of the financial supervision authority shall, before it decides on the licensing

consult with a competent authority in another country within the EEA, if

The aifm



1. is or can be expected to become subsidiaries of a

Aifm, a management company of a UCITS,

investment firm, a credit institution or a

insurance companies licensed in that country,



2. is or can be expected to become subsidiaries of


the parent of the aifm, a management company

for mutual fund companies, an investment firm, a credit institution

or an insurance undertaking authorised in the country,

or



3. controlled or can be expected to be controlled by

the same natural or legal persons who have control over

Another aifm, a management company for

fund companies, an investment firm, a credit institution

or an insurance undertaking authorised in the country.



section 7 of the State must not be used if effective supervision of

The activities of the aifm is prevented by



1. where close links exist between the Manager and someone else,



2. the laws or regulations in a country outside the EEA as

applies to the person with whom the trustee has a close

connection, or



3. difficulties in the application of these laws and other

constitutions.



paragraph 8 of the financial supervision authority shall, within three months of a

complete application has been submitted in writing, inform the

The aifm of its decision in the matter. If the

There are special reasons, the time of the granting of permits

be extended for a maximum period of three months. The aifm shall

be informed of the extension.



For the purposes of applying the first subparagraph, the application shall be deemed to

complete when the aifm has filed as set out in

5 section 1 – 3, 4, 5 and 6.



An aifm may start business as soon as

the authorisation required under paragraph 1 has been granted. If the application needs

supplemented with it listed in section 5, first subparagraph 4 (a), or

7-9, the activities initiated at the earliest one month after the

the missing data has been submitted.



Scope of authorisation



section 9 Of the State to the extent of the right

managing alternative investment funds.

The authorisation may be given to a limited extent in the case of

investment strategies.



The authorisation shall specify whether the aifm has

permits for discretionary management of

investment portfolios and, where appropriate, ancillary services

According to section 2.



Material changes



section 10 of the aifm which intend to carry out a significant

amendment relating to their business or organization,

in writing notify the financial supervision authority.



The financial supervision authority shall, within one month from the notification

received reply to aifm about change does not

acceptance or give rise to a restriction of the State

scope. If there are special reasons may be extended

with a maximum of one month. The manager shall be informed of

the extension.



The change should be implemented if the financial supervision authority does not object

the within the time limit referred to in the second subparagraph.



Chapter 4. Swedish aifm marketing in Sweden



Marketing of alternative investment funds to

retail investors



Special funds



§ 1 an aifm authorised in accordance with Chapter 3. paragraph 1 may

market share in one of the administrator managed

Special Fund to retail investors in Sweden.



Foreign counterparts to special funds established within the

The EEA



2 §/expires U:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed foreign

EEA-based alternative investment fund to

retail investors in Sweden. Permission may be given

only if the



1. the Foundation's sole purpose is to make collective investments in

the assets referred to in Chapter 12. section 13 with capital from

the general public or from a specified and delimited

circle of investors,



2. the Fund operates on the principle of risk-spreading,



3. at the request of the Fund units or shares of the cooperative or

equity holders, repurchased or redeemed with funds from the Fund's

assets,



4. the aifm shall take the necessary measures to this in

the country able to



to make payments to the cooperative or the shareholders,



-redeem units or shares, and



– provide information that the trustee is required to

provide, and



5. There is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



If the advertising relating to units or shares in a feeder Fund

to an alternative investment fund whose master Fund, or

its Manager, are not EEA-based, also apply paragraph 3 of

first paragraph 1, 3 and 4 as well as the second paragraph.



the entry into force of section 2 of the I:den day/the Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed foreign

EEA-based alternative investment fund to

retail investors in Sweden. Permission may be given

only if the



1. the Foundation's sole purpose is to make collective investments in

the assets referred to in Chapter 12. section 13 with capital from

the general public or from a specified and delimited

circle of investors,



2. the Fund operates on the principle of risk-spreading,



3. at the request of the Fund units or shares of the cooperative or

equity holders, repurchased or redeemed with funds from the Fund's

assets,



4. the aifm shall take the necessary measures to this in

the country able to



to make payments to the cooperative or the shareholders,



-redeem units or shares, and



– provide information that the trustee is required to

provide, and



5. There is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



If the advertising relating to units or shares in a feeder Fund

to an alternative investment fund whose master Fund, or

its Manager, are not EEA-based, required in addition to

requirements for marketing to professional investors in

Sweden is met. Law (2014:797).



Foreign counterparts to special funds established in a

country outside the EEA



3 §/expires U:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed non EEA-based

alternative investment fund to retail

investors in Sweden. Authorisation may be granted only if the



1. There is reason to believe that the aifm will be

meet all the requirements of this Act and other

regulations governing operations,



2. the requirements of section 2 have been met,



3. the financial supervisory authority and the regulator in

the country where the Fund or the Fund or its

managers are established, appropriate cooperation arrangements

regarding the monitoring of systemic risks, and



4. the country in which the Fund or Fund, or its

managers, is established has taken the necessary measures

to counter money laundering and the financing of terrorism.



Permission may be given even if the requirements in Chapter 9. are not met,

If the aifm have ensured that one or more devices

have appointed to carry out tasks referred to in Chapter 9. 9, 10

and 12 sections. The manager shall inform the financial supervision authority if the

who is responsible for these tasks.



section 3 entry into force date/I:den Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed non EEA-based

alternative investment fund to retail

investors in Sweden. Authorisation may be granted only if the requirements of section 2 of the

the first subparagraph and the requirements for marketing to

professional investors in Sweden are met.

Law (2014:797).



Alternative investment funds admitted to trading on a

regulated market or an equivalent market outside the EEA



4 §/expires U:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed options

Investment Fund to retail investors in

Sweden in cases other than those referred to in paragraphs 1 to 3, if



1. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the EEA,

and



2. There is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



If the advertising relating to units or shares in a non-

EEA-based alternative investment fund or in a feeder Fund

to an alternative investment fund whose master Fund, or

its Manager, are not EEA-based, also apply paragraph 3 of

first paragraph 1, 3 and 4 as well as the second paragraph.



section 4 entry into force date/I:den Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, the market shares

or shares in one of the Manager managed options

Investment Fund to retail investors in

Sweden in cases other than those referred to in paragraphs 1 to 3, if



1. requirements for marketing to retail investors

in Sweden are met,



2. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the EEA,

and



3. There is a Factsheet for fund that meet the requirements of

10 Cape. 2 §. Law (2014:797).



Alternative investment funds that can be marketed to

some retail investors



§ 5/expires U:den day Government/

An aifm which are registered pursuant to Chapter 2. paragraph 3 of the

or authorized pursuant to Chapter 3. Article 1 may, with the permission of the

Financial market units or shares in one of

the Manager managed the EEA-based alternative investment fund

to such non-professional investors referred to in the second

subparagraph, if the Fund




1. has no right to redemption for at least five years from the

the first investment, and



2. in accordance with its investment policy, generally invests in

issuers or non-listed companies to acquire control

According to Chapter 11.



Units or shares in such alternative investment fund

referred to in the first subparagraph may, under the conditions

specified therein, be marketed to such non-professional

investors in Sweden as



1. undertakes to invest an amount equal to at least

EUR 100 000, and



2. in writing, in a different document than the agreement concluded for

investment commitment, stating that they are aware of the risks

with the intended commitment or investment.



Such aifm may also, with the permission of the

The Swedish financial supervisory authority, promote one of the administrator managed

non-EEA-based alternative investment fund that meets

the requirements of the first subparagraph 1 and 2 to investors referred to in

the second paragraph, if the requirements of section 3(1) 3 and 4 are

met. For an aifm authorised in accordance with Chapter 3.

section 1 also applies to paragraph 3(1) 1 and the second subparagraph.



section 5 entry into force date/I:den Government/

An aifm which are registered pursuant to Chapter 2. paragraph 3 of the

or authorized pursuant to Chapter 3. Article 1 may, with the permission of the

Financial market units or shares in one of

the Manager managed the EEA-based alternative investment fund

to such non-professional investors referred to in the second

subparagraph, if the Fund



1. has no right to redemption for at least five years from the

the first investment, and



2. in accordance with its investment policy, generally invests in

issuers or non-listed companies to acquire control

According to Chapter 11.



Units or shares in such alternative investment fund

referred to in the first subparagraph may, under the conditions

specified therein, be marketed to such non-professional

investors in Sweden as



1. undertakes to invest an amount equal to at least

EUR 100 000, and



2. in writing, in a different document than the agreement concluded for

investment commitment, stating that they are aware of the risks

with the intended commitment or investment.



Such aifm may also, with the permission of the

The Swedish financial supervisory authority, promote one of the administrator managed

non-EEA-based alternative investment fund that meets

the requirements of the first subparagraph 1 and 2 to investors referred to in

the second paragraph, if the requirements of paragraph 8 of the second paragraph 2 and 3 is

met. For an aifm authorised in accordance with Chapter 3.

paragraph 1 shall also include the requirements of paragraph 1 and 8, third paragraph

or the requirements in section 8 must be met. Law (2014:797).



section 5 entry into force date/I:den Government/

An aifm which are registered pursuant to Chapter 2. paragraph 3 of the

or authorized pursuant to Chapter 3. Article 1 may, with the permission of the

Financial market units or shares in one of

the Manager managed the EEA-based alternative investment fund

to such non-professional investors referred to in the second

subparagraph, if the Fund



1. has no right to redemption for at least five years from the

the first investment, and



2. in accordance with its investment policy, generally invests in

issuers or non-listed companies to acquire control

According to Chapter 11.



Units or shares in such alternative investment fund

referred to in the first subparagraph may, under the conditions

specified therein, be marketed to such non-professional

investors in Sweden as



1. undertakes to invest an amount equal to at least

EUR 100 000, and



2. in writing, in a different document than the agreement concluded for

investment commitment, stating that they are aware of the risks

with the intended commitment or investment.



Such aifm may also, with the permission of the

The Swedish financial supervisory authority, promote one of the administrator managed

non-EEA-based alternative investment fund that meets

the requirements of the first subparagraph 1 and 2 to investors referred to in

the second paragraph, if the requirements of paragraph 8 (a) 1 and 2 are

met. For aifm authorised in accordance with Chapter 3. 1 §

to the requirements of paragraph 8 (a) 3.

Law (2014:798).



Marketing to retail investors of

EEA-based alternative investment funds



6 §/expires U:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 may

In addition to such units or shares in alternative

investment funds that may be advertised as 1, 2, 4 or

§ 5, after notification to the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund to

professional investors in Sweden.



An aifm shall establish and implement measures

prevent units or shares of an alternative

Investment Fund marketed to retail

investors in Sweden. It does not apply to such funds

the trustee may market to retail

investors in accordance with 1, 2 or 4 of the. It also does not apply to

marketing of such funds as indicated in paragraph 5 of the first

subparagraph in relation to such investors as indicated in paragraph 5 of the

second paragraph.



Additional provisions for the marketing of the feeder funds

to alternative investment funds, see paragraphs 7 and 8.



6 § entry into force date/I:den Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 may

In addition to such units or shares in alternative

investment funds that may be advertised as 1, 2, 4 or

§ 5, after notification to the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund to

professional investors in Sweden.



An aifm shall establish and implement measures

prevent units or shares of an alternative

Investment Fund marketed to retail

investors in Sweden. It does not apply to such funds

the trustee may market to retail

investors in accordance with 1, 2 or 4 of the. It also does not apply to

marketing of such funds as indicated in paragraph 5 of the first

subparagraph in relation to such investors as indicated in paragraph 5 of the

second paragraph.



Additional provisions for the marketing of the feeder funds

to alternative investment funds, see paragraphs 7-8 a.

Law (2014:797).



6 § entry into force date/I:den Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 may

In addition to such units or shares in alternative

investment funds that may be advertised as 1, 2, 4 or

§ 5, after notification to the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund to

professional investors in Sweden.



An aifm shall establish and implement measures

prevent units or shares of an alternative

Investment Fund marketed to retail

investors in Sweden. It does not apply to such funds

the trustee may market to retail

investors in accordance with 1, 2 or 4 of the. It also does not apply to

marketing of such funds as indicated in paragraph 5 of the first

subparagraph in relation to such investors as indicated in paragraph 5 of the

second paragraph.



Additional provisions for the marketing of the feeder funds

to alternative investment funds, see 7 and 8 (a) sections.

Law (2014:798).



section 7 of the Promotion of a feeder Fund to an alternative

Investment Fund may commence pursuant to section 6, if the recipient Fund

established in the EEA, and is managed by an EEA-based

Aifm.



Marketing to retail investors of non

EEA-based alternative investment fund managers and certain

the feeder funds



§ 8 expiry date/U:den the Government by law (2014:798)./

/Expires today, U:den Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

In addition to such units or shares in alternative

investment funds which may be marketed in accordance with section 3 or 4,

with the permission of the financial supervision authority, to professional

investors in Sweden market units or shares of a

of the administrator managed



1. non EEA-based alternative investment fund, or



2. the feeder Fund to an alternative investment fund whose

the master Fund, or its Trustees, are not EEA-based.



Authorization may be given if the requirements of section 3(1) 1, 3 and 4

and the second subparagraph are fulfilled.



At marketing referred to in the first subparagraph also applies to section 6

second paragraph.



the entry into force of section 8/I:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

In addition to such units or shares in alternative

investment funds which may be marketed in accordance with section 3 or 4,

with the permission of the financial supervision authority, to professional

investors in Sweden market units or shares of a

of the administrator managed



1. non EEA-based alternative investment fund, or



2. the feeder Fund to an alternative investment fund whose

the master Fund, or its Trustees, are not EEA-based.



Permission may be given, if



1. There is reason to believe that the aifm will be

meet all the requirements of this Act and other

regulations governing operations,



2. between the FSA and the regulatory authority in the

the country where the Fund or the Fund or its

Trustees established appropriate cooperation arrangements

regarding the monitoring of systemic risks, and



3. the country in which the Fund or the Fund or its

Trustees is established has taken the necessary measures

to counter money laundering and the financing of terrorism.




Permission may be given even if the requirements in Chapter 9. are not met,

If the aifm have ensured that one or more devices

have appointed to carry out tasks referred to in Chapter 9. 9, 10

and 12 sections. The manager shall inform the financial supervision authority if the

who is responsible for these tasks.



At marketing referred to in the first subparagraph also applies to section 6

second paragraph. Law (2014:797).



8 a of/comes into force I:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

After notification to the financial supervision authority, to

professional investors in Sweden market units

or shares in one of the administrator managed



1. non EEA-based alternative investment fund, or



2. the feeder Fund to an alternative investment fund whose

the master Fund, or its Trustees, are not EEA-based.



Such marketing may take place only if



1. the financial supervision authority and the regulatory authority in the

the country where the Fund or the Fund or its

Trustees established appropriate cooperation arrangements,



2. the country of the Fund or the Fund or its

Trustees is established has taken the necessary measures

to counter money laundering and the financing of terrorism,

and



3. it between Sweden and the country where the non-

EEA-based alternative investment fund or

the master Fund is established, there is a written

agreement that meets the requirements of article 26 of the OECD

Model Tax Convention on income and on capital and

ensures an effective exchange of information in tax matters

between Sweden and that country.



At marketing referred to in the first subparagraph also applies to section 6

second paragraph. Law (2014:797).



Notification of marketing



§ 9 expiry date/U:den Government/

Notification of marketing under section 6, shall

contain



1. an operational plan detailing the options

investment fund that will be marketed and where it is

established;



2. the Fund rules or instruments of incorporation or

corresponding documents;



3. indication of the Fund's depositary,



4. where the Fund is established, if

marketing refers to a feeder Fund to an alternative

Investment Fund,



5. an information brochure pursuant to Chapter 10. paragraph 1, and



6. information on the measures that have been established to

prevent marketing happens to retail

investors.



§ 9 entry into force date/I:den Government/

Notification of marketing as 6 or 8 a of the

should contain



1. an operational plan detailing the options

investment fund that will be marketed and where it is

established;



2. the Fund rules or instruments of incorporation or

corresponding documents;



3. indication of the Fund's depositary,



4. where the Fund is established, if

marketing refers to a feeder Fund to an alternative

Investment Fund,



5. an information brochure pursuant to Chapter 10. paragraph 1, and



6. information on the measures that have been established to

prevent marketing happens to retail

investors. Law (2014:797).



section 10/expires U:den day Government/

The financial supervision authority shall, within 20 working days after the

to a complete notification referred to in paragraph 6 were received

notify the aifm about the marketing may commence

or not. Only if the administrator or its management of the

alternative investment fund does not meet or can be adopted

come to meet the requirements of this Act or other

regulations governing operations, inspection

decide that the boost may not be started.



Marketing may commence at the earliest, when the FSA

announced the aifm about this.



If the alternative investment fund's country of origin is another

country within the EEA financial supervision authority shall submit information to the

the competent authority of the country that the marketing of

the units or shares of the Fund may be initiated here in

the country.



the entry into force of section 10/I:den day Government/

The financial supervision authority shall, within 20 working days after the

to a complete notification referred to in paragraphs 6 and 8 (a)

received notify the aifm about the marketing,

is started or not. Only if its

management of the alternative investment fund

meet or likely to comply with the requirements of this

laws, regulations and administrative provisions governing the activities,

the inspection order that marketing must not

begins.



Marketing may commence at the earliest, when

The FSA announced the aifm about this.



If the alternative investment fund's country of origin is another

country within the EEA financial supervision authority shall submit information to the

the competent authority of the country that the marketing of

the units or shares of the Fund may be initiated here in

the country.



If the notification concerns a non EEA-based options

Investment Fund, the financial supervision authority shall provide information

to the European Securities and markets authority

the marketing of the units or shares of the Fund may

begins here in the country. Law (2014:797).



Material changes



§ 11 expiry date/U:den Government/

An aifm which intend to make a substantial

change to something that has been specified in a notice or in

an application for authorisation for marketing after the

marketing has begun, shall in writing notify

to the financial supervision authority not later than one month before the change

are carried out. In the case of an already completed, unplanned

change, however, should a complaint be made immediately after the

the change has been implemented.



If a proposed amendment would mean that the aifm

or its management of an alternative investment fund not

longer meets the requirements of this Act or regulations

that regulates its activity, financial supervisory authority without

delay notify the trustee that the change may not be

implemented.



In chapter 14. provides for intervention against a

Aifm which has carried out a substantial change in the battle

with this clause.



the entry into force of section 11/I:den day Government/

An aifm which intend to make a substantial

change to something that has been specified in a notice or in

an application for authorisation for marketing after the

marketing has begun, shall in writing notify

to the financial supervision authority not later than one month before the change

are carried out. In the case of an already completed, unplanned

change, however, should a complaint be made immediately after the

the change has been implemented.



If a proposed amendment would mean that the aifm

or its management of an alternative investment fund not

longer meets the requirements of this Act or regulations

that regulates its activity, financial supervisory authority without

delay notify the trustee that the change may not be

implemented.



If the FSA approves an amendment to

units or shares in such alternative investment fund

referred to in section 8 shall no longer be marketed or to

units or shares of another such fund shall

marketed in this country, the supervisory authority without delay

inform the European Securities and markets authority

the change.



In chapter 14. provides for intervention against a

Aifm which has carried out a substantial change in the battle

with this clause. Law (2014:797).



Chapter 5. /Rubriken expires U:den day Government/

Foreign aifm activity in Sweden



Chapter 5. /Rubriken enters into force I:den day Government/

Foreign aifm activity in Sweden and

abroad



EEA aifm



Management of an alternative investment fund

established in Sweden, discretionary management of

investment portfolios and the provision of

ancillary services



§ 1 a foreign EEA aifm may, without

permit under this Act;



1. manage an alternative investment fund established in

Sweden and is not a special fund, if the nominee in his

country has authorisation referred to in the directive on

alternative investment funds, which includes management

an alternative investment fund of the corresponding type as the

to be managed in this country, and



2. in Sweden to offer and provide the services referred to in

Chapter 3. paragraph 2 of the first subparagraph and second subparagraph 1, 3 and 4, if

the trustee in his home country has authorisation referred to in

the directive on alternative investment fund managers

and that includes the services to be provided and

provided in this country.



Operations may commence on the day on which the competent authority of the

Manager's home country has notified the trustee that a

notification of activities and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds have been provided to

The Swedish financial supervisory authority. Law (2015:397).



Especially if the administration of a special fund



section 2 of the foreign EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, with the permission of the

The Swedish financial supervisory authority, administer a special fund.



Permission is granted in the form of acceptance of specialfondens

the Fund rules. Authorisation may be granted only if the



1. The financial supervision authority of the competent authority in the Manager's

homeland has received a notification of the planned

operations, and an attestation that the trustee is authorized

referred to in the directive on alternative investment fund managers

investment funds,



2. the Manager's business license include the management of


an alternative investment fund of the corresponding type as the

Special Fund to be managed in this country,



3. the trustee has a legal structure that corresponds to a

limited liability companies, and



4. the aifm shall take the necessary measures to this in

the country able to



-making payments to unit-holders,



-redeem shares, and



– provide information that the trustee is required to

provide.



At the trial, according to the second paragraph, Chapter 4. section 9 of the Act

(2004:46) if mutual funds are applied. It listed where

If the Fund management company shall instead refer to the aifm.



A non-EEA aifm authorised in accordance with

second subparagraph shall promote investments in RD to

Professional and non-professional investors in

Sweden.



/Rubriken expires U:den day Government/

Marketing to retail investors of

EEA-based alternative investment funds



/Rubriken enters into force I:den day Government/

Marketing to retail investors



3 §/expires U:den day Government/

A non-EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, without a permit under

This law, to professional investors in Sweden

market units or shares in one of the trustee

managed the EEA-based alternative investment fund.



Marketing of units or shares of other alternative

investment funds than mutual funds may be opened when the competent

authority of the Manager's home country has notified the trustee that

a notification about operations and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds, and where

scope of the authorisation and any restrictions of

investment strategies is apparent, has been submitted to the

The Swedish financial supervisory authority.



section 3 entry into force date/I:den Government/

A non-EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, without a permit under

This law, to professional investors in Sweden

market units or shares in one of the trustee

managed



1. The EEA-based alternative investment fund,



2. non EEA-based alternative investment fund, or



3. feeder Fund to an alternative investment fund whose

the master Fund, or its Trustees, are not EEA-based.



Marketing of units or shares of other alternative

investment funds than mutual funds may be opened when the competent

authority of the Manager's home country has notified the trustee that

a notification about operations and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds, and where

scope of the authorisation and any restrictions of

investment strategies is apparent, has been submitted to the

The Swedish financial supervisory authority. Law (2014:797).



4 §/expires U:den day the Government by law (2014:797)./

Marketing of a feeder Fund to an alternative

Investment Fund may be made under section 3 only if the master Fund is

established in the EEA, and is managed by an EEA-based

Aifm.



/Rubriken expires U:den day Government/

Marketing to retail investors of non

EEA-based alternative investment fund managers and certain

the feeder funds



§ 5/expires U:den day the Government by law (2014:798)./

A non-EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, with the permission of the

The Swedish financial supervisory authority, to professional investors in Sweden

market units or shares in one of the trustee

managed



1. non EEA-based alternative investment fund, or



2. the feeder Fund to an alternative investment fund whose

the master Fund, or its Trustees, are not EEA-based.



Authorisation may be granted only if the



1. There is reason to believe that the aifm will be

meet all the requirements of this Act and other

regulations governing operations,



2. between the FSA and the regulatory authority in the

the country where the Fund or the Fund or its

Trustees established appropriate cooperation arrangements

regarding the monitoring of systemic risks, and



3. the country in which the Fund or Fund, or its

managers, is established has taken the necessary measures

to counter money laundering and the financing of terrorism.



Permission may be given even if the requirements in Chapter 9. are not met,

If the Manager has ensured that one or more devices has

designated to carry out the tasks referred to in Chapter 9. 9, 10 and 12

§§. The manager shall inform the financial supervision authority of who

responsible for these tasks.



Marketing to retail investors of other

alternative investment funds than mutual funds



6 §/expires U:den day Government/

A non-EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, with the permission of the

Financial market units or shares in one of

alternative investment Fund Manager managed to

retail investors in Sweden. Permission may be given

only if the



1. the Fund complies with the requirements of Chapter 4. paragraph 2 of the first paragraph,

or



2. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the EEA

and there is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



If the advertising relating to units or shares in a non-

EEA-based alternative investment fund or a feeder Fund

to an alternative investment fund whose master Fund, or

its managers are not EEA-based, also applies to paragraph 5 of the

the second and third paragraphs.



6 § entry into force date/I:den Government/

A non-EEA aifm as in their home country

has the authorization referred to in the directive on

alternative investment funds may, with the permission of the

Financial market units or shares in one of

alternative investment Fund Manager managed to

retail investors in Sweden. Permission may be given

only if the



1. the Fund complies with the requirements of Chapter 4. paragraph 2 of the first subparagraph, or



2. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the EEA

and there is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



If the advertising relating to units or shares in a non-

EEA-based alternative investment fund or a feeder Fund

to an alternative investment fund whose master Fund, or

its Manager, are not EEA-based, required in addition to

requirements for marketing to professional investors in

Sweden is met. Law (2014:797).



Marketing of some other alternative

investment funds



section 7/expires U:den day Government/

A non-EEA aifm as in their home country

authorised or registered in accordance with national

legislation implementing the directive on

alternative investment funds may, after notification

in accordance with paragraph 3, or with the permission of the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund

comply with the requirements of Chapter 4. paragraph 5 of the first paragraph to the

professional investors in Sweden and, with the permission of the

The Swedish financial supervisory authority, to such non-professional

investors referred to in Chapter 4. paragraph 5 of the second paragraph.



Such aifm may also, with the permission of the

The Swedish financial supervisory authority, promote one of the administrator managed

non-EEA-based alternative investment fund that meets

the requirements of the first subparagraph to investors referred to in the first

paragraph, if the requirements of paragraph 5 of the second paragraph 2 and 3 are fulfilled.

For an aifm authorised in its home country applies

5 paragraph 1, third subparagraph. Law (2014:796).



Article 7 entry into force date/I:den Government/

A non-EEA aifm as in their home country

authorised or registered in accordance with national

legislation implementing the directive on

alternative investment funds may, after notification

in accordance with paragraph 3, or with the permission of the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund

comply with the requirements of Chapter 4. paragraph 5 of the first paragraph to the

professional investors in Sweden and, with the permission of the

The Swedish financial supervisory authority, to such non-professional

investors referred to in Chapter 4. paragraph 5 of the second paragraph.



Such an aifm authorised in its home Member State may



1. with the permission of the financial supervision authority to market one of

the Manager managed non EEA-based options

investment fund that complies with the requirements of the first subparagraph to

investors referred to in the first paragraph, if the requirements of paragraph 5 of the second

paragraph 2 and 3 are met, or



2. following notification under paragraph 3 of the market one of the

the Manager managed non EEA-based options

investment fund that complies with the requirements of the first subparagraph to

professional investors and, with the permission of the

The Swedish financial supervisory authority, to such non-professional

investors referred to in the first subparagraph.



For an aifm referred to in the second subparagraph of paragraph 1 applies also to

5 section 1 and third paragraph.



Such aifm which are registered in their home country

may, with the permission of the financial supervision authority, promote a


of the administrator managed non EEA-based options

investment fund that meets the requirements of the first subparagraph of

marketing to professional investors and such

retail investors referred to in the first subparagraph,

If the requirements of paragraph 5 of the second paragraph 2 and 3 are fulfilled.

Law (2014:797).



Article 7 entry into force date/I:den Government/

A non-EEA aifm as in their home country

authorised or registered in accordance with national

legislation implementing the directive on

alternative investment funds may, after notification

in accordance with paragraph 3, or with the permission of the financial supervision authority,

market units or shares in one of the trustee

managed the EEA-based alternative investment fund

comply with the requirements of Chapter 4. paragraph 5 of the first paragraph to the

professional investors in Sweden and, with the permission of the

The Swedish financial supervisory authority, to such non-professional

investors referred to in Chapter 4. paragraph 5 of the second paragraph.



Such an aifm authorised in its home Member State may,

following notification under paragraph 3 of the market of

the Manager managed non EEA-based options

investment fund that complies with the requirements of the first subparagraph to

professional investors and with the permission of the

The Swedish financial supervisory authority, to such non-professional

investors referred to in the first subparagraph.



Such aifm which are registered in their home country

may, with the permission of the financial supervision authority, promote a

of the administrator managed non EEA-based options

investment fund that meets the requirements of the first subparagraph of

marketing to professional investors and such

retail investors referred to in the first subparagraph,

If



1. the financial supervision authority and the regulatory authority in the

the State where the Fund is established, see the appropriate

cooperation arrangements, and



2. the country has taken the necessary measures to

combat money laundering and the financing of terrorism.

Law (2014:798).



§ 8 expiry date/U:den Government/

Activities according to 1-3 and 5-7 sections may be driven by

The aifm to establish a branch in Sweden or offers

and provides services in Sweden from their homeland.



For the activities of aifm in Sweden apply Chapter 4. 6 §

second subparagraph, in respect of the marketing of other alternative

investment funds than



1. special funds,



2. such funds as may be marketed to

retail investors after a permit under section 6,

and



3. such funds as may be advertised after a permit under

section 7 in respect of such non-professional investors

specified in Chapter 4. paragraph 5 of the second paragraph.



In the management of a special fund be applied 12 Cape. In question

If the business operated by the branch in this country, even 8

Cape. 1, 19 to 21 and 23 sections apply. By the administration under section

the first subparagraph of paragraph 1 and 2 shall also apply to section 8. section 28. For

custodians to alternative investment funds

managed in accordance with section 1, first subparagraph 1 or 2 § apply 9

Cape. Law (2015:397).



the entry into force of section 8/I:den day Government/

Activities under 1 – 3, 6 and 7 sections may be driven by the aifm to establish a branch in Sweden or offers and provides services in Sweden from their homeland.



For the activities of aifm in Sweden apply Chapter 4. section 6, second subparagraph, in respect of the marketing of other alternative investment funds than



1. special funds,



2. such funds as may be marketed to retail investors after a permit under section 6, and



3. such funds as may be advertised after a permit under section 7 in respect of such non-professional investors as defined in Chapter 4. paragraph 5 of the second paragraph.



In the management of a special fund be applied 12 Cape. In the case of activities that are conducted through branch here in the country, while Chapter 8. 1, 19 to 21 and 23 sections apply. At the management referred to in article 1, first paragraph 1 and paragraph 2 shall apply also to Chapter 8. section 28. For custodians to alternative investment funds managed according to article 1, first paragraph 1 or paragraph 2 of Chapter 9 apply. Law (2015:398).



Material changes



§ 9 the aifm which intend to make a substantial change

of something that is not specified in a permit application after the

that operation has been initiated, shall in writing notify

to the financial supervision authority not later than one month before the change

are carried out. In the case of an already completed, unplanned

change, however, should a complaint be made immediately after such a

change.



If the financial supervision authority finds that a change is acceptable,

inspection, without delay, inform the competent authority of the

The homeland of the change.



If a planned alteration entails that the aifm or its

management of an alternative investment fund no longer

comply with the requirements under this Act or the regulations

that regulates its activity, financial supervisory authority without

delay notify the trustee that the change may not be

implemented.



In chapter 14. provides for intervention against a

Aifm which has carried out a substantial change in the battle

with this clause.



Non EEA aifm



/Rubriken expires U:den day Government/

Marketing to retail investors



section 10/expires U:den day the Government by law (2014:798)./

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

of the alternative investment Fund Manager managed to

professional investors in Sweden. Authorisation may be granted only

If



1. There is reason to believe that the planned activities

will be operated in a manner consistent with Chapter 10. 1

and 4 – 10 sections, Chapter 11. and chapter 13. 2-5 paragraphs,



2. appropriate cooperation arrangements regarding

monitoring of systemic risks between, on the one hand,

The financial supervisory authority and, on the other hand, the supervisory authority for

the non EEA aifm, the competent

authority for an EEA-based alternative investment fund

or supervisor for a non EEA-based options

Investment Fund, and



3. the country where the non-EEA aifm or

the non EEA-based fund is established has taken

the necessary measures to combat money laundering and

the financing of terrorism.



/Rubriken enters into force I:den day Government/

Condition for non EEA aifm



10 (a) the entry into force of §/I:den day Government/

Conditions referred to in the directive on

alternative investment funds required to a non

EEA aifm, after notification to the competent

authority, will be managing an alternative investment fund

established in Sweden or any other country within the EEA and

market units or shares in one of the trustee

managed alternative investment fund to professional

investors in Sweden or any other country within the EEA.



Permission should be sought in FSA, if Sweden is

the country of reference. Provisions on the reference country, see

in 5 a Cape. If the financial supervision authority finds that the choice of

reference country does not meet the criteria of 5 a Cape. 1 or

section 9, shall reject the application for authorisation of the Manager of the inspection.



Conditions referred to in the second subparagraph shall not be used for

the administration of a special fund.



For non EEA aifm authorised in accordance with

second subparagraph, this Act applies mutatis mutandis.

Law (2014:797).



/Rubriken enters into force I:den day Government/

Conditions for authorisation



10 (b) the entry into force of §/I:den day Government/

The financial supervision authority shall give a non EEA-based

An aifm authorised in accordance with paragraph 10 (a), if the



1. Sweden has identified as country of reference,



2. There is an appointed legal representative of the Manager

in this country,



3. the financial supervisory authority, the competent authorities

the relevant EEA-based funds and the supervisory authority of the

country where the trustee is established is appropriate

cooperation arrangements,



4. the country in which the nominee is established has taken

the necessary measures to combat money laundering and

the financing of terrorism,



5. it between Sweden and the country in which the trustee is

established, there is a written agreement that complies with

the requirements of article 26 of the OECD model tax

income and capital and to ensure an effective

Exchange of information in tax matters between Sweden and the

the country,



6. The financial supervision authority and other competent authorities,

effective exercise of their supervisory functions is not hindered by

the laws and regulations which the trustee is subject to the

country where the trustee is established or to the investigation-

or the supervisory powers of the supervisory authority of the country

where the trustee is established is limited,



7. the trustee has sufficient start-up capital and sufficient

own funds pursuant to Chapter 7,



8. Manager's shareholders or members that have or can

is expected to have a qualifying holding, judged appropriate to exercise

a significant influence over the trustee's management,



9. the members of the Management Board of trustee's

business has enough insight and experience to

participate in the governance of the aifm and in other respects is

suitable for such a task, and



10. There is reason to believe that the planned activities

will be operated in accordance with the provisions of this law and other

statutes regulating the Manager's activities.



The aifm shall not, however, be required to comply with a provision


in this law, if the Manager can view



1. it is impossible to simultaneously comply with both the provision

and the mandatory laws applicable to



a) Manager, or



(b)) the non EEA-based alternative investment fund to

marketed, and



2. the laws and regulations that apply to the trustee or

Fund in the country in which they are established, contains an

equivalent rule that has the same regulatory purposes and that means

the same level of protection for the Fund's investors. Law (2014:797).



/Rubriken enters into force I:den day Government/

Application for a permit and authorisation



10 c §/I:den date of entry into force of the Government/

An application for a permit referred to in paragraph 10 (a)

subparagraph shall contain



1. the reasons for the choice of a reference country and information

If the marketing strategy for the alternative

Investment Fund,



2. a list of any provisions of this Act

incompatible with mandatory laws applicable to

The aifm or the alternative investment fund where

These are established,



3. a certificate as



a) contains a description of the rules in the mandatory

the law of the State in which the aifm or the

alternative investment fund established as equivalent

with the rules referred to in 2 and a legal opinion

proving this, and



b) shows that the Manager follows these rules in the country,



4. name the trustee's legal representative and the

where he is established, and



5. the particulars and documents referred to in Chapter 3. paragraph 5 of the first

paragraph.



Particulars and documents as referred to in the first subparagraph 5 need only

be given for the EEA-based alternative investment funds

the trustee intends to manage and the alternative

investment funds that the trustee will market in the EEA

pursuant to this Act.



For the notification procedure, material changes to any of the

specified in a notice and the FSA

processing apply Chapter 3. 6 – 10 sections. To an application for

authorisations shall be considered to be complete in accordance with Chapter 3. § 8 other

subparagraph, the aifm shall also be filed as set out

in the first subparagraph 1 – 4. Law (2014:797).



/Rubriken enters into force I:den day Government/

Notification before the authorisation decision



10 (d) the entry into force of §/I:den day Government/

The financial supervision authority shall inform the

The European Securities and markets authority, if

the inspection finds that the requirements of paragraph 10 (b) is

met.



The deadline in Chapter 3. section 8 of the first paragraph shall not run for

the time from when the financial supervisory authority has notified

The European Securities and markets authority to its

the authority has given his notice to the inspection.



If the financial supervision authority does not intend to follow the advice that

The European Securities and markets authority has left in

concerning the application of the exemption provided for in paragraph 10 (b),

should the inspection, notify the Authority accordingly.

The inspection shall also notify the competent authority in each

other country within the EEA in which the aifm intends to

promote an alternative investment fund. Law (2014:797).



/Rubriken enters into force I:den day Government/

Management of an alternative investment fund

established in Sweden



10 e §/I:den date of entry into force of the Government/

A non EEA aifm which has a different

reference country than Sweden may, without a licence under this Act,

manage an alternative investment fund established in

Sweden and is not a special fund, if the nominee in his

reference country, the authorization referred to in the directive on

managers of alternative investment funds, and covering

management of an alternative investment fund of the corresponding

kind as that is to be managed in this country.



Operations may commence on the day on which the competent authority of the

country of reference has informed the trustee that a

notification of activities and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds have been provided to

The Swedish financial supervisory authority. Law (2014:797).



10 (f) the entry into force of §/I:den day Government/

Activity in Sweden according to § 10 e may be driven by

that an aifm to establish a branch here in the country or

offering and performing services in Sweden from the country where the

the trustee is established. For the activities of aifm in

Sweden shall apply Chapter 4. 6 section at marketing

for other alternative investment funds than



1. such funds as may be marketed to

retail investors after a permit under section 11,

and



2. such funds as may be advertised after a permit under

section 12, to such non-professional investors as defined in

Chapter 4. paragraph 5 of the second paragraph.



In the case of activities that are operated by the branch in this country should

also, Chapter 8. 1, 19 to 21 and 23 sections apply. Law (2014:797).



/Rubriken enters into force I:den day Government/

Marketing of EEA-based alternative investment funds

to professional investors in Sweden



§ 10 g/day of entry into force of the I:den Government/

A non EEA aifm with permission

in accordance with paragraph 10 (a) shall inform the financial supervision authority

before the trustee starts marketing of units or

shares in one of the Manager managed the EEA-based options

Investment Fund for retail investors in Sweden.



For underrättelsens content, notification procedure,

substantial changes to something that is not specified in a

intelligence and financial supervision procedure is applied

Chapter 4. 9 to 11 sections. The financial supervision authority shall, in addition to the

in Chapter 4. section 10, third paragraph, to provide information to

European Securities and markets authority

Manager's marketing in Sweden as well as inform

the Agency and the competent authorities concerned of the inspection

considers that a modification as referred to in Chapter 4. section 11 is acceptable

and entails either that some alternative investment funds

no longer marketed or that additional alternate

investment funds will be marketed.

Law (2014:797).



10 h §/I:den date of entry into force of the Government/

A non EEA aifm with conditions

referred to in the directive on alternative investment fund managers

investment funds that have a different reference country than Sweden

may, without a licence under this Act, market units

or shares in one of the Manager managed the EEA-based

AIF to professional investors

here in the country. The marketing may be opened when the competent

authority of the country of reference has informed the trustee that a

notification of activities and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds, and where

scope of the authorisation and any restrictions of

investment strategies is apparent, has been submitted to the

The Swedish financial supervisory authority. Law (2014:797).



/Rubriken enters into force I:den day Government/

Marketing of non-EEA-based alternative

investment funds to professional investors in

Sweden



10 in the entry into force of §/I:den day Government/

A non EEA aifm with permission

in accordance with paragraph 10 (a) may, after notifying the

Financial market units or shares in one of

the Manager managed non EEA-based options

Investment Fund for retail investors in Sweden.

At such marketing is required to



1. the financial supervision authority and the regulatory authority in the

the State where the Fund is established, see the appropriate

cooperation arrangements,



2. the country in which the Fund is established has taken the necessary

measures to combat money laundering and the financing of

terrorism, and



3. it between Sweden and the State where the Fund is established

There is a written agreement that complies with the requirements of

Article 26 of the OECD model tax

Fortune and that ensures an effective

Exchange of information in tax matters between Sweden and the

the country.



For underrättelsens content, notification procedure,

substantial changes to something that is not specified in a

intelligence and financial supervision procedure is applied

Chapter 4. 9 to 11 sections. The financial supervision authority shall, in addition to the

in Chapter 4. section 10, third paragraph, to provide information to

European Securities and markets authority

Manager's marketing in Sweden as well as inform

authority if the inspection finds that an amendment referred to in

Chapter 4. section 11 is acceptable and involve either some

alternative investment funds no longer marketed or

that additional funds will be marketed.

Law (2014:797).



10 j §/I:den date of entry into force of the Government/

A non EEA aifm with conditions

referred to in the directive on alternative investment fund managers

investment funds that have a different reference country than Sweden

may, without a licence under this Act, market units

or shares in one of the Manager managed non EEA-based

AIF to professional investors

here in the country. The marketing may be opened when the competent

authority of the country of reference has informed the trustee that a

notification of activities and a certificate stating that

the administrator has the authorization referred to in the directive on

managers of alternative investment funds, and where

scope of the authorisation and any restrictions of

management strategies is apparent, has been submitted to the

The Swedish financial supervisory authority. Law (2014:797).




Marketing to retail investors



§ 11 expiry date/U:den Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

of the alternative investment Fund Manager managed to

retail investors in Sweden. For permission

required, in addition to those mentioned in section 10, that



1. the Fund complies with the requirements of Chapter 4. paragraph 2 of the first subparagraph, and

The aifm operates corresponding activities and

adequate supervision by a supervisory authority of the country where the

the trustee is established, or



2. the units or shares in the Fund are traded on

a regulated market or an equivalent market outside the EEA

and there is a Factsheet for fund that meet the requirements of

10 Cape. 2 §.



the entry into force of section 11/I:den day Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

of the alternative investment Fund Manager managed to

retail investors in Sweden. For permission

It is required that



1. the Fund complies with the requirements of Chapter 4. paragraph 2 of the first paragraph,

or



2. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the

The EEA and a Factsheet for fund that meet

requirements of 10 Cape. section 2, and



3. the Manager



a) meets the requirements set out in section 10 and operates corresponding

activities and adequate supervision of a

supervisory authority of the country in which the nominee is established;

or



(b)) are allowed to market units or shares in the Fund to

professional investors under 10 g, 10 h, 10 in or

10 j §. Law (2014:797).



the entry into force of section 11/I:den day Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

of the alternative investment Fund Manager managed to

retail investors in Sweden. For permission

It is required that



1. the Fund complies with the requirements of Chapter 4. paragraph 2 of the first paragraph,

or



2. the units or shares in the Fund are traded

on a regulated market or an equivalent market outside the

The EEA and a Factsheet for fund that meet

requirements of 10 Cape. section 2, and



3. the administrator may market units or shares in the Fund

to professional investors under this Act.

Law (2014:798).



12 §/expires U:den day Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

alternative investment fund that complies with the requirements of Chapter 4. 5

paragraph to professional investors in Sweden

and such non-professional investors as defined in Chapter 4.

paragraph 5 of the second paragraph. Authorisation may be granted only if the requirements of section 10 is

met.



the entry into force of section 12/I:den day Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

alternative investment fund that complies with the requirements of Chapter 4. paragraph 5 of the

the first subparagraph to those retail investors

as indicated in Chapter 4. paragraph 5 of the second paragraph. Authorisation may be granted only

If the requirements of section 10 is met or the Fund can be marketed

to professional investors in Sweden under 10 g, 10 h,

10 in or 10 j §. Law (2014:797).



the entry into force of section 12/I:den day Government/

A non EEA aifm may, with the permission

by the Swedish financial supervisory authority, market units or shares of a

alternative investment fund that complies with the requirements of Chapter 4. paragraph 5 of the

the first subparagraph to those retail investors

as indicated in Chapter 4. paragraph 5 of the second paragraph. Authorisation may be granted only

If the Fund can be marketed to professional investors in

Sweden under this Act. Law (2014:798).



Non EEA aifm branch activities or

cross-border activities



section 13/expires U:den day Government/

The operations in Sweden may be driven by a non

EEA aifm will set up a branch here in the country

or offering and performing services in Sweden from the country where the

the trustee is established. For the activities of aifm in

Sweden shall apply Chapter 4. 6 section at marketing

for other alternative investment funds than



1. such funds as may be marketed to

retail investors after a permit under section 11,

and



2. such funds as may be advertised after a permit under

section 12 in respect of such non-professional investors

as indicated in Chapter 4. paragraph 5 of the second paragraph.



In the case of activities that are operated by the branch in this country should

also, Chapter 8. 1, 19 to 21 and 23 sections apply.



In the event of a planned or already implemented, unplanned material

change to something that has been specified in the application for authorization

shall section 9 shall apply.



the entry into force of section 13/I:den day Government/

The operations in Sweden may be driven by a non

EEA aifm will set up a branch here in the country

or offering and performing services in Sweden from the country where the

the trustee is established. For the activities of aifm in

Sweden shall apply Chapter 4. 6 section at marketing

for other alternative investment funds than



1. such funds as may be marketed to

retail investors after a permit under section 11,

and



2. such funds as may be advertised after a permit under

section 12 in respect of such non-professional investors

as indicated in Chapter 4. paragraph 5 of the second paragraph.



In the case of activities that are operated by the branch in this country should

also, Chapter 8. 1, 19 to 21 and 23 sections apply.



In the event of a planned or already implemented, unplanned material

change to something that has been specified in the application for authorization

According to section 10, 11 or 12 shall section 9 shall apply. Law (2014:797).



the entry into force of section 13/I:den day Government/

The operations in Sweden may be driven by a non

EEA aifm will set up a branch here in the country

or offering and performing services in Sweden from the country where the

the trustee is established. For the activities of aifm in

Sweden shall apply Chapter 4. 6 section at marketing

for other alternative investment funds than



1. such funds as may be marketed to

retail investors after a permit under section 11,

and



2. such funds as may be advertised after a permit under

section 12 in respect of such non-professional investors

as indicated in Chapter 4. paragraph 5 of the second paragraph.



In the case of activities that are operated by the branch in this country should

also, Chapter 8. 1, 19 to 21 and 23 sections apply. Law (2014:798).



/Rubriken enters into force I:den day Government/

The management and marketing of alternative

investment funds in another country within the EEA



the entry into force of section 14/I:den day Government/

A non EEA aifm authorised in accordance with

paragraph 10 (a) intending to manage an alternative

Investment Fund established in another country within the EEA,

shall notify the financial supervision authority before such activities

starts first time. When the administration of such a fund is required

the aifm in accordance with his authorization under section 10 (a)

the paragraph has the right to manage the funds of a similar kind

it to be managed in the host country.



If the trustee intends to manage the Fund from Sweden

(cross-border activities), the notification shall include



1. indication of the country in which the aifm intends to

manage the Fund, and



2. a business plan detailing which services

the trustee intends to carry out and the Fund Manager

intends to manage.



If the trustee intends to offer and perform their services

through a branch in the host country (branch operations),

the notification, in addition to that provided for in the second subparagraph,

include information on



1. the branch's organization,



2. on the address in the home country documents can

be obtained, as well as



3. name and contact information of the branch's managers

management. Law (2014:797).



the entry into force of section 15/I:den day Government/

For the notification procedure, material changes

something that has been specified in a notice and

FSA prosecution applied Chapter 6. paragraphs 2 and 6.

The financial supervision authority shall, in addition to those mentioned in Chapter 6. section 2 of the

third paragraph, submit information to the European

Securities and markets authority that the administrator may

start managing the alternative investment fund in

the host Member State and shall inform the Agency and the competent

authorities if the inspection finds that an amendment referred to in

Chapter 6. section 6 are acceptable.



For the notification procedure regarding branch activities

even 16. section 2 of the second to fourth paragraphs. Law (2014:797).



the entry into force of § 16/I:den day Government/

A non EEA aifm authorised in accordance with

paragraph 10 (a) intending to market the units or

shares in one of the Manager managed the EEA-based options

Investment Fund for retail investors in another

country in the EEA, shall inform the financial supervision authority before

commencement of operations. Law (2014:797).



the entry into force of section 17/I:den day Government/

A non EEA aifm authorised in accordance with

paragraph 10 (a) intending to market the units or

shares in one of the Manager managed non EEA-based

AIF to professional investors in

another country in the EEA, shall inform the financial supervision authority

before operations begin. At such marketing is required

to




1. the financial supervision authority and the regulatory authority in the

the State where the Fund is established, see the appropriate

cooperation arrangements,



2. the country in which the Fund is established has taken the necessary

measures to prevent money laundering and the financing of

terrorism, and



3. between the State where the Fund is established, and Sweden

and the countries within the EEA in which the Fund should be promoted, there is a

written agreement that meets the requirements of article 26 of the

The OECD Model Tax Convention and

to ensure an effective exchange of information in

tax matters between the countries concerned. Law (2014:797).



section 18 entry into force date/I:den Government/

Notification of marketing under section 16 or 17

should contain



1. a business plan with information on the Fund to

marketed, where it is established and in which countries

the marketing should be done,



2. the Fund rules, instruments of incorporation or equivalent

documents,



3. indication of the Fund's depositary,



4. where the Fund is established, if

marketing refers to a feeder Fund to an alternative

Investment Fund,



5. an information brochure pursuant to Chapter 10. paragraph 1, and



6. information about the arrangements that have been established for

the marketing and, where appropriate, the actions

has been established to prevent the marketing is done

to retail investors.



For the notification procedure, material changes to any of the

specified in a notice and the FSA

processing applied Chapter 6. 5 and 6 sections. The Swedish financial supervisory authority

shall, in addition to those mentioned in Chapter 6. paragraph 5 of the third paragraph, leave

information to the European Securities and

market authority that the administrator may start marketing

the alternative investment fund in the host country, as well as

inform the Agency and the competent authorities concerned on the

the inspection finds that an amendment referred to in Chapter 6. section 6 is

acceptable and involve either some alternative

investment funds are no longer marketed or to

more alternative investment funds will

be marketed. Law (2014:797).



5 a Cape. /Kapitlet enters into force I:den day Government/

Reference country for non EEA aifm



Sweden as a mandatory reference country



1 § Sweden is a reference country for a non EEA-based

Aifm shall, if the manager shall



1. manage but not promote several EEA-based

alternative investment funds that are established here

in the country,



2. promote only an EEA-based options

Investment Fund, which has not authorised or

registered but which is intended to be marketed exclusively in this

the country,



3. promote only a non EEA-based options

Investment Fund and only in this country,



4. market several EEA-based alternative

investment funds in the EEA, and most of these funds are

intended to be actively marketed in this country, provided that:

not all are licensed or registered in any

other country, or



5. promote more non-EEA-based or more

EEA and non-EEA-based alternative

investment funds in the EEA, and most of these funds are

intended to be actively marketed in this country. Law (2014:797).



Sweden as a reference country after special decision



2 § Sweden may also be a reference country for a non-

EEA aifm in the cases referred to in paragraphs 3 to 7.

Law (2014:797).



section 3 of Sweden may be a reference country in administrations, without

marketing, of several EEA-based alternative

investment funds in several countries within the EEA, if



1. most of the funds are established in this country, or



2. the largest proportion of Fund assets are managed here in

the country. Law (2014:797).



4 § Sweden may be a reference country for the marketing of

only an EEA-based alternative investment fund in a single

country within the EEA, if



1. the Fund has been authorised or registered in this country,

or



2. the Fund is intended to be marketed in this country.

Law (2014:797).



§ 5, Sweden may be the reference country for the marketing of

only an EEA-based alternative investment fund in several

different countries within the EEA, if



1. the Fund has been authorised or registered in this country,

or



2. Sweden is one of the countries in which the Fund is intended to

actively marketed. Law (2014:797).



section 6, Sweden may be the reference country for the marketing of

only one non-EEA-based alternative investment fund in

several countries within the EEA, if Sweden is one of the countries

within the EEA in which the Fund is intended to be marketed.

Law (2014:797).



7 § Sweden may be a reference country in respect of the marketing of several

EEA-based alternative investment funds within the EEA as all

authorised or registered in the same country within the EEA,

If



1. the funds are authorised or registered in this country,

or



2. Sweden is the country where most of these funds are

intended to be actively marketed. Law (2014:797).



Decision on the reference country



§ 8 in the cases referred to in paragraphs 3 to 7, the aifm shall

ask the financial supervisory authority and the competent authority of the

all the other countries that are possible as the reference country

Decides to establish a reference country.

Law (2014:797).



§ 9 on a joint decision pursuant to section 8 have not been taken within the

one month of the request was submitted

or if the trustee has not been informed of the decision within

seven days from the time it was made, the trustee may himself

Choose a reference country on the basis of the criteria set out in any of

3 – 7 sections. Law (2014:797).



Review of the choice of reference country



paragraph 10 of the financial supervision authority shall hear the choice of the

reference country according to § 1 or 9 in connection with the examination of

the Manager's application for a permit under Chapter 5. 10 a of other

paragraph.



If the financial supervision authority finds that the choice of

reference land meets the criteria set out in paragraph 1 or 9,

the Inspectorate shall inform the European Securities and

markets authority and provide information on the trustee's

justification and marketing strategy.



The deadline in Chapter 3. section 8 of the first paragraph shall not run for

the time from when the financial supervisory authority has notified

The European Securities and markets authority to its

the authority has given his notice to the inspection.

Law (2014:797).



section 11 Of the FSA intends to, in contravention of a notice

from the European Securities and markets authority which

referred to in section 10, third paragraph, give the aifm authorised

According to Chapter 5. paragraph 10 (a), to the inspection

inform the authority and stating its reasons for doing so. In

where appropriate, the inspection also inform the competent

authority in the country where one of the administrator managed

alternative investment fund shall be marketed and competent

authority of the State where the Fund is established.

Law (2014:797).



Change of the reference country



section 12 of the aifm which, within two years from the

authorisation in accordance with Chapter 5. paragraph 10 (a) was granted,

intends to change its marketing strategy in such a

way to a new reference country may need to be designated, shall notify

This Swedish financial supervisory authority (finansinspektionen) before implementing the change.

Law (2014:797).



paragraph 13 of a notification under section 12, the aifm shall



1. specify and justify the choice of the new reference country on the basis of

the criteria of any of 1 and 3 – 7 sections,



2. recognise the new marketing strategy, as well as



3. Please provide information on the name of the legal representative

and place in the new reference country where he is established.

Law (2014:797).



paragraph 14 of the financial supervision authority shall examine the justification

According to section 13, and notify the European Securities and

markets authority about its analysis. The notification shall

include information about Manager's motivation for the choice of

new reference country and the new marketing strategy.



If the European Securities and markets authority and the

The Swedish financial supervisory authority finds that the aifm of new

reference land meets the criteria set out in either 1 and 3 – 7 sections,

the inspection shall inform the authority and the trustee, and

its original legal representative of its decision.

The financial supervision authority shall also notify the competent authority of the

the new reference country for the change and without delay

submit a copy of the authorisation and regulatory documentation

for aifm. Law (2014:797).



section 15 if the FSA's decision under section 14 is contrary

with the announcement from the European Securities and

markets authority shall inform the inspection authority

If the decision, stating its reasons for doing so. Where applicable

the inspection shall also inform the competent authority in the country

where one of the Manager managed alternative investment fund

will be advertised and authority in the country of the Fund

is established. Law (2014:797).



section 16 of the financial supervision authority shall request that the aifm

submit a notification of change of reference country under section 12,

If within two years of the date on which the permit was granted, it is apparent from

of the actual development of the Manager's activities in

The EEA to the trustee



1. do not have followed the original marketing strategy,



2. has submitted false information about it, or



3. have implemented changes without first having

informed inspection.



In chapter 14. provides for intervention against a

Aifm which has failed to comply with a request referred to in the first

paragraph. Law (2014:797).



section 17 Of the aifm to change its marketing strategy

After the date referred to in section 12, the administrator shall submit

a request to the FSA on the amendment of the reference country


on the occasion of the new strategy. In such a case be applied

13 to 15 sections. Law (2014:797).



Chapter 6. Swedish aifm activities abroad



Management of an alternative investment fund in a country in the

EEA, discretionary management of investment portfolios and

the provision of ancillary services



§ 1 an aifm authorised in accordance with Chapter 3. section 1 of that

intends to manage alternative investment fund

established in another country within the EEA or offer and

provide the services referred to in Chapter 3. paragraph 2 of the first

paragraph and second paragraph 1, 3 and 4 in another country in the

The EEA, shall inform the financial supervision authority before such activities

starts first time. When the administration of such a fund is required

the aifm in accordance with his authorization under Chapter 3. 1 §

has the right to manage the funds of a similar kind as that

shall be managed in the host country. At the offer and

the provision of such services is required to

The aifm is authorised under Chapter 3. section 2 and under

It has the right to provide services of the same type as

them to be offered and made available in the host country.



If the trustee intends to manage the Fund or offer and

provide the services from Sweden (cross-border

activities), the notification shall include



1. indication of the country in which the trustee intends to manage

Fund or offer and provide the services, as well as



2. a business plan detailing which services

the trustee intends to carry out and the Fund Manager

intends to manage.



If the trustee intends to offer and provide their

services through a branch in the host country (branch operations),

the notification, in addition to that provided for in the second subparagraph,

include information on



1. the branch's organization,



2. on the address in the home country documents can

be obtained, as well as



3. name and contact information of the branch's managers

management. Law (2015:397).



section 2 If the FSA deems that there is no reason to

the question that the aifm and their business will

to comply with the conditions laid down in this Act and other statutes

that regulates its activity, inspection, turn over

notification with attached documents to the competent

authority in the host Member State of the aifm

1. within one month of the notification of

cross-border activity as referred to in paragraph 1 of the second paragraph was

received, or



2. within two months of the notification of

Branch activities under section 1, third subparagraph.



The FSA will also hand over a written certificate

that the aifm is authorised to operate such

activities referred to in the directive on

alternative investment funds.



The financial supervision authority shall inform the

Aifm where the inspection leaves over

the notification.



If the financial supervision authority finds that there is no

There are conditions to hand over a secret,

shall notify the supervision authority decision on the



1. within one month of the notification referred to in

first paragraph 1 was received, or



2. within two months of the notification referred to in

first paragraph 2 was received.



Promotion of an alternative investment fund in another

country within the EEA



section 3, an aifm authorised in accordance with Chapter 3. section 1 of that

intends to market units or shares in one of

alternative investment Fund Manager managed to

professional investors in another country within the EEA,

notify the financial supervision authority prior to commencement of operations.

The notification shall include



1. a business plan with information on the Fund to

marketed, where it is established and in which countries

the marketing should be done,



2. the Fund rules, instruments of incorporation or equivalent

documents,



3. indication of the Fund's depositary,



4. where the Fund is established, if the

boosted Fund is a feeder Fund to an alternative

Investment Fund,



5. an information brochure pursuant to Chapter 10. paragraph 1, and



6. information about the arrangements that have been established for

the marketing and, where appropriate, the actions

has been established to prevent the marketing is done

to retail investors.



section 4 of the Marketing of an EEA-based feeder Fund to a

alternative investment fund may be made under section 3 only if

the Fund and its managers, the EEA-based.



4 a section/entry into force I:den day Government/

An aifm authorised in accordance with Chapter 3. paragraph 1 shall,

After notification to the financial supervision authority, to

professional investors in another country within the EEA

market units or shares in one of the trustee

managed non EEA-based alternative investment fund. At

such marketing is required to



1. the Manager and its activities likely to

comply with the requirements of this Act and the regulations

regulates activities,



2. between the FSA and the regulatory authority in the

the State where the Fund is established, see the appropriate

cooperation arrangements,



3. the country in which the Fund is established has taken the necessary

measures to combat money laundering and the financing of

terrorism, and



4. between the State where the Fund is established, and Sweden

and the countries within the EEA in which the Fund should be promoted, there is a

written agreement that meets the requirements of article 26 of the

The OECD Model Tax Convention and

to ensure an effective exchange of information in

tax matters between the countries concerned. Law (2014:797).



4 (b) the entry into force of §/I:den day Government/

For the notification procedure, material changes

something that has been specified in a notice and

FSA prosecution apply sections 5 and 6.



The financial supervision authority shall, in addition to those mentioned in paragraph 5 of the third

paragraph, to provide information to the European Securities and

markets authority about the marketing of a

other country within the EEA as well as inform the Agency of the

the inspection finds that an amendment referred to in paragraph 6 is

acceptable and involve either some alternative

investment funds are no longer marketed or to

more alternative investment funds will

be marketed. Law (2014:797).



§ 5 If the FSA deems that there is no reason to

the question that the aifm and their business will

to comply with the conditions laid down in this Act and other statutes

that regulates its activity, inspection, turn over

notification with attached documents to the competent

authority in the host Member State of the aifm within 20 working days

from the time a complete notification pursuant to paragraph 3 was

received.



The FSA will also hand over a written certificate

that the aifm is authorised to operate such

activities referred to in the directive on

alternative investment funds. The certificate will be the extent of the

Manager's condition is indicated and be provided whether or not

There are some restrictions on what investment strategies

that may be used.



The financial supervision authority shall inform the

Aifm where the inspection leaves over

the notification.

If the alternative investment fund to

marketed is established in another country within the EEA than

Sweden or the host country,

The FSA also inform the competent authority of the

the Fund's country if the intended marketing.



If the financial supervision authority finds that there is no

conditions for handing over the notification referred to

in the first subparagraph, it shall inform the inspection decision if, within

20 working days from the date the notification was received.



Material changes



section 6, an aifm which intend to make a substantial change

of something that is not specified in a notification referred to in 1 or 3

§ After operations have commenced, shall in writing

notify the financial supervision authority not later than one month before the

the change is implemented. In the case of an already completed,

However, unplanned change, a notification shall be made immediately after

such a change.



If the financial supervision authority finds that a change is acceptable,

inspection, without delay, inform the competent authority of the

The host country about the change.



If the financial supervision authority finds that the change may not be made,

the inspection shall, without delay, inform the administrator if

this.



In chapter 14. provides for intervention against a

Aifm which has carried out a substantial change in the battle

with this clause.



Activities in a country outside the EEA



section 7 an aifm authorised in accordance with Chapter 3. paragraph 1 shall,

with the permission of the financial supervision authority, a management option

Investment Fund which is established in a country outside the EEA but

not marketed within the EEA, if



1. There is reason to believe that the Manager will

meet all the requirements of this Act and other statutes

regulating business, and



2. There are appropriate arrangements for cooperation between

The financial supervisory authority and the supervisory authority of the country where

the Fund is established.



If the Administrator intends to make a substantial change of something

as specified in the application for a permit, the administrator

in writing notify the financial supervision authority before

the change is implemented. In the case of an already completed,

However, unplanned change, a notification shall be made immediately after

such a change.



Conditions referred to in the first subparagraph may be given even if the requirements of

Chapter 9. and 10 Cape. 4 – 7 sections are not met.



Chapter 7. Initial capital and own funds



Starting capital



1 § internal aifm shall have initial capital as at


the timing of the decision on authorisation corresponds to at least 300

000 euros.



An external aifm shall have initial capital as at

date of decision on conditions at least equivalent to

125 000 euros.



Capital requirements for ongoing operations



section 2 of the own funds of the aifm may during

activities shall not be less than the minimum initial capital

Nominees must have under section 1.



section 3, An aifm managing a fund Fortune

exceed an amount equivalent to EUR 250 million,

In addition to the initial capital as set out in paragraph 1 have the additional resource

in the capital base.



These additional funds shall be not less than 0.02% of

the amount by which the Fund's assets exceed an amount

the equivalent of 250 million euros. In the Fund's assets included

assets which the aifm has commissioned another

to manage but not assets which the aifm

manages on behalf of someone else. The aifm

equity capital, startup capital backing, however, need not be

higher than the equivalent of 10 million euros.



An aifm shall pay half of the additional funds

referred to in the first paragraph with a guarantee of equivalent

amount of the guarantee submitted by the



1. a credit institution or insurance undertaking established in a

country within the EEA, or



2. such a credit institution or insurance undertaking with

established in a country outside the EEA which is subject to supervision that is

equivalent to that in force in the EEA.



section 4 of the own funds of the aifm shall, nevertheless, referred to in

paragraphs 2 and 3, shall not be less than an amount equal to

25% of its fixed overheads of the preceding year

or, if the business has been going on for a shorter time

than a year, 25 percent of the fixed overhead costs as specified in

The business plan.



If the scope of activities of the aifm has changed

significantly since the previous year or if

The Swedish financial supervisory authority considers that the business plan needs to

corrected, the Inspectorate shall decide on amendment of the

the capital requirement referred to in the first subparagraph.



The amount of the equity capital to be invested in liquid assets

assets and must not contain speculative positions.



§ 5 to cover risks of liability due to

error or negligence in the activities of the aifm

performs on the basis of a licence pursuant to Chapter 3. § 1, shall

the administrator shall have either sufficient additional funds in

the capital base, or a liability insurance against

liability which is appropriate to the risks

that should be covered.



section 6, an aifm authorised in accordance with Chapter 3. paragraph 2 shall

This administration and the services which it performs have it

any additional capital for credit risks,

market risks and operational risks that under regulation

575/2013, Chapter 2. Act (2014:968) if special supervision

of credit institutions and securities companies and the law

(2014:966) on capital buffers are required of a securities company

with the corresponding activities.



For an aifm that perform discretionary management of

investment portfolios in accordance with Chapter 3. section 2, first paragraph

also apply other provisions of the European Parliament and

Council Regulation (EC) no 575/2013, the law (2014:968) if

special supervision of credit institutions and securities companies

and the law (2014:966) on capital buffers that are valid for a

securities companies with corresponding activities. Law (2014:991).



6 a of The provisions on supervision on a consolidated basis in articles

11 to 24 of Regulation (EU) no

575/2013 and the law (2014:968) if special supervision of

credit institutions and securities companies that apply for a

securities companies also applied for an aifm

According to Chapter 1. section 3. The provisions on capital requirements for

Aifm in this chapter shall be applied even on

group level. Law (2014:991).



The exception of fund management companies



section 7, with the exception of paragraph 4 as well as paragraphs 5 and 6

This chapter does not apply to aifm that are fund companies

with permission under the Act (2004:46) about mutual funds.



Chapter 8. The protection of investors and other operating rules



General requirements and principles



§ 1 When an aifm manages its activities shall

the trustee, in accordance with this Act and the regulations

governing the activities,



1. act honestly, fairly, professionally and in a manner

that best benefit the alternative investment fund and its

investors ' interests and maintaining public

confidence in the market, as well as



2. dispose of and effectively use the resources and procedures

necessary for the business to run smoothly.



Organisational requirements



section 2 of the aifm must have sound drivers for



1. the management of the business and accounting,



2. operation and management of their information systems, and



3. internal control.



The aifm shall in particular



1. establish and apply rules to employees ' own

transactions,



2. establish and enforce rules for investments

for the Manager's own account,



3. have procedures to ensure that each transaction

carried out for an alternative investment Fund Bill is

possible to reconstruct after the fact with respect to its

the origin, nature, party, time and place, as well as



4. have procedures to ensure that the assets of the

alternative investment funds Manager manages

invested in accordance with this Act and the regulations

regulating the business or the law of the country where the

the Fund is established, as well as fund rules, instruments of incorporation

or equivalent regulations.



Rules of procedure and instructions on the Division of labour between

corporate bodies



2 a of the obligation under Chapter 8. 46 (a) of the Swedish companies act

(2005:551) of the Board of Directors of a public company to annually

establish written rules of procedure for its work concerns

also for the Board in an aifm which is a private

joint-stock company. The same applies to the obligation in accordance with Chapter 8. 46 (b) §

the same law for the Board of Directors of a public company that in

written instructions specifying the Division of labour between

corporate bodies.



The Chairman of the Board shall see to it that the Board fulfils the

information listed in this section. Law (2014:550).



Liquidity management



section 3, an aifm shall have appropriate systems for

liquidity management and procedures for monitoring

liquidity risk, which makes it possible to ensure that the

alternative investment fund's liquidity profile is true

consistent with its underlying obligations. A

Aifm shall make regular stress tests which make it

possible to assess each Fund's liquidity risk during the

extraordinary circumstances.



The first paragraph does not apply to closed alternate

investment funds without leverage.



An alternative investment fund liquidity profile

redemption policy and investment strategy should be consistent

H2H.



The risk management function and risk management system



section 4 of the aifm must have a risk management function that is

separate from the Manager's operating units.



An aifm shall have appropriate risk management systems

can identify, measure, manage and monitor the risks

relevant for the alternative investment fund.

The aifm shall not unilaterally or mechanically rely

on credit ratings issued by the credit rating agencies

to assess the creditworthiness of the assets of the Fund.

Risk management systems should be reviewed periodically, and at least one

once per year.



An aifm risk management function shall in particular



1. ensure that an appropriate and documented

procedure to be applied in investments for the

alternative investment fund in order to

ensure that such investments are consistent with

the Fund's investment strategy, the objectives and risk profile,



2. ensure that the risks in each individual location and

their overall effect on the Fund continuously identified,

be measured, managed and monitored properly, and



3. ensure that the Fund's risk profile matches its

investment strategy and goals as reflected in

Fund rules, instruments of incorporation or equivalent

regulatory framework. Law (2014:1018).



The establishment of a maximum level of financial

leverage



§ 5 an aifm that employ leverage

shall for each managed alternative investment fund

fix



1. a maximum level for such leverage, and



2. the extent to which the right of use of collateral may

granted or guarantees may be provided under the arrangement for

financial leverage.



The limits which the aifm has established pursuant to the first

subparagraph shall be reasonable and the Manager must follow them at

each time.



section 6, if necessary, to reduce systemic risks in the

financial system and to reduce the risk of

disturbances on the market, the financial supervision authority shall decide on



1. restrictions on the level of leverage as a

Aifm may use in the management of alternative

investment funds, and



2. other constraints for the management of the funds.



The financial supervision authority shall, before the decision is announced, Exchange

information with the European Securities and

markets authority, the ESRB and the relevant

competent authorities, in accordance with article 25 of the directive

on alternative investment fund managers.



Rating



Valuation procedures



section 7 an aifm shall, for each managed options

Investment Fund ensure that there are appropriate and

consistent procedures for the proper and independent

the valuation of the assets of the Fund.




The valuation of the assets of an alternative investment fund

and the calculation of the net asset value (NAV) per share, or

share shall be made in accordance with the legislation of the country where

the Fund is established and, according to the Fund rules,

articles of association or equivalent regulations.



Measurement interval



section 8 an aifm shall value the assets in a

alternative investment fund and calculate the net asset value

(NAV) per unit or share. The valuation shall be carried out with the

regularity as is clear from the second and third paragraphs and

at least once a year.



For an open Fund be a measurement and calculation according to

the first paragraph also implemented on the basis of the appropriate

with regard to the assets of the Fund and its issuance and

inlösenintervaller.



For a closed-end Fund be a measurement and calculation according to

the first paragraph also implemented in conjunction with an increase or

reduction of the share capital of the Fund.



The alternative investment fund investors shall

be informed of the results of each assessment and calculation of

accordance with the legislation of the State where the Fund is

established and according to the Fund rules, instruments of incorporation

or equivalent regulations.



section 9 Of the administration of special funds case, instead of

§ 8, the resulting from 12 Cape. § 5.



The valuation function



section 10 of the aifm shall ensure that there is a

the valuation function for each alternative investment fund

the Manager manages. The valuation function must be internally

or externally organised in accordance with 11

and 12 sections.



The valuation shall be carried out impartially and professionally.



Requirements for internal rating



section 11 of the internal rating will be the

compensation schemes and other measures to ensure that

conflicts of interest and that undue influence on

the employees are avoided. The internal valuation shall be organized

so that it is functionally independent of

the portfolio management.



Requirements for external valuation



section 12 of the external valuation shall be carried out by a natural or legal

person who is independent of the alternative

Investment Fund, the aifm and other people with

closely related to the Fund or the Manager.



The aifm must demonstrate that the external assessor



1. subject to permit or registration requirement

by law, regulation or administrative provision, or by professional ethics

rules,



2. can provide sufficient professional guarantees that

the measurement can be carried out efficiently, and



3. has been appointed in accordance with section 14.



An alternative investment fund depositary may be

external assessors on the performance of its function

the depositary is kept separate from the task as assessors

and potential conflicts can be identified, handled,

monitored and reported to the Fund's investors.



An external valuer shall not instruct anyone else to perform

the valuation.



paragraph 13 of the rules on the official controls of

the valuation function, see Chapter 13. section 8.



Contract for work



General requirements for outsourcing



section 14 of the aifm must by subordination instruct someone

another to perform a task or function

(contract), if



1. the head of the agreement and the delegation structure within the

the rest can be justified on objective grounds,



2. the contractor is qualified for the task or

the function and have sufficient resources to

perform,



3. assignment agreement does not prevent



a) trustee from acting in investor interest,

or



b) supervision of the trustee, and



4. the aifm can monitor the delegated task

or function and provide the necessary instructions for sound

management and with immediate effect, terminate the

the assignment agreement, if it is in the investors ' common

interest.



Delegation may not take place to the extent that

The aifm in practice can no longer be considered to act as

Manager of the alternative investment fund.



The aifm shall inform the financial supervision authority if the

contract agreement before the contractor begins to carry out the

tasks or functions for which the contract was concluded.



section 15 at the contract under section 14 of the aifm shall

continuously monitor the information or functions performed

by the contractor.



Contract regarding portfolio or

risk management



section 16 of the contract covering portfolio management or

risk management may only be concluded in the circumstances

set out in paragraph 14 and only with contractors who are authorised

for discretionary portfolio management for financial

instruments or registered as managers of assets

and are subject to supervision.



Despite the first paragraph, contract referred to therein shall be concluded

with someone else, provided that the conditions set out in that paragraph is not

can be met, that the contractor has the potential for

to perform the tasks or functions in a

satisfactory way and that it is otherwise appropriate

that delegation takes place. In such cases, it is required that

The financial supervision authority has approved the assignment agreement before

the contractor begins to carry out the tasks or functions

to which the contract relates.



If the contractor is not established in a country in the EEA

required, in addition to the conditions set out in the first subparagraph, that there is a

cooperation between financial supervisory and regulatory authority in

the country in which the contractor is established.



section 17 of such a mission as referred to in section 16 must not be given to

the alternative investment fund depositary or

to the person who by contract or sub-delegation performs

any of the depositary's tasks.



If such a task as referred to in section 16 is given to someone whose

interests may conflict with the interests of the aifm

or with the Fund's investors ' common interests, should

the contractor



1. keep portfolio management or

risk management information functionally and hierarchically

separated from the incompatible data, and



2. identify, manage, and monitor any

conflicts of interest and report them for the Fund's

investors.



Sub-delegation



18 § a contractor may further delegate some tasks and

functions to another provided that:



1. Aifm shall have approved such a

delegation,



2. the aifm has informed the financial supervision authority before

the tasks or functions to be subdelegated only starts

be performed, and



3. the contractor shall continuously monitor the performance of the

authorising the data or functionality.



By subdelegation shall also apply paragraphs 14 and 17 in respect of those

to which tasks or functions have been delegated

respective subdelegated.



If the to which certain tasks or certain features have

subdelegated in turn instructs another to perform

such information, the terms of the first and second

two paragraphs in relation to it to perform the tasks

or features.



Codes of conduct, etc.



Conflicts of interest



section 19 of the aifm shall take all reasonable steps

to avoid conflicts of interest and to identify,

manage and report those who nevertheless arise.



An aifm shall have organizational and administrative

system that prevents the alternative investment fund

interests or its investors ' common interests

adversely affected by conflicts of interest.



An investor in an alternative investment fund must not be used

more favourable terms than other investors, if not

evidenced by the Fund rules, instruments of incorporation or

the corresponding regulations.



section 20 of the actions which the aifm has taken under

19 § are not sufficient to prevent investor

interests may be harmed, the administrator clearly

inform investors about the nature or cause of

conflicts of interest before the administrator performs any services

on their behalf.



An aifm shall take measures to prevent the

problems that cause to investors ' interests can be

damaged.



Primary brokers



21 § If an aifm using a primary broker

services, conditions of cooperation set out in a written

agreements. In the agreement, in particular if there is

opportunities for the transfer and reuse of the

alternative investment fund's assets. The agreement shall not

conflict with the Fund rules, instruments of incorporation or

the corresponding acquis and should contain a provision that

the Fund's custodians should get part of the contents of

the agreement.



Replacement system



section 22 of the aifm must have a compensation system that

promotes sound and effective risk management.



Specific requirements for aifm authorised for

discretionary management of investment portfolios



section 23 of the aifm with permits for discretionary

management of investment portfolios may not place a

investors ' assets in an alternative investment fund

the nominee directly or on someone else's behalf manages,

unless the investor has approved this in advance.



Professional secrecy



section 24 individuals ' conditions to an alternative

Investment Fund, an aifm or a

the depositary shall not improperly disclosed.



In the public activities apply instead the provisions

in publicity and secrecy (2009:400).



Obligation to provide data



section 25 of the aifm and the depositary is obliged

to disclose information about an individual's circumstances to

the trustee and the Institute, if during an investigation in accordance with

the provisions concerning pre-trial investigation in criminal matters requested by the


investigators or if, in the case of legal

assistance in criminal matters at the request of another State or a

International Court requested by prosecutors.



Provisions on the obligation of aifm and

custodian to send information to the chief guardian

see Chapter 16 of the. 10 a § parental code.



Message ban



section 26 of The investigators or prosecutors request

information under section 25 may decide that the aifm or

the custodian and Manager's or institution's

Directors and employees shall not disclose to the customer

or for any third parties that information has been provided in accordance with

section 25 or that there is an investigation or case

on legal assistance in criminal matters.



Such a ban may be communicated if required to a

investigation of crimes should not be compromised or to meet

an international agreement which is binding for

Sweden.



The ban should be limited in time, with the possibility of

extension, and may not be for longer than is

justified by the purpose of the ban. In a case

on legal assistance in criminal matters may, however, the ban be limited

only if the State or international court applied for

legal assistance agrees to this.



If a prohibition is no longer justified with regard to the purpose of the

with the ban, the-patient basis or the Prosecutor

decide that the ban is repealed.



The liability provision



paragraph 27 of the fined person who willfully or through gross

negligence violates a prohibition notice under section 26.



Liability



Liability in General



section 28/expires U:den day Government/

Such aifm referred to in Chapter 3. or Chapter 5.

1 or 2 § should replace an injury that Manager or a

contractors have added the additional

Investment Fund or its investors by violating



1. this Act, regulations governing

The activities of the aifm or national rules in

Manager's home country that implements the directive on

alternative investment funds,



2. the Fund rules, instruments of incorporation or equivalent

regulations, or



3. the articles of association or the internal instructions that have their

because in a Constitution regulating the Manager's

activity.

Agreements which restrict a non-professional

Investor's right under the first paragraph is without effect. The

does not apply to such non-professional investors

specified in Chapter 4. paragraph 5 of the second paragraph.



the entry into force of section 28/I:den day Government/

Such aifm referred to in Chapter 3. or Chapter 5.

section 1, section 2, or 10 a of the second paragraph, replace a damage

Manager or a contractor has added the

alternative investment fund or its investors through

to violate



1. this Act, regulations governing

The activities of the aifm or national rules in

Manager's home country that implements the directive on

alternative investment funds,



2. the Fund rules, instruments of incorporation or equivalent

regulations, or



3. the articles of association or the internal instructions that have their

because in a Constitution regulating the Manager's

activity.

Agreements which restrict a non-professional

Investor's right under the first paragraph is without effect. The

does not apply to such non-professional investors

specified in Chapter 4. paragraph 5 of the second paragraph. Law (2014:797).



Compensation at financial advice



section 29 of the Act (2003:862) about financial advice to

consumers are specific provisions for damages in

financial advice as a trader provides a

consumer and involving the placement of the consumer's

assets in financial instruments.



Damages in contract



30 of A contract in accordance with §§ 14-18 shall not affect

The aifm's liability for damages pursuant to section 28.



An external assessors are under section 31, second paragraph in some cases

liable to the aifm for losses

the Manager has done.



Damages by rating



section 31 of the aifm is responsible under section 28 of the

alternative investment fund and its investors to

the Fund's assets be valued correctly, to calculate the Fund's

net asset value (NAV), and to publish this

value.



An external valuer is responsible to the aifm to

losses the trustee has suffered as a result of

assessor intentionally or negligently failed to

carrying out their tasks.



Agreement that restricts the right of a retail investor

in accordance with the first subparagraph or the right under

the second paragraph is without effect. It does not apply to such

non-professional investors as defined in Chapter 4. paragraph 5 of the second

paragraph.



/Rubriken enters into force I:den day Government/

Choice of law, jurisdiction, and service



the entry into force of § 32/I:den day Government/

On the legal relationship between an investor who has

resident within the EEA and a non EEA aifm should

the law of the country of reference apply, if

the legal relationship related to the investor's rights or

obligations as owners of units or shares of a

alternative investment fund.



In such a legal relationship referred to in the first subparagraph

between an investor referred to therein and a non EEA-based

alternative investment funds that are marketed in Sweden,

the law of the home Member State or the reference country for the aifm

who manages the Fund is applied.



In the cases referred to in the first and second subparagraphs shall, however,

agreed that the law of another country, particularly within the EEA

applied. A term if the law of a country outside the

The EEA shall apply to the legal relationship is invalid.

Law (2014:797).



the entry into force of § 33/I:den day Government/

A dispute over a legal relationship involving an investor's

rights or obligations as owners of shares

or shares in an AIF shall be taken up by the

a Swedish court, the dispute is between an investor who has

resident within the EEA and



1. a non-EEA aifm having Sweden as

reference country, or



2. a non-EEA-based alternative investment fund

marketed in Sweden. Law (2014:797).



the entry into force of § 34/I:den day Government/

If there is no court which, according to

the code of judicial procedure is competent to take up a dispute referred to in

33 section when there is Swedish jurisdiction under this Act, is

The Stockholm District Court has jurisdiction. Law (2014:797).



the entry into force of § 35/I:den day Government/

A term that the courts in a country outside

The EEA should be competent to examine such a dispute as referred to in section 33

is invalid. Law (2014:797).



36 entry into force § I:den/day Government/

A non EEA aifm having Sweden as

reference country may be notified by the trustee's legal

representative. Law (2014:797).



Chapter 9. Depositary



General provisions concerning the depositary



§ 1 An aifm shall for each option

Investment Fund Manager manages to ensure that it

appointed a custodian.



section 2 of a depositary shall act honestly, fairly,

independent and professionally and exclusively in the

alternative investment fund and investor interest.



The depositary shall keep business as

Depositary separated from activities that may be

conflict with aifm, Fund or investor

interests.



The depositary shall identify, manage and monitor

any conflicts of interest. Such conflicts,

recognised for the Fund's investors.



Written agreement



section 3 of the aifm or the alternative investment fund

and the depositary shall conclude a written agreement

regulates the relationship between the parties. The agreement, among

Others regulate the exchange of information and the coordination

necessary for the Institute to carry out its tasks for the

on behalf of the Fund in accordance with the requirements of this Act and other

constitutions.



EEA-based alternative investment mutual funds

depositary



paragraph 4 a depositary of an EEA-based options

Investment Fund shall be



1. a credit institution which



(a)) has its registered office in the EEA, and



(b)) has the authorization referred to in the European Parliament and of the Council

Directive of the EU,



2. an investment firm



(a)) has its registered office in the EEA,



(b)) are subject to the capital requirements in accordance with article 92 of the

Regulation (EC) no 575/2013, and



(c)) has the authorization referred to in the European Parliament and of the Council

Directive 2004/39/EC, including to provide

ancillary services relating to the storage and handling of

financial instruments for the account of clients referred to in

point 1 in part B of annex I to the directive, and that

have own funds equivalent to the initial capital as set out in

Article 28(2) of Directive EU, or



3. another institution that is under continuous supervision and

as of 21 July 2011 belongs to the categories that have been accepted

as the depositary pursuant to European Parliament and Council

Directive 2009/65/EC;



The depositary shall be established in the additional

Investment Fund's homeland. Law (2014:991).



Non-EEA-based alternative investment mutual funds

depositary



§ 5 a custodian for a non EEA-based options

Investment Fund shall be



1. a credit institution referred to in paragraph 4(1) 1,



2. an investment firm referred to in paragraph 4(1) 2,



3. a credit institution which is established outside the EEA, or




4. an investment firm established outside the EEA.



If the depositary is such an institution or company

referred to in the first subparagraph of paragraph 3 or 4, the requirements of section 6, be

met.



The depositary shall be established in the country outside

The EEA where the alternative investment fund is established or

of the home Member State of the aifm managing the Fund.



Special requirements for depositories outside the EEA



section 6 of the depositary is established outside the EEA,

at any point in time



1. subject to effective regulation, including

minimum capital requirements, and effective oversight of the activities of

same effect as EU law and



2. under the terms of a contract be liable to the additional

Investment Fund or its investors in accordance with

17 – 20 sections and explicitly committed itself to comply with the terms

in 13-16 sections.



There should be a written agreement on cooperation and

Exchange of information between the competent depositary

authorities and the competent authorities of the countries in

The EEA where the units or shares of a non-EEA-based options

the investment fund is to be marketed and, if it is not

one of those authorities, the competent authority of

The country of origin.



There should be a written agreement that complies with

the requirements of article 26 of the OECD model tax

income and capital and to ensure an effective

Exchange of information in tax matters between the country where the

the depositary shall be established and the countries within the EEA where

units or shares of a non-EEA-based options

the investment fund is to be marketed and, if it is not

one of these countries, the country of origin.



The country in which the depositary is established shall also have

taken the necessary measures to counter money laundering

and the financing of terrorism.



Depositary for certain types of closed alternate

investment funds



section 7 also other than those referred to in paragraphs 4 and 5 may be appointed

to the custodian of an alternative investment fund,

If



1. the investors in the Fund have no right to redemption under five

years from the initial investment, and



2. the Fund according to their investment policy



a) generally invest in assets other than those

requires custody, or



b) generally invests in issuers or non-listed companies

to acquire the control pursuant to Chapter 11.



A natural or legal person may be appointed to

the depositary for such alternative investment fund

referred to in the first subparagraph, if the



1. the function of the depositary is a part of the

natural or legal person's professional or

business activity for which the applicable registration requirements

by law, regulations or rules of professional conduct,

and



2. There are financial and professional guarantees to

the relevant depositary tasks and associated

commitments can be carried out effectively.



Restrictions due to conflicts of interest



section 8 an aifm shall not be appointed as depositary.



A primary broker who acts as counterparty to an alternative

Investment Fund shall not be appointed as depositary of

Fund, if not business as depositary is held

separate from the provision of services as

primary brokers. Such a primary broker must also have procedures

to be able to identify, manage, monitor and report

potential conflicts of interest for fund investors.



The depositary's tasks



The monitoring of money flows



section 9 of the depositary's function is to monitor the

alternative investment fund's cash flows.



The depositary shall in particular ensure that all

payments from investors has been received and that all

cash and cash equivalents in the alternative investment fund has

posted in cash accounts that have been opened in the Fund's name or

in the aifm or the name of the depositary

on behalf of the Fund.



Cash accounts are referred to in the second subparagraph shall be opened in such a

entity referred to in article 18(1)(a), (b) or (c) of Commission

Directive 2006/73/EC of 10 August 2006 implementing

of the European Parliament and Council Directive 2004/39/EC as

regards organisational requirements and operating conditions for the

investment firms, and defined terms for the purposes of the

the directive. The settlement accounts may also be opened with any other

device of the same type in markets where such accounts is required, if

the device is subject to effective regulation and supervision of

the operations, which have the same effect as EU law and which

maintained in accordance with the principles set out in article 16 of the said

directive.



If the settlement account opened in the name of the depositary

on behalf of the Fund, receives funds belonging to the depositary

or such entities referred to in the third paragraph does not exist

on the same account.



Storage of the alternative investment fund assets



section 10 of the depositary shall



1. hold in custody



a) all financial instruments that can be recorded on a

account for financial instruments that have been created at

the depositary, and



b) all financial instruments that can be delivered to

the depositary, as well as



2. check the, for the alternative

Investment Fund or the Fund's ownership of the

other assets and bring and keep an updated record

over them.



The depositary shall not without the prior approval of

The aifm or dispose of the Fund assets

referred to in the first subparagraph, for its own account.



11 § to discharge their duties under section 10 of the first

paragraph 1 shall ensure that all depositary

financial instruments are recorded in a separate account with

Institute in the alternative investment fund's name, or

in the name of the Fund, and in accordance

with the principles set out in article 16 of Commission directive

2006/73/EC.



In order to carry out its functions under section 10 first paragraph 2

the depositary shall post information or documents

from the aifm or Fund as well as other available

documents to a basis for its assessment of ownership of

the assets.



Other duties of the depositary



section 12 of the depositary shall, in addition to 9 and

10 section, execute the instructions, if they are not

contrary to the provisions of this law or other

Constitution, rules, statutes or

the corresponding regulations, and ensure that



1. the sale, issue, re-purchase, redemption and cancellation of

units or shares of the alternative investment fund

carried out in accordance with this Act and the Fund rules;

the articles of association or equivalent regulations,



2. the value of the units or shares in the Fund are calculated

in accordance with this Act and the Fund rules, instruments of incorporation

or equivalent regulatory framework,



3. in transactions involving an alternative

investment fund assets be paid to fund without

delay, and



4. the Fund's income is applied in accordance with the provisions of this law

and fund rules, instruments of incorporation or equivalent

regulatory framework.



Contract for work



General requirements for outsourcing



paragraph 13 of the depositary may not instruct anyone else to

perform other tasks than the storage of assets and

control of ownership pursuant to section 10.



The delegation referred to in the first subparagraph shall require that

the depositary



1. can show that there is an objective reason for delegation

of the data and that the intention is not to circumvent the requirements of

This law,



2. have acted with due skill, care and

care in the selection of contractors, and



3. regularly monitor the contractor and his routines

regarding delegated tasks.



Other terms and conditions of contract



section 14 of the depositary shall, in addition to those mentioned in paragraph 13 of

and subject to section 15, satisfy itself that the

the contractor



1. have the structure and the necessary expertise in

According to the mission,



2. If the assignment relates to custody data, are covered by a

effective regulation, including minimum capital requirements, effective

supervision over activities in the jurisdiction concerned and the

regular external review to ensure that they

financial instruments available in the contractor's

possession,



3. hold the entrusted assets separate from their own, and

other people's assets so that they can identify,



4. using the alternative investment fund assets

only if the aifm or Fund has given its

approval and after notification to the depositary,

as well as the



5. comply with the General obligations and respect the

prohibitions set out in 1, 2, 10 and 11 sections.



Specific provisions on the assignment agreement relating

custody data outside the EEA



section 15 where the laws of a country outside the EEA requires that

certain financial instruments in custody of a local device

and there is no such device that meets the requirements of

14 § 2 Nevertheless, the depositary may delegate

custody functions for your device. However, this must be done

only to the extent which is necessary according to the country's

legislation and only as long as it is not local

devices that meet these requirements.



For delegation within the meaning of the first subparagraph is required in addition to



1. the alternative investment fund's investors, before they

made his investment, have been correctly informed that

the delegation is necessary according to the country's legislation and

If the circumstances justifying the delegation, and



2. the aifm or Fund has given instructions to the


the depositary to delegate the custodian safekeeping of the

financial instruments to a local drive.



Sub-delegation



16 § contractors may in turn entrust someone else

to perform tasks in accordance with section 13 (sub-delegation), if

all the conditions laid down for the depositary's

delegation is satisfied.



The depositary's liability



Liability in case of loss of financial instruments

in custody



section 17 Of the depositary or a contractor has

lost financial instruments held in custody pursuant to paragraph 10 of

the first subparagraph of paragraph 1, the institution shall without undue delay

return the financial instruments of the same kind or a

amount equivalent to the value of the alternative

Investment Fund or the aifm on behalf of the Fund.



The depositary is not liable under the first subparagraph

If the institution can show that the loss is caused by an external

event beyond the reasonable control of the institution, and whose

consequences were impossible to avoid in spite of all reasonable

efforts have been made. The custodian is also not

liable if the prerequisites according to 20 or 21

section are met.



Liability for other damages



section 18 Of the alternative investment fund or its

investors inflicted damage other than that referred to in section 17

by the depositary or a contractor

intentionally or negligently infringes this Act or

regulations governing its activity, the Institute

replace the damage.



Liability in contract



section 19 of an assignment agreement in respect of the storage of assets and

control of ownership under section 10 does not deprive

the depositary its liability under this Act.

This is true even if the contractor has the latter

the task referred to in section 16.



section 20 Notwithstanding that stated in § 19, custodian

release from liability for the loss of financial instruments

the depot stored by a contractor, if the institution can show

to



1. all the requirements for delegation of 13 and 14 sections are

met,

2. There is a written agreement between

the Institute and the contractor expressly transfer

responsibility to the contractor and makes it possible for

The aifm or the alternative investment fund,

or the institution on their behalf, to make a claim against

the contractor, and



3. There is a written agreement between the Institute and the

The aifm or fund expressly allows, and

establishes an objective reason for discharge for

Institute.



section 21 Of the depositary has delegated

custody duties under section 15, the institution may be exempted

from liability for loss of financial instruments, if



1. the alternative investment fund's Fund rules,

articles of association or equivalent regulations expressly

allow such waiver,



2. the Fund's investors, before they made their investment,

been properly informed about the possibility of and

the conditions of such a waiver,



3. the aifm or Fund has given instructions to the

the custodian if the custodian to custody of delegate

financial instruments to a local drive in the country,



4. There is a written agreement between the depositary

and the aifm or fund that specifically allows a

such an exemption, and



5. There is a written agreement between the depositary

and the contractor expressly transfers the responsibility to

the contractor and makes it possible for the aifm or

Fund, or institution on their behalf, to produce

claims against the contractor for loss of financial

instruments.



Liability of depositary for special funds



section 22 Of the depositary for special funds case, in

rather than that set out in sections 17 to 21, that the Institute should

replace an injury inflicted on a unit owner or a

Aifm by depositary violated this

the law or the Fund rules.



Locus standi



section 23 of the proceedings concerning the depositary's liability may be brought by the

alternative investment fund or of the aifm,

Depending on the legal nature of the relationship between

depositary, the aifm and the investors are

designed.



The depositary's duty to disclose



section 24 a custodian shall, at the request of the competent

authority with all information which the institution has been at the

the execution of custody and that the alternative

Investment Fund and the competent authorities

may need. The competent authorities of the depositary shall

promptly provide the information received to the Fund's

and the competent authorities.



10 Cape. Information requirements



Information brochure



1 § for each EEA-based alternative investment fund

Aifm manages, and for each option

Investment Fund Manager market within the EEA, the

be a current prospectus.

The information brochure will contain information about



1. the Fund's investment strategy and objectives as well as the

circumstances under which these or the investment policy

can be changed,



2. where the Fund is established if the Fund is a feeder Fund

to an alternative investment fund and information about where

the underlying funds are established for the Fund is a

Fund-in-trust,



3. the asset classes which the Fund may invest in the Fund and

risk profile, including information about the use of financial

lever,



4. the most important legal consequences of an investment in

the Fund,



5. aifm, custodians, auditors and other

service providers,



6. liability insurance or the funds available in accordance with

Chapter 7. § 5 to cover possible damages claims,



7. delegation of management and storage functions,



8. policies and procedures for the valuation of the assets of the

the Fund,



9. management of liquidity risks and redemption rights and

procedure and conditions for the issuance and sale of

units or shares;



10. fees and all other costs, and the maximum amount of

direct and indirect fees and expenses charged to the

the Fund's investors,



11. the Manager's principles for equal treatment of investors

and the right to more favourable conditions for any investors in

the Fund,



12. the Fund's primary broker as well as relevant arrangements between the

such brokers and Fund;



13. how and when regular information about Fund under 9

and 10 sections,



14. the latest annual report under paragraph 4 and the latest

estimated net asset value (NAV), or the market value of

the Fund's shares, and



15. historical returns.



For an alternative investment fund subject to a requirement

to publish a prospectus need aifm only

provide information referred to in the first subparagraph, that is not already

shown in the prospectus.



Fact sheet



2 section For alternative investment funds which the aifm

market to retail investors in Sweden

There shall be a current fact sheet.



The fact sheet, in a comprehensible manner and in

Summary contain the basic information

needed for investors to assess the Fund and the

risk associated with investing in it.



The contents of the white paper should be fair and transparent and

must not be misleading. It should be consistent with

the relevant parts of the prospectus.



Of the fact sheet, the Fund's legal position.



Provision of information on alternative

investment funds marketed to retail

investors in Sweden



3 § the information brochure and fact sheet shall on request

free of charge provided the who intends to buy shares

or shares in an AIF which

marketed to retail investors in Sweden.

The buyer shall, with the exception of the cases referred to in Chapter 8. 22 (a)

§ Act (2007:528) securities market, even without

the request provided the fact sheet in advance of the agreement

concluded.



If the aifm by marketing offers the public

to purchase units or shares of an alternative

Investment Fund referred to in the first subparagraph, it shall by

the offer shall state that there is a fact sheet and a

information booklet and where these are available.



If information is not provided in accordance with paragraph 2, and

the first and second subparagraphs of this paragraph, shall

the Marketing Act (2008:486) applied, with the exception of

the provisions of sections 29 to 36 on market interference charge. Such

information shall be deemed to be substantial under section 10 third

subparagraph, the law.



Annual report



4 § an aifm shall, within six months from the end of

each fiscal year, provide an annual report for each



1. The EEA-based alternative investment fund manager

manages, and



2. alternative investment fund manager market

within the EEA.



The annual report shall be submitted to the Fund's

investors. The annual report shall be made available to

The financial supervisory authority and, if the Fund's country of residence is not Sweden,

the competent authority in the home country.



An aifm managing one options

investment fund subject to a requirement that the

publish an annual report in accordance with

European Parliament and Council Directive 2004/109/EC of 15

December 2004 on the harmonisation of transparency requirements in relation to

information about issuers whose securities are admitted to

trading on a regulated market and amending Directive

2001/34/EC, as last amended by Directive 78/EU, on


request by the Fund's investors leave the complementary

information referred to in paragraph 5, if not already apparent from

the annual report.



paragraph 5 of the annual report should contain



1. a balance sheet or other statement of assets and

liabilities,



2. a statement of income,



3. an activity report,



4. information on material changes in the information

which shall be submitted in accordance with 1, 9 and 10 sections, and



5. information about employee benefits.



Information on the accounts in the annual report shall

be prepared in accordance with



1. the provisions on accounting in the alternative

Investment Fund's country of origin or, in the case of a non

EEA-based alternative investment fund, in the country where the

the Fund is established, and



2. the Fund rules, instruments of incorporation or equivalent

regulatory framework.



6 § Information on remuneration in accordance with paragraph 5 of the first

paragraph 5 should contain



1. the total amount of remuneration to the

employees during the year, broken down into fixed and variable

restorations with an indication of the number of replacement recipients, and

2. the total amount of compensation to the

Executive management and such employees as the essential

affect the alternative investment fund's risk profile.



If the Fund has paid out special profit-sharing,

information and transaction data for profit share

left.



section 7 of the aifm or the alternative

Investment Fund's auditors shall examine the accounts

is the basis for the annual report. The review should

be carried out by authorized or approved auditor or of any

with permission to carry out a statutory audit in another State

within the EEA. The auditor's report, including any representations,

should be reproduced in the annual report.



The audit of financial statements in the annual report for a non

EEA-based alternative investment fund may be carried out in

accordance with the international auditing standards

applicable in the country where the Fund is established.



Information on the depositary's liability



section 8 an aifm shall inform investors prior to the

invest in an alternative investment fund, if there is

contract by which the depositary has free prescribed itself

from liability for loss of financial instruments

custody of third parties.



An aifm shall, without delay, inform investors about

amendments relating to the depositary.



Information about the risk and liquidity management



§ 9 the aifm shall for each EEA-based options

Investment Fund Manager manages and for each

alternative investment fund manager market within

The EEA is regularly to provide information to investors about



1. the proportion of non-liquid assets in the Fund,



2. changes in the Fund's liquidity management, and



3. the Fund's current risk profile and the risk management system

applied.



Information about financial leverage



section 10 of The aifm managing the EEA-based alternative

investment funds that use leverage or as

in the EEA market alternative investment funds

using leverage, for each such fund

regularly provide information to investors about



1. the total amount of the financial leverage that

the Fund used,



2. changes in the maximum level of leverage which

the trustee may use for the Fund, and



3. the right to dispose of the collateral or other guarantees

has been provided under the financial leverage.



11 kap. Especially if the acquisition of unlisted companies and

issuers



Control of non-listed companies



§ 1 an alternative investment fund has control over a

non-listed company, if the Fund holds more than five tenths of

voting rights for all of the shares in the company.



In the calculation of an alternative investment fund holdings

the following shares in the privately held company is equated with

the Fund's own, namely shares held by



1. other alternative investment funds managed by the

same aifm managing Fund, if there is a

agreement between them relating to the control of

the company,

2. alternative investment funds managed

of other aifm, if there is agreement

between them regarding control of the company,



3. company controlled by the Fund, and



4. other, natural or legal persons who hold

shares in the company in his own name but as acting for the Fund's

account or for a company controlled by the Fund.



Calculation of the proportion of the voting rights must be made with

the basis of all the shares that the unlisted company

has released, even if the right to vote of certain shares cannot

be exercised.



It referred to the verification under this section applies

only the provisions of this chapter.



Control over issuers



section 2 of the alternative investment fund has control over a

issuer based in Sweden if the Fund holds shares

represent at least three-tenths of the votes for all

shares of the issuer. When calculating the holding to 1 §

the second and third subparagraphs shall apply.



For issuers whose registered office is in another country within the EEA,

control shall be determined according to the applicable in that country

policies.



It referred to the verification under this section applies

only the provisions of this chapter.



Except for some businesses



section 3 of this chapter on control of non-listed

companies shall not apply to investments in



1. small and medium-sized enterprises within the meaning of

Article 2.1 of the annex to Commission recommendation

2003/361/EC of 6 May 2003 concerning the definition of

micro, small and medium-sized enterprises, or



2. special purpose vehicles whose purpose is to acquire, possess or

manage real estate.



Intelligence and information



4 § the aifm shall inform the financial supervision authority when

acquisitions and divestments of shares in an unquoted companies

means that the holding of an alternative investment fund

the trustee manages the reaches, exceeds or falls below the

10, 20, 30, 50 or 75 percent of the voting rights for all

shares in the company.



§ 5 When an alternative investment fund has achieved control

over a non-listed company, the aifm shall notify

The Swedish financial supervisory authority, the non-listed company, and the company's

famous shareholder.



The notification shall include information on



1. the number of votes that are controlled,



2. how the acquisitions led to control achieved has

occurred, including the shareholders and

any natural or legal person who has the right to exercise

the right to vote on their behalf and any chains of

companies through which voting rights are actually held, and



3. the date on which control was achieved.



The aifm shall, in a notice to a non-listed

company may request that the Board of Directors of the company, without undue

delay the information referred to in the second subparagraph

to the employees ' representatives or, in the absence of

such, the employees.



section 6 of the aifm shall submit a notification under 4

or section 5 as soon as possible and at the latest 10 working days

After holding has reached, exceeded or fallen

below a threshold and control has been achieved.



section 7 When an alternative investment fund has achieved control

over a non-listed company or an issuer,

The aifm shall inform the financial supervision authority, the company and

the company's famous shareholder.



The notification shall include information on



1. the aifm which either individually or through a

agreement between them manage it or the alternative

investment funds that have achieved control of the company,



2. the policy for preventing and managing

conflicts of interest, in particular between the aifm, Fund

and the company, including information on the specific

protective mechanisms set up to ensure that all agreements

between the Manager or Fund and the company entered into

normal market conditions, and



3. the policy for external and internal

communication relating to the company, in particular as regards the

employees.



The aifm shall, in the notification to the company request

to the Board of Directors, without undue delay, provide the information

referred to in the first subparagraph to employee representatives

or, in the absence thereof, the employees.



section 8 When an alternative investment fund has achieved control

over a non-listed company, the aifm shall inform



1. the company and the company's known shareholders of their intentions

the company's future operations and expected

effects on employment, including substantial changes

in terms of employment and request that the Board of Directors of the company

informs the employees ' representatives or, in the absence of

such, the employees thereof, and



2. The financial supervisory authority and the investors in the Fund on how

the acquisition was financed.



Annual report and annual report



§ 9 annual report for an alternative investment fund

control of a non-listed company, shall include a review

the development of the non-listed company's activities.

The overview should be fair and reflect the situation in

the end of the period to which the report relates. Annual report (PDF)

shall also contain the following information:



1. significant events that have occurred after the end of the

output,



2. expected future developments for the unlisted

the company, and



3. the possession, acquisition and disposal of own shares in accordance

with the requirements of Chapter 6. 1 section 6 – 9


annual accounts Act (1995:1554) or equivalent

legislation in another country within the EEA.



The aifm shall request that the Board of Directors of the unlisted

Enterprise provides the information referred to in the first subparagraph

to the employees ' representatives or, in the absence

such, the employees, in the amount of time that the annual report of the

alternative investment fund to be established.



Requirements of the first and second subparagraphs need not be met if

the requirements in section 10 are met.



section 10 of the annual report of an alternative investment fund

need not include the information referred to in paragraph 9 of the first

subparagraph, if the information is included in the non-listed company

the annual report and the aifm



1. Requests that the Board of the privately held company does

the company's annual report available for

the employees ' representatives or, in the absence

such, the employees, in the amount of time that the annual report should

drawn up in accordance with applicable law, and



2. the Fund provides investors in the unlisted

the company's annual report within the time limit set by the annual report for

the Fund shall be established, for the company's annual report is to

available at that time or, if not, by the date when

the annual accounts of the company shall be prepared according to

applicable law.



Dividends and acquisition of own shares, etc.



section 11 of The aifm managing one options

Investment Fund who gains control of a non-listed company

or an issuer, for 24 months after the acquisition is not

to facilitate, support, vote for or give instructions on

the following:



1. Dividends or other distributions to shareholders

When the net assets according to the company's annual report on

the closing date for the most recent fiscal year is below,

or as a result of such dividends or other

transfer of value would be less than, the subscribed capital

including the reserves which may not be distributed under law or

articles of incorporation. If the non-paid-in part of the subscribed

the capital is not included in the assets according to the balance sheet,

should this amount be deducted from the amount of the subscribed capital.



2. Dividends or other distributions to shareholders

that would exceed the profit for the last completed

fiscal year including any profits brought forward and sums from

reserves may be used for this and less

retained earnings and amount by law or

articles of incorporation have been allocated to reserves.



3. Acquisition of own shares that the company makes, including

shares previously acquired by the company and held by the

it, and shares acquired by persons acting in their own

name but on behalf of the company, if the acquisition would result in the

the net assets below the amount specified in

1.



For acquisition of own shares shall, in addition to those mentioned in the first

paragraph 3, including the conditions in one of the points (b) to (h) of

Article 22(1) of the directive of the European Parliament and

2012/30/EU of 25 March 2012 on the coordination of

protection measures required by Member States of article 54

second subparagraph of the Treaty on European Union

behavior intended companies in members and third parties

interests when it comes to the formation of public limited liability companies and the

maintenance and alteration of their capital, with a view to making

safeguards equivalent (recast).



The aifm shall do its utmost to prevent

such measures referred to in the first subparagraph.



The first paragraph does not apply to the reduction of the share capital as

is made to cover the loss or reduction of

transfer of funds to the reserve which may not be distributed under the

the law or the instruments of incorporation, if the reserve after the measure does not

exceed 10% of the subscribed capital after

the reduction.



12 Cape. Especially if special funds



Specialfondens legal status



§ 1 A special fund may not acquire rights or take on

obligations. The Fund may also not be a party to legal proceedings

Court or any other authority.



Property that is included in a special fund should not be seized.



The unitholders shall not be liable for obligations relating to the

Fund.



Act (1904:48 s. 1) if the Supreme Court does not apply to

part ownership in a special fund.



The management of the Special Fund



section 2 of the aifm shall represent the unit holders in all matters

relating to a special fund. The aifm is in the management

of the Fund in its own name and shall enter the Fund's

designation.



The aifm shall use the assets in a special fund for

to fulfil commitments entered into as part of the

management of the Fund and to provide security for

the performance of such obligations.



In the management of a special fund, the aifm shall

Act exclusively in the common interest of the unitholders.



The aifm shall act independently of the

the depositary.



Fund rules



3 § for each special fund, there should be rules that

established by the aifm. For the rules to be

Chapter 4. 8-9 (b) of the Act (2004:46) about mutual funds

applied. It listed there if the investment fund shall be

Special Fund and it listed on the Fund management company shall relate to

Aifm.



paragraph 4 of the rules shall specify if Rd

to the general public or to a discrete circuit

investors. In the latter case, the chip set.

The rules shall also include a statement



1. in what respects Rd differs from that

applies to mutual funds,



2. the level of risk is sought, and



3. which risk measures used.



Mutual fund shares and redemption of fund units



section 5 of the shares in a special fund and repayment of such

shares to Chapter 4. 10 to 14 of the Act (2004:46) about

mutual funds are applied. It listed there if



— cius shall relate to the Special Fund,



– mutual fund company should refer to aifm,



– information brochure shall relate to the information brochure pursuant to

12 Cape. section 7 of this Act;



– fact sheet should refer to fact sheet according to Chapter 12. section 8 of this Act;

as well as the



annual report and half-yearly report shall be

annual report and half-yearly report in accordance with Chapter 12. 10 §

This law.



section 6 rules for a special fund may, in

condition of the FSA's approval, contain

limitations on the ability to acquire Fund units.

Special funds must be open for the redemption of units at least

Once a year.



Information on the special funds



section 7 of the prospectus of an special fund shall, in addition to the

referred to in Chapter 10. section 1, contain the rules for

Fund. In addition, it prominently in the

the information brochure and all other

marketing material regarding the Fund set



1. If the value of the Fund can vary greatly because of the Fund's

composition and methods of management the aifm

uses, and



2. the Fund is a special fund.



section 8 of the special funds, in addition to 10 Cape. section 2, while Chapter 4.

paragraph 16 (a) of the Act (2004:46) about mutual funds

applied. It listed there if the investment fund shall be

Special Fund.



section 9 For special funds to Chapter 4. section 17 of the Act (2004:46) about

mutual funds are applied. It listed there if

unit trust shall relate to the Special Fund and the specified if

fund companies should refer to aifm.



Annual report and semi-annual report



section 10 For special funds shall, instead of 10. paragraph 4 and

In addition to the 10 Cape. section 5, Chapter 4. section 18 of the Act (2004:46) about

mutual funds are applied. It listed there if

unit trust shall relate to the Special Fund and the specified if

fund companies should refer to aifm.



section 11 of the special funds, Chapter 4. paragraph 20 and 21

§ Act (2004:46) if mutual funds are applied. What

specified where on the unit trust shall relate to the Special Fund.



Information about costs



section 12 of the special funds, the provisions on information on

expenses in Chapter 4. 22 and 23 of the Act (2004:46) about

mutual funds are applied. It listed there if

unit trust shall relate to the Special Fund and the specified if

fund companies should refer to aifm.



Investment rules



paragraph 13 of the financial supervision authority shall, upon the approval of the

the rules for a special fund to examine if the Fund has a

appropriate allocation of investments with respect to the requirements

should be placed on risk diversification.



For the management of the funds in a special fund comes Chapter 5.

Act (2004:46) about mutual funds, unless

The FSA has allowed exceptions. Derivative instruments

may, however, have other underlying assets than those specified in

Chapter 5. section 12 of the same law, if the instruments are traded

at any financial market and does not entail an obligation to

deliver the underlying asset.



section 14 if the funds in a special fund to a minimum of 85% of

the value of the Fund is to be placed in units of a unit trust

or in a special fund be applied 5 a Cape. paragraph 5, first subparagraph

and second subparagraphs 1 to 6, section 6, first paragraph, section 8, section 9, 11 – 16

§ § § §, 18-20, 22-25 sections, section 27, first and second subparagraphs, section 29,

30 § 2, section 31, 33-37, § 38 paragraph 2 and other

paragraph, section 39, paragraphs 41-46, paragraph 49, 50 and 51 sections,

52 § 1, § 53 and 54 § 1 and 2 of this Act (2004:46) about

mutual funds. It listed about a mutual fund

or a feeder Fund shall refer to Rd and the specified

If a fund is directed to the Fund specialfondens funds

be placed in the references to placement under 5 (a). 1 §

the law on investment funds is directed to a specialfonds

placement under this section.



section 15, An aifm shall for each special fund calculating and


Swedish financial supervisory authority (finansinspektionen) account for the Fund's risk level.



Fusion of special funds



section 16 of the aifm may, with the permission of the

The Swedish financial supervisory authority, put together special funds. Permit may

also be given to a merger between one or more transferors

Special funds and a takeover investment fund.



The provisions on mergers by investment funds in Chapter 8. 1-16

§ § the Act (2004:46) about mutual funds comes on

analogy of a merger referred to in the first subparagraph.

It listed there if the investment fund is directed to special fund

and it listed if the Fund management company shall relate to aifm.



Sharing of special funds



section 17 of the aifm may, with the permission of the

The Swedish financial supervisory authority, share a special fund. Permission to

sharing should be provided if the action can be considered compatible with the

investors ' interests.



An aifm authorised to a share shall

immediately inform the investors about the proposed action and

Finansinspektionen's decision. This information shall also

be made available by the aifm and

the depositary. A partition may be implemented at the earliest three

months from the date of the FSA's decision.



Termination and transfer of management of a

Special Fund



section 18 of the termination and the transfer of the management of a

Special Fund, Chapter 9. Act (2004:46) about mutual funds

applied. It listed there if the investment fund shall be

Special Fund and it listed on the Fund management company shall relate to

Aifm.



Organization and conduct of business rules for managers of

Special funds



section 19 of the aifm managing special funds shall, in addition to

those mentioned in Chapter 8, have internal policies and procedures to

handle complaints from the Fund's investors and to manage

ethical questions that arise in the business. Policies should

be determined by the Board.



Chapter 13. Supervision and regulatory cooperation



Supervision and its extent



section 1 of the financial supervision authority has oversight of aifm

authorised under 3 or Chapter 5. or is registered

According to Chapter 2. and of the depositary.



For aifm Swedish and Swedish depositary

includes supervision that the business is run in accordance with this Act,

regulations governing the company's activities,

Fund rules, instruments of incorporation or equivalent

regulatory framework for an alternative investment fund, the company's

articles of incorporation, bylaws or regulations and internal

instructions based on a Constitution that regulates

the company's operations.



For AIF-managers and custodians who runs

activities of the branch in Sweden or markets or

managing alternative investment funds in Sweden covers

supervision that the company complies with the laws and other

regulations applicable to the company's operations in Sweden

and, when a special fund is administered in accordance with Chapter 5. section 2, also

as set out in the rules.



Information to the financial supervision authority



section 2 of the aifm shall regularly inform the

Finansinspektionen



1. the markets in which the nominee is a member, or engages in

active trading,



2. the instrument Manager mainly deals with,

and



3. each alternative investment fund principal

exposures and risk concentrations.



The aifm shall for each EEA-based options

investment fund managed and for each option

investment funds that are marketed within the EEA to inform

Finansinspektionen



1. the proportion of non-liquid assets in the Fund,



2. changes in the Fund's liquidity management,



3. the Fund's risk profile and risk management systems;



4. the main categories of assets in which the Fund has

investment in, and



5. the results of stress tests carried out.



3 section at the request of the financial supervision authority shall the aifm

to the inspection provide



1. the list, which is updated at the end of each

quarter over the alternative investment funds

the administrator manages, and



2. the annual reports of the EEA-based alternative

investment funds the trustee manages the

alternative investment funds Manager market

within the EEA.



4 §/expires U:den day Government/

An aifm manages, alternative

investment funds that significantly use financial

lever for each such fund shall regularly inform the

The financial supervision authority if the overall level of financial

leverage and financial the lever's composition.

That information shall include an indication of the Fund's five most

major lenders and the amounts borrowed from these.



The first subparagraph shall also apply in respect of non-EEA-based

An aifm authorised in accordance with Chapter 5. 10-12 sections that in

Sweden boosting alternative investment funds.



section 4 entry into force date/I:den Government/

An aifm manages, alternative

investment funds that significantly use financial

lever for each such fund shall regularly inform the

The financial supervision authority if the overall level of financial

leverage and financial the lever's composition.

That information shall include an indication of the Fund's five most

major lenders and the amounts borrowed from these.



The first subparagraph shall also apply in respect of non-EEA-based

An aifm authorised in accordance with Chapter 5. that in Sweden

promote or manage alternative investment funds.

Law (2014:797).



§ 5 if needed to monitor the risks in the financial

system, the financial supervision authority may request that an aifm

to submit additional information to the supervisory authority.

The Swedish financial supervisory authority will inform the European

Securities and markets authority.



section 6 of the aifm shall submit the FSA information

about their activities and related factors

According to regulations issued pursuant to this Act.



AIF-managers and custodians shall, except as

specified in the first paragraph, leave the FSA they

information provided by the inspection request.



6 a of the Government or the authority, as the Government determines

announces that certain information in accordance with paragraph 6 of

the first subparagraph shall be submitted to the financial supervision authority instead

must be submitted to the central statistical office. Law (2014:496).



section 7 for the monitoring of the implementation of the provisions of this law,

the Commission delegated regulation and regulations

announced with the support of the law are complied with, the financial supervisory authority

request the



1. a natural or legal person providing the information,

documents or otherwise, and



2. are expected to be able to provide information on the matter will

for questioning at the time and place that the inspection is in charge.



The first subparagraph shall not apply to the extent

provision would be contrary to the law regulated

confidentiality for lawyers.



The financial supervision authority may impose whosoever does not follow a

the request referred to in the first subparagraph to fulfil their obligation.



Government control of the evaluation function



section 8 if the conditions for external assessment in accordance with Chapter 8.

12 paragraph are not met, finansinspektionen

require the aifm to appoint another appraiser.



The valuation function is performed by the aifm internally,

The financial supervision authority may decide that the Manager's values should

controlled by an outside appraiser or, if it is

appropriate, an accountant.



Site survey



paragraph 9 of the financial supervision authority may, where necessary, implement

a survey of



1. an aifm operating in Sweden, as well as



2. a depositary.



The FSA may also conduct an investigation of a

companies that have been commissioned by an aifm which

operates in Sweden to perform certain work or

Some functions, if necessary for the supervision of

The aifm.



Cooperation between competent authorities, etc.



paragraph 10 of the financial supervision authority shall in its supervisory activities

cooperate and exchange information with other competent

authorities, the European Securities and markets authority

as well as the European systemic risk Board, to the extent that

under the directive on alternative investment fund managers

investment funds.



section 11 of the financial supervision authority shall, within the framework of its competence,

at the request of a competent authority in another country in the

EEA, provide or verify information needed to

the foreign authority to exercise its supervision under

the directive on alternative investment fund managers.

The foreign authority may attend examination

of the inspection.



section 12 of the financial supervision authority shall, within the framework of its competence,

at the request of a regulatory authority in a country outside

EEA, provide or verify information needed to

the foreign authority to exercise its oversight. This

does, however, apply only in so far as it follows from an agreement

If the cooperation which the financial supervision authority, with the support of the Government's

Authority has entered into with the foreign authority.



If a request concerns legal assistance in criminal matters, in force in

rather than Act (2000:562) on international legal assistance in

criminal cases.



section 13/expires U:den day Government/

The financial supervision authority may refer the matters related to a

procedure by another competent authority in the EEA to

The European Securities and markets authority for

dispute resolution in cases as stated in article 21(6), 42(1),

45.10, 50.4 and 55 of the directive on alternative investment fund managers

investment funds.



the entry into force of section 13/I:den day Government/

The financial supervision authority may refer the matters related to a

procedure by another competent authority in the EEA to


The European Securities and markets authority for

dispute resolution in cases as stated in article 21(6), 35(2),

35.15, 37(6), 37.7, 37.8, 37.9, 37.12, 37.19, 40(2), 40.15 articles,

42(1), 45.10, 50.4 and 55 of the directive on

alternative investment funds. Law (2014:797).



the entry into force of section 13/I:den day Government/

The financial supervision authority may refer the matters related to a

procedure by another competent authority in the EEA to

The European Securities and markets authority for

dispute resolution in cases as stated in article 21(6), 35(2),

35.15, 37(6), 37.7, 37.8, 37.9, 37.12, 37.19, 40(2), 40.15 articles,

45.10, 50.4 and 55 of the directive on alternative investment fund managers

investment funds. Law (2014:798).



The convener of the Board of directors or the general meeting of shareholders



paragraph 14 of the financial supervision authority may convene the Board in Swedish

Aifm managing special funds. The inspection may

also request that the Board of directors convenes extraordinary general meeting. If

the Board does not comply with such a request, the

the inspection issue summons.



The financial supervision authority may attend a general meeting and at a

such a Board meeting that the inspection has convened

as well as participate in the deliberations.



Fees to the FSA



section 15 of the financial supervision authority may charge fees for the examination of

applications, notifications and notices under this Act

and notifications pursuant to European Parliament and Council

Regulation (EU) no 345/2013 of april 17, 2013

European venture capital funds of the European Parliament and of the

Council Regulation (EU) no 346/2013 the European Fund for

social enterprise.



For supervision according to this law, and

The central statistical Office's activities under the Act (2014:484)

If a database for monitoring and supervision of

the financial markets, the aifm as given in paragraph 1 pay

an annual fee. Law (2014:496).



Chapter 14. Interventions



Interventions against Swedish aifm



§ 1 If an aifm has breached its obligations

under this Act, the regulations governing the company's

operations, rules, statutes or

the corresponding regulations for alternative investment fund,

the company's articles of incorporation, bylaws or regulations and

internal instructions based on a Constitution that

governing the company's activities, the financial supervision authority

intervene.



The financial supervision authority shall submit to the trustee that in certain

time limit activities in any respect, reduce risk in

it or take any other action to remedy

with the situation, announce a ban to enforce decisions

or issue a note. If the breach is serious,

should the trustee's licence be revoked. If there is sufficient

gets the warning notice.



section 2 of the financial supervision authority may refrain from intervention under section

If a breach is minor or excusable, if

Aifm shall make the correction or any other body has

taken action against the trustee that is deemed sufficient.



3 § If someone who is part of the management or the Board of directors or is

the Chief Executive Officer or the equivalent in an aifm

licensed under Chapter 3. section 1, does not fulfil the requirements

specified in Chapter 3. paragraph 3 of the 4, the Swedish financial supervisory authority to revoke

the Manager's permission. However, this should be done only if the

the inspection has decided to denounce the trustee

that person does not comply with the requirements and he or she still

remains in the management or the Board of directors or

Executive Director after one of the inspection

fixed term not exceeding three months have expired.



Instead of withdrawing the authorisation may

The financial supervision authority may decide that a management person,

Member of the Board of directors or the Managing Director may no longer

have the position. The inspection will then appoint a

replacement. Long mission comes to its Manager

has appointed a new management person, Director or

Executive Director.



It is stated in the first and second subparagraphs if Executive

Director shall apply also to a replacement for

Executive Director.



4 §/expires U:den day Government/

The financial supervision authority shall revoke an aifm

permit if the administrator



1. has a permit by submitting false data

or any other irregular means;



2. not within one year from the permission granted is

started to operate such business as the State alleges,



3. have declared themselves refrain from the State, or



4. for a continuous period of six months has not pushed

such activities as the State intends.



In the cases referred to in the first subparagraph 1, 2 and 4, instead

warning notified is enough.



section 4 entry into force date/I:den Government/

The financial supervision authority shall revoke an aifm

permit if the administrator



1. has a permit by submitting false data

or any other irregular means;



2. not within one year from the permission granted is

started to operate such business as the State alleges,



3. have declared that they forgo the permit,



4. for a continuous period of six months has not pushed

such activities as the permit relates, or



5. are non-EEA-based and no longer have Sweden as

reference country.



In the cases referred to in the first subparagraph 1, 2 and 4, instead

warning notified is enough. Law (2014:797).



§ 5 If an aifm permission revoked may

The financial supervision authority shall decide on how the decommissioning of

activities will take place.



A withdrawal decision may be subject to prohibition

continue operations.



6 § Before the FSA revoking the permit for a

Aifm managing AIF in

another country within the EEA, the supervision authority shall consult with the

competent authority in the home country.



section 7 of the financial supervision authority shall promptly inform the competent

authorities in the other countries within the EEA where the aifm

market shares in an alternative investment fund

the administrator manages, when any action referred to in 1, 3 or 4 sections

taken against the nominee.



section 8 where a competent authority has notified

The financial supervision authority that an aifm infringed

regulations applicable in that country for the trustee, the

the inspection shall take the measures set out in paragraphs 1 to 4 to

the trustee, if there is any circumstance referred to therein.

The inspection shall notify the competent authority of the

action taken.



Interventions against aifm managing alternative

investment funds that do not exceed certain thresholds



section 9 If an aifm which are registered pursuant to Chapter 2. has

failed to fulfil its obligations under this Act, other

regulations governing the company's activities,

Fund rules, instruments of incorporation or equivalent

regulatory framework for an alternative investment fund, the company's

articles of incorporation, bylaws or regulations and internal

instructions based on a Constitution that regulates

the company's activities, the financial supervision authority Act.



The financial supervision authority shall submit to the trustee that in certain

time to take action to remedy the situation,

a prohibition to execute the order or issue a

remark. If the infringement is serious, the trustee

deregistered or, if there is enough warning

will be notified. The financial supervision authority may refrain from action if a

infringement is minor or excusable or if the trustee

make the correction.



section 10 of the aifm which are registered pursuant to Chapter 2. should

deregistered by the Swedish financial supervisory authority, if the trustee



1. has been registered by making false statements or

any other irregular means;



2. not within one year from registration has started to operate

activities such as registration,



3. have declared themselves refrain from registration, or



4. for a continuous period of six months has not pushed

such activities as the registration relates.



In the cases referred to in the first subparagraph 1, 2 and 4, instead

warning notified is enough.



If an aifm deregistered, the Swedish financial supervisory authority

decide on the liquidation of the activities to be carried out.



A decision on the cancellation may be subject to prohibition

continue operations.



Penalty



section 11 Of the aifm has a note or warning,

the financial supervision authority may decide that the liquidator shall pay a

penalty. However, this does not apply if the warning only

includes cases referred to in paragraph 4(1) 2 or 4 or

10 paragraph 2 or 4.



The fee to the State.



section 12 of the penalty fee shall amount to not less than 5 000 kroons and

a maximum of 50 million. The fee shall not exceed ten

percent of the Manager's turnover during the previous

fiscal year. If the offence has been committed under the

first year of operation, or if the data on the turnover

otherwise, it is missing or is inadequate, the turnover

estimated.



13 § when the penalty fee is decided upon, the Special

taking into account the gravity of the infringement, which has

prompted the note or warning and how long

the offence has continued.



Late payment fee



section 14 If an aifm does not provide the information in time

that the trustee is required to provide, the financial supervisory authority

decide that the liquidator shall pay a late charge on

a maximum of 100 000 SEK.



The fee to the State.



Enforcement of the decision on the penalty and

late payment fee



section 15 a penalty or late fee payable to


The financial supervision authority within 30 days after the decision on the

to charge the fee has become final or the longer time

as indicated in the decision.



section 16 of the FSA's decision about the penalty or

late charge may be enforced under the enforcement code, if

the fee has not been paid within the period specified in section 15.



section 17 Of the penalty or late fee has not been

paid within the period specified in section 15, the

The FSA provide the unpaid fee for

recovery.



Provisions of the Recovery Act (1993:891) if

recovery of State assets, etc.



18 § a penalty or late charge falls away in the

extent to which the enforcement has not been made within five years from the

the decision to charge the fee became final.



Intervention against foreign aifm



section 19 Of an EEA aifm operating in the

Sweden after authorisation or notification under Chapter 5.

override the obligations imposed on it by this Act or other

statutes regulating the Manager's activities in Sweden

or the Fund rules for a special fund managed

According to Chapter 5. section 2 of the financial supervision authority may submit to the

Manager to make rectification.



If an aifm does not comply with the order, shall

The financial supervision authority shall inform the competent authority of the

Manager's home country.



If the correction is not made, and this means that the investor's

interests in Sweden is damaged or that the financial

stability is threatened, the financial supervisory authority



1. submit to the trustee that within a certain time limit

operations in any respect, reduce the risks in the or

take any other action to remedy

the situation,



2. notify a ban to enforce decisions,



3. issue a notice,



4. prohibit the administrator to begin new transactions in

Sweden, or



5. decide that the trustee no longer may manage a

alternative investment fund.



Before an action referred to in the third subparagraph shall be taken,

The financial supervision authority shall inform the competent authority of the

The country of origin.



section 20 On an EEA aifm operating in the

Sweden under Chapter 5. has received its business license

withdrawn in the homeland, the financial supervision authority immediately

prohibit the trustee to operate in Sweden.



section 21 Of the financial supervisory authority has reason to believe that a

EEA aifm operating in Sweden

on the basis of Chapter 5. override their obligations under

the directive on alternative investment fund managers in

other cases than those referred to in section 19, the supervision authority shall inform the

the competent authority of the Manager's home country.



If the correction is not made, and this means that the relevant

alternative investment fund investor's interests

or to the financial stability or public

confidence in the market are threatened, the financial supervisory authority



1. submit to the trustee that within a certain time limit

operations in any respect, reduce the risks in the or

take any other action to remedy

the situation,



2. notify a ban to enforce decisions,



3. issue a notice,



4. prohibit the administrator to begin new transactions in

Sweden, or



5. decide that the trustee no longer may manage a

alternative investment fund.



Before an action taken pursuant to the second subparagraph, shall

The financial supervision authority shall inform the competent authority of the

The country of origin.



section 22 If a non EEA aifm which drives

activity in Sweden on the basis of a licence pursuant to Chapter 5.

override the obligations imposed on it by this Act or other

statutes regulating the Manager's operations in Sweden,

terms of sections 1 and 2.



The financial supervision authority shall inform the competent supervisory authority in

the country in which the nominee is established if the measures

pursuant to paragraph 1 have been taken pursuant to this paragraph.

Law (2014:796).



the entry into force of section 22/I:den day Government/

If a non EEA aifm which drives

activity in Sweden on the basis of a licence pursuant to Chapter 5.

override the obligations imposed on it by this Act or other

statutes regulating the Manager's operations in Sweden,

terms of sections 1 and 2.



If the financial supervision authority has reason to believe that a non

EEA aifm operating in Sweden

following notification under Chapter 5. should not have a

State in its reference country in accordance with the directive on

of alternative investment funds, applies section 21.



The financial supervision authority shall inform the competent supervisory authority in

the country in which the nominee is established if the measures

pursuant to paragraph 1 have been taken pursuant to this paragraph.

Law (2014:797).



Intervention against the which lack permits, etc.



section 23 if someone drives the activities covered by this

law without being entitled to it, the financial supervisory authority

submit to the operator of the activity to cease it.



If it is uncertain whether the law applies to a particular

activities, the supervision authority shall submit to the operator

activities that provide information about the activities that

the inspection needs to assess if this is the case.



An order under this section relating to a

foreign companies may be directed against the company as well as the

in Sweden is active on behalf of the company.



VITE



section 24 of the injunction or prohibition under this Act may

combined with a penalty.



15. Appropriations



1 §/expires U:den day Government/

The Government or the authority, as the Government determines

may provide for the information or documents

to be included in the



1. an application for registration pursuant to Chapter 2. section 3,



2. a notification under Chapter 2. paragraph 4,



3. an application for a permit pursuant to Chapter 3. section 2,



4. an application for authorization to administer an alternative

Investment Fund under Chapter 3. section 1, Chapter 5. 2 section and Chapter 6. 7

§,



5. an application for a permit to marketing pursuant to Chapter 4.

2-5 and 8 sections and Chapter 5. 5 to 7 and 10 to 12 sections,



6. a notice of material change according to Chapter 3. section 10, Chapter 4.

section 11, Chapter 5. section 9, and Chapter 6. sections 6 and 7, as well as



7. a scheme of operations in accordance with Chapter 3. section 5, Chapter 4. § 9 and

Chapter 6. paragraphs 1 and 3.



the entry into force of paragraph 1 of the I:den/day Government/

The Government or the authority, as the Government determines

may provide for the information or documents

to be included in the



1. an application for registration pursuant to Chapter 2. section 3,



2. a notification under Chapter 2. paragraph 4,



3. an application for a permit pursuant to Chapter 3. section 2,



4. an application for authorization to administer an alternative

Investment Fund under Chapter 3. section 1, Chapter 5. 2 section and Chapter 6.

section 7,



5. an application for a permit to marketing pursuant to Chapter 4.

2-5 sections and Chapter 5. 6, 7, 11 and 12 sections,



6. a notice of material change according to Chapter 3. section 10, Chapter 4.

section 11, Chapter 5. section 9, and Chapter 6. sections 6 and 7, as well as



7. a scheme of operations in accordance with Chapter 3. section 5, Chapter 4. § 9 and 6

Cape. paragraphs 1 and 3. Law (2014:798).



2 §/expires U:den day Government/

The Government or the authority, as the Government determines

may provide for



1. what actions an aifm should take to

meet the requirements of Chapter 3. section 2 of the third paragraph,



2. an aifm shall observe to meet

the obligations set out in Chapter 4. 2 paragraph 4 and paragraph 3 of the other

paragraph and Chapter 5. paragraph 5 of the third subparagraph,



3. the records may be included in the initial capital and

own funds according to Chapter 7. 1 to 4 sections,



4. what information should be included in a notification under

Chapter 8. section 14 and in an application for authorisation in accordance with Chapter 8. 16

section, as well as the information and documents at the same time

must be submitted to the financial supervision authority,



5. an aifm replacement system and what the nominee

must comply with in order to comply with the terms and conditions in accordance with Chapter 8. section 22,



6. what information should be included in a prospectus

under 10 Cape. § 1 and 12. section 7,



7. what information to include in a fact sheet according to

10 Cape. section 2 and 12. section 8,



8. provision of information booklets and fact sheets

under 10 Cape. section 3,



9. what information should be included in the notification referred to in

11 kap. 4, 5 and 7 sections as well as the information and

documents at the same time, must be submitted to the financial supervision authority,



10. what the aifm shall observe to meet

the provisions of Chapter 12. section 3,



11. the content of the annual and half-yearly reports under

12 Cape. section 10,



12. criteria for financial assets the funds in a

Special Fund may be placed in, what techniques and instruments

Aifm may employ as well as the conditions and limits for such

use, the risk management system as a

Aifm managing special funds shall have and

estimation of exposures in accordance with Chapter 12. section 13,



13. the manner in which notice must be given, what errors and

failures to be reported to the financial supervisory authority and the

the conditions for transfer of financial instruments and

management under Chapter 12. section 14,



14. how the calculation and accounting of a specialfonds risk level

should be carried out in accordance with Chapter 12. section 15,



15. the information to be provided to shareholders, how

It will be designed, how it is to be provided and

What should be accompanied by the information referred to in Chapter 12. section 16,



16. What is the management of special funds should be taken

to comply with the obligations laid down in Chapter 12. § 19,



17. the information which the aifm shall submit to

The Swedish financial supervisory authority under Chapter 13. section 6,



18. fees under Chapter 13. section 15, as well as



19. on the language in which the documents referred to in this law shall

be established.




the entry into force of section 2 of the I:den day/the Government/

The Government or the authority, as the Government determines

may provide for



1. what actions an aifm should take to

meet the requirements of Chapter 3. section 2 of the third paragraph,



2. an aifm shall observe to meet

the obligations set out in Chapter 4. 2 paragraph 4 and paragraph 8 of the third

paragraph and Chapter 5. paragraph 5 of the third subparagraph,



3. the records may be included in the initial capital and

own funds according to Chapter 7. 1 to 4 sections,



4. what information should be included in a notification under 8

Cape. section 14 and in an application for authorisation in accordance with Chapter 8. section 16,

and what information and documents at the same time

must be submitted to the financial supervision authority,



5. an aifm replacement system and what the nominee

must comply with in order to comply with the terms and conditions in accordance with Chapter 8. section 22,



6. what information should be included in a prospectus

under 10 Cape. § 1 and 12. section 7,



7. what information to include in a fact sheet under 10

Cape. section 2 and 12. section 8,



8. provision of information booklets and fact sheets

under 10 Cape. section 3,



9. the information to be included in notifications under 11

Cape. 4, 5 and 7 sections as well as the information and

documents at the same time, must be submitted to the financial supervision authority,



10. what the aifm shall observe to meet

the provisions of Chapter 12. section 3,



11. the content of the annual and half-yearly reports under

12 Cape. section 10,



12. criteria for financial assets the funds in a

Special Fund may be placed in, what techniques and instruments

Aifm may employ as well as the conditions and limits for such

use, the risk management system as a

Aifm managing special funds shall have and

estimation of exposures in accordance with Chapter 12. section 13,



13. the manner in which notice must be given, what errors and

failures to be reported to the financial supervisory authority and the

the conditions for transfer of financial instruments and

management under Chapter 12. section 14,



14. how the calculation and accounting of a specialfonds risk level

should be carried out in accordance with Chapter 12. section 15,



15. the information to be provided to shareholders, how

It will be designed, how it is to be provided and

What should be accompanied by the information referred to in Chapter 12. section 16,



16. What is the management of special funds should be taken

to comply with the obligations laid down in Chapter 12. § 19,



17. the information which the aifm shall submit to

The Swedish financial supervisory authority under Chapter 13. section 6,



18. fees under Chapter 13. section 15, as well as



19. on the language in which the documents referred to in this law shall

be established. Law (2014:797).



the entry into force of section 2 of the I:den day/the Government/

The Government or the authority, as the Government determines

may provide for



1. what actions an aifm should take to

meet the requirements of Chapter 3. section 2 of the third paragraph,



2. an aifm shall observe to meet

the obligations set out in Chapter 4. 2 paragraph 4,



3. the records may be included in the initial capital and

own funds according to Chapter 7. 1 to 4 sections,



4. what information should be included in a notification under 8

Cape. section 14 and in an application for authorisation in accordance with Chapter 8. section 16,

and what information and documents at the same time

must be submitted to the financial supervision authority,



5. an aifm replacement system and what the nominee

must comply with in order to comply with the terms and conditions in accordance with Chapter 8. section 22,



6. what information should be included in a prospectus

under 10 Cape. § 1 and 12. section 7,



7. what information to include in a fact sheet under 10

Cape. section 2 and 12. section 8,



8. provision of information booklets and fact sheets

under 10 Cape. section 3,



9. the information to be included in notifications under 11

Cape. 4, 5 and 7 sections as well as the information and

documents at the same time, must be submitted to the financial supervision authority,



10. what the aifm shall observe to meet

the provisions of Chapter 12. section 3,



11. the content of the annual and half-yearly reports under

12 Cape. section 10,



12. criteria for financial assets the funds in a

Special Fund may be placed in, what techniques and instruments

Aifm may employ as well as the conditions and limits for such

use, the risk management system as a

Aifm managing special funds shall have and

estimation of exposures in accordance with Chapter 12. section 13,



13. the manner in which notice must be given, what errors and

failures to be reported to the financial supervisory authority and the

the conditions for transfer of financial instruments and

management under Chapter 12. section 14,



14. how the calculation and accounting of a specialfonds risk level

should be carried out in accordance with Chapter 12. section 15,



15. the information to be provided to shareholders, how

It will be designed, how it is to be provided and

What should be accompanied by the information referred to in Chapter 12. section 16,



16. What is the management of special funds should be taken

to comply with the obligations laid down in Chapter 12. § 19,



17. the information which the aifm shall submit to

The Swedish financial supervisory authority under Chapter 13. section 6,



18. fees under Chapter 13. section 15, as well as



19. on the language in which the documents referred to in this law shall

be established. Law (2014:798).



16. Appeal



section 1 of the FSA's decision under Chapter 13. paragraph 14

Chapter 14. section 23 of the second subparagraph shall not be appealed.



Other decisions by the Swedish financial supervisory authority under this Act may

be appealed to the administrative court. However, this does

cases not referred to in section 20, first paragraph 5

administrative law (1986:223).



Leave to appeal is required for an appeal to the administrative court.



The financial supervision authority may provide that a decision on the ban,

order or revocation shall take effect immediately.



2 §/expires U:den day Government/

If the financial supervision authority in a case if the authorisation pursuant to

Chapter 3. paragraph 1(1) does not communicate a decision within six

months of the date on which the application was filed, the inspection

inform the applicant of the reasons for this. The applicant may

then ask for explanation of the Court that the case unnecessarily

residence.



If the FSA does not leave over a notice

referred to in Chapter 6. 2 paragraph 2 to the competent authority in

the rest of the world within the time specified in this section from the

the notification was received, nor in the same time

announces decision pursuant to the fourth subparagraph of paragraph 2, the same

the inspection, notify the applicant of the reasons for this.

The applicant may then request a declaration by the courts that

the case unnecessarily residence.



A request for a declaration referred to in the first or second

subparagraph shall be made in the General Administrative Court.

Leave to appeal is required for an appeal to the administrative court.



If the financial supervision authority has not announced a decision, as referred to

in the first subparagraph within six months from the time an explanation

has been provided, the application shall be deemed to have been rejected. If a

notification referred to in the second subparagraph have not been handed over

within two months of the submission of a declaration,

decision pursuant to Chapter 6. 2 paragraph 2 are deemed to have been notified.



the entry into force of section 2 of the I:den day/the Government/

If the financial supervision authority in a case if the authorisation pursuant to 3

Cape. Article 1, first paragraph or Chapter 5. paragraph 10 (a)

does not notify the decision within six months of application

inspection, shall inform the applicant of the reasons for

this. The applicant may then request a declaration by the courts that

the case unnecessarily residence.



If the FSA does not leave over a notice

referred to in Chapter 6. 2 paragraph 2 to the competent authority in

the rest of the world within the time specified in this section from the

the notification was received, nor in the same time

announces decision pursuant to the fourth subparagraph of paragraph 2, the same

the inspection, notify the applicant of the reasons for this.

The applicant may then request a declaration by the courts that

the case unnecessarily residence.



A request for a declaration referred to in the first or second

subparagraph shall be made in the General Administrative Court.

Leave to appeal is required for an appeal to the administrative court.



If the financial supervision authority has not announced a decision, as referred to

in the first subparagraph within six months from the time an explanation

has been provided, the application shall be deemed to have been rejected. If a

notification referred to in the second subparagraph have not been handed over

within two months of the submission of a declaration,

decision pursuant to Chapter 6. 2 paragraph 2 are deemed to have

announced. Law (2014:797).



Transitional provisions



2013:561



1. this law shall enter into force on 22 July 2013.



2. An aifm which at the entry into force of this Act

runs the business that is licensed under this Act

no later than 22 July 2014, apply for authorisation of

The Swedish financial supervisory authority. Aifm may, on an application for

permission has been submitted to the supervision authority not later than that day,

continue to operate this business until the application

has been tried. If permission is refused,

Aifm shall cease operations.



3. An aifm managing portfolios of alternative

investment funds, whose total assets do not

exceed the thresholds referred to in Chapter 2. paragraph 2 shall

on 22 July 2014 to opt-in for registration or requesting a

permit aifms in the FSA.

Aifm may, if an application for registration or a

the application for authorisation has been submitted to the supervision authority not later than

that date, continue to operate this business into its

the notification or application has been examined. If


registration is refused, the aifm shall cease

the business.



4. If the units or shares of an AIF

subject of a prospectus approved by the

The financial supervision authority or a competent authority in another

country within the EEA, and the inspection has received a certificate to that effect,

and published before 22 July 2013, Chapter 4. 2 and

6-11 section does not apply in respect of the marketing of the units or

the shares during its period of validity.



5. If the units or shares of an AIF

covered by a prospectus has been drawn up and

published in accordance with European Parliament and Council

Directive 2003/71/EC of 4 november 2003 on the prospectus to

to be published when securities are offered to the public

or admitted to trading and amending Directive

2001/34/EC before 22 July 2013, Chapter 6. 1 – 6 §§ not

apply to the marketing of the units or shares

During its period of validity.



6. An aifm which at the entry into force of this Act

manages the closed alternative investment funds,

continue to manage the funds without authorisation, as

Aifm under this law, if the funds do not make any

additional investments after this date.



7. An aifm which at the entry into force of this Act

manages the closed alternative investment funds in which

the subscription period for investors expired before 22 July

2011 and which is established for a period ending

three years after the July 22, 2013, may continue to

managing funds without authorisation as an aifm under

This law. The aifm shall, however, apply 10 Cape. 4-7 sections

and, where applicable, Chapter 11.



8. For a Swedish alternative investment fund which is not a

Special Fund or alternative investment fund that is not

regulated and managed by a Swedish aifm may

The financial supervision authority, until 22 July 2017, allow

a credit institution with headquarters in a country in the EEA is appointed as

Depositary even though the Fund is established in another

country within the EEA than the country in which the depositary has its

seat.