Introductory provisions
section 1 of this Act is complementary to the European Parliament and of the Council
Regulation (EU) no 236/2012 on short selling and certain aspects of
credit default swaps (short selling Regulation).
Terms and expressions in this Act have the same meaning as in
short selling regulation.
Competent authority
section 2 of the financial supervisory authority is the competent authority in accordance with
short selling regulation.
Supervision
section 3, for the supervision of compliance with the provisions of
short selling regulation is complied with, the financial supervision authority shall submit to the
1. a company or anyone else to provide the data,
documents or otherwise, and
2. are expected to be able to provide information on the matter to
to appear for interrogation at the time and place that the inspection
determines.
The first subparagraph shall not apply to the extent
provision would be contrary to the law regulated
confidentiality for lawyers.
paragraph 4 of the financial supervision authority shall also order the person who has
failed to fulfil its obligations under the regulation of short selling
within some time take a specific action to address
with the situation or cease a particular course of action.
§ 5 a decision notice under this Act may be subject
with a penalty.
Special fee
paragraph 6 of the financial supervision authority shall decide that the special levy shall
taken out of it to override their obligations under
short selling regulation by
1. do not report to a net short position in the shares has achieved
or fallen below the relevant threshold for notification
(article 5),
2. do not publish data if a net short position in
shares when it has reached or fallen below the relevant
the threshold for public disclosure (article 6),
3. do not sign to a net short position in the issued
Government securities have reached or fallen below the relevant
Notification thresholds (article 7),
4. do not report to an uncovered position in a
nominal have reached or fallen below the relevant
Notification thresholds (article 8),
5. do not comply with that provided for in article 9 for the notification
or publication in accordance with article 5, 6, 7 or 8,
6. do not keep records of the gross positions that creates a
significant net short position (article 9(1), second subparagraph);
7. perform a short selling of a stock that is busy to trade
on a trading floor even though none of the conditions laid down in article
12 is met,
8. perform a short sale of treasuries even though no
by the terms of article 13 fulfilled,
9. perform a statskreditswappstransaktion article
14,
10. do not ensure the existence of such procedures as set out in
Article 15,
11. do not inform the competent authority of changes
which affect the right to benefit from the exemption for
market makers or primary market operations (article 17(9)
and 17.10),
12. do not report or disclose information about a card
net position in a particular financial instrument or
class of financial instrument when a position has
reached or fallen below a threshold for notification and
a declaration or disclosure has been required by
The Swedish financial supervisory authority on the basis of article 18,
13. do not report a significant increase in the fees charged
for the lending of specific financial instruments or classes
of financial instruments upon receipt of such increases
has been required by the financial supervision authority on the basis of article 19,
14. carry out such a transaction referred to in article 20, 21
or 23 in contravention of a prohibition or a condition or
restriction imposed by the FSA on the basis
of any of the articles,
15. do not report or disclose information about a card
net position in a particular financial instrument or
class of financial instruments as a declaration or
the publication has been demanded by the European Securities and
markets authority pursuant to article
28.1 (a), or
16. perform such a transaction referred to in article 28(1) (b)
violation of a prohibition or a condition that has been decided
of European Securities and markets authority with support
of the article.
paragraph 7 of the special levy shall
1. in the cases referred to in section 6, 1-6, 10-13 and 15 shall be not less than 5 000
dollars and not more than SEK 5 million, and
2. in the cases referred to in paragraph 6 of the 7 to 9, 14 and 16 shall be not less than 5 000
dollars and not more than SEK 10 million.
A special fee to the State.
section 8 a special fee should only be withdrawn if the fee
applies, within two years from the time the infringement took place, has
notification of a statement that the issue of the special fee has
raised by the FSA.
section 9 If the infringement is minor or excusable or otherwise
There are special reasons, a special fee remitted entirely
or in part.
section 10 a special fee is payable to the financial supervisory authority
within thirty days after the decision to take out
levy has become final or the longer time specified
in the decision.
section 11 Of the special fee has not been paid within the time
as indicated in paragraph 10 of the financial supervision authority shall submit the unpaid
the fee for the recovery.
Provisions on recovery of State assets, see
Act (1993:891) for the recovery of State assets, etc.
section 12 of a decision on the special levy shall be enforced under
the enforcement code, if the fee has not been paid within the time
as indicated in section 10.
section 13 a special levy has decided falling away in the
extent to which the enforcement has not been made within five years from the
the decision became final.
Fees to the FSA
paragraph 14 of the financial supervision authority may charge fees for the examination of
notifications under short selling regulation.
To pay for the FSA's supervision in accordance with this
law, the institution is under the supervision
pay annual fees.
The Government may provide for fees referred to in the first
and second subparagraphs.
Appeal, etc.
15 § finansinspektionen's decision under this Act and in accordance with
Article 17(7) of short selling regulation may be appealed to the
General administrative courts. Other decisions according to
short selling regulation may not be appealed.
Leave to appeal is required for an appeal to the administrative court.
section 16 of the financial supervision authority may decide that the decision shall apply
immediately, subject to the regulation of short selling.
Transitional provisions
2012:735
1. this law shall enter into force on 1 January 2013.
2. Special fee may be imposed only for offences
occurred after the entry into force.