Law (2012:735) With Additional Provisions Applicable To The Eu's Short Selling Regulation

Original Language Title: Lag (2012:735) med kompletterande bestämmelser till EU:s blankningsförordning

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2012:735

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 do not publish data if a net short position in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.