Law (2011:755) On Electronic Money

Original Language Title: Lag (2011:755) om elektroniska pengar

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Read the untranslated law here: http://rkrattsbaser.gov.se/sfst?bet=2011:755

Chapter 1. Scope of application and definitions



The scope of the law



section 1 of this Act provides for the issuance of

electronic money and for electronic money institutions

and the registered Publisher.



The law does not apply to electronically stored monetary value



1. stored on instruments that can be used only within a

limited network of suppliers, with a vendor in his

place of business or, in the case of a limited supply or

service offerings, or



2. used for payment transactions by means

of equipment for telecommunication, digital or

information technology, when they purchased the goods or services

delivered to and are intended to be used with the help of such

equipment, provided that the operator of equipment not

acting solely as an intermediary between the payment service user

and the supplier of goods or services.



Definitions



section 2 of this Act means



1. payment instruments: a debit card or any other

personal instruments or a personal routine used for

to initiate a payment order,



2. electronic money: an electronically stored monetary value

as



(a)) represents a claim on the issuer,



b) given out in Exchange for funds to implement the

payment transactions under the Act (2010:751) if

payment services, and



c) accepted as a means of payment other than the issuer,



3. EEA: European economic area,



4. branch "means a branch office with independent management,

also taking a foreign institution for electronic money

establishment of multiple places of business must be regarded as a single branch;



5. Group: same as in Chapter 1. section 7 of the Act (2006:531) if

special supervision of financial conglomerates,



6. country of origin: the country where an undertaking has been authorised to

pursuit of the activities referred to in this Act,



7. electronic money institutions: a Swedish limited liability company

or a Swedish Business Association that has been authorised to

issue electronic money in accordance with this Act,



8. consumer: a natural person who is acting primarily for

purposes which are outside business activities,



9. qualifying holding: the same as in Chapter 1. paragraph 5 of the 14 teams

(2004:297) on banking and finance law,



10. start-up capital: the same as in Chapter 1. paragraph 5 of the 17 law about banking

and financing business,



11. issuers of electronic money: Institute for electronic

money, registered publishers, which publishes electronic

money and is exempt from the permit requirement referred to in Chapter 2.

2 § and companies in accordance with Chapter 3. section 28 received permission to give out

electronic money.



section 3 of an electronic money institution and another company

shall be considered to have close links, if



1. one company directly or indirectly through subsidiaries

owns at least 20 per cent of the capital or disposes of at least

20% of all votes in the other company,



2. one company directly or indirectly represents the parent company

to the other or there is another similar relationship

between undertakings, or



3. both companies are subsidiaries of or have a similar

relationship with the one and the same legal entity or a

the corresponding relation to one and the same natural person.



Close relations are also an Institute for electronic

money and a natural person shall be considered to have, if



1. the natural person



a) owns at least 20 per cent of the capital of the Institute for

electronic money,



b) disposes of at least 20 percent of all votes in

Institute of electronic money,



c) otherwise has such influence over the Institute for

electronic money to the person's position is the same as that

a parent has in relation to a subsidiary,

or



2. There is another similar connection between this personal

and the Institute for electronic money.



Chapter 2. Licence, the conditions for authorization and

exemption from permit requirement



Obtain a permit



1 § Electronic money may be given out only with the permission of

The Swedish financial supervisory authority, without prejudice to paragraph 2 or 3.



Permission may be given to a Swedish limited company or a Swedish

Economic Association.



Exemption from permit requirement



section 2 of the State to issue electronic money is not needed for



1. banks and credit market companies under the Act (2004:297) om

banking and finance law,



2. State and municipal authorities, when they engage in

public authority,



3. foreign physical and legal persons and

authorities in the EEA that correspond to them in 1 and 2,



4. the European central bank and national central banks in

other EEA-countries, when not acting in their capacity as monetary

or public authority,



5. Post Office Giro institutions within the EEA, in accordance with national law

has the right to issue electronic money, and



6. branches of credit institutions from countries outside the EEA.



Special provisions on foreign companies, see Chapter 3.

26-28 sections.



section 3 a Swedish legal entity may apply to the

The Swedish financial supervisory authority to be exempted from the permit requirement referred to in

§ 1. The inspection shall decide on such an exception if



1. it should be included in a corporation or an Association's Board of Directors,

be the ceo or head of operations

with the issuance of electronic money have not been convicted of crimes

relating to money laundering, terrorist financing or other

economic crime,



2. There is reason to believe that the planned activities

will be operated in accordance with this Act and regulations

regulates activities,



3. for legal entities are reasons to assume that the

have a qualifying holding in the company is suitable to exercise

a significant influence over the management of the company,



4. it should be included in a company's Board of Directors, be

Chief Executive Officer, responsible for operations with

the issuance of electronic money or be a substitute for

one of them, have sufficient knowledge and experience to

participate in the management of the company or be responsible for the business

with the issuance of electronic money and otherwise is

suitable for such a task, and



5. the planned activities have such limited scope

the average outstanding liabilities related to

electronic money never exceed EUR 5 million.



paragraph 4 of the financial supervision authority shall record those that have been granted

exemption under section 3 (registered publishers).



A registered Publisher shall notify the financial supervision authority if the

such changes affect the Publisher's ability to

meet the conditions for exemption provided for in paragraph 3.



Provisions relating to the registry can be found in Chapter 5. § 5.



§ 5 a registered Publisher that no longer meet the

the conditions laid down in paragraph 3, shall apply for a permit referred to in paragraph 1. Application

must be made within 30 days from the date on which the terms no longer

were met.



A registered Publisher must be removed from the register, if the Publisher

reports that it no longer issuing electronic money or

If it otherwise appears that Publisher's business has

ceased.



Conditions for authorisation



section 6 of the State to issue electronic money shall be given, if



1. the articles of association or rules not inconsistent with this Act

or any other statutes,



2. There is reason to believe that the planned activities

will be driven



(a)) with adequate command and control forms for business

with the issuance of electronic money, and



(b)) in accordance with this Act and the regulations

regulating the company's activity,



3. There is reason to believe that the person has a qualifying

holding in the company to exercise a significant

influence over the management of the company,



4. it should be included in the company's Board of Directors, to be Executive

Director, or be a substitute for any of them, is suitable for

such a task, and



5. the person responsible for the activity with the issuance of

electronic money or a replacement for this person is

suitable for such a task and have the necessary insight and

experience.



In the case of the European company and the European cooperative that has such a

the management system referred to in articles 39 to 42 of the Council

Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute

for the European company or articles 37 to 41 of Council regulation

(EC) No 1435/2003 of 22 July 2003 on the Statute for a European

cooperative society (SCE), the provisions which

the Board intends to in the first subparagraph 4 If aptitude testing

apply to the Supervisory Board.



section 7 of the assessment under paragraph 3 (3) and (6) paragraph 3 of

If a tenant is suitable to his reputation and

capital strength is taken into account. It should also be taken into account if there are reasons

to assume that



1. the holder will counteract the activity of

the issuance of electronic money is managed in a way that is

consistent with the requirements of this Act and regulations

regulating the company's activity,



2. the holding in connection with, or may increase the risk of



a) money laundering as referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) if

measures against money laundering and the financing of terrorism, or



b) offences under paragraph 2 of section 2, 3 or 4 § lagen (2002:444) if

punishment for the financing of particularly serious crime in

some cases, with respect to offences under the Act (2003:148) if

terrorist offences.



If your company has or likely to get near

relations with anyone else, is authorized under section is given

only if the relationship does not hinder an effective supervision of

the company.



paragraph 8 of the financial supervision authority shall notify the decision authorising the

to issue electronic money or derogating from

permit within three months from the date on which a


complete receipt of the application and the application fee has been paid.



If the decision is not notified in time, the condition shall be deemed to have

communicated or exclusion shall be deemed to have been granted by

The Swedish financial supervisory authority.



Chapter 3. The business of electronic money institutions and in

registered Publisher



Starting capital



(1) an electronic money institution shall begin

its activities have initial capital which, at the time of decision on

condition is equivalent to at least EUR 350 000.



Capital requirements



section 2 of an electronic money institution shall at all

time to have a capital base not less than the initial capital

According to § 1 or a capital requirement calculated in accordance with paragraph 3.

Institution's own funds may not fall below the highest of

These amounts.



For the calculation of own funds and its composition shall

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 shall apply. In addition, the following applies at

calculation:



1. Electronic money institutions belonging to the same

together as another electronic money institutions, or

a payment institution, a credit institution, a

investment firms, a fund management company, the aifm which

manage special funds or insurance companies may

calculation of own funds does not include such items included

in the calculation of any of the company's capital base.



2. An electronic money institution engaged in other

activities in accordance with paragraph 5, for the purpose of calculating

the capital base does not include such items included in

the calculation of the own funds of the other activity.



3. For electronic money institutions which have changed

accounting currency, equity capital shall not be less than the

maximum of the amount resulting from 6 and 7 of the Act (2000:35)

If the change of accounting currency in financial companies.

Law (2014:989).



section 3 capital requirement amounts to two per cent of the average

liabilities related to outstanding electronic money.



Where an electronic money institution is providing

payment services which are not linked to the issue of

In addition, the electronic money institution shall calculate a

capital requirements for the operations with the application of Chapter 3. paragraph 3 of the

Act (2010:751) on payment services.



On the basis of an evaluation of the risk management processes and

internal control mechanisms in an institution for electronic

money, the financial supervision authority may decide that the capital requirement pursuant to

section 2 should be raised or lowered. The amount of the increase or reduction,

not exceed 20 per cent of this amount.



Examination of the suitability of owners



section 4 Provisions for review of the appropriateness of the owner in

credit institutions in chapter 14. Act (2004:297) on banking and

finance law applies also to institutions for

electronic money.



Nearby services and other activities



section 5 of an electronic money institution and a registered

Publishers must also provide payment services and related

services and other activities.



A registered Publisher may, however, provide payment services

that are not linked to the issuance of electronic money only

If the average of the total amount of payment transactions in

the past 12 months does not exceed an amount equivalent

EUR 3 million per month.



The financial supervision authority may prohibit an institution for electronic

money or a registered Publisher running other

activity. Such a decision shall be notified about the operation

impair or might impair the financial

the financial soundness of the institution or the Publisher or

FSA's ability to supervise

institution or Publisher.



Deposits and loans



section 6, an electronic money institution or a registered

Publishers may in their operations with the issuance of electronic

money or the provision of payment services do not



1. receive deposits or other repayable

funds from the public, or



2. offer non-payment accounts used exclusively

for payment transactions.



An electronic money institution and a registered

Publishers may in their operations with payment services grant credit

for such payment services referred to in Chapter 1. 2 § 2 – 4 and 6

Act (2010:751) on payment services if



1. credit will only be used in connection with the implementation of a

payment transaction,



2. the credit is not granted from the funds held for

conduct a payment transaction, or out of funds that have been

received in Exchange for electronic money, and



3. the credit used for payment with

payment instrument, provided within the framework of the

cross-border activities within the EEA, be repaid within 12

months.



Electronic money institutions may grant credit in accordance with

second subparagraph only if the institution's capital base is

satisfactory with regard to the total amount of credit.



Protection requirements etc.



paragraph 7 of an electronic money institution and a registered

the Publisher shall take measures to protect the funds that have

received in Exchange for electronic money issued. Such

agents should



1. be kept separate from the institution's or Publisher's own

assets and funds held on behalf of someone else than

the holder of the electronic money, or



2. covered by an insurance policy or guarantee which gives the same protection

for the holder of the electronic money as if the funds

been separated according to 1.



The funds referred to in the first subparagraph 1, which are still held by

Institute of electronic money or the registered

the Publisher at the end of the banking day following the day on which the funds

was received, should be separated in a special account with a Swedish

Bank, a Swedish credit market company or a foreign

Bank or credit company or be invested in liquid assets

assets with low risk.



Funds received in the form of a payment by a

payment instrument need not be protected until they have

credited to a payment account with the institution or Publisher

or otherwise made available to an institution for

electronic money or a registered Publisher. The funds will be

However, protected within five business days after the

electronic money payment concerned was released.



Electronic money institutions and registered publishers

provide payment services which are not linked to

the issuance of electronic money, for the business

to apply the provisions on protection in Chapter 3. section 7 of the Act

(2010:751) on payment services.



section 8 of the electronic money institution and registered Publisher

shall inform the financial supervision authority in advance of any significant

changes in measures to protect the funds received in

Exchange for electronic money issued.



Retention of data



section 9 of an electronic money institution shall keep all

relevant information relating to the circumstances covered by

Chapter 2. 1, 6 and 7, §§ 1-8, 10-25, 29 paragraphs in this chapter

for at least five years.



Rules of procedure and instructions on the Division of labour between

corporate bodies



9 a § 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 of an electronic money institution

or a registered Publisher that is a private limited company.

However, this does not apply in the case of companies whose Board has

only one member.



The obligation under Chapter 8. 46 (b) of the Swedish companies act for

the Board of Directors of a public company that in written

instructions specify the Division of labour between the bodies

also applies to the Board in an institution for electronic

money or a registered Publisher that is a private

joint-stock company.



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

information listed in this section. Law (2014:551).



Audit, accounting, etc.



section 10 of an electronic money institution shall have at least one

auditor appointed by the general meeting. Only the authorized

or approved auditor may be certified. At least one auditor who

the meeting designated to be certified.



An electronic money institution which also runs other

activities other than issuance of electronic money as referred to in Chapter 1.

2 § 2 shall provide separate accounting information over the

activities involving the issuance of electronic money.

Team (2013:236).



Head Office



section 11 of an electronic money institution and a registered

Publisher shall have its head office in Sweden.



Professional secrecy



section 12 of that which is or has been affiliated with an Institute for

electronic money or a registered Publisher who worker

or the contractor must not improperly disclose or exploit

what he or she is in the employment or during the Mission in

operations with the issuance of electronic money or

payment services have been told if individuals ' conditions to

institution or Publisher.



Liability under Chapter 20. paragraph 3 of the criminal code should not follow the

who violate the ban.



In the public activities apply instead the provisions

in publicity and secrecy (2009:400).



In Chapter 6. section 9 of the Act (2010:751) on payment services are special

provisions on confidentiality in the treatment of

personal data in the register kept by a

payment service provider, or the person responsible for a

payment system in accordance with Chapter 6. section 1 of the Act on payment services.



In 5 a of the credit information Act (1973:1173) contains provisions

If the applicable on professional secrecy referred to in the first subparagraph

does not prevent the data in some cases are exchanged for

credit reference purposes.



Measures against money laundering and financing of terrorism




paragraph 13 of the Provisions on the obligation of the issuing

electronic money to help to prevent

money laundering and terrorist financing Act

(2009:62) on measures against money laundering and the financing of

terrorism.



Information obligations



section 14 of the electronic money institution and registered

issuers are required to disclose such information as referred to in

paragraph 12, 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.



Message ban



section 15 of The investigators or prosecutors request

functions under section 14 may decide to Institute of

electronic money or the registered Publisher and its

Directors and employees shall not disclose to the customer or

to any third party that the information has been provided pursuant to section 14 of the

or that there is an investigation or case if

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 if the

legal assistance in criminal matters may, however, be limited only to the prohibition

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 may decide

the ban is repealed.



In the case of the European company and the European cooperative that has such a

the management system referred to in articles 39 to 42 of the Council

Regulation (EC) No 2157/2001 or articles 37 to 41 of the Council

Regulation (EC) No 1435/2003, as set out on the

Board members in the first subparagraph shall apply to members of the

the regulatory body.



The liability provision



section 16 of the fined person who willfully or through gross

negligence violates a prohibition notice under section 15.



Agents



section 17 of the electronic money institution and registered

publishers are not permitted to issue electronic money through agents.



section 18 Of an electronic money institution or a

registered Publisher wants to provide payment services through

agents, shall Institute or the Publisher shall notify the Attorney for

registration with the Swedish financial supervisory authority.



The notification shall include



1. the name and address,



2. If the representative is a legal person, the name, personal identification number, or

equivalent and address for those included in the delegate's Board

or is the Executive Director,



3. information demonstrating that the persons referred to in 2 is

suitable for such a task, or, if the representative is a natural

person that he or she is suitable to provide

payment services, and



4. agent's internal rules on how the delegate will live up to

the requirements set out in the Act (2009:62) on measures against

money laundering and the financing of terrorism.



If the notification fulfils the requirements set out in the second paragraph,

The FSA Register the agent in the register

Inspectorate on the basis of Chapter 5. § 5. Institute for

electronic money and registered Publisher must ensure

that agents acting on their behalf inform

payment service users of this fact.



section 19 Of an electronic money institution to deploy

electronic money, redeem electronic money or

provide payment services through an agent in another country in the

The EEA, the institution shall inform the financial supervision authority thereof.



The notification shall include



1. a plan for the intended activities, with an indication of

the delegate's organisation and the services that the Registrar intends to

provide, and



2. details of the agent's name and address as well as its responsible

management.



Before the FSA decides to register the delegate

According to Chapter 5. § 5 inspection shall notify the competent

authority of the other country. The notification shall include

the information referred to in the second subparagraph. The financial supervision authority may refuse

to register the agent or revoke an executed registration,

If the competent authority of the other country has reasonable

reason to believe that money laundering or the financing of

terrorism is taking place or has taken place or has tried

implemented in connection with the agent, or if the use of

the Attorney can increase the risk of money laundering or the financing of

terrorism.



Branch operations in the EEA



section 20 of an electronic money institution which intends to give out

electronic money or provide payment services through

a branch in another country within the EEA shall inform

The FSA before operations commence. Notification

should contain



1. a plan for the intended activities, with an indication of

the branch's organization and the services it intends to

provide, and



2. information on the country in which the branch is established and if

the address of the branch and responsible management.



Before the FSA decides to register the branch

According to Chapter 5. § 5 inspection shall notify the competent

authority of the other country. The notification shall include

the information referred to in the first subparagraph. The Swedish financial supervisory authority may

refuse to register a branch or revoke an executed

registration, if the competent authority of the other country

has reasonable grounds to believe that money laundering or

the financing of terrorism is taking place or has taken place or has

attempted to be carried out in connection to the branch, or if

recourse branch can increase the risk of money laundering or

the financing of terrorism.



section 21 of the financial supervision authority shall submit the notification under

section 20 to the competent authority of the country where the branch to

be set up within one month of the notification from

Institute for electronic money was received.



Cross-border activities within the EEA



section 22 of an electronic money institution which intends to from

Sweden issue electronic money or provide

payment services in another country within the EEA shall inform

The FSA before operations commence. Notification

should contain



1. a plan for the intended activities of the

services which the Institute for electronic money designed to

provide, and



2. information on the country in which the business is to be conducted.



section 23 of the financial supervision authority shall submit the notification under

section 22 to the competent authority of the country in which the business

to be conducted within one month of the notification from

Institute for electronic money was received.



Branch operations outside the EEA



section 24 of an electronic money institution may, with the permission

of the FSA set up a branch in a country outside

The EEA. Application for a permit shall contain



1. a plan of the intended operations with data on

the branch's organization and the services it intends to

provide, and



2. information on the country in which the branch is established, if

the address of the branch and responsible management.



Obligation to notify the financial supervision authority of changes in

activities



section 25 Where an electronic money institution or a

registered Publisher intends to change the activities referred to

in 18, 19, 20, 22 or 24 § shall Institute or Publisher

notify the financial supervision authority before the change is implemented.



If the change relates to the activities of an Institute for electronic

money in another country, the financial supervisory authority

notify the competent authority of the other country if

the change.



Special provisions concerning foreign companies established in the

The EEA



paragraph 26 of a foreign company that belongs within the EEA and that in

the home Member State is authorised to issue electronic money need

not permit pursuant to Chapter 2. § 1 to issue electronic

money or provide payment services in Sweden.



Such a foreign company may issue electronic money

or provide payment services through a branch in Sweden,

and provide payment services, distributing electronic

money or redeem electronic money through agents in

Sweden, after the financial supervisory authority has received a

notification from the competent authority of the company's

country of origin that contains



1. a plan for the intended activities, with an indication of

the branch's or delegate's organisation and services

branch or Representative intends to provide, and



2. information about the branch's or agent's address and responsible

management.



section 27 a foreign company referred to in section 26 of the first paragraph,

issue electronic money or provide payment services in

Sweden from her native country as soon as the financial supervisory authority has

received a notification from the competent authority of the

the home Member State, indicating the Services Institute for

electronic money, intends to provide in Sweden.



Special provisions concerning foreign companies established

outside the EEA



section 28 of another foreign company than such as referred to in

section 26 of the first subparagraph may, upon application, be authorised to give out

electronic money from the branch in Sweden. Permission may be given

only if the



1. the company issuing electronic money in the country where it has

its registered office and in that country is under adequate supervision of

a competent authority has admitted that the company establishes

in Sweden, and



2. There is reason to believe that the planned activities

will be operated in a manner consistent with Chapter 2.

6 and 7 sections and paragraphs 1 to 4 of this chapter.



Contract for work




section 29 of an electronic money institution or a registered

Publisher may Commission someone else to perform a particular job

or certain operational features included in its activities

with the issuance of electronic money or the provision

of payment services. Institution or Publisher shall notify such

contract to the Swedish financial supervisory authority.



A mandate to someone else to perform these functions which are

essential for operations with the issuance of

electronic money or the provision of payment services

may only be given if the institution or Publisher is responsible for



1. the business operated by the contractor under controlled

and safely secure forms, and



2. the Mission did not impair the quality of the

the Institute's or Publisher's internal control and

FSA to monitor the Institute

or the Publisher complies with the regulations that apply to your business.



Chapter 4. Rules on electronic money



The issuance of electronic money



1 § Electronic money shall, without delay, be issued to the same

amount of the funds received.



Redemption



section 2 of the Publisher and holders of electronic money shall be included

an agreement, in which the conditions of redemption and any

fees associated with this clearly stated. The holder of the

electronic money is bound by the agreement only when he

or she has been informed of these conditions.



3 section at the request of a holder of the electronic money shall

Publisher redeem part or all of the ownership of the outstanding

electronic money to the nominal amount.



If redemption is requested within one year from the date of the

agreements referred to in paragraph 2 expires, the entire holding will be redeemed.

This shall also apply if an electronic money institution

carrying out an activity referred to in Chapter 3. paragraph 5 of the first

paragraph, and it is not known to what extent funds will be

be used as electronic money.



4 section at redemption, the publishers charge a fee only if this

specified in the agreement and in accordance with section 2 of the fee corresponds to

reasonable costs for the Publisher to implement

the transaction.



If redemption takes place after an agreement between the issuer of

electronic money and electronic money holder has

expired, the Publisher may charge a fee only if the

been more than a year after the contract ended.



An electronic money issuer may not agree with the

is the consumer on terms that differ from the first or second

paragraph.



Interest rate



5 § issuers of electronic money must not pay interest

or provide other benefits that depends on how long the holder

keep the electronic money.



Chapter 5. Oversight, intervention and authorization



Scope of supervision



section 1 of the financial supervision authority supervises this law and

regulations that have been issued in connection with the law is followed.

For electronic money institutions and registered Publisher

also includes oversight of their activities with the issuance of

electronic money is operated in accordance with regulations

governing its activities, articles of incorporation, bylaws, and

internal instructions based on a Constitution that

regulates its activity. In the case of supervision of other

issuers of electronic money as described in Chapter 2. section 2 shall in

place the provisions on supervision contained in the laws governing

their activities should apply, unless otherwise provided by this Act.



If a company is authorised to issue electronic

the money from a branch in Sweden under Chapter 3. section 28 does not follow

the provisions of this Act, the regulations governing

the company's operations, the company's articles of incorporation, bylaws,

regulations or internal instructions based on a

Constitution governing the company's activities,

The Swedish financial supervisory authority to revoke the permit or, if it is

enough, please notify alert. The same applies if the company on

otherwise proved inappropriate to issue electronic money.



If a branch licence is revoked on the basis of the second subparagraph

section 12 shall apply. The financial supervision authority shall inform the

competent authority of the country where the company has its registered office if

measures taken pursuant to this paragraph.



section 2 of an electronic money institution and a registered

Publisher shall provide the financial supervision authority the information concerning their

the activities of the inspection request.



2 a of the Government or the authority, as the Government determines

announces that certain tasks under paragraph 2 of

must be submitted to the financial supervision authority shall be submitted to

The central statistical office. Law (2014:495).



Site survey



paragraph 3 of the financial supervision authority may, when necessary, conduct a

survey of



1. electronic money institutions,



2. a registered Publisher, and



3. foreign companies issuing electronic money in Sweden

According to Chapter 3. 26-28 sections.



If it is necessary for the supervision of an Institute for electronic

money or a registered Publisher, financial supervisory authority

conduct a survey of



1. a branch of the Institute;



2. a representative of the institution or Publisher, and



3. a company has been commissioned to perform certain work

or some functions to the Institute or the Publisher.



A study of a registered Publisher may only include

the activities relating to the issuance of electronic money

or the provision of payment services.



Cooperation between competent authorities



paragraph 4 of the financial supervision authority shall in its supervisory activities work together

and exchange information with the competent authorities in the EEA.

The inspection should also cooperate and exchange information with

The European central bank, national central banks and other

competent authorities designated in accordance with Union law

is applicable to issuers of electronic money.



A competent authority within the EEA may attend a control

performed by the Swedish financial supervisory authority.



The Swedish financial supervisory authority, to a competent authority in another

country within the EEA entrust the task to carry out a control on

location of a branch or agent of an institution for

electronic money under its supervision.



Register of electronic money institutions and

registered Publisher



paragraph 5 of the financial supervision authority shall maintain a register of institutions for

electronic money, registered publishers, their agents and

branches. The register shall be kept available at

The Swedish financial supervisory authority.



Revision



section 6, an auditor or a designated auditor shall immediately

report to the Swedish financial supervisory authority if he or she at

the performance of his duties in an institution for electronic

money becomes aware of circumstances which



1. can constitute a material violation of any statutes

regulating the activities of the Institute,



2. may affect the continuous functioning of the institution, or



3. can lead to rejection of the auditor to the balance sheet

or the income statement are identified or to note

According to Chapter 9. 33 or 34 of the Swedish companies Act (2005:551) or

Chapter 8. section 13 of the Act (1987:667) on economic associations.



Auditor and Inspector has a corresponding

reporting requirements if he or she becomes aware of

conditions referred to in the first subparagraph in relation to

Mission of the Institute's parent companies or subsidiaries, or in the

a company that has a similar relationship with the Institute.



Fees to the FSA



section 7 of the electronic money institution and registered

Publishers, with fees help to cover the costs

for FSA's activities and Statistical

Central Agency activities under the Act (2014:484)

database for the monitoring and supervision of

financial markets. Law (2014:495).



Intervention against electronic money institutions



section 8 If an electronic money institution has failed to fulfil its

obligations under this Act, regulations

regulates the activities of the Institute, the Institute's articles of Association,

statutes, regulations or internal instructions that have their

because in a Constitution that regulates the activities of the Institute,

should the FSA to intervene.



The financial supervision authority shall issue an order within the

certain time limit activities in any respect, reduce

risks in it or take any other action to be

to correct the situation, a prohibition to execute decision

or a note. If the infringement is serious,

the institution's authorisation is withdrawn or, if it is

sufficient warning is announced.



9 § financial supervisory authority may refrain from intervention under section 8 if

a breach is minor or excusable, if the Institute for

electronic money making rätttelse or if any other

Authority has taken action against the institution that are judged to be

sufficient.



paragraph 10 of the financial supervision authority shall revoke the authorization for a

electronic money institutions if a person who is included in the

the Institute's Board of directors or the Managing Director is not

longer meets the requirements set out in Chapter 2. section 6, first paragraph

4 or if a person who is responsible for operations with

the issuance of electronic money no longer meets the requirements

as mentioned in Chapter 2. 6 paragraph 5. However, this should only

If the inspection has decided to object to

the institution that the person does not meet the requirements, and if he or

She still remains on the Board, Executive Director

or as responsible for operations with the issuance of

electronic money after one of the inspection firm

time of no more than three months has expired.



Instead of having to revoke the licence, FSA

decide that a Board Member, Executive Director or


responsible for operations with the issuance of electronic money

may no longer be there. the inspection shall then appoint a

replacement. Long missions until the company has

appointed a new Board Member, Executive Director or

responsible for operations with the issuance of electronic

money.



It provided for if the Chief Executive Officer of first and

second paragraphs also applies to a Deputy to the

Executive Director.



In the case of the European company and the European cooperative that has such a

the management system referred to in articles 39 to 42 of the Council

Regulation (EC) No 2157/2001 or articles 37 to 41 of the Council

Regulation (EC) No 1435/2003, the provisions relating to

the Board of Directors in the first subparagraph if the revocation of permits

apply to the Supervisory Board.



section 11 of the financial supervision authority shall revoke the authorization for a

electronic money institutions if



1. the Institute has received authorization by submitting incorrect

statements or any other irregular means;



2. institution within one year of the authorization

granted have begun to pursue such activities as the condition

regards,



3. Institute for a continuous period of six months is not

have run such operations as the State alleges,



4. it would be a threat to the payment system

stability of the Institute continued to conduct its activities

with the issuance of electronic money or the provision

of payment services,



5. the Institute has declared itself waive the condition,



6. the Institute has transferred all its activities relating to the

the issuance of electronic money, or



7. the Institute has been declared bankrupt or decision

the institution should go in compulsory liquidation.



If there is sufficient will receive warning is announced instead of

revocation in the circumstances referred to in the first subparagraph 1 – 4.



section 12 If the permit is revoked, the financial supervision authority shall decide

on how the phase-out of operations will take place.



A withdrawal decision may be subject to prohibition

continue operations.



section 13, if a competent authority in another country has informed the

The financial supervision authority that an electronic money institution

have violated regulations in the country, inspection

take the measures set out in paragraphs 8-11 against the Institute, if it

There is no evidence referred to therein. The inspection shall

inform the competent authority of the measures

taken.



Penalty



section 14 Of an electronic money institution has a

According to section 8 of the note or warning or warning under section 11,

the financial supervision authority may decide that the Institute should pay a

penalty.



The fee to the State.



section 15, such penalty shall amount to not less than 5 000 kroons and

a maximum of 50 million.



The fee may not exceed 10% of the turnover in

Institute for electronic money immediately preceding

fiscal year. If the infringement has taken place in the Institute's

first year of operation, or if the data on the turnover otherwise

missing or defective, it may be estimated.



For electronic money institutions which also carries

activities other than issuance of electronic money,

the turnover referred to in the second subparagraph shall refer to only the business with

the issuance of electronic money.



The fee must not be so large that the Institute not

comply with the requirements of Chapter 3. 2 §.



section 16 sets out When the amount of the penalty, 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 17 Of an electronic money institution or a

registered Publisher in time leaves the information

referred to in section 2 of the financial supervision authority may decide to Institute

or the Publisher shall pay a late fee of not more than 100

000 kronor.



The fee to the State.



Enforcement of the decision on the penalty fee and late fee



18 § a penalty or late fee payable to

The financial supervision authority within thirty days of the decision

It has become final, or the longer time period specified in

the decision.



section 19 of the financial supervision authority decision on the penalty or

late charge may be enforced under the enforcement code

provisions, if the fee has not been paid within the time

specified in section 18.



If the penalty or late fee is not paid within

the time specified in section 18, the inspection leaving the unpaid

the fee for the recovery. Provisions for the recovery of

governmental claims Act (1993:891) for the recovery of

Government receivables, etc.



section 20 of a penalty or late fee has been decided

falling away to the extent enforcement have not been

within five years from the day the decision became final.



Intervention against foreign companies



section 21 of the financial supervision authority may submit to a foreign company

issuing electronic money or provides

payment services in accordance with Chapter 3. 26-28 sections to make correction

on the issuance of electronic money supply

of payment services in Sweden are not carried out in accordance with the applicable

provisions on measures against money laundering and the financing of

terrorism or in accordance with European Parliament and Council

Regulation (EC) No 1781/2006 of 15 november 2006 on

information on the payer accompanying transfers of

funds and such law that supplements the regulation.



The financial supervision authority may submit to a foreign company to

make the correction, if



1. in the case of a company referred to in Chapter 3. section 26



a) issuing electronic money or provides

payment services through a branch in Sweden, or



b) provide payment services, distributing electronic

money or redeem electronic money through agents in

Sweden, and



2. the issuance of electronic money supply

of payment services in Sweden are not carried out in accordance with

the provisions of Chapter 4. This law or 4 and Chapter 5. the law

(2010:751) on payment services.



If a company fails to comply with an order under the first

or the second subparagraph, it shall inform the financial supervision authority

competent authority of the home Member State.



If the correction is not made, the financial supervision authority may prohibit the

company to issue electronic money or provide

payment services here in the country. Before prohibition is communicated to

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

homeland. In urgent cases, the supervisory authority announce ban

without prior notification to the authority of the company's

homeland. This should, however, be notified as soon as it can be done.



section 22 If a foreign company operating in accordance with

Chapter 3. 26-28 sections have received its business license revoked in

the home Member State, the financial supervision authority immediately prohibit the company

to issue electronic money or begin new

payment transactions in this country.



Intervention against the registered Publisher



section 23 for a registered Publisher has breached its

obligations under this Act or the regulations

governing its activities, the financial supervision authority shall submit to the

registered Publisher to take measures within specified time

to remedy the situation or to cease

the business.



If a registered Publisher, as described in Chapter 2. section 5 does not apply for

If the State, the financial supervision authority shall submit to the Publisher to

do this. If the registered Publisher does not comply with

the injunction, the Inspectorate shall submit to the Publisher to

cease operations.



If it is uncertain whether the authorisation obligation has been imposed in respect of

some activities, the financial supervision authority shall submit to the

runs the business to provide the information about the activities

needed to assess whether that is the case.



Intervention against the which has no licence or registration



section 24 If any driver from activities covered by this

law without being entitled to it, the financial supervisory authority

submit it to cease operations.



If it is uncertain whether a particular activity falls within the scope of the law, may

the Inspectorate shall submit to the operator the operation to file

the information on the activities that the inspection needs

to assess whether that is the case.



An injunction under the first or second paragraph relating to the

a foreign company may be directed against the company as well as the

as in Sweden is active on behalf of the company.



VITE



section 25 of the injunction or prohibition to the FSA

notifies the according to this law, may be subject to a penalty.



Appeal



section 26 of the FSA's decision to submit to the operator

a given activity to provide the information needed to

the inspection should be able to determine if the business is

licensed under this law may not be appealed.



Other decisions by the Swedish financial supervisory authority under this Act may

be appealed to the administrative court. However, this does

No decision in the matters referred to in section 20, first paragraph 5

administrative law (1986:223).



Leave to appeal is required in case of appeal to the administrative law.



The financial supervision authority may provide that a decision on the ban,

order or revocation shall take effect immediately.



Authorization



paragraph 27 of the Government or the authority, as the Government determines

may provide for



1. the calculation of average outstanding debt under

Chapter 2. 3 § 5,



2. what constitutes adequate command and control forms at

examination of an application as referred to in Chapter 2. 6 paragraph 2 (a),



3. the calculation of capital requirements under Chapter 3. paragraph 2 of the first

subparagraph,



4. how electronic money institutions and registered

Publisher shall manage funds under Chapter 3. section 6,




5. how electronic money institutions and registered

Publisher shall manage funds under Chapter 3. the second subparagraph of paragraph 7, which

received in Exchange for electronic money issued and other

funds received for the implementation of

payment transactions and what proportion of the funds in

institutions or publishers that are covered by the protection requirements according to

Chapter 3. the third and fourth subparagraphs of paragraph 7,



6. the information to be given to the financial supervision authority pursuant to the

Chapter 3. section 8,



7. the information to be considered relevant pursuant to Chapter 3. section 9,



8. electronic money institutions and registered

Publisher shall observe and which requirements the Institute or

the Publisher shall meet in the contract pursuant to Chapter 3. section 29,



9. what information an electronic money institution

or a registered Publisher must provide to

The financial supervisory authority of its supervisory activities under section 2, and



10. the fees referred to in section 7.



Transitional provisions



2011:755



1. this law shall enter into force on July 1, 2011.



2. by law repeals Act (2002:149) on the issue of

electronic money.



3. Electronic money institutions that have commenced activities

with the issuance of electronic money pursuant to lagen (2002:149)

on the issuance of electronic money, before 30 april 2011,

continue with the operation until 30 June 2011 but

authorisation in accordance with this Act. Such an institution should

provide the financial supervision authority the information inspection

request for last 30 October 2011 to be able to determine whether

the Institute meets the requirements for a permit under this Act.



4. the institutions who provided information under 3 shall be

permission to operate with issuance of electronic

money that electronic money institutions, if they meet the

the requirements for a permit under this Act.



5. If the FSA deems that an Institute for

electronic money which launched operations with the issuance of

electronic money pursuant to lagen (2002:149) on the issue of

electronic money before 30 april 2011 meets

the conditions of a permit under this Act without

additional information needs to be provided according to 3,

inspection authorization regardless of whether the institution has

applied for a permit or not. The financial supervision authority shall

inform the institution concerned before authorization.

6. The one who started the business with the issuance of electronic

money before 30 april 2011 in accordance with the provisions of

exemptions from the permit requirement of Chapter 2. section 6 of the Act (2002:149) if

the issuance of electronic money may continue with

activities until 30 april 2012 without having been granted

exemptions from the permit requirement under this Act.