Scope of application
section 1 of this Bill provides for such
deposit-taking business that companies other than institutions according to law
(1995:1571) on deposit guarantee may operate.
The law does not apply to funding activities for which it shall
the prospectus is drawn up according to the Act (1991:980) on trade in
financial instruments or equivalent foreign
provisions. Act (2005:934).
section 2 of the foreign corporate funding activities through the branch in
Sweden applies the provisions of this Act apply mutatis mutandis
and otherwise Act (1992:160) if foreign branches, etc.
section 3 of this law with the deposit business reception from
the public of the repayable funds after
termination is available to the creditor in at most one
year.
4 § Deposit activities may be driven only by a limited liability company, or
economic associations registered under section 7 of the
The Swedish financial supervisory authority.
Provisions of the regulations governing public limited companies or
economic associations also applies to companies that operate
deposit operations, unless otherwise provided by this law or in
is otherwise legally required.
Capital requirements
§ 5 a corporation or a cooperative that operates
the deposit activity must have a restricted equity amount
at least ten and five million. If the company or
the Association has the euro as the accounting currency and have had it
Since the company or the Association was formed, the associated private
capital shall not be less than the amount in euro equal to ten
and five million under the European
the Central Bank fixed the exchange rate at that time. Has the company or
the Association previously had crowns as an accounting currency, the
the restricted equity amount to at least the amount in euro
that was the equivalent of ten and five million in the change of
accounting currency.
The requirement for non-restricted equity in the first subparagraph shall not apply to
deposit operations of such an economic association
specified in Chapter 2. 3 section 7 Act (2004:297) on banking
and financing business.
Requirements on owners and management
section 6 of the materially breached
obligations in the course of trade or in other economic
Affairs or who have committed serious
crime must not have a qualifying holding in a
companies that operate the deposit operations or be included in the
the company's management.
With qualifying holding ' means the same as in Chapter 1. paragraph 5 of 15
Act (2004:297) on banking and finance law.
When a company that operates the deposit business has knowledge
If that changes have taken place in the circuit that has a
qualifying holding in the company or its management,
the company shall promptly notify the change to the
The Swedish financial supervisory authority. If a legal person has a
qualifying holding in the company, will be the legal entity
notify changes of which included in its management
to the inspection. Law (2015:185).
Registration
paragraph 7 of a corporation or a cooperative who intends to
push the deposit activities must apply for registration with
The Swedish financial supervisory authority. If the company meets the requirements of paragraph 5 of the first
paragraph, section 6, first paragraph and paragraphs 11 and 12 shall
registration take place.
The financial supervision authority shall maintain a special register of
companies that operate the deposit business.
Duty to provide information
section 8, A company that operates the deposit activity must be clearly
inform the creditor that the received funds are not subject to
of the deposit, and that it means that the funds can
lost if the company is declared bankrupt or otherwise has
payment difficulties. The company shall also clearly inform
creditors on how the company intends to use the received
the funds.
The information shall be provided in respect of the marketing of
deposit operations and before a contractual relationship is concluded.
The information shall during the term indicated in the
account statements and similar materials related to
debt ratio.
Monetary threshold
§ 9 the proceeds for each consumer who invests its assets
in a company that operates the deposit activities may amount to
up to 50 000 kroons.
Measures against money laundering and financing of terrorism
section 10 Provisions on the obligation of firms operating
the deposit activity under this law to contribute to the
Prevention of money laundering Act (2009:62) on measures against
money laundering and the financing of terrorism.
A company registered under section 7 shall, on request, provide
The financial supervision authority the information about operations that are needed
for inspection to ensure that the law on
measures against money laundering and the financing of terrorism are followed.
The financial supervision authority may, where it considers it necessary,
carry out an investigation of the company. Law (2009:74).
Rules of procedure and instructions on the Division of labour between
corporate bodies
10 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 of Directors of a private limited company which runs
deposit operations. 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 a private limited company which runs
deposit operations.
The Chairman of the Board shall see to it that the Board fulfils the
information listed in this section. Law (2014:556).
Revision
section 11 in a company that operates the deposit activities shall at least
an auditor elected by the general meeting or general meeting.
12 § only those who are authorized or approved auditor may
to be an auditor of a company that operates the deposit business.
At least one auditor to the general meeting or general meeting has
appointed shall be a chartered accountant. Team (2013:232).
section 13 If an auditor during the performance of his tasks in an
company which operates deposit-taking becomes aware of
conditions that may constitute a material violation of the
regulations governing the company's deposit business;
the auditor shall immediately report this to the
The Swedish financial supervisory authority.
Annual control
paragraph 14 of the financial supervision authority shall, at least once a year check
to registered companies meet the conditions laid down in paragraph 5 of the first
paragraph, paragraph 6 of the first paragraph, section 8, with regard to deals
targeted only to persons other than consumers, as well as 9, 11 and 12 sections.
A registered company shall, on request, provide
The financial supervision authority the information of deposit operations as
needed for the inspection shall be able to fulfil the obligation
under the first subparagraph.
Interventions
section 15 if anyone pushes such borrowing operations referred to in
This law without being registered, the financial supervisory authority
submit it to cease operations. The inspection may
decide how the decommissioning of operations shall be carried out.
If it is uncertain if the law applicable to a given activity,
the operator shall submit to the inspection activities to
provide the information on the activities that the inspection needs
to assess whether that is the case.
The who is an auditor of a company is also, at the request of the
Financial supervisory authority is required to provide such information on the
activities of the company that he or she has a
aware of during the performance of their duties for the company.
section 16 if an enterprise infringes the obligation to provide information in section 8, when
the terms of an offer addressed to consumers,
the Marketing Act (2008:486) applied. Such a
failure to comply shall be deemed unfair marketing
According to section 10 of the same law.
A breach of the obligation to provide information in section 8 can cause
market disturbance fee pursuant to the provisions of §§ 29-36
Marketing Act.
If there is no possibility to intervene according to the
Marketing Act, the financial supervision authority shall submit to the
the company to fulfil the obligation to provide information. If the injunction
are not followed, the inspection remove the company from the register.
Law (2008:506).
section 17, if a company infringes the obligation to provide information in section 8, when
It concerns an offer targeted only to other than
consumers, the financial supervision authority shall submit to the company to
fulfil the obligation to provide information. If the order is not complied with,
inspection remove the company from the register.
section 18 of the financial supervision authority may impose on a company that runs
deposit operations to make correction if the company
1. does not meet the requirement in paragraph 5 of the first paragraph or section 6 of the first
subparagraph,
2. violates any provision of section 9, section 10, second paragraph, section 11,
section 12 or section 14, second paragraph,
3. violates a provision of the law (2009:62) on measures against
money laundering and terrorist financing, or a
Regulation has been issued pursuant to the Act, or
4. violate any other provision of the Constitution that
regulates the company's deposit business.
If a holder referred to in section 6, second paragraph, does not meet the
the requirement in paragraph 6 of the first subparagraph, the Inspectorate shall submit this
to dispose of so much of the shares or units that
holding then is not qualified or, if the holder
is a legal person, to replace it in its management
disqualified person.
If a company does not make the correction, inspection, removal of the
from the register. A company must also be removed from the register if
It reports that it no longer operates the deposit operations
or if it otherwise appears that deposit operations
has been discontinued. Law (2009:74).
section 19 of the Injunctions under section 15, paragraph 16 and 17 and
18 sections may be subject to a penalty.
The financial supervision authority may provide that a decision on the injunction
shall take effect immediately.
section 20 if a company deregistered, the Swedish financial supervisory authority
determine how the liquidation of deposit operations.
Appeal
paragraph 21 of the FSA's decision under section 15, second subparagraph,
not subject to appeal. Authority's decision in General under this Act
may be appealed to the administrative court.
Leave to appeal is required for an appeal to the administrative court.
Fees
section 22 of The companies that drive the deposit activities, with
annual dues pay for FSA's activities with
related to this Act.
The Government may provide for such fees
referred to in the first subparagraph.
Transitional provisions
2004:299
1. this law shall enter into force on 1 July 2004.
2. A company that at the time of its entry into force
operates deposit-taking may continue to run the business
on 1 January 2005 or, if the application for registration has
submitted to the financial supervision authority not later than at the time,
to its decisions on the registration has become final.
3. The provision on the monetary threshold in section 9 shall not apply to
for a company that at the time of its entry into force
operates with the support of point 3 of the
transitional provisions to the Act (1995:1572) to amend the
banking law (1987:617), point 2, first sentence, of the
transitional provisions to the Act (2000:375) to amend the
banking law (1987:617) or the first sentence of point 2
transitional provisions to the Act (2000:376) to amend the
Act (1992:1610) on financing activities.