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Act (2004:299) Of Deposit Operations

Original Language Title: Lag (2004:299) om inlåningsverksamhet

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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.