Chapter 1. Introductory provisions
The scope of the law
section 1 of this Bill provides for the banking and
financing business. The law does not apply to the activities of
Sveriges riksbank, or riksgäldskontoret.
section 2 of the foreign business activity in Sweden applies
the provisions of this Act apply mutatis mutandis. For branches
to foreign companies in force in other Act (1992:160) if
foreign branches, etc.
Definition of banking
3 § With banking refers to the movement which included
1. remittance via general payment systems, and
2. the receipt of funds upon termination is available for
the creditor within 30 days.
With the General payment systems means systems for the delivery of
payments from a large number of affiliated
payor intended to reach a large number of affiliated
final beneficiaries.
Definition of financing business
4 section With finance law refers to the movement which included
trade or business that has the objective to
1. to receive repayable funds from the public, and
2. provide credit, ask for credit guarantee or in
financing purpose of acquiring debt or lease movable
property to use (leasing). Law (2009:616).
Other definitions
§ 5/expires U: 2016-02-01-in this law means
1. affiliated companies: a Swedish or foreign company whose
main activity consists in owning or managing
property, managing data-processing services or pursue other
similar activity which is ancillary to the main
the activities of one or more credit institutions,
securities companies or equivalent foreign companies,
2. bank: banking companies, savings bank and Credit Union,
3. banking companies: a joint stock company which has been authorised to
banking,
4. competent authority: a foreign authority that has
to supervise foreign credit institutions,
5. EEA: European economic area,
6. branch "means a branch office with independent management,
also taking a foreign credit institution's establishment of several
establishments must be regarded as a single branch;
7. financial institution ' means an undertaking which is not
credit institutions, investment firms or equivalent foreign
companies whose main business is to
a) acquire or hold shares or units,
b) operate securities operations without being licensed
According to Chapter 2. section 1 of the Act (2007:528) on the securities market,
or
c) operate one or more of the activities referred to in Chapter 7.
1 section 2 – 10, 12 and 15 without being
licensed pursuant to Chapter 2. section 1,
8. country of origin: the country where an undertaking has been authorised to
movement as referred to in this Act,
9. capital base: same as referred to in article 72 of the
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,
10. credit institutions: banks and credit market companies,
11. capital adequacy directive: European Parliament and Council
Directive of the EUROPEAN UNION for permission to
the activity of credit institutions and the prudential supervision of
credit institutions and investment firms, amending
Directive 2002/87/EC and repealing Directive 2006/48/EC
and 2006/49/EC,
12. credit market companies: a joint stock company which has a
permission to operate financing business,
13. credit markets compound: a business association that has
a licence to operate financing business,
14. credit market companies: credit market companies and
credit market Association,
15. qualifying holding shall mean a direct or indirect holding in
a company, holding calculated in the manner specified in
5 a § represents 10% or more of the capital or
of all of the votes or otherwise allows a significant
influence over the management of the company,
16. member bank: a cooperative society referred to in the law
(1995:1570) where the member banks,
17. Savings Bank: a company referred to in the Savings Bank Act are amended
(1987:619)
18. the initial capital: the capital of credit institutions referred to in
Article 4.51 of Regulation (EU) no 575/2013,
19. foreign bank companies: a foreign company in the
the home Member State is authorised to conduct banking,
20. foreign credit unions: a foreign company in the
the home Member State are authorized to drive the financing business, and
21. foreign credit institutions: a foreign banking companies and
a foreign credit unions. Law (2014:982).
§ 5/comes into force in: 2016-02-01-in this law means
1. affiliated companies: a Swedish or foreign company whose main activity consists in owning or managing property, managing data-processing services, or pursue any other similar activity which is ancillary to the principal activity of one or more credit institutions, investment firms or equivalent foreign companies,
2. bank: banking companies, savings bank and Credit Union,
3. banking company: a company that has a license to conduct banking,
4. competent authority: a foreign authority to supervise foreign credit institutions,
5. EEA: European economic area,
6. branch "means a branch office with independent management, whereby a foreign credit institution's establishment of several establishments should be regarded as a single branch;
7. financial institution ' means an undertaking other than a credit institution, investment firm or equivalent foreign company whose main business is to
a) acquire or hold shares or units,
b) operate securities operations without being licensed pursuant to Chapter 2. section 1 of the Act (2007:528) on the securities market, or
c) operate one or more of the activities referred to in Chapter 7.
1 section 2 – 10, 12 and 15 without being licensed pursuant to Chapter 2. section 1,
8. home country means the country where a company has a permit to the movement referred to in this Act,
9. capital base: same as in article 72 of the prudential regulation,
10. credit institutions: banks and credit market companies,
11. capital adequacy directive: European Parliament and Council directive of 26 June on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC in wording pursuant to European Parliament and Council Directive 2004/59/EC,
12. credit market companies: a joint stock company which has been authorised to drive the financing business,
13. credit markets compound: an economic association who has a permit to operate the finance law, 14. credit market companies: credit market company and the credit market Association, 15. qualifying holding shall mean a direct or indirect holding in an undertaking, if the holding, calculated in the manner set out in section 5 (a) represents 10% or more of the capital or of the voting rights or otherwise allows a significant influence over the management of the company,
16. member bank: a cooperative society referred to in the Act (1995:1570) where the member banks,
17. Savings Bank: a company referred to in the Savings Bank Act are amended (1987:619)
18. the initial capital: the capital of credit institutions referred to in article 4.51 in prudential regulation,
19. foreign bank companies: foreign companies in their home country are licensed to conduct banking,
20. foreign credit unions: a foreign company in the homeland has permission to operate financing business, 21. foreign credit institutions: a foreign banking companies and a foreign credit companies, 22. significant branch: branch which is significant according to article 51(1) of the solvency ratio directive,
23. mixed financial holding company "means a holding company within the meaning of article 4.1.21 in prudential regulation,
24. mixed financial holding company within the EEA: one within the EEA established mixed financial holding company which is not a subsidiary of a
(a)) credit institutions, investment firms or EEA institutions, or
(b)) other mixed financial holding company or a financial holding company set up in any country within the EEA,
25. The EEA institutions: a foreign credit institution or a foreign securities company which is resident in another country within the EEA than Sweden,
26. financial holding: a holding company within the meaning of article 4(1) of the prudential regulation, 27. financial holding company in the EEA: one within the EEA established financial holding company which is not a subsidiary of a a) credit institutions, securities companies or EEA institutions, or
(b)) other financial holding company or a mixed financial holding company set up in any country within the EEA,
28. mixed-activity: holding company within the meaning of article 4.1.22 prudential regulation,
29. Group: a) in 6 a, 6 b and chapter 15 b, the same as in Chapter 2. section 1 of the Act (2015:1016) concerning resolution, b) in other chapters, the same as in Chapter 1. 11 and 12 of the companies Act (2005:551), whereby the parent company also apply to other legal persons other than corporations
30. consolidated recovery plan "means a plan established by a parent company in the EEA in order to identify actions that the companies of a group covered by the supervision on a consolidated basis, intend to take in order to preserve or restore the group or a group of credit institutions, or
foreign credit institution's financial condition and viability after a significant deterioration of the financial situation,
31. crisis management directive: European Parliament and Council Directive 2004/59/EU of 15 may 2014, establishing a framework for the resolution of credit institutions and investment firms, and amending Council Directive 82/891/EEC and European Parliament and Council Directive 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/2013/30/EU 36/EU and European Parliament and Council Regulation (EU) no 1093/2010 and (EU) No 648/2012 in the original wording,
32. the parent company within the EEA: a parent institution within the EEA, a parent financial holding company in the EEA or a mixed financial holding company within the EEA,
33. the parent institutions within the EEA "means a credit institution, investment firm or EEA institution is a parent and that is not a subsidiary of a (a)) other credit institutions, investment firms or EEA institutions, or
b) financial holding company or a mixed financial holding company set up in any country within the EEA, 34. coordinating supervisory authority: a competent authority responsible for exercising supervision on a consolidated basis of parent institutions within the EEA and of institutions controlled by EU parent financial holding companies within the EEA or mixed financial holding company within the EEA,
35. prudential regulation: European Parliament and Council Regulation (EC) no 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms amending Regulation (EU) No 648/2012, in wording pursuant to European Parliament and Council Directive 2004/59/EC,
36. foreign investment firms: a foreign company in the homeland has permission to operate securities operations, and 37. recovery plan: a plan established by a credit institution in order to identify the measures to which the institution intends to take in order to preserve or restore their financial condition and viability after a significant deterioration of the financial situation. Law (2015:1029).
5 a § in determining whether an investment is a
qualifying holding pursuant to § 15, the following provisions
in Chapter 4. Act (1991:980) financial instruments trading
instruments are applied:
(2) paragraph 1 of depositary receipts,
— paragraph 4, second subparagraph, 1-8, and the third and
fifth paragraphs, if the calculation of the holding,
– paragraph 5, second subparagraph, if the calculation of the number of shares or
votes,
– section 12 1 and 2 If the exception of shares held for
clearing and settlement or managed for someone else's
sheet,
– section 13 if the shares included in the trading book,
— section 14 if the shares held by market makers, as well as
– paragraphs 16 and 17 on the exemption of some parent companies.
The analysis must also apply rules
– If the shares held by the market makers, who have
issued under Chapter 7. section 1 of Act 3
financial instruments or Chapter 23. 15 § 1 Act (2007:528)
If the securities market, and
— exemption of certain parent company, which has been issued with
under Chapter 7. 1 § 4 financial trading act
instruments.
It provided for if shares in the provisions to be
applied under the first and second subparagraphs shall also
apply for the other shares in the company.
Shares or units as a securities firm or a
credit institutions that drive the financial movement holds to
as a result of activities under Chapter 2. 1 § 6 the law on
the securities market shall not, however, be taken into account in the assessment,
provided that the
1. voting rights are not exploited or used otherwise for
to intervene in the issuer's management, as well as
2. the shares or units are sold within one year from the
the acquisition.
It provided for in the fourth subparagraph shall also apply to
shares or units held in the corresponding
conditions of a foreign investment firm or of
a foreign credit institution which operates
financing business. Law (2015:184).
section 6 a credit institution or another company shall be presumed 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 a natural person and a
credit institution, if
1. the natural person
a) owns at least 20 per cent of the capital of the credit institution,
b) disposes of at least 20 percent of all votes in
credit institution, or
c) otherwise has such influence over the credit institution
that the person's position is equivalent to that which a parent undertaking has
in relation to a subsidiary, or
2. There is another similar connection between this personal
and the credit institution.
Reception of repayable funds
section 7 Only a Swedish or foreign credit institutions may operate
trade or business that has the objective to receive
repayable funds from the public, unless otherwise
legally required.
The first subparagraph shall not apply to the 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 (2005:932).
Rules should be applied to undertakings other than credit institutions
section 8, if a credit institution is subject to supervision on a consolidated basis in
accordance with articles 11 and 23 of Regulation (EC) no 575/2013,
the provisions of 6 to 9, 13 and 15. This law, and
the provisions of the Act (2014:968) if special supervision of
credit institutions and securities companies if an institution's operating
and if supervision over an institution, shall apply mutatis mutandis
for other companies in the group. The restrictions in question
If an institution's motion is directed to companies in the Group
in common.
If there are special reasons, an enterprise may be exempted from
the provisions of the first subparagraph. Questions about such exceptions
tested by the Swedish financial supervisory authority. Law (2014:982).
Bank in the firm, etc.
section 9 Only banks, Sveriges riksbank, and foreign credit institutions
get in their company or otherwise by letter of their
business use the word bank. A foreign credit institution
may carry on business under the firm name of Institute of Sweden
use in the country where it has its head office.
A corporation or other legal entity with close
affiliation with any referred to in the first subparagraph may, after
the permission of the financial supervision authority, using the word bank in their
firm.
What is said in this paragraph does not prevent a company
covered by deposit Bank Act (1995:1000) use the word pawnbroker
in their company or otherwise in their movement. Law (2011:460).
Professional secrecy
section 10 of the individuals ' conditions to credit institutions shall not
improperly disclosed. The same applies to a task in a notification
or a statement about a suspected violation of a
provision applicable to the credit institution's activities, if
the task can reveal the identity of the notifier.
In the public activities apply instead the provisions
in publicity and secrecy (2009:400).
Liability under Chapter 20. paragraph 3 of the criminal code should not follow the
that violates the prohibition referred to in the first subparagraph.
In 5 a of the credit information Act (1973:1173) contains provisions
that means that the rules on professional secrecy referred to in the first
the paragraph does not prevent the data in some cases are exchanged for
credit reference purposes. Law (2014:982).
Obligation to provide data
10 (a) of Chapter 16 of the. 10 a § parental code provides for
obligation for credit institutions to provide information to
the chief guardian. Law (2008:913).
section 11 of a credit institution is required to disclose information about
an individual's relationship to the institution, if, during a
investigation in accordance with the provisions of preliminary investigation in criminal cases
requested by the investigators or whether, in a case about the
legal assistance in criminal matters at the request of another State
or an International Court is requested by prosecutors.
Message ban
section 12 of The investigators or prosecutors request information
According to section 11, shall order that the credit institution and its
Directors and employees shall not disclose to the customer or
to any third party that the information has been provided in accordance with section 11 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.
This prohibition shall 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, the ban be limited
only 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
decide that the appointment shall terminate. Act (2005:497).
The liability provision
section 13 to a fine person who willfully or through gross
negligence violates a prohibition notice under section 12.
Act (2005:497).
Chapter 2. Licensed banking and finance law
Obtain a permit
section 1 of the banking or financial business may be driven only
After authorization, unless otherwise follows from this law.
Exemptions from the permit requirement for banking
section 2 of the banking Authorization is not needed for
1. the issuance of electronic money under the Act (2011:755) if
electronic money, or
2. the provision of payment services pursuant to lagen (2010:751)
on payment services. Law (2011:768).
Exemptions from the permit requirement for financing business
paragraph 3 of the Licence under this Act is not needed for
financing business run by
1. a bank,
2. a foreign banking companies authorized to operate
banking in Sweden according to Chapter 4. paragraph 4,
3. an insurance company, an investment firm, Swedish
skeppshypotekskassan or a pawnbroker pursuant to the deposit Bank Act
(1995:1000), to the extent permitted by the order
the legislation applicable to them,
4. a company that provides financing in connection with
provision of services provided or goods obtained
or sold by
(a)) the company, or
b) another company in the same group or equivalent
foreign business group, provided that
group or corporate group does not have as main
purpose to push financial activity, and
-the company that provides financing borrowing funds
from the public just by giving out such transferable
securities as referred to in Chapter 1. paragraph 4(1) (b) of the Act
(2007:528) securities with a maturity of at least one
years,
5. a corporation or a cooperative if
a) operations is to occasionally acquire
Receivables, and
b) funds for activities not running sourced from
the public,
6. a company only finances the other companies in the same
group or equivalent foreign company group, provided
to group or
the group does not have as its main purpose to drive
financial activities,
7. an economic association, the
a) members on each occasion has less than 1,000 physical
people,
(b)) that members assume only people included in a previously
identifiable limited circle that is also specified in the Association's
Bylaws,
c) receive repayable funds only from members
or from financial companies, and
(d)) has the objective just that with such means as referred to in (c)
meet the financing needs of the members.
The derogations referred to in the first subparagraph 5 and 7 for motion powered
of public limited liability companies or business association also applies to such
movement powered by foreign companies.
Permission to operate the finance law is needed nor
for the provision of payment services pursuant to lagen (2010:751)
on payment services. Law (2010:760).
Chapter 3. Permits for Swedish companies
Conditions for authorisation
section 1 Authorisation shall be given banking for Swedish
limited liability companies, savings banks and member banks.
Permission to operate financing business may be given for Swedish
limited liability companies and cooperative societies.
Provisions on the conditions for foreign companies to operate
banking or financing business in Sweden, see Chapter 4.
section 2 of a Swedish company is given permission to operate
banking or financial business where
1. the articles of Association, statutes or regulations is true
consistent with this Act and the regulations and in the other
contains the special provisions necessary with regard
to the scope and nature of the planned activities,
2. There is reason to believe that the planned movement will
to be operated in accordance with the provisions of this law and other
regulations governing the company's activities,
3. the person having or likely to have a
qualifying holding in the company is deemed appropriate to exercise a
significant influence over the management of a credit institution,
4. it should be included in the Board of Directors of the company or be
Executive Director of it, or be a substitute for any
of them, have the necessary insight and experience to participate in
the management of a credit institution and also in other respects is appropriate
for such a task, and
5. the Board of Directors as a whole has adequate knowledge and
experience to lead the company.
The assessment referred to in the first subparagraph 3 of if a holder
is appropriate to their reputations and capital strength to be taken into account. The
should also be taken into account if there is reason to believe that
1. the holder will counter that the credit institution's
business is conducted in a manner consistent with the requirements of
This Act and the regulations governing the company's
activities, or
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 section 2 of the Act (2003:148) if
the penalties for terrorist offences.
If the person who will have a qualifying holding in the company
is a financial holding company or a mixed
financial holding company, the assessment of
holder's reputation, especially if its management
meets the requirements for the management of such
company in accordance with Chapter 3. section 5 of the Act (2014:968) on special
supervision of credit institutions and securities companies and
Chapter 5. section 16 of the Act (2006:531) on special supervision of
financial conglomerates.
If your company has or likely to get near
relations with someone else, permission is granted only if the
relations does not hinder an effective supervision of
the company. Law (2014:982).
Approval of articles of incorporation, etc.
paragraph 3 of the articles of incorporation, bylaws or regulations for a company
to be accepted in connection with this licence to operate
banking or financing business.
4 of a credit institution which has decided to change its
articles of incorporation, its bylaws or regulations, shall apply to
on the approval of the change. The amendment shall be accepted if
the articles of Association, statutes or regulations in conformity with
This Act and regulations and otherwise contains the
Special provisions are needed to take account of the scope
and the nature of the activities of the Institute.
A decision on the amendment of the articles of Association, statutes, Charter or
regulations shall not be registered until it has been approved.
Start-up capital, etc.
§ 5, A banking company, when the movement begins to have a
initial capital as at the date of the decision authorising the
equivalent to at least EUR 5 million.
section 6, A savings bank, when the movement begins have initial capital
as at the date of the decision on authorisation corresponds to at least one
million euros.
section 7 A member bank and credit market undertakings shall, when
the movement starts have initial capital as at the date of
decision authorising equivalent to at least EUR 5 million.
If the balance sheet total of the planned movement can be calculated
amount to a maximum of one hundred million kroons or, if the institution
will have their accounts in euro, 12 million euro,
the Institute in the context of the examination of an application for authorisation
allowed to have a lower initial capital than that referred to in the first
paragraph, but not less than the equivalent of one million euros.
In Chapter 9. section 2 contains provisions on the size of the institution's
own funds in the event that total assets under operating
time exceeds one hundred million kroons or, if the institution
have their accounting in euros, twelve million euros. Act (2004:444).
The examination of the application
section 8, an application for authorisation to conduct banking or
financing business, as well as questions about approval of
articles of incorporation, bylaws or regulations under section 3 or 4
and if the consent referred to in article 7, second paragraph, be reviewed by the
The Swedish financial supervisory authority. Team (2013:455).
8 a of the financial supervision authority shall, before it decides on the licensing
consult with the equivalent foreign regulatory authority in a
other country within the EEA, if the company
1. is or can be expected to become subsidiaries of a
foreign credit institution, an insurance undertaking or
investment firms authorised in that country,
2. is or can be expected to become subsidiaries of
the parent of a foreign credit institution, a company
of electronic money, an insurance undertaking or
investment firms authorised in that country, or
3. controlled or can be expected to be controlled by
the same person, whether natural or legal, who controls
of a foreign credit institution, a company for
electronic money, an insurance undertaking or
investment firms authorised in the country.
Team (2013:455).
Application for permit
§ 9 a corporation and an economic association may apply for
State before the company registered in the companies Act,
the European company, association or European cooperative register.
If a corporation has filed for permits within six months of
stiftelseurkundens signature, counted the time specified in the 2
Cape. 22 of the Swedish companies Act (2005:551) from the permit decision.
If an economic association has applied for a permit within six
months from the decision to form the Coalition, count the time
as mentioned in Chapter 2. section 3(1) the law (1987:667) if
economic associations from the permit decision. Law (2006:612).
Chapter 4. Foreign business operations in Sweden
Credit institutions established in the EEA
(1) a foreign credit institution which belongs within the EEA and, where
power financial operating may begin to operate such a business
as indicated in Chapter 7. 1 section through a branch in Sweden,
two months after the financial supervision authority of a competent
authority of the home Member State has received a notification
containing
1. a plan of the intended operations in this country with
stating, among other things, the branch's organization,
2. indication of the address of the branch and responsible management, and
3. the credit institution's own funds and
capital adequacy ratio.
The financial supervision authority may allow operations commence earlier
than that specified in the first subparagraph. If necessary, the
The Swedish financial supervisory authority, before the foreign credit institution begins
pursuit of the business of the branch, inform the institution of the
rules applicable to the activities in this country.
section 2 of the foreign credit institution referred to in section 1 may offer
and provide such services as set out in Chapter 7. 1 section
paragraph in Sweden without setting up a branch here, as soon as
The Swedish financial supervisory authority from a competent authority in the Institute's
homeland has received a notification that specifies which
the Institute intends to provide services in Sweden.
by way of derogation from paragraph 3, 1 and 2 sections of a foreign credit institution
also applies to a financial institution that belongs within the EEA and
its subsidiaries, if the financial institution is
subsidiaries of such foreign credit institutions as
referred to in paragraph 1 or owned jointly by two or more such
foreign credit institutions, and meets all of the following
terms and conditions.
1. The foreign credit institution that owns the
financial institution (credit institution of ownership) shall be
authorised as credit institutions in the country whose law applies
for the financial institution.
2. The activities in question must be operated in the EEA country
the law applies to the financial institution.
3. Ownership, credit institutions shall hold at least 90% of
all the voices in the financial institution.
4. proprietary credit institution shall satisfy the competent authorities
requirements for the sound management of the financial institution and
must have declared, with the consent of the competent
authorities, that they jointly and severally guarantee the commitments entered into by the
financial institution has made.
5. The financial institution should be covered, especially with
respect to the activity in question, of consolidated supervision
that ownership credit institutions are subject to.
That the conditions laid down in the first subparagraph are met shall be shown by the
the notifications referred to in paragraphs 1 and 2.
Such a notification referred to in § 1 shall, as regards the
companies referred to in the first subparagraph include, even if
the consolidated capital adequacy ratio of ownership
credit institution or its parent company.
Other foreign credit institutions
4 of another foreign credit institutions than such referred to
to in paragraph 1 may be authorised to conduct banking or
financing business from branch in Sweden. Authorisation shall be given
If
1. the Institute is under adequate supervision by a competent
authority of the home Member State and the authority has admitted that
the company establishes itself in Sweden,
2. There is reason to believe that the planned activities
will be operated in a manner consistent with Chapter 3.
2 – 7 sections, and
3. deposits with the branch covered by warranty in accordance with the law
(1995:1571) on deposit guarantee or by a foreign guarantee
as
a) include deposits referred to in section 2 of the Act on
deposit guarantee and
(b)) has a level of compensation at least equal to 100 000
euro. Law (2010:1866).
paragraph 5 of the licence application to the branch establishment in accordance with paragraph 4 of
tested by the Swedish financial supervisory authority. Team (2013:455).
section 6 of the credit institutions established outside the EEA, after
notification to the financial supervision authority doing business as
mainly refers to representation and intermediation of banking and
financing services from Office or other fixed place of business
(representative offices) in Sweden.
Permitted activities
paragraph 7 of a foreign credit institution which operates the movement with the support of
1, 2 or 4 of getting this drive just such activities covered
of the Institute's business license in your home country.
A foreign company referred to in section 3, this drive just such
activities permitted under the company's articles of Association
or bylaws, and only to the extent the
foreign credit institutions that own the company or its
the parent company would have the right under the first subparagraph to drive
such activities.
In Chapter 4. 2 § 2 and 3 Act (2007:528) on securities market
provides for activities described in Chapter 2. 1 §
the same law, in certain circumstances, may be driven by foreign
credit institutions operating on the basis of paragraphs 1 and 2 and
of financial institutions and subsidiaries operating
pursuant to paragraph 3. Law (2007:563).
Chapter 5. Swedish business activities abroad
Branch operations in the EEA
§ 1 To a credit institution that operates with the
purpose to receive repayable funds from the
the general public and to lend, set the guarantee for the credit
or financing purpose acquire claims or grant
movable property to use to establish a branch within the EEA for
activities provided for in Chapter 7. paragraph 1, second subparagraph, shall
the institution shall inform the financial supervision authority before the business
begins. The notification shall contain
1. information about the Institute's plan for branch operations, with
indication of the branch's organization, and
2. indication of the country in which the branch is to be set up and if
the address of the branch and responsible management.
section 2 Considers the Swedish financial supervisory authority in the cases referred to in paragraph 1 to the
is no reason to question the institution's administrative
structure or the financial situation of, the supervisory authority within the
three months from the date the notification was received, hand over
it to the competent authority of the country in which the branch shall
set up. The inspection shall communicate the
the size of the institution's own funds and capital adequacy.
The financial supervision authority shall inform the credit institution when
the inspection leaves over the notification.
If the financial supervision authority finds that there are no conditions
to give the notification referred to in the first
subparagraph, shall notify the supervision authority decision on it within three
months of the date on which the notification was received.
3 § If a credit institution referred to in paragraph 1 shall change any of
the conditions specified in the institution's notice to
The FSA after the branch is established, shall
the Institute shall notify the inspection at least one month
before implementing the change.
If the financial supervision authority finds that the change may not be made,
the inspection shall take a decision on it within one month from the
that notification came in for inspection. The competent
authority of the other country shall be informed immediately
the decision.
Cross-border activities within the EEA
paragraph 4 Would a credit institution as referred to in § 1 offer and
provide such services as set out in Chapter 7. 1 section
the paragraph in the EEA without the establishment of the branch there, the institution shall
notify the financial supervision authority before operations commence.
The notification shall indicate in which country
business must operate and what services to be
be offered.
The financial supervision authority shall, within one month from the
the notification was received, leaving it to the competent
authority of the country in which the business will operate.
Other cases of branch operations abroad
5 § in cases other than those referred to in paragraph 1 shall be a credit institution
planning to set up a branch abroad apply for
permission of the financial supervision authority. Such authorisation shall
be given if there is reason to believe that the planned movement
will be operated in accordance with the provisions of this law and other
regulations governing the Institute's activities.
Chapter 6. Overall provisions for credit institutions operating
Solvency and liquidity
§ 1 a credit institution's motion shall be operated in such a way
to the institution's capacity to comply with their obligations not
compromised.
Risk management
2 §/expires U: 2016-02-01/a credit institution shall identify, measure, control, internal
report and control the risks to which its motion is
associated with that regard. the institution shall ensure that it has a
adequate internal control.
A credit institution shall ensure that its
credit risk, market risk, operational risk and other risks
taken together, does not imply that the institution's ability to meet
their obligations. To meet this requirement shall
it at least have methods that make it possible to continuously
evaluate and maintain a capital as to the amount, kind and
allocation is sufficient to cover the nature and level of the
risks to which it is or might be exposed to.
The credit institution shall evaluate these methods to
ensure that they are comprehensive. Law (2006:1387).
2 section/entry into force: 2016-02-01/a credit institution shall identify, measure, control, internal reporting and control the risks associated with its business. the institution shall ensure that it has an adequate internal control. It should also draw up a recovery plan or group recovery plan according to 6 a kap.
A credit institution shall ensure in particular that its credit risk, market risk, operational risk and other risks combined do not lead to institution's ability to meet its obligations. To meet this
requirements, it should at least have methods that make it possible to continuously evaluate and maintain a capital to the amount, kind and allocation is sufficient to cover the nature and level of the risks it is or might be exposed to. The credit institution shall evaluate these methods to ensure that they are comprehensive.
Law (2015:1029).
2 a of a credit institution shall provide appropriate
reporting system for employees who want to make notifications
If the suspected breaches of regulations that apply to
the credit institution's activities.
Personal data Act (1998:204) applies to the processing of
personal data in the context of such a reporting system that
referred to in the first subparagraph. Law (2014:982).
Transmitted light
paragraph 3 of the motion of a credit institution shall be organized and operated in
such a way that the Institute's structure, relations with
other companies and position can be assessed. Law (2006:1387).
System for information on depositors and their deposits
3 a of a credit institution's system for handling data on
depositors and their deposits shall be such that
the credit institution shall, without delay, prepare a full
and reliable list of the institution's all
depositors and their respective deposits. Law (2011:830).
Soundness
paragraph 4 of the motion of a credit institution shall also in other respects than the
as stated in paragraphs 1-3 operated in a way that's healthy.
Proportionality
4 a of the provisions of paragraphs 1 to 3 shall apply in proportion to
the nature and extent of the credit institution's activities and
to their complexity. Law (2006:1387).
The responsibilities of the Board
4 b of the Management Board of a credit institution is responsible for ensuring that the requirements of
1-3 paragraphs are met. Law (2006:1387).
Variable remuneration
4 c § variable compensation to an employee whose function
or total replacement level means that he or she may have
a material impact on the risk profile of the credit institution,
not be larger than the fixed annual salary. Law (2014:982).
Guidelines and instructions
§ 5 the Board of Directors of a credit institution shall ensure that there is
written internal guidelines and instructions in the
extent necessary to meet the requirements of 1-3 and 4 (a) §§
and to otherwise control the movement. These guidelines and
instructions shall be evaluated and reviewed regularly.
Law (2006:1387).
Head Office in Sweden
section 6, every credit institution have its head office in Sweden.
Contract for work
section 7 If a credit institution to instruct someone else to perform
any of the services referred to in Chapter 7. paragraph 1, the institution shall
notify the financial supervision authority and submit the assignment agreement.
Such assignments may be given if the
1. the Institute shall be responsible for the activities entrusted to the
the customer,
2. the business operated by the contractor under controlled
and safely secure forms, and
3. the mission does not have such a scale that the Institute cannot
comply with the obligations provided for by this law or other
regulations governing the Institute's activities.
The first subparagraph shall not apply to assignments for someone else to drive
securities operations. In the case of securities operations comes in
rather than the provisions of Chapter 8. section 14 of the Act (2007:528)
securities market. Law (2007:563).
6 a kap. /Kapitlet entry into force: 2016-02-01/recovery plans
Establishing a recovery plan
(1) a credit institution shall draw up a recovery plan and update it if necessary.
Credit institution's Board of Directors will approve the recovery plan.
It should then, at the time the financial supervisory authority determines must be submitted to the supervision authority.
A credit institution which is subject to supervision on a consolidated basis, together with other group companies within the EEA are not subject to the obligation referred to in the first and second subparagraphs.
Law (2015:1029).
The establishment of a business recovery plan
section 2 of the credit institutions that are part of a group that is subject to supervision on a consolidated basis shall be covered by a consolidated recovery plan to be drawn up and updated by the parent company within the EEA. Such credit institutions shall draw up an individualized recovery plan if the FSA decides it. If the credit institution is a part of a cross-border group, should such a decision be taken in accordance with section 8 or 9.
A consolidated recovery plan should identify measures which may be necessary to adopt at the level of the parent company in the EEA and in an individual subsidiaries subject to supervision on a consolidated basis.
The parent company's Board of Directors will approve the plan. It should then, at the time the FSA decides, be submitted to the inspection. For a cross-border group, it shall instead be submitted to the consolidating supervisor. If the FSA is the consolidating supervisor, shall submit the plan to the competent inspection authorities and resolution authorities.
If a parent has failed to fulfil its obligations under this section, the financial supervision authority shall intervene according to chapter 15.
Law (2015:1029).
The requirements of a recovery plan
section 3 of the contents of a recovery plan and a consolidated recovery plan should state that 1. the measures identified could reasonably be expected to lead to a credit institution or group can preserve or restore their financial condition and viability, and
2. the plan and the measures identified in the can reasonably be accomplished quickly and efficiently in case of financial stress and without leading to a serious disruption of the financial system.
A recovery plan and a consolidated recovery plan should contain the additional information shown by regulations issued pursuant to Chapter 16. 1 § 5 or technical standards decided by the European Commission under article 5.10 of the crisis management directive.
The measures identified in a recovery plan and a consolidated recovery plan must not lead to producing significant impediments to restructuring or winding up a credit institution or, where applicable, other group companies covered by the plan. Law (2015:1029).
Material shortcomings or obstacles in a plan, paragraph 4 of the financial supervision authority shall review a recovery plan in order to assess whether it meets the requirements of paragraph 3. The audit shall be made after consultation with the competent authorities of the countries within the EEA where there is a significant branch.
The Swedish national debt Office will be given the opportunity to review the plan in order to identify possible actions in the plan that could have a negative impact on the credit institution's ability to resolution and make recommendations to the financial supervision authority.
How the audit of a consolidated recovery plan for a cross-border group to go to follows from 8 to 11 sections.
The provisions of sections 5 to 7 of the credit institutions shall also apply to parent undertakings within the EEA that are not credit institutions, if the review relates to a business recovery plan.
Law (2015:1029).
paragraph 5 of the financial supervision authority shall inform the credit institution of the outcome of the review.
If the FSA finds significant weaknesses in a recovery plan or significant barriers to implementing the measures contained in the recovery plan, the supervision authority shall inform the credit institution of which material shortcomings or obstacles the Agency identifies and give the institution the opportunity to comment on the assessment. If the credit institution's opinion does not lead to the inspection changes its assessment, inspection, submit to the institution within two months to submit an amended plan that addresses the shortcomings or obstacles that the inspection identified. On request, inspection of the credit institution may decide to extend this period by a further month. Law (2015:1029).
section 6, if a credit institution does not comply with the Authority's order or if the changes made by the credit institution does not obviate the essential flaws or barriers, financial supervisory authority 1. submit to the credit institution to make concrete changes in the recovery plan to eliminate the significant shortcomings or obstacles, or 2. If such changes are not adequately fix the shortcomings or obstacles, submit to the Institute to identify the changes to its business activities, to which the institution can do to eliminate the significant shortcomings or obstacles. Law (2015:1029).
section 7 If the FSA after a notice under section 6 considers that there is no longer significant weaknesses in a recovery plan or significant barriers to implementing the plan, the supervision authority shall inform the credit institution of this.
If, despite an injunction under section 6 are still significant shortcomings in a recovery plan or significant barriers to implementing the plan, the financial supervision authority shall submit to the credit institution to 1. reduce the risk profile of the institution, including liquidity risk,
2. enable the kapitaliseringsåtgärder on time,
3. review the institution's strategy and structure,
4. take the changes in funding strategy in order to strengthen the resilience of core business areas and the critical activities, or
5. take changes in the institution's governance structure.
In assessing what measures are necessary and proportionate, account shall be taken of the seriousness of the deficiencies and obstacles are and the impact that the measures would have on the credit institution's business activities. Law (2015:1029).
Agreements on a consolidated recovery plan for a
cross-border group
section 8 When the FSA is the consolidating supervisor, shall the inspection to ensure that consultation takes place with such competent authorities referred to in article 116 of the solvency directive and the authorities responsible for significant branches.
Within four months of the date on which the financial supervision authority or another coordinating supervisor for a cross-border group has submitted a consolidated recovery plan to the authorities referred to in paragraph 2 of the third paragraph, the Inspectorate to try to reach an agreement with the competent authorities included in the College for the group if
1. the review and assessment of the Group's recovery plan, 2. whether a recovery plan should be drawn up for individual credit institutions or a foreign credit institution included in the group, and 3. the application of the measures referred to in article 6(5) and in crisis management directive to address significant weaknesses in the plan or significant barriers to implementation.
If the authorities agree, the financial supervisory authority in accordance with the agreement take the decisions necessary.
Law (2015:1029).
section 9 If an agreement pursuant to section 8 have not been concluded within four months, the financial supervisory authority acting as coordinating authority decide if 1. the review and assessment of the Group's recovery plan, 2. whether a recovery plan should be drawn up for individual credit institutions in the group which is under the supervision and
3. measures taken by the parent company in the EEA or a credit institution which is subject to supervision must take in order to address significant weaknesses in the plan or significant barriers to implementation.
If the FSA is not coordinating authority, the supervisory authority take a decision pursuant to the first subparagraph 2 and 3 in the case of credit institutions in the group which is under supervision.
When the financial supervision authority makes a decision on consolidated the recovery plan referred to in the first subparagraph 1 and 3, the supervisory authority take into account the views and reservations of the other competent authorities. Law (2015:1029).
section 10 If any of the competent authorities, within four months from the financial supervision authority or another coordinating supervisory authority has forwarded the recovery plan referred to in section 8, first paragraph, has referred the matter to the European banking authority in accordance with article 19 of Regulation (EC) no 1093/2010 of 24 March 2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Commission decision 2009/78/EC , in wording in accordance with European Parliament and Council regulation 806/2014/EU, Inspectorate defer their decision according to section 9 in a month and await the decision that the European banking authority may take under article 19(3) of that regulation. The FSA should follow a decision in the matter of the European banking authority. If the European banking authority has not taken a decision within one month, the Inspectorate decide according to section 9.
The financial supervision authority may refer a matter to the European banking authority only if it is 1. the assessment of the Group's recovery plan, or
2. the measures referred to in the second subparagraph of paragraph 7 1, 2 or 4.
The FSA may not refer a matter to the European banking authority in accordance with Chapter 13. 6 (b) § after the four-month deadline has expired or an agreement has been reached. Law (2015:1029).
section 11 a decision pursuant to section 8 of the foreign consolidating supervisor after an agreement with the competent authorities or due to the fact that the competent authorities have not agreed within the time periods specified in section 8 applies in Sweden. Law (2015:1029).
6 (b). /Kapitlet entry into force: 2016-02-01/contract for intercompany financial support
Definitions
section 1 of this chapter means
1. financial support: cash loans, the issue of guarantee, surety or a combination of these forms of support, and
2. intercompany financial support: financial support provided by one company to another in the same group as the recipient undertaking meets the conditions for intervention under Chapter 15. paragraph 2 (b). Law (2015:1029).
Who can enter into agreements on intercompany financial support
section 2 of an agreement on intercompany financial support may be concluded between, on the one hand, a parent institution in an EEA country, a parent institution within the EEA, a financial holding company or a mixed financial holding company or a mixed-activity holding company established in the EEA, and, on the other hand, a subsidiary.
A company referred to in the first subparagraph and which satisfy the conditions for intervention under Chapter 15. paragraph 2 (b), shall not enter into a contract for intercompany financial support.
Law (2015:1029).
Regulatory approval of the agreements on financial support
section 3, Before an agreement is concluded, the intercompany financial support, an application for approval of the agreement is made to the Swedish financial supervisory authority, if the inspection is the coordinating supervisor for the group to which the agreement applies.
The financial supervision authority shall promptly provide information on request to the competent authorities of each of the parties to the agreement.
The parent Institute within the EEA is responsible for ensuring that the application is made.
Law (2015:1029).
paragraph 4 of the financial supervision authority shall approve a contract for intercompany financial aid if the aid
1. in significant measure to remedy the financial difficulties of the company receiving it,
2. aims to preserve or restore the financial stability of the group as a whole or in any of the companies within the group, and
3. do not jeopardise the financial stability of one or more countries within the EEA, in particular not in the State where the sponsoring company is located.
In addition, the following requirements must be met with respect to the sponsoring company:
1. It can be assumed that the reimbursement of the aid will be paid and, if it relates to a loan, including principal amount is repaid. If the aid is granted in the form of a guarantee or other form of security, apply the same terms on the debt incurred if the guarantee or security is triggered.
2. The financial assistance given under such conditions that the sponsoring company's interests.
3. Liquidity or solvency of the sponsoring company is not compromised as a result of the provision of financial assistance.
4. The sponsoring company fulfils the requirements regarding own funds and liquidity in the capital adequacy directive as well as the other requirements laid down in article 104(2) of the directive at the time of the financial aid.
5. the aid-giving the company complies with the requirements relating to large exposures.
6. The financial aid does not lead to the requirements set out in 4 or 5 are not met.
7. The possibility of resolution of the sponsoring company is not compromised as a result of the financial assistance.
The financial supervision authority may grant exemptions from the requirements in the second subparagraph of paragraph 4 and 5. Law (2015:1029).
paragraph 5 of the financial supervision authority shall submit any agreement that the inspection is approved, and changes to such agreements, to the national debt. Law (2015:1029).
The approval of contracts for financial support
section 6 before deciding to enter into a contract for intercompany financial support, to the general meeting of shareholders or equivalent body in all undertakings that are parties to the agreement on the intercompany financial support to approve the agreement.
Law (2015:1029).
section 7 a decision under section 6, shall contain an authorization for the Board to decide whether to leave or receive intercompany financial support. Law (2015:1029).
section 8 a decision of the Board of Directors of the sponsoring company about to leave intercompany financial assistance shall contain the following information:
1. the considerations made, 2. the purpose for which the assistance is given, and
3. the aid complies with the requirements laid down in paragraph 4.
Law (2015:1029).
§ 9 the Board of Directors of the benefiting company shall decide on the acceptance of intercompany financial support.
Law (2015:1029).
section 10 of the Board of Directors of a company which is a party to a contract for intercompany financial support shall report annually to the general meeting of shareholders or equivalent bodies on the measures taken in response to the agreement if such support as the general meeting of shareholders or equivalent body.
Law (2015:1029).
Notification concerning the granting of assistance
section 11 Before any intercompany financial support provided to the Board of Directors of the sponsoring company make a notification to the financial supervision authority and the European banking authority.
If the financial supervision authority is not the competent authority of the recipient, to the Board of Directors of the sponsoring company even make a notification referred to in the first subparagraph to the competent authority of the recipient firm.
The notification referred to in the first subparagraph shall also be submitted to the coordinating authority, if the authority is not the competent authority for the aid-giving or for the recipient.
If the sponsoring company has breached its obligations under this section, the financial supervision authority shall intervene according to chapter 15. Law (2015:1029).
section 12 of a notification under section 11 shall include the Board's decision under section 8 and a detailed description of the contract for intercompany financial assistance in question, as well as a
copy of the contract. Law (2015:1029).
paragraph 13 of the financial supervision authority shall make a decision to prohibit, restrict, or authorize an intercompany financial assistance pursuant to a notification under section 11, if the inspection is the competent authority for the sponsoring company. Law (2015:1029).
section 14 of the decision by the Swedish financial supervisory authority to approve, prohibit or limit the financial assistance shall be notified immediately to the coordinating supervisory authority, the competent authority of the recipient firm and the European banking authority. Law (2015:1029).
section 15 Of the financial supervision authority within five working days of the date on which the inspection is received a full notification under section 11 has not taken a decision in accordance with section 13, the aid may be given in accordance with the terms of the notified agreement. Law (2015:1029).
Publication of the agreement
section 16 of the Board of Directors of each company that entered into a contract for intercompany financial support is required to disclose to the company entered into an agreement of this kind, and which are parties to the agreement. The Board shall also publish a general description of the contractual content.
The Board shall at least once a year to update the information published. Law (2015:1029).
Chapter 7. Activities and possession of property
Financial activities
(1) a credit institution may operate only financial activity
and activities that have a natural connection with it.
A credit institution may, in its activities, including
1. borrow funds, for example by receiving deposits
from the public or issuing bonds or other
comparable receivables,
2. leave and pass credit, for example, in the form of
consumer credit and credit against mortgages on real property or
Receivables,
3. participate in funding, for example by acquiring
receivables and leasing of movable property to use (leasing),
4. provide payment services under the Act (2010:751) if
payment services,
5. provide a means of payment,
6. assume the guarantees and make similar commitments,
7. participation in securities issues,
8. provide financial advice,
9. keep the securities,
10. drive letter of credit activity;
11. provide value-Chamber services
12. drive currency trading,
13. operate securities operations under the conditions
provisions of the Act (2007:528) on the securities market,
14. provide credit report under the conditions
provided for in the credit information Act (1973:1173)
15. issue electronic money under the Act (2011:755) if
electronic money, and
16. provide investment services and operate
investment activities relating to such allowances
are not financial instruments and auctioned in accordance
with Commission Regulation (EU) no 1031/2010 of
12 november 2010 on timing, administration and other
aspects of the auctioning of greenhouse gas emission allowances in
accordance with Directive 2003/87/EC
establishing a scheme for greenhouse gas emission allowance trading
within the community. Law (2012:374).
Possession of property in General
section 2 a credit institution may hold only
1. property that is needed to pursue such activities as
referred to in paragraph 1,
2. property acquired to claim protection under
3-8 sections, and
3. investments with the limitations specified in
prudential regulation. Law (2014:982).
Ownership of property in order to protect a claim
3 § to protect a claim, a credit institution
1. at public auction, at a regulated market or a
the corresponding market outside the EEA, on a trading facility as
Chapter 1. 5 § 12 Act (2007:528) securities market or
in case of compulsory sale to buy property that is seized or is
Security for the claim, and
2. If there are grounds to believe that the Institute would otherwise suffer
significant loss, as payment for a claim to take over property
securing of claim or other property.
Law (2007:563).
as stated in paragraph 4 of section 3 does not apply to private equity or share in
parent company. For the acquisition of such shares are provisions in
19. Swedish companies Act (2005:551). What is said in paragraph 3 of the terms of
nor proof of share or supplements to the member bank
or Credit Union. In the case of a savings bank acquisition
of evidence about the contribution to the guarantee fund or Foundation Fund in
the savings bank, the provisions of Chapter 5. first subparagraph of paragraph 7
Savings Bank Act are amended (1987:619). Act (2005:932).
paragraph 5 of in Exchange for property that has been purchased or acquired pursuant to
paragraph 3, a credit institution may acquire shares or interests in a
company formed to manage property or to
continue a business that is run with this.
Have shares acquired under section 3 or under
the first subparagraph, the credit institution may acquire additional
shares in the same company if there is an obvious
risk that the Institute would otherwise suffer loss.
Has shares in a company acquired under section 3
or under the first or second subparagraph, credit institution,
If the company transfers its assets to another company,
Exchange those shares into shares or participations in
the other company.
section 6 of the property that a credit institution has acquired under 3
or § 5 shall be disposed of when it is appropriate to
market conditions. However, the property shall be disposed of at the latest when
It can be done without loss of the Institute. If the property does not
have been sold within three years of the acquisition, the institution may
continue to hold the property only if the financial supervision authority gives
permission for it.
7 § Acquisition of property in order to protect a claim shall be notified
Swedish financial supervisory authority (finansinspektionen).
section 8, a credit institution shall submit to the financial supervision authority each year
provide a separate accounting of property acquired for
protect a claim.
Holdings of shares and participations
9 repealed by law (2014:982).
10 repealed by law (2014:982).
repealed by law 11 (2014:982).
Authorization for acquisition of property in some cases
section 12 of a credit institution may only with the permission of the
The Swedish financial supervisory authority to acquire property for the Institute's
in return represents more than 25 percent of its capital base.
A permit must be obtained prior to the acquisition.
Authorisation shall be granted unless it can be assumed that the acquisition leads
violation of this law or regulations.
Chapter 8. Management of credits and other involvement
Credit check
section 1 Before a credit institution decides to grant a credit to
It examined the possibility that the obligations arising from the
the credit agreement cannot be fulfilled. The institution may grant a
credit only if the obligations are reasonably expected to
be completed. Law (2010:1853).
Information for decision-making
section 2 of a credit institution's credit assessment shall be organised
so that anyone who makes a decision in a case is sufficiently
basis for assessing risk in granting credit.
Documentation
paragraph 3, a credit institution's credit decisions should be documented so that
basis are reported and to credit the management
otherwise can be followed.
Kreditliknande engagement
paragraph 4 by way of derogation from paragraphs 1 to 3 of credit assessment, decision support
and documentation shall also apply to kreditliknande
commitment.
The provision of services to the bias circuit
§ 5, a credit institution may not enter into contracts for the services of other
conditions than those to which the institution would normally or be part
other agreements on terms that are not commercially motivated with
or for the benefit of
1. Member of the Board of Directors,
2. delegate managerial responsibilities which alone or in combination with
someone else can determine credit matter otherwise shall be decided
of the Board,
3. an employee who holds a senior position within the Institute;
4. other share owners than the State with a holding as
equivalent to at least three per cent of the total capital,
5. spouse or partner of person referred to under 1-4, or
6. legal person in which the person referred to under 1-5
has a substantial economic interest as a shareholder
or member.
A member bank must not enter into such agreements as referred to in
the first paragraph with or for the benefit of the lay auditor in
the Bank.
The FSA considers whether a delegate or an employee has
such a leadership position referred to in the first subparagraph 2 and 3.
section 6 of the institution's Board of Directors shall examine the matters referred to in
§ 5. It must be on a list to record data about the
agreement has been reached.
Chapter 9. Own funds size, minors, shipwrecks and medium
paragraph 1 of the rules on capital adequacy and large exposures
see European Parliament and Council Regulation (EC) no
575/2013, the law (2014:968) if special supervision of
credit institutions and securities companies and the law (2014:966) on
capital buffers. Law (2014:982).
section 2 of A member bank or a credit market company as under 3
Cape. the second subparagraph of paragraph 7 has been granted to begin their movement with
a lower initial capital than equivalent of EUR 5 million,
during the operating time have a capital base that is less than the
amount but equal to at least
a) two million euro for the balance sheet total exceeds one hundred
but not two hundred million kroons or, where the institution has its
accounting in euros, twelve but not twenty-four million,
b) three million euros if the balance sheet total exceeding two hundred
but not three hundred million kroons or, where the institution has its
accounting in euros, twenty-four but not thirty-six million
euro,
c) four million euros on the balance sheet total exceeds
three hundred but not four hundred million kroons or, if
the Institute has its accounts in euros, thirty-six but not
forty-eight million euros.
If the balance sheet total exceeds four hundred million
or, if the institution has its accounts in euro, sixty
million euros, the institution shall have own funds equivalent
at least five million euros.
The size of own funds referred to in the first and second subparagraphs shall
calculated according to the exchange rate prevailing at the decision authorising the
According to Chapter 3.
3 repealed by law (2014:982).
Bratt system
section 4 of the Bratt system or other evidence, that a bank will issue about
credit on account, shall be addressed to the specific person and
indicate that the transfer may be made only to certain
person and to transfer should be notified by the Bank.
The Bank may not meet with reservations on the right of the Bank to rely on
payment to anyone other than right holders of shipwrecks.
In terms of the search warrant and the killing of a lost Bratt system applies
Special provisions. Act (2004:444).
Minors, medium
§ 5 If the proof referred to in Chapter 9. the second subparagraph of paragraph 8
parental code has been submitted shall be recorded in a manner
that makes the relationship known within the Bank or
credit market company. Note of the corresponding kind shall
be made if restrictions on the
1. the right of parents to dispose of deposited funds resulting from the
Chapter 13. 8 § parental code or of decisions taken
under Chapter 13. 19 § parental code and
2. your guardians, trustees and good men's right to dispose of
funds resulting from the decisions taken pursuant to chapter 14. section 21
parental code. Law (2008:913).
10 Cape. Special corporate law provisions for
banking companies
section 1 of the regulations of the banking company in terms of stock company
generally, unless otherwise provided for by this law or is
legally required. References in the Swedish companies act
(2005:551) to provisions of that law shall
cases relate to the provisions of this Act that apply instead
of or in addition to the provisions of the companies act.
In the case of banking companies, as provided for
The Swedish companies registration office in the following provisions shall apply instead
The financial supervision authority:
1. Chapter 8. 9 and 30 § § and § 37, second subparagraph of the Swedish companies Act,
and
2. Chapter 23. 21 a of the companies act. Law (2014:557).
Share capital
section 2 of The banking companies share capital shall be determined taking into account
to the planned operating scale and nature. Act (2005:932).
The subscription of shares
§ 3 If the subscription of shares means that someone who has not
tested in accordance with Chapter 3. 2 paragraph 3 as well as others and
third paragraphs will have a qualifying holding in the
the banking company, the company may not be formed without such a
review of share the Subscriber is made. If he is at the trial
not considered appropriate, the company may also not be formed.
Law (2009:361).
General meeting of shareholders
4 § in addition to the provisions on disclosure and transparency in 7
Cape. 32 and 36 of the Swedish companies Act (2005:551),
information may be disclosed only if it can be done without significant
inconvenience to any individual person.
The provisions of Chapter 7. 34 and 35 of the companies act shall
apply also when the Board has determined that a piece of information that
has been requested in accordance with Chapter 7. 32 of the Swedish companies act cannot be provided
to shareholders without significant inconvenience to any individual
person. Act (2005:932).
The company's management
paragraph 5 of A banking company shall have a Board of Directors with at least three
members. The majority of the members shall be persons
are not employees of the Bank or in undertakings in an
Group where the Bank is the parent company. Act (2005:932).
5 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 Directors of a banking company that is a private
joint-stock company. The same applies to the obligation in accordance with Chapter 8. 46 (b) §
the same law for the Board of Directors of a public company that in
written instructions specifying the Division of labour between
corporate bodies.
The Chairman of the Board shall see to it that the Board fulfils the
information listed in this section. Law (2014:557).
clause 6 of a banking company, the Management Board shall appoint an Executive
Director. The company's Managing Director shall not be
Chairman of the Board. Act (2005:932).
section 7 an authorization to represent the company and to take out its
company in accordance with Chapter 8. paragraph 37 of the Swedish companies act
(2005:551) may only be submitted to two or more persons in
compound. No other restriction may be registered.
Act (2005:932).
section 8 the President of the general meeting shall be held before the Board elections
in a banking company to leave the task to the AGM on the
Mission the elections case holds in other companies.
Act (2005:932).
8 a of The who is a member of the Board of Directors for a banking company
or is its Chief Executive Officer, in addition to this mission
have the number of assignments as a Director or Executive
Director of other companies that are deemed appropriate to
the circumstances of the case, as well as to the nature,
scale and complexity of the company's operations.
If a banking companies are significant in terms of size, internal
organisation and the nature, scope and
complexity, a Board member or the managing
Director only hold one of the following combinations of
Mission:
1. an assignment as Executive Director and two missions
Member of the Board, or
2. four missions as a Board member.
Law (2014:982).
8 (b) for the purposes of section 8 a of the second paragraph, the
1. missions within the same group of companies or in companies where
the banking company has a qualifying holding is counted as a
only mission, and
2. Mission in activities and organizations that do not
mainly has a commercial purpose shall not be taken into account.
If the Board Member representing the Swedish Government does not apply
8 a of the second paragraph.
A member of the Board of directors or Chief Executive of a
banking companies that are significant may, with the permission of the
The Swedish financial supervisory authority, have another mission that
Member of the Board of Directors in addition to those specified in paragraph 8 (a) (1)
or 2. Law (2014:982).
8 (c) § It is member of the Board of directors or Executive Director
in a banking company shall allocate sufficient time to
able to carry out its mission. Law (2014:982).
Revision
§ 9 A banking company shall have at least one auditor. At least one
auditor appointed by the general meeting of the shareholders shall be authorized
Auditor.
If the general meeting has not designated a chartered accountant, is
the provisions relating to the appointment of the auditor of the Company Administration's 9
Cape. 25 and 27 § of the Swedish companies Act (2005:551).
Team (2013:743).
section 10 in addition to the provisions on disclosure in relation to
the general meeting of shareholders in Chapter 9. 45 § and 10 Cape. paragraphs 17 and 22
Swedish companies Act (2005:551), information may be provided
only if it can be done without significant inconvenience to any individual
person. Act (2005:932).
section 11 of Chapter 13. section 10 provides for the audit and special
Reviewer's reporting obligations to the financial supervision authority.
Act (2005:932).
Own stock as collateral
section 12 of The banking companies may receive shares or shares in
its parent company as a pawn, if those shares represent a minor portion
of the shares given as collateral for a loan.
Act (2005:932).
12 a of for the purposes of Chapter 9. section 17 and 10. 10 §
Swedish companies Act (2005:551) on conflict of interest for Auditors and
lay auditor shall be deemed banking company limited liability company
referred to in Chapter 9. 13 or 14 of the same law. Law (2006:405).
Reduction of the share capital, etc.
paragraph 13 of the reduction amount Shall be used wholly or partly for
purposes of Chapter 20. Article 1, first paragraph (2) or (3)
Swedish companies Act (2005:551), the banking company not
enforce the reduction decision without permission from the General
Court.
The financial supervision authority may allow the reduction of the share capital
may be made without the permission of the Court, if the banking company
at the same time as the reduction measures mean that neither the
the company restricted shareholders ' equity or its share capital decreases
as a result of the decision on the reduction. Act (2005:932).
section 14 instead of the provisions of Chapter 20. 24-29 § §
Swedish companies Act (2005:551), the provisions of this
paragraph shall apply.
Permit referred to in section 13 shall be submitted not later than two months after the
that reduction decision has been registered. A proof of
registration shall accompany the application.
The Court shall, without delay, obtain FSA
opinion if and to what extent this reduction can
impact on depositors ' right. If the Court is given
the utterance content finds that the reduction should not be
executed, the application was immediately rejected. In other cases,
the Court call the company's creditors and submit to those who want to
oppose the application to a specific day in writing notify
This in court. The Court shall not, however, call
creditors whose claims relating to a claim for wages, salaries, pensions
or other compensation covered by the wage guarantee pursuant to
the wage guarantee Act (1992:497). In the notice shall specify
to anyone who has not made a notification under this section
shall be deemed to have accepted the application. In the notice, a
brief summary of the opinion of the inspection shall be entered.
The Court shall ensure that notice promptly announced in Post-
and home Magazines.
Authorisation shall be given, if none of the creditors who have been called
oppose the application, or if it is shown that the creditors who
has opposed the application has received payment in full or has
adequate security for their claims. To a depositor
oppose the application does not preclude, if
Inspectorate's opinion provides a basis to give permission.
Act (2005:932).
section 15 instead of 20. 30 of the Swedish companies Act (2005:551)
the provisions of this paragraph shall apply.
During the three years following the registration of the decision on the reduction of
share capital for loss compensation, profits do not
be decided without the permission of the Court. Permit needed
unless the share capital after or in conjunction with
reduction decision has been increased by at least the reduction amount. In
ask if the permission of the Court applies section 14 apply mutatis mutandis.
Act (2005:932).
section 16 rather than 20. 35 of the Swedish companies Act (2005:551)
the provisions of this paragraph shall apply.
Reduction of the reserve fund may be made for
1. coverage of the loss, if there is no unrestricted equity
corresponding to loss,
2. increase of the share capital through a bonus issue or share issue
of the shares, and
3. repayment to the shareholders or other purposes, if
General courts pursuant to section 14 of the authorising
the reduction. Act (2005:932).
Loans from the company to the shareholders and others.
section 17 in place of the provisions in chapter 21. the companies act
(2005:551), the provisions of this section and in Chapter 8.
§ 5.
A banking company shall give advance, leaving the loan or ask
Security for loans in order to debtor to acquire shares in
company or the parent company in the same group, only if the
then there is full coverage of the equity. At
the calculation of whether there is full coverage for the own
capital shall cash advances and loans referred to in the first sentence
be treated as receivables without value as well as collateral under
the first sentence is treated as the company's debt.
Even if there is no impediment pursuant to the second subparagraph,
advances, loans or collateral is provided only to the extent that it
appears to be justifiable with regard to
1. the requirements of the nature, scope and risks
on the size of the equity, and
2. the company's need for consolidation, liquidity and position in
otherwise. Act (2005:932).
Fusion
section 18 of The banking companies may be transferring company at a
Fusion only about another banking company, or an equivalent
legal resident of another State within the EEA than
Sweden is the acquiring company. Law (2009:711).
§ 19 At fusion with a banking company shall not apply Chapter 23.
19-21, 22-24 and 45 of the Swedish companies Act (2005:551). Instead
apply 20 to 22 of this chapter. In paragraphs 24 and 25 are
specific provisions relating to the merger by absorption of wholly owned
subsidiary. Law (2009:711).
section 20 when the merger has taken effect in all companies,
should both devolution as takeover companies apply for
permission to execute the plan. In a cross-border
Fusion, the application shall be made by the Swedish company
participating in the merger. The application shall be made in
The Swedish financial supervisory authority.
At the merger by combination, companies
In addition, apply for a licence pursuant to Chapter 3. section 2 and
approval of the articles of Association in accordance with Chapter 3. section 3 of the
acquiring company. At the cross-border merger terms
This only if the acquiring company shall be domiciled in
Sweden.
The application referred to in the first subparagraph shall be submitted within one month after
the merger plan has taken effect in all companies
and, if the merger plan has been registered in accordance with Chapter 23. section 14 of the
the first subparagraph the Swedish companies Act (2005:551), the last two years
After the merger plan published pursuant to Chapter 27. paragraph 3 of the
the companies act.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph.
The financial supervision authority shall also inform the Office if
final decision has been announced on the occasion of the
such applications. Team (2013:455).
section 21 during the processing of an application for authorisation to effect
a merger plan should be examined to the companies ' creditors
ensured by collateral, if such protection
necessary, having regard to the merging companies financial
conditions and if the creditors do not already have such a
Security. Act (2005:932).
section 22 of an application under section 20 shall be rejected if the
1. merger not approved properly or
whose content is contrary to law or regulation
or to the articles of Association,
2. the merger has been prohibited under the Competition Act (2008:579)
or pursuant to Council Regulation (EC) No 139/2004 of 20
January 2004 on the control of concentrations between undertakings or
review of the merger is in progress under the competition act or the
the said regulation,
3. in combination, revisorsyttrandena according to Chapter 23. section 11 of the
Swedish companies Act (2005:551) does not indicate that the transferor
the companies ' total fair value for the acquiring
the company is not less than the share capital thereof;
4. companies ' creditors have not secured such
by collateral referred to in section 21 or the merging
the companies ' financial conditions in general are such that
the merger cannot be regarded as compatible with the depositors ' or other
the interests of creditors, or
5. it is justified in the public interest.
If the application is rejected on the ground that the trial
under the competition act or the Council Regulation (EC) no
139/2004 and the trial is likely to be completed within a short period of time,
must state the question in abeyance for a maximum period of six
months. Law (2009:711).
section 23 instead of the prescribed in Chapter 23. section 25 of the other
subparagraph the Swedish companies Act (2005:551) on the date of notification
of merger for registration, an application shall be made within two
months after the FSA's authorisation to
the effect of merger became final.
Team (2013:455).
section 24 of the merger by absorption of a subsidiary may be
even if the subsidiary is property which the banking company
not acquire under this Act. Such property must
disposed of within one year from registration. If there is
specific reasons, the FSA prolong this period.
Act (2005:932).
section 25 by the absorption of a subsidiary shall not apply
Chapter 23. 32 and 33 § § the Swedish companies Act (2005:551). Instead
to what is said in this paragraph.
The parent company shall apply for an authorisation to effect
the merger plan. The application must be filed within one month after the
the merger plan has taken effect in the parent company and, if
the merger plan has been registered in accordance with Chapter 23. section 30
Companies Act, no later than two years after the statement that
the plan has been registered has been published. Questions about such
condition is tested by the Swedish financial supervisory authority.
In the case of such a case, the provisions of 21 and
22 sections in applicable parts. What about transferring company
to refer to subsidiaries and to what is being said about the takeover company
refers to the parent company.
The financial supervision authority shall inform the registration office on applications
According to the second paragraph, and if the final decision
issued in response to such requests. The Swedish companies Registration Office
should after such notification register state
According to Chapter 23. 34 of the Swedish companies act. Team (2013:455).
25 a paragraph instead of Chapter 23. 50 section
Swedish companies Act (2005:551), the following applies. The Special
the financial statement shall include a balance sheet and a
profit and loss account. When these documents are drawn up shall
the provisions of the Act (1995:1559) on the annual accounts of
credit institutions and securities companies shall apply. The Special
financial statements must also include some additional information and
specifications. Thereby concerning Chapter 6. 5 and 8 sections
the accounting Act (1999:1078) mutatis mutandis. Financial statements must
signed and filed with the Registrar within a
month from the end of the period to which the accounts relate.
Law (2010:1530).
25 (b) § instead of regulations in Chapter 23. 52 § third
subparagraph the Swedish companies Act (2005:551) about bringing a case
the following. In addition to that provided for in Chapter 7. paragraph 51
subparagraph, the companies act and chapter 23. paragraph 52
the same Act may not be brought after the
The financial supervision authority by a decision which has become final
has given permission to execute the merger plan under
20-22 sections. Team (2013:455).
Sharing
26 § When a banking companies involved in a division shall apply
§§ 27-30.
A banking company shall not through sharing transfer operations
that may only be operated after a permit or registration as a
companies that are not authorized or is not registered.
Act (2005:932).
section 27 A banking companies do not need to notify its known
creditors under Chapter 24. 21 of the Swedish companies Act (2005:551).
Act (2005:932).
section 28 of the companies registration office shall not call a bank companies
creditors under Chapter 24. 24 of the Swedish companies Act (2005:551). In
Instead, the Agency obtain an opinion from
The Swedish financial supervisory authority. The opinion shall state whether
1. bank creditors in providing a satisfactory
security, if such protection is needed with regard to the
participating companies ' financial conditions and the creditors
do not already have such security, and
2. the participating companies ' financial conditions in general are
such that the split may be regarded as compatible with the depositor, or
the interests of other creditors. Act (2005:932).
section 29 When the FSA come in with its opinion and the
period within which the creditors may object to the application pursuant to 24
Cape. section 25 of the companies Act (2005:551) has expired, the
Bolagsverket refer the case to the District Court of the place where the
the Board of the merged company has its registered office.
Act (2005:932).
section 30 instead of the rule in Chapter 24. section 26 of the companies act
(2005:551) apply to an ordinary court shall reject an application for
permission to execute the draft terms of Division if
1. it is not the opinion of the financial supervision authority, it can be shown that
(a) the secured bank creditors) in such
by collateral referred to in section 28 (1);
(b)) the participating companies ' financial conditions in general are
such that the split may be regarded as compatible with the depositor, or
the interests of other creditors, and
2. it does not appear that the creditors who have opposed the application
has a full payment or have adequate security for their
receivables.
To any of the bank in creditors opposes the application
does not imply that the application shall be refused, if the FSA
opinion provides a basis to give permission.
If the Court considers it necessary, it may request that
The FSA will complement its opinion. Act (2005:932).
Liquidation
section 31/expires U: 2016-02-01-Except in the cases referred to in chapter 25. section 11 of the
Swedish companies Act (2005:551), the Swedish companies registration office may decide that a
banking company to go into liquidation if the licence to operate
banking has been revoked, but that the company, rather than a
permission to operate other licensed financial
movement. The decision shall be taken as soon as practically
possible, but not later than the day following that on which the application for
the liquidation came in to Bolagsverket. The decision on liquidation
effective immediately.
In proceedings relating to the winding-up of companies whose authorisation to
banking has been revoked, but that the company instead
a licence to operate other licensed financial
the motion, to 25. section 24 of the companies act shall not apply.
Team (2013:165).
the entry into force of section 31/in: 2016-02-01-Except in the cases referred to in chapter 25. 11 of the Swedish companies Act (2005:551), the Swedish companies registration office may decide that a banking company shall go into liquidation on the State banking has been revoked but the company instead obtained permission to drive other licensed financial movement. The decision shall be taken as soon as practicable, but not later than the day following that on which the application for liquidation came in to Bolagsverket. The decision on liquidation effective immediately.
In proceedings relating to the winding-up of companies whose licences have been revoked banking without the company instead to push other licensed financial movement, 25. section 24 of the companies act shall not apply.
The provisions of chapter 25. 10 a of the companies act shall apply to the General Board's decision pursuant to the first subparagraph.
Law (2015:1029).
section 32 for the purposes of chapter 25. section 11 of the companies act
(2005:551), what it says in the first paragraph 2 of Chapter 8.
section 3(1) and paragraph 16 of the annual accounts Act (1995:1554)
rather than refer to Chapter 8. 5 and 8 of the Act (1995:1559) if
annual accounts for credit institutions and securities companies.
Act (2005:932).
section 33 application for a winding-up of a banking company under section 31
This chapter or chapter 25. 11 or 17 of the Swedish companies act
(2005:551) may also be made by the financial supervision authority.
Act (2005:932).
34 § in addition to what is provided in chapter 25. 45 of the Swedish companies act
(2005:551) comes to a decision about liquidation shall
stop and bank in activity resumed may not
is taken, if the company's licence to operate banking business has
been revoked. Act (2005:932).
Firma
35 § A banking companies trade shall contain the word bank.
Act (2005:932).
36 § A banking company that has taken over a savings bank operating
upon conversion in accordance with Chapter 8. Savings Bank Act are amended (1987:619) may,
with the permission of the financial supervision authority, using the word savings bank in
his firm. The same applies to a banking company which later
has assumed such a movement. Act (2005:932).
Damages
37 § what in chapter 29. 1-3 of the Swedish companies Act (2005:551)
provides for liability for breach of the
provisions applicable to banking companies even in the event of a breach
by this Act, Regulation (EC) no 575/2013, the law (2014:968)
If the special supervision of credit institutions and securities companies
and the law (2014:966) on capital buffers. Law (2014:982).
Special provisions for a European company
38 § companies registration office shall issue the certificate referred to in
Article 25(2) of Council Regulation (EC) No 2157/2001 of 8
October 2001 on the Statute for a European company (SE), when
a decision has been issued in accordance with paragraphs 20 to 22 or section 25 and
the decision has become final. Law (2009:711).
section 39 When a European company authorized to operate
banking intends to move its headquarters from Sweden to a
other State, does not apply 10-15 § § the Act (2004:575) if
a European company. Instead, apply 40-42 of this chapter.
Act (2005:932).
section 40 Of the general meeting on the basis of article 8 of the regulation
has decided to the registered office will be moved to a different
State, the company shall apply for permission to move.
Questions about such a condition is tested by the Swedish financial supervisory authority.
The application must be submitted within one month of the decision of the general meeting
about moving.
The application shall be accompanied by the following documents:
1. a copy of the minutes of the general meeting in which the decision
If the transfer was made,
2. a copy of the proposal on the transfer, and
3. a copy of the statement referred to in article 8(3) of
SEE regulation.
If the company has not annexed the documents referred to in the third
paragraph to the application, or if there are any other obstacles
to take up the application, the company shall be submitted to the
to give its opinion within a time or remedy the shortage. If
the company does not do this, the application shall be rejected.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph.
The financial supervision authority shall also inform the Office if
final decision has been announced on the occasion of the
such applications. Team (2013:455).
40 a of for the duration of the FSA's handling of
an application under section 40 is under way, the tax office may decide to
the company for a period of time not exceeding twelve months must not be
moving its headquarters to another State. Time may be extended if the
There are special reasons, but only three months at a time.
As long as the tax agency's decision applies, the FSA
the processing of the application under section 40 of the vila.
The Revenue Commissioners may decide in accordance with the first paragraph only if
1. it is justified in the public interest,
2. the authority has decided on the audit of the company, and
3. There is reason to believe that the audit would be complicated
considerably by a movement of the seat. Team (2013:455).
paragraph 41 Permits for the transfer of the registered office shall be notified of
1. the company's creditors receive a satisfactory security,
If such protection is needed, taking into account the company's financial
conditions and the creditors do not already have such security,
2. the company's financial conditions in general are such that
the move can be regarded as compatible with the depositors ' or other
the interests of creditors, and
3. There are no barriers to migration, as referred to in article 8.15 in
SEE regulation. Act (2005:932).
42 § companies registration office shall issue the certificate referred to in
Article 8(8) of the SE regulation when the decision has been communicated in accordance with
section 41 and the decision has become final. Act (2005:932).
43 § in the case of the European company with such management systems
referred to in articles 39-42 in the SE Regulation (two-tier
organized the European company), what is said in the following
provisions of this Act, if a bank or the companies Board of Directors
its members apply to the Supervisory Board or its
Members:
Chapter 1. section 12 of the notice;
Chapter 3. 2 section 4 of the management review,
Chapter 8. 5 paragraph 1 if the contract for services with, or to
the benefit of the Member of the Board of Directors,
10 Cape. paragraph 4(2) if disclosure to the general meeting,
10 Cape. paragraph 5, second sentence, if the composition of the Board,
10 Cape. section 8 if assignments in other companies,
Chapter 13. section 12 of the right for the FSA to convene
the Board of Directors and be present at such meeting and participate in the
the deliberations, as well as
15. section 2 of the revocations of authorizations.
The second paragraph of section 16 of the Act and section 22 (2004:575) on the European company
It appears that the provisions referred to in the first subparagraph of
the Board or its members shall also apply to a
the European company management or administrative body, or its
members. Law (2006:612).
11 kap. Special corporate law provisions for
credit market companies
§ 1 The which according to Chapter 10 apply to banking companies shall also
apply for credit market companies, except provisions on fusion in
section 18, on the winding-up in sections 31 to 34 and 35 and about firm 36 sections.
The provisions relating to the merger of 10 Cape. 19-25 (b) § § apply only at
fusion between a credit market company and another company, and
only if a bank is not taking over companies. Matters relating to the
permit under 20, 25 or 40 § review by
The Swedish financial supervisory authority. Law (2009:711).
section 2 of the application for the winding up of a credit market company as 25
Cape. 11 or 17 of the Swedish companies Act (2005:551) may also be made
by the Swedish financial supervisory authority. Act (2005:932).
12 Cape. Special corporate law provisions for
credit unions
section 1 Of the regulations applies for credit unions
economic associations in General, subject to
by this Act or is legally required. References in
Act (1987:667) on economic associations to provisions in
the same law shall, where appropriate, refer to the provisions in
This law that apply instead of or in addition to
provisions of the law on cooperative societies.
The provisions of the Swedish companies registration office in Chapter 12. section 13 of the Act on
economic associations shall, in the case of
credit unions, rather than apply to the financial supervision authority.
Law (2009:711).
1 a section/entry into force: 07/01/2016
The rules on investing members of Act (1987:667) about cooperative societies do not apply to credit unions. Law (2016:117).
Start-up capital
section 2 of the actions of a credit union shall always
carried out in cash.
The Association's leadership
section 3 of the majority of the members of a Credit Union
Board shall be persons who are not employees of the Association
or in the companies included in a group where the Association is
the parent company.
4 § in a credit market Association, the Management Board shall appoint a
Executive Director. The Association's Executive Director,
not be Chairman of the Board.
5 § right to take out a credit union firm may
be exercised only by two or more persons jointly, unless the
subject to the provisions of Chapter 6. section 12 of the Act (1987:667)
If economic associations. No other restriction may
registered.
section 6 of the general meeting Chairman shall before the Board election
place in a credit market Association provide information to
the meeting of the mission on which the choice applies in other
companies.
6 a of The who is a member of the Board of Directors of a
Credit Union or its Executive Director
get on top of this mission have the number of missions
Member of the Board of directors or the Managing Director in other corporations
as deemed appropriate in the circumstances of the
individual case as well as to the nature, scale and
the complexity of the Association's activities.
If a Credit Union is significant in terms of size,
internal organisation and the nature, scope and
complexity, a Board member or the managing
Director only hold one of the following combinations of
Mission:
1. an assignment as Executive Director and two missions
Member of the Board, or
2. four missions as a Board member.
Law (2014:982).
6 (b) for the purposes of section 6 a of the second paragraph, the
1. missions within the same group of companies or in companies where
credit market Association has a qualifying holding is counted
as a single mission, and
2. Mission in activities and organizations that do not
mainly has a commercial purpose shall not be taken into account.
If the Board Member representing the Swedish State, the
No 6 a of the second paragraph.
A member of the Board of directors or Chief Executive of a
credit market compound that is significant, condition
by the Swedish financial supervisory authority, have another mission that
Member of the Board of Directors in addition to those mentioned in paragraph 6 (a) 1
or 2. Law (2014:982).
6 (c) § It is member of the Board of directors or Executive Director
in a credit market Association shall devote sufficient time
to be able to carry out its mission. Law (2014:982).
General meeting
section 7/expires U: 2016-07-01/
In addition to the provisions on disclosure in Chapter 7. section 11 of the
first subparagraph, Act (1987:667) on economic associations apply
that information may be disclosed only if it can be done without significant
inconvenience to the individual.
The provisions of Chapter 7. the third paragraph of section 11 of the law on financial
associations shall apply also when the Board found that a
information has been requested in accordance with Chapter 7. section 11 of the first and second
the paragraphs that law cannot be left to the Member without noticeable
inconvenience to the individual. Act (2004:444).
section 7/entry into force: 07/01/2016
In addition to the provisions on disclosure in Chapter 7.
section 28 of the Act (1987:667) on economic associations in information may be provided only if it can be done without significant inconvenience to any individual.
The provisions of Chapter 7. 30 and 31 of the law on cooperative societies shall apply also when the Board has determined that a piece of information that has been requested in accordance with Chapter 7. 28 and 29 of the same Act cannot be provided to a member without significant inconvenience to any individual. Law (2016:117).
7 a §/expires U: 2016-07-01/
In place of that provided for in Chapter 7. section 17 of the fifth
the first sentence of the law (1987:667) on economic
associations to take legal action, the following applies. In addition to the
provided for in Chapter 7. the second subparagraph of paragraph 17 of the law on financial
unions may not be brought after the
The financial supervision authority by a decision which has become final
has given permission to execute the merger plan under 14 –
16 of this chapter. Law (2009:711).
7 a section/entry into force: 07/01/2016
In place of that provided for in Chapter 7. the first sentence of the third paragraph of section 44 law (1987:667) on economic associations that bring an action, the following applies. In addition to that provided for in Chapter 7. 44 of the law on cooperative societies may not be brought after the financial supervisory authority, a decision that has a legal effect has given the permission to execute the merger plan under sections 14-16 of this chapter. Law (2016:117).
Revision
section 8 in a credit union shall have at least one auditor elected
of the general meeting.
9 § only those who are authorized or approved auditor may be
an auditor of a Credit Union.
At least one auditor appointed by the general meeting shall be authorized
Auditor. Team (2013:231).
9 a of for the purposes of Chapter 8. section 7 of the Act (1987:667) if
economic associations about the disqualification of auditor shall
credit unions are regarded as compounds referred to in 8
Cape. paragraph 5 of the same law the first or third paragraph. Law (2006:405).
section 10 in addition to the provisions on disclosure in Chapter 8.
section 16 of the Act (1987:667) on economic associations in
information may be disclosed only if it can be done without significant
inconvenience to the individual.
section 11 of Chapter 13. section 10 contains provisions on auditor and
specific reviewers ' reporting obligations to
The Swedish financial supervisory authority.
Liquidation
section 12 of the application for the liquidation of a Credit Union under
11 kap. 3, 4 or 4 a of the Act (1987:667) on economic
compounds may also be made by the financial supervision authority.
Fusion
section 13 by fusion with a credit union shall not apply
12 Cape. 10-12, 14-16 and 35 § § the Act (1987:667) on economic
compounds. Instead apply 14 to 16 of this chapter. When
the merger means a Credit Union and a wholly-owned
daughter stock company applies 14 – 16 §§ mutatis mutandis. What
provided where about surrendering compound should instead refer to
daughter company. Law (2009:711).
section 14 If the merger plan has taken effect in all
associations, as well as being acquired takeover Coalition
apply for the permission to execute the plan. At a
cross-border merger, the application shall be made by the
Swedish unions taking part in the merger. The application shall be made
the Swedish financial supervisory authority.
At the merger by combination, unions also apply
If the condition referred to in Chapter 3. 2 § and approval of the statutes
According to Chapter 3. section 3 of the takeover. At
cross-border merger, this applies only if the
inheriting the Association should have its habitual residence in Sweden.
The application referred to in the first subparagraph shall be submitted within one month after
the merger plan is valid for all societies and last
two years after the registration of the plan have been published
According to chapter 15. section 2 of the Act (1987:667) on economic associations.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph.
The financial supervision authority shall also inform the Office if
final decision has been announced on the occasion of the
such applications. Law (2009:711).
15 § in the processing of an application for authorisation to
effect a merger plan to the financial supervision authority try to
unions, creditors receive a satisfactory
security, if such protection is needed with regard to the
the merging unions ' financial circumstances and if
the creditors do not already have such security.
Law (2009:711).
section 16 of the financial supervision authority shall refuse an application under section 14 of about
1. merger not approved properly or
whose content is contrary to law or regulation
or against the bylaws,
2. the merger has been prohibited under the Competition Act (2008:579)
or pursuant to Council Regulation (EC) No 139/2004 of 20
January 2004 on the control of concentrations between undertakings or
review of the merger is in progress under the competition act or the
the said regulation,
3. unions, creditors have not secured such
by collateral referred to in section 15 or the merging
the clubs ' financial situation is such that
the merger cannot be regarded as compatible with the depositors ' or other
the interests of creditors, or
4. it is justified in the public interest.
If the application is rejected on the ground that the trial
under the competition act or the Council Regulation (EC) no
139/2004 and the trial is likely to be completed within a short period of time,
the FSA may decide to permit the issue to rest
for a maximum period of six months. Law (2009:711).
section 17 instead of as provided in Chapter 12. section 17 of the other
law (1987:667) on economic associations of
the date of notification of the merger for registration shall
notification shall be made not later than two months from the
FSA authorisation to effect the merger plan
has become final. Law (2009:711).
section 18 instead of 12. second paragraph of section 40 of the Act (1987:667)
If economic unions, the following applies. The Special
the financial statement shall include a balance sheet and a
profit and loss account. When these documents are drawn up shall
the provisions of the Act (1995:1559) on the annual accounts of
credit institutions and securities companies shall apply. The Special
financial statements must also include some additional information and
specifications. Thereby concerning Chapter 6. 5 and 8 sections
the accounting Act (1999:1078) mutatis mutandis. Financial statements must
signed and filed with the Registrar within a
month from the end of the period to which the accounts relate.
Law (2010:1530).
section 19 of the Fusion between a Credit Union and a wholly-owned
daughter company limited by shares may take place even if the daughter company
are the property of credit market Association may not acquire
According to this law. Such property must be sold within one year
from the registration. If there are special reasons,
The financial supervision authority may extend this time limit. Law (2009:711).
Damages
20 § what is in chapter 13. 1-3 of the law (1987:667) on economic
unions provides for liability for breach of the
the law, the applicable law concerning the annual accounts and of the statutes
concerns regarding the credit market compounds even at
violation of this law, no 575/2013, the law
(2014:968) if special supervision of credit institutions and
securities companies and the law (2014:966) on capital buffers.
Law (2014:982).
Special provisions for the European cooperative
section 21 of the terms of protection of creditors to a
credit market Association, which is involved in the formation of a
the European cooperatives by fusion, the provisions of §§ 14-16
If permission to execute a merger plan is applied.
Law (2009:711).
section 22 of the companies registration office shall issue the certificate referred to in
Article 29(2) of Council Regulation (EC) No 1435/2003 of 22
July 2003 on the Statute for a European cooperative society
(SCE) (SCE), where a decision has
granted in accordance with paragraphs 14 to 16 and the decision has become final.
Law (2009:711).
section 23 When a European cooperative that has permission to operate
financing business intends to move its headquarters from Sweden
to another State is not applicable 14-20 § § the Act (2006:595) about
the European cooperatives. Instead applied 24-26 sections of this chapter.
With regard to the protection of creditors of the European cooperative in connection
with a movement of Europe the cooperative's registered office, the
the provisions of sections 24 and 25 shall apply. Law (2006:612).
section 24 Of the general meeting on the basis of article 7 of the SCE
the regulation has decided that the European cooperative's registered office shall
moved to another State, should apply for the European cooperative
permission to move. The question of whether such a condition is tested
by the Swedish financial supervisory authority.
The application must be filed within one month from the date of the general meeting
decisions about moving.
The application shall be accompanied by the following documents:
1. a copy of the minutes of the general meeting which
decision on transfer was made,
2. a copy of the proposal on the transfer, and
3. a copy of the statement referred to in article 7(3) of the SCE
the regulation.
If the European cooperative does not have annexed the documents referred
in the third paragraph of the application or if there are any other
barriers to take up the application admissible, it shall
European cooperative be required to give its opinion within a time
or remedy the shortage. If the European cooperative does not do this,
should the application be rejected.
The financial supervision authority shall inform the registration office and
The Swedish tax authorities concerning the application of the first subparagraph.
The financial supervision authority shall also inform the Office if
final decision has been announced on the occasion of the
such applications. Law (2009:711).
24 a of for the duration of the FSA's handling of
an application under section 24 is under way, the tax office may decide to
the Association for a period of time not exceeding twelve months must not be
moving its headquarters to another State. Time may be extended, if
There are special reasons, but only three months at a time.
As long as the tax agency's decision applies, the FSA
the processing of the application under section 24 of the rest.
The Revenue Commissioners may decide in accordance with the first paragraph only if
1. it is justified in the public interest,
2. the authority has decided on the revision of the European cooperative,
and
3. There is reason to believe that the audit would be complicated
considerably by a movement of the seat. Law (2009:711).
section 25 Permits for the transfer of registered office shall be notified of
1. the cooperative's creditors receive a satisfactory
security, if such protection is needed with regard to
Europe the cooperative's financial circumstances and the creditors
do not already have such security,
2. the cooperative's financial circumstances are otherwise
such that the transfer may be considered compatible with the depositor, or
the interests of other creditors, and
3. There are no barriers to the transfer under article 7.15 in
SCE regulation. Law (2006:612).
section 26 of the companies registration office shall issue the certificate referred to in
Article 7(8) of the SCE regulation decision
According to section 25 and the decision has become final. Certificates may
However, cannot be issued if the financial supervision authority has issued a
decision as referred to in section 13 of the Act (2006:595) about
the European cooperatives. Law (2009:711).
section 27 in respect of European cooperatives that have such a
the management system referred to in articles 37-41 of the SCE
Regulation (two-tier Europe organized cooperatives),
What about a Credit Union Board of directors or its
members of the following provisions of this Act apply to the
the regulatory body or its members:
Chapter 1. section 12 of the notice;
Chapter 3. 2 section 4 of the management review,
Chapter 8. 5 paragraph 1 if the contract for services with, or to
the benefit of the Member of the Board of Directors,
12 Cape. § 3 If the composition of the Board,
12 Cape. 6 § If assignments in other companies,
12 Cape. the second subparagraph of paragraph 7 if disclosure to the general meeting,
Chapter 13. section 12 of the right for the FSA to convene
the Board of Directors and be present at such meeting and participate in the
the deliberations, as well as
15. section 2 of the revocations of authorizations.
The second paragraph of section 21 and section 26 of the Act (2006:595) about
the European cooperative society States that the provisions of the first subparagraph of
the Board or its members shall also apply to a
European cooperative management or administrative body, or its
members. Law (2006:612).
section 28 A European cooperative shall draw up annual accounts and, in
where appropriate, the consolidated financial statements, in accordance with the
provisions in the Act (1995:1559) on the annual accounts of
credit institutions and investment companies that are applicable to
credit market associations. Law (2006:612).
section 29 the right to acquire the firm for a European cooperative society,
be exercised only by two or more persons jointly, unless the
subject to the provisions of Chapter 6. section 12 of the Act (1987:667) on economic
compounds. Law (2006:612).
Chapter 13. Supervision
Registration authority
section 1 of the regulatory authority of banks and branches of
foreign banking companies are the companies registration office. In
the Registrar introduced a bank register. In this writing
the information in that under this Act, the companies act
(2005:551), the Savings Bank Act are amended (1987:619), Act (1995:1570) if
member banks, the Act (1992:160) if foreign branches, etc.
or administrative provisions shall be notified for registration or in the
should be entered in the register.
For registration of credit market companies and
credit unions shall be laid down in
the companies act and the law (1987:667) on economic
compounds. For the registration of branches of foreign
Credit Unions Act applies to foreign branches, etc.
The Registrar shall disclose information and documents
in the bank register in electronic form, if requested.
Law (2007:1465).
Supervision and its extent
section 2 of the prudential supervision of credit institutions and
foreign credit institutions which have established branch pursuant to Chapter 4. 4 section.
For a credit institution comprises the supervision that the movement is driven
According to
1. this law,
2. regulations governing the Institute's activities,
3. the Institute's articles of Association, statutes or regulations, and
4. internal instructions which are based on the provisions
regulates the activities of the Institute.
The inspection also has oversight of the credit institution's
owners and management meets the eligibility requirements of this law.
For a branch of a foreign credit institution referred to in 4
Cape. paragraph 4 shall inspection ensure that the institution complies with the
laws and regulations applicable to the institution's
activities in this country.
Information from surveys with a credit institution
paragraph 3, a credit institution and such foreign credit institutions
that set up a branch in Sweden will provide the financial supervision authority the
information about their activities and related
circumstances that the inspection request.
The FSA may also request such information as
referred to in the first paragraph of the people employed by the
institutions referred to in the first subparagraph as well as of persons
employees of the companies referred to in Chapter 6. section 1 of the Act (2014:968)
If the special supervision of credit institutions and
securities companies. Law (2014:982).
3 a of the Government or the authority, as the Government determines
announces that certain tasks under paragraph 3 of
must be submitted to the financial supervision authority shall be submitted to
The central statistical office. Law (2014:487).
paragraph 4 of the financial supervision authority, when the inspection is of the opinion that it is
necessary, carry out an examination of a financial institution
and such foreign credit institution which established the branch in
Sweden.
Before an investigation is conducted in a foreign
credit institutions which have established branch pursuant to Chapter 4. § 1, shall
The financial supervision authority shall consult the authority in the country of
within the EEA, which authorized the foreign
the credit institution. Law (2014:982).
4 a section/entry into force: 2016-02-01/a credit institution shall inform the financial supervision authority if the failing or likely to fail.
The financial supervision authority shall immediately inform the resolution authority (national debt) and other relevant resolution authorities whether notification. Law (2015:1029).
Information from investigations of other companies
§ 5 If a credit institution is part of a group, the other
the companies of the Group provide the financial supervision authority the information
about their activities and related circumstances
the inspection needs for its oversight of the Institute.
5 a section/entry into force: 2016-02-01/a company referred to in Chapter 1. Article 1, first paragraph 2 Act (2015:1016) if resolution shall inform the financial supervision authority if the failing or likely to fail. The financial supervision authority shall immediately inform the national debt and other relevant resolution authorities whether notification.
If the company has failed to fulfil its obligations under the first subparagraph, the FSA to intervene under Chapter 15.
Law (2015:1029).
6 § has a company been instructed by a credit institution to
operate any part of the Institute's motion, the financial supervisory authority
conduct investigations of the company, if necessary, for
supervision of the Institute. One such company shall also provide
The financial supervision authority the information about their activities and thus
coherent circumstances that the inspection needs for its
supervision of the Institute.
Cooperation and exchange of information
6 a of the financial supervision authority shall in its supervisory activities
cooperate and exchange information with foreign competent
authorities, the European banking authority, the European
systemic risk Board and the European Securities and
markets authority to the extent arising out of Sweden's
membership in the European Union. Law (2014:982).
6 b/expires U: 2016-02-01-financial supervisory authority may refer the matters related to a
procedure by another competent authority in the EEA to
The European banking authority of dispute resolution in the cases
evidenced by articles 112 (2), 116 and 133 in
the capital adequacy directive. Law (2014:982).
6 b/entry into force: 2016-02-01/FSA may refer questions concerning a procedure of another competent authority in the EEA to the European banking authority for settlement of disputes in the case as shown in the
1. Article 112 (2), 116 and 133 in the capital adequacy directive, and
2. the second subparagraph of articles 8(3), 8(4), second subparagraph, 20.7 and 30.5-30.7 in crisis management directive. Law (2015:1029).
6 c § financial supervisory authority may also refer such questions as
referred to in paragraph 6 (b) to the European banking authority
settlement of disputes in accordance with article 41(2), 43.5, 50.4 and
51(2) of the solvency directive. Law (2014:982).
6 § entry into force d/in: 2016-02-01-financial supervisory authority may request the European banking authority shall assist the competent authorities to reach an agreement in the case, as is clear from article 8(2), third subparagraph, 20.5, second subparagraph, and the second paragraph of 25.4 30.4 crisis management directive. Law (2015:1029).
7 § after notification to the financial supervision authority, a competent
authority in another country within the EEA study
of a in Sweden established branch of foreign
credit institutions as referred to in Chapter 4. 1 § and in the branch of
such companies as referred to in Chapter 4. section 3. Law (2014:982).
paragraph 8 of the financial supervision authority shall provide the information as a competent
authority in another country within the EEA need their supervision
of a foreign credit institution, a foreign financial
institutions or subsidiaries operating here under 4
Cape. 1, 2 or 3 sections.
/Rubriken entry into force: 2016-02-01/Register of contracts
8 a of/comes into force in: 2016-02-01-financial supervisory authority may decide that a credit institution shall establish registers of its financial contracts and other agreements of considerable significance for the credit institution's activities. Law (2015:1029).
Revision
paragraph 9 of the financial supervision authority has the right to appoint one or more
Auditors, together with the other auditors participating in
audit of a credit institution. The inspection may
revoke such appointment and appoint a new auditor.
The auditor is entitled to equitable remuneration from the Institute for its
work. The size of the fee is determined by the Inspectorate.
The financial supervision authority shall issue an instruction for an accountant
designated by the inspection. An auditor appointed by
The financial supervision authority shall, irrespective of the meeting's instructions follow the
instruction that the Inspectorate has issued.
section 10 of the auditor or auditors shall promptly
report to the Swedish financial supervisory authority if he or she at
the performance of their mission in a credit institution is informed
If the conditions which
1. can constitute a material violation of the provisions
regulates 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 profit and loss account is established or to the note under
Chapter 9. 33 or 34 of the Swedish companies Act (2005:551), Chapter 8. section 13
Act (1987:667) on economic associations, 4 a Cape. 14 and
15 § § savings Bank Act are amended (1987:619) or 7 a Cape. 14 and 15 sections
Act (1995:1570) where the member banks.
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 in the credit institution's parent companies or subsidiaries
or in a company that has a similar relationship with the
Institute. Act (2005:932).
Establishment of special balance sheet
section 11 of the Board of Directors of a savings bank, a member bank or in a
credit market Association is obliged to immediately have a
separate balance sheet, if there is reason to believe that
institution cannot fulfil own funds requirement under Chapter 2.
section 1 of the Act (2014:968) if special supervision of credit institutions
and securities companies.
The balance sheet shall be examined by the institution's auditor. If
the review shows that the requirement is not met, the
the Institute's Board of Directors shall immediately inform the financial supervision authority.
Law (2014:982).
The convener of the Board of directors or the general meeting of shareholders
section 12 of the financial supervision authority may convene the Board of Directors of a
credit institutions. If the Board does not have to comply with a
request from the supervisory authority to convene extraordinary general meeting,
the inspection issue such a notice.
Representatives of the inspection may attend the general meeting and at a
such a Board meeting that the inspection has convened
as well as participate in the deliberations.
General Counsel in bankruptcy
13 § When a credit institution has been declared bankrupt,
The financial supervision authority shall order a general agent. The General
the officer shall that trustee participate in insolvency
management, together with the trustees appointed
under the Bankruptcy Act (1987:672).
The Attorney General, regarding the co-custodian make a
such a request as referred to in Chapter 7. paragraph 5 of the Bankruptcy Act.
Although the decision on the sharing of the bankrupt estate management has
the Attorney General, may participate in the management of its
a whole.
The provisions of the Bankruptcy Act on fees to the trustee in bankruptcy
also applies to the Attorney General.
FSA's powers of a credit institution's
liquidation
section 14 Under the winding-up of a credit institution has
The Swedish financial supervisory authority the same powers in respect of the joint liquidators
and AGM the inspection otherwise has in terms of the Board of Directors
and the meeting.
Pension or personal Foundation
section 15 If an employee benefit plan or an employee trust belongs
of a credit institution and the Foundation's assets
mainly comes from funds contributed by
credit institution, the financial supervision authority shall ensure that
the Foundation's assets are placed in a way that prepares
reasonable security. During the assessment, the purpose of the Foundation
considered and taken into account as provided for in this Act if
placement of an institution's funds. If the Foundation's assets
not have been placed in a satisfactory manner,
the inspection order the Foundation to make the correction.
The Foundation shall represent on FSA
request keep the Foundation's cash and other assets as well as
books, accounts and other documents available to the
review. He or she shall also submit the inspection, all the
information about the foundation that the inspection request.
Fees to the FSA
16 §/expires U: 2016-02-01/credit institutions and foreign credit institutions with branch
here in the country, with annual dues cover
FSA's activities and central statistical office
activities under the Act (2014:484) on a database for
monitoring and supervision of financial markets. The same
for such companies as referred to in Chapter 4. paragraph 3 and which have
branch here in the country. Law (2014:487).
16 section/entry into force: 2016-02-01/credit institutions and foreign credit institutions with branch here in the country, with annual dues pay for FSA's activities and the activities of the central statistical office under the Act (2014:484) on a database for the monitoring and supervision of financial markets. The same applies to such companies as referred to in Chapter 4. paragraph 3 of which have branch in this country.
The financial supervision authority may charge fees for the examination of applications, notifications and notices under this Act. Law (2015:1029).
Chapter 14. Especially if the examination of the suitability of owners
§ 1 a direct or indirect acquisition of shares
in a credit institution, which means that the acquirer's total
holdings constitute a qualifying holding may be made only after
the permission of the financial supervision authority. The same applies to acquisitions that
means that a qualifying holding shall be increased
1. so that it is equal to or exceeds 20, 30 or 50
per cent of the capital or voting rights for all shares
or shares, or
2. so that the Institute becomes a subsidiary.
Conditions referred to in the first subparagraph shall be obtained prior to the acquisition.
Application for a permit shall be made in writing. If the acquisition has
made through the Division of property, inheritance, wills, General parcel or
in any other similar way, instead, is required to
the transferee shall retain the shares or units.
The purchaser must apply for a permit within six months after
the acquisition.
The Swedish financial supervisory authority shall, within two working days of an
complete application form submitted to the supervision authority send an
confirmation to the purchaser that the application has been received.
Law (2009:361).
1 a section/entry into force: 2016-02-01/provisions of 2, 3 and 4 of § shall not apply to decisions on the transfer, reduction or conversion under 6, 16, 17, or 21. Act (2015:1016) for resolution.
Law (2015:1029).
section 2 of the permit is given to acquisition referred to in § 1, if
the transferee is deemed appropriate to exercise a significant
influence over the management of a credit institution and it may
It is assumed that the proposed acquisition is economically sound. Into account
should be given to the acquirer's likely impact on business
in the credit institution.
The assessment referred to in the first subparagraph, the acquirer's
reputation and capital strength to be taken into account. It should also be taken into account
1. where as a result of the acquisition will be included in
the Board of Directors of the credit institution or be executing
Director of it, or be a substitute for any of them,
sufficient insight and experience to participate in the management
of a credit institution and generally is suitable for a
such a task and whether the Board in full has sufficient
knowledge and experience to lead the Institute;
2. If there are grounds to believe that the purchaser will
counter to the credit institution's business is conducted in a manner that
consistent with this Act and the regulations
regulates the activities of the Institute, and
3. If there are grounds to believe that the acquisition is connected 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 section 2 of the Act (2003:148) if
the penalties for terrorist offences.
If the acquirer is a financial holding company or a
mixed financial holding company, the assessment of
acquirer special consideration if its management
meets the requirements for the management of such
company in accordance with Chapter 3. section 5 of the Act (2014:968) on special
supervision of credit institutions and securities companies and
Chapter 5. section 16 of the Act (2006:531) on special supervision of
financial conglomerates.
Acquisition would lead to the close links between
the credit institution and any other, getting permission is granted only if the
relations does not hinder an effective supervision of
Institute. Law (2014:982).
2 a of issue of the permit referred to in section 2 may be determined only after
consultation with the competent authority in the other country within the EEA where
the acquirer is
1. a in the country authorized foreign credit institutions,
business of electronic money, insurance companies or
investment firm, or of the resident
management companies which are authorised to carry on business
in accordance with the provisions of European Parliament and Council directive
2009/65/EC of 13 July 2009 on the coordination of laws, regulations and
administrative provisions relating to undertakings for collective
investment in transferable securities (UCITS),
2. the parent undertaking of such an undertaking referred to in paragraph 1,
or
3. a natural or legal person controlling such
companies referred to in 1. Law (2011:883).
2 b of the FSA's decision in a matter of permission to
acquisition referred to in paragraph 1 shall be notified within 60 working days
After the confirmation referred to in paragraph 1, third subparagraph
was sent (the assessment period). If the FSA asks
additional data can be extended assessment period.
The financial supervision authority shall be deemed to have granted permission to
the acquisition, if the inspection is not within the assessment period has
announced the decision in respect of the application.
If the financial supervision authority grants permission to an acquisition,
the inspection may decide a certain amount of time within which the acquisition
should be carried out. The inspection may decide to extend the time.
Law (2009:361).
section 3 of The who has decided to sell a qualifying holding
of shares in a credit institution or a large
part of such a qualifying holding, to holdings
This will be lower than any of the paragraph 1 of the first
paragraph specified borders shall notify the
The financial supervision authority if the law (2009:361).
4 § When a financial institution becomes aware that the shares or
participation in the Institute acquired under section 1 or disposed
under paragraph 3, the institution shall notify the acquisition or
the sale to the Swedish financial supervisory authority.
When a credit institution otherwise becomes aware that it has
a close relationship with someone else, the institution shall, as soon as
notify the financial supervision authority.
Another credit institution than a savings bank shall annually to
The financial supervision authority shall notify the names of owners who have a
qualifying holding of shares or units of the Institute and
the size of the holdings.
§ 5 If a legal person has a qualifying holding of
holdings in a credit institution, the legal
the person promptly notify changes of which included in its
management to the financial supervision authority.
paragraph 6 of the financial supervision authority may decide that the person has a
qualifying holding of shares in a
credit institutions at the meeting must not represent more shares
or share than corresponding to a holding which is not
qualified
1. If the holder prevents or likely to
counter to the credit institution's business is conducted in a manner
consistent with the requirements of this Act and other
regulations governing the Institute's activities,
2. where the holder has materially breached its
obligations in the course of trade or in other economic
Affairs or is guilty of serious
crime,
3. If the holder is a financial holding company or a
mixed financial holding company and its management do not
meets the requirements for the management of such
company in accordance with Chapter 3. section 5 of the Act (2014:968) on special
supervision of credit institutions and securities companies and
Chapter 5. section 16 of the Act (2006:531) on special supervision of
financial conglomerate, or
4. If there are grounds to believe that 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 section 2 of the Act (2003:148) if
the penalties for terrorist offences.
If the person who has a qualifying holding of shares or
shares have not applied for a permit to an acquisition that
referred to in article 1, the financial supervision authority may decide that the holder
at the general meeting may not represent shares or units to
the part they are subject to a requirement for development consent.
If someone in contravention of a decision by the Swedish financial supervisory authority has a
qualifying holding of shares, the holder
not represent shares or units of the meeting to the
share holding is in conflict with the decision. Law (2014:982).
section 7 of the financial supervision authority may submit to an owner referred to in section 6,
the first paragraph to dispose of so much of the shares or
shares that subsequently is not qualified. One owner
referred to in paragraph 6 of the second or third paragraph may be submitted to
dispose of as much of the shares or units of the holding
does not conflict with the Authority's decision.
7 a of the financial supervision authority may, in addition to 6 and 7
§ § decide that an owner who does not comply with the provisions of 1
or section 3 shall pay a penalty as determined in
accordance with Chapter 15. 8-9 sections. Law (2015:184).
paragraph 8 of the shares covered by the prohibition provided for in paragraph 6 of
or notice under section 7 shall not be included when the
required the consent of the owner of a certain part of the shares or
shares of the credit institution for a decision to be
valid or a power shall be exercised. However, this does
not if a liquidator appointed under section 9.
section 9 if there are special reasons, the financial supervision authority may request
that the district court appoints a suitable person as custodian
representing such shares under section 6 may not be
represented by the owner. Such applications are heard by the District Court in
the place in which the owner is domiciled or, if the owner has not
resident in Sweden, the Stockholm District Court.
A trustee is entitled to reasonable compensation for the work and
outlay. The royalty shall be payable by the owner of the shares
or units and shall, on request, be advanced by
the credit institution. If the debtor does not accept
the trustee's claims, the compensation is determined by the District Court.
section 10 where a credit institution has close links with anyone
and it prevents the effective supervision of the credit institution,
the Swedish financial supervisory authority may submit to the holders of shares or
participations in which relations are close to dispose of so
large part of the shares or units that so is no longer
case.
The Swedish financial supervisory authority may also decide that the
the subject of a decision taken under the first subparagraph may not represent
the shares or units of the meeting. In this case, the
the provisions of section 9 shall apply.
15. Interventions
Action against credit institutions and certain natural persons
(1) If a credit institution has failed to fulfil its obligations
under this Act, the regulations governing
the activities of the Institute, the Institute's articles of incorporation, bylaws
or regulations or internal instructions that have their
because of regulations that govern the activities of the Institute,
should the FSA to intervene.
The financial supervision authority shall issue an order within the
certain time limit or reduce the risk of movement in something
regards, limit or entirely omit dividends or
interest payments or take any other action to be
to correct the situation, a prohibition to execute
decision or by making a note. If the infringement
is serious to the credit institution's authorisation is withdrawn
or, if there is sufficient warning is announced.
The FSA will also intervene by issuing a
injunction in accordance with the second subparagraph, if it is
likely that a credit institution within 12 months
longer will fulfil their obligations under this law
or regulations governing the institution's
activity. Law (2014:982).
1 a of/expires U: 2016-02-01-the FSA will act against anyone who is included in the
a credit institution's Board or its Executive
Director, or replacement for any of them, if
credit institution
1. has a permit to operate the bank-or
finance law by making false statements or
on other irregular means;
2. in violation of Chapter 14. paragraph 4(1) do not to
The FSA report such acquisitions and divestitures
referred to therein,
3. in violation of Chapter 14. the third subparagraph of paragraph 4 of the stop to
The financial supervision authority shall notify the names of owners who have a
qualifying holding of shares or units of the Institute
as well as the size of the holdings,
4. do not comply with the requirements of Chapter 6. 1-4 (a), 4 (c) or section 5 or
in regulations issued pursuant to Chapter 16. 1 § 4,
5. to provide information to the financial supervision authority
or provide incomplete or incorrect information on
compliance with the obligation to fulfil own funds requirements
under article 92 of Regulation (EC) no 575/2013, in the
original wording, in contravention of article 99(1) of the
the regulation,
6. do not report or provide incomplete or
wrong information to the financial supervision authority with regard to
the data referred to in article 101 of Regulation (EC) no 575/2013, in
the original wording,
7. to provide information to the financial supervision authority
or provide incomplete or incorrect information on a
large exposure in contravention of Article 394(1) of Regulation (EU)
No 575/2013, in the original wording,
8. do not submit information to the financial supervision authority
or provide incomplete or incorrect information on
liquidity in contravention of article 415(1) and 415(2) of regulation
575/2013, in the original wording,
9. to send information to the financial supervision authority
or provide incomplete or incorrect information on their
leverage ratio in the contravention of article 430.1 of Regulation (EU)
No 575/2013, in the original wording,
10. repeatedly or systematically fail to
keep liquid assets in violation of article 412 of regulation
575/2013, in the original wording,
11. expose themselves to an exposure which exceeds the limits
under Article 395 of Regulation (EU) no 575/2013, in the
original wording,
12. is exposed to credit risk in a
securitisation position without meeting the conditions laid down in
Article 405 of Regulation (EU) no 575/2013, in the original
the wording,
13. do not leave information or provide incomplete
or incorrect information in violation of any of the articles
431.1 – 431.3 and 451.1 of Regulation (EU) no 575/2013, in the
original wording,
14. making payments to holders of instruments included in the
the institution's capital base in violation of Chapter 8. 3 and 4 of the law
(2014:966) on capital buffers or article 28, 51 or 63
of Regulation (EC) no 575/2013, in the original wording,
When these articles prohibit such payments to
holders of instruments included in the capital base,
15. have been found liable for a serious infringement of
Act (2009:62) on measures against money laundering and the financing
of terrorism, or
16. have allowed a member of the Board, Executive Director
or replacement for any of them to undertake such
Mission of the Institute or remain in the institution, even though
the requirements of Chapter 3. 2 paragraph 4 or 5, 10.
8A-8 c sections, 12. 6 a-6 c sections or in regulations
issued under Chapter 16 of the. 1 § 2 are not met.
If such a person referred to in the first subparagraph covered by
authorisation or notification obligations pursuant to chapter 14. 1
or section 3 of the acquisition or disposal of shares
in the Institute, the first subparagraph 2 and 3 do not apply to the
the person in respect of such shares or units.
Intervention as referred to in the first subparagraph may be made only if the
the Institute's breach is serious and the person in question
intentionally or recklessly caused the breach.
The intervention takes place through
1. the decision to the person concerned for a period of time, not less than three
years and not more than ten years, may not be a Director or
the Chief Executive of a credit institution, or replacement
for any of them, or
2. decision on the penalty.
Law (2015:184).
1 a section/entry into force: 2016-02-01-the FSA will act against anyone who is part of a credit institution's Board or its Executive Director, or replacement for any of them, if the credit institution
1. has a licence to operate the banking or finance law by making false statements or by any other irregular means;
2. in violation of Chapter 14. paragraph 4(1) to Swedish financial supervisory authority (finansinspektionen) notify such acquisition and divestitures referred to therein;
3. in violation of Chapter 14. the third subparagraph of paragraph 4 of the financial supervisory authority to register the names of the owners who has a qualifying holding of shares or units of the Institute as well as the size of the holdings,
4. do not comply with the requirements of Chapter 6. 1-4 (a), 4 (c), or section 5, or in the regulations that have been issued pursuant to Chapter 16. 1 § 4,
5. to provide information to the financial supervision authority or provide incomplete or incorrect information on the enforcement of the obligation to comply with the own funds requirements under article 92 of the prudential regulation, in contravention of article 99(1) of the said regulation,
6. do not report or provide incomplete or incorrect information to the financial supervision authority with regard to the data referred to in article 101 of the prudential regulation,
7. to provide information to the financial supervision authority or provide incomplete or incorrect information about a large exposure in contravention of Article 394(1) of prudential regulation,
8. do not submit information to the financial supervision authority or provide incomplete or incorrect information on liquidity in contravention of article 415(2) of regulation and supervisory 415(1),
9. to send information to the financial supervision authority or provide incomplete or inaccurate information about their leverage ratios in contravention of article 430.1 in prudential regulation,
10. repeatedly or systematically fail to hold liquid assets in violation of article 412 in prudential regulation,
11. taking an exposure exceeding the limits referred to in Article 395 of the prudential regulation,
12. is exposed to the credit risk of a securitisation position without meeting the conditions of article 405 of the prudential regulation,
13. do not leave information or provide incomplete or incorrect information in violation of any of the articles 431.1 – supervisory and regulation of 431.3 451.1,
14. making payments to holders of instruments included in the institution's own funds in violation of Chapter 8. 3 and 4 of the Act (2014:966) on capital buffers or article 28, 51 or 63 in prudential regulation, when those articles banning such payments to holders of instruments included in the capital base,
15. have been found liable for a serious infringement of the law (2009:62) on measures against money laundering and terrorist financing, 16. has allowed a Board Member, Executive Director or replacement for any of them to undertake such a mission in the Institute or remain in the institution even though the requirements of Chapter 3. 2 paragraph 4 or 5, 10.
8A-8 c sections, 12. 6 a-6 c section or in the regulations that have been issued pursuant to Chapter 16. 1 § 2 are not fulfilled,
17. in violation of 6 a kap. 2 § to draw up or submit a consolidated recovery plan, 18. in violation of Chapter 6 (b). section 11 to report to intercompany financial support should be provided, 19. in violation of Chapter 13. 4 (a) and 5 (a) § § to inform the financial supervision authority if the institution failing or likely to fail, or 20. contrary to Chapter 28. section 1 of the Act (2015:1016) if resolution fails to provide requested information to the national debt.
If such a person referred to in the first subparagraph shall be subject to authorisation or notification obligations pursuant to chapter 14. 1 or 3 section for acquiring or disposing of shares or units of the Institute, the first subparagraph 2 and 3 shall not apply to that person in respect of such shares or units.
Intervention as referred to in the first subparagraph may be made only if the institution's breach is serious and the person willfully or recklessly caused the breach.
The intervention takes place through
1. the decision to the person concerned for a period of time, not less than three years and not more than ten years, may not be a Director or Chief Executive of a credit institution, or replacement for any of them, or
2. decision on the penalty.
Law (2015:1029).
paragraph 1 (b) in selecting the sanction must take into account financial supervision authority
to the gravity and to the duration of the infringement.
Special consideration should be given to the nature of the infringement,
specific gravity of and potential effects on the
financial system, the damage caused and the degree of
liability.
The financial supervision authority may refrain from action if a
infringement is minor or excusable, if the credit institution
do the rectification or if the natural person seemed to
the Institute makes the correction or any other authority has
taken steps to Institute or the natural person
and these measures are deemed inadequate. Law (2015:184).
1 c § in addition to those mentioned in paragraph 1 (b) shall, in aggravating direction
If the credit institution or of the natural person
has previously committed an infringement. That assessment should
particular attention shall be given to whether contraventions are similar and
the time that has elapsed between the infringements.
In mitigating direction shall be taken into account if
1. the institution or the individual in question materially
through active cooperation has facilitated
The FSA investigation, and
2. the Institute quickly ceased the infringement or the
physical person quickly worked to infringement should
cease, then the notified to or mentioned by
The Swedish financial supervisory authority. Law (2015:184).
1 (d) of the Act (2014:968) if special supervision of
credit institutions and securities companies is provided for
opportunity to intervene by order of particular capital base requirements
and in particular the liquidity requirements.
In the law (2014:966) on capital buffers is provided for
intervention in a credit institution that does not meet the
the own funds requirements under the Act. Law (2015:184).
section 2 If someone who is part of a credit institution's Board of directors or
its Managing Director does not comply with the requirements
specified in Chapter 3. 2 § 4, the Swedish financial supervisory authority to revoke
the Institute's permission. It may, however, be made only if the inspection
first decided to object to the person or persons and
If this person or these, then one of the inspection, fixed period of
no more than three months have passed, still remains in the
the Board of directors or the Managing Director
The first subparagraph shall also apply if the Board in its entirety not
satisfy the requirements set out in Chapter 3. 2 § 5.
Instead of having to withdraw the authorization,
The financial supervision authority may decide that a Board member or
Executive Director may no longer be there.
The FSA will then appoint a replacement. Long
Mission until the Institute appointed a new
Member of the Board of directors or the Managing Director. Law (2014:982).
§ 2 b/entry into force: 2016-02-01-When the FSA has reason to intervene against a credit institution as referred to in paragraph 1 or 2, and the offences are of such a nature or to an extent that there is reason to believe that the credit institution may be subject to resolution pursuant to lagen (2015:1016) concerning resolution, shall notify the financial supervision authority Swedish national debt Office and Sveriges riksbank on this.
The financial supervision authority shall also provide the information to the national debt, which the authority will need to prepare the measures referred to in the Act.
The financial supervision authority shall also notify the credit institution, if the inspection is of the opinion that an increase of the share capital of the credit institution is required to Institute not to fail. Law (2015:1029).
2 c §/comes into force in: 2016-02-01/For FSA to intervene against a credit institution if the conditions in paragraph 2 (b) are met, the Inspectorate of the decision indicate that the intervention is such a krisavvärjande measure referred to in the Act (2015:1016) for resolution.
Law (2015:1029).
paragraph 3 of the financial supervision authority shall revoke a credit institution's
State of the Institute
1. not notified for registration within the prescribed period
or notification has been shelved or rejected by a decision
which has become final,
2. not within one year from the date the authorization was granted have begun
such motion that the State intends,
3. have declared that they forgo the permit,
4. has transferred its entire movement,
5. for a continuous period of six months has not pushed
such a movement as the authorization applies;
6. declared bankrupt or if the decision is made to
the Institute shall enter into compulsory liquidation, or
7. has a permit by submitting false data
or any other irregular means;
In the case referred to in the first subparagraph 2, 5 and 7 may instead
warning is announced, if there is enough. Law (2014:982).
section 4 of the State financial supervisory authority revoked may determine the
how the decommissioning of the movement shall take place.
A withdrawal decision may be subject to a ban to continue
the movement.
paragraph 5 of the Financial inspection by a competent authority
informed that a Swedish credit institutions infringed
regulations applicable in that country for such institutions,
the inspection immediately apply the measures provided for in paragraphs 1 to 4 to
the Institute, in the event of any circumstance referred to
there. The inspection shall immediately inform the competent
the authority on the measures taken. Law (2014:982).
section 6 of the repealed law (2013:455).
Penalty
Article 7 where a credit institution has issued a decision on complaint
or warning under section or warning under paragraph 3 of the first
paragraph 7 as compared to the second subparagraph, the Swedish financial supervisory authority
decide that the Institute should pay a penalty.
The fee to the State. Law (2014:982).
§ 8 the fine for a credit institution to be determined
to a maximum of
1. ten per cent of the turnover of the credit institution closest to
the previous fiscal year,
2. twice the profit that the Institute has received as a result of
rule violation, if the amount can be determined, or
3. twice the costs avoided as a result, the Institute
of rule violation, if the amount can be determined.
The fine shall not be less than
5 000 SEK. If the infringement has taken place in the Institute's
first year of operation, or if the data on the turnover
otherwise, it is missing or is inadequate, it may be estimated.
The fee must not be so large that the Institute not
complies with the requirements of Chapter 6. § 1. Law (2015:184).
8 a of the fine for a natural person shall be determined
to a maximum of
1. an amount as at 17 July 2013 in Swedish kronor
accounted for EUR 5 million,
2. twice the profit that the natural person has obtained
as a result of the infringement, if the amount goes to
determine, or
3. twice the costs incurred by the individual in question avoided
as a result of the infringement, if the amount goes to
fix.
The fee to the State. Law (2015:184).
§ 9 When the amount of the penalty is determined, the Special
taking into account the circumstances referred to in 1 (b) and (c)
sections as well as to the institution's or the natural person's
financial position and, if it is possible to determine, the
profit by the Institute or the physical person received to
as a result of the infringement or the costs
been avoided. Law (2015:184).
The sanctions procedure
9 a § questions about intervention against natural persons for
infringements referred to in paragraph 1 is taken up by the Swedish financial supervisory authority
by the sanction order.
A sanctions procedure means that the natural person
before that, within a certain period of time to approve the intervention according to the
1 a of the fourth subparagraph which are particularly to the time or amount.
Once the order has been approved, as a
Court ruling which had the force of law. An approval
is made after the time specified in the notice are without
effect. Law (2015:184).
9 b of A sanctions procedure shall indicate
1. the natural person that injunction,
2. the offence and the circumstances necessary to
characterize it,
3. the provisions applicable to the infringement, and
4. the penalty before the person.
The notice shall also include a statement that
application for sanction may be filed with the Court, if
the order is not accepted within the time
The Swedish financial supervisory authority specifies. Law (2015:184).
9 c section If a sanctions order has not been approved in the
specified time, the FSA may apply to the Court to
sanction will be decided. Such an application shall be made in the
administrative law that has jurisdiction to hear an appeal of the
Finansinspektionen's decision on intervention against the credit institution
for the same infringement.
Leave to appeal is required for an appeal to the administrative court.
Law (2015:184).
9 d § a penalty for an infringement as referred to in paragraph 1 (a),
be decided only if the sanctions order has been served on that
sanction directed against within two years from the date of
the infringement took place. Law (2015:184).
Late payment fee
section 10 if a credit institution fails to timely submit the
information prescribed pursuant to Chapter 16. section 1 of the first
paragraph 7, the financial supervision authority may decide that the Institute should
pay a late charge with a maximum of 100 000 SEK.
The fee to the State. Law (2014:982).
Enforcement of the decision on the penalty and
late payment fee
section 11 of the fine or the late payment fee must be paid
to the financial supervision authority within thirty days after the
the decision on the imposition of sanctions a final or
been approved or the longer period specified in the decision or
the injunction. Law (2015:184).
section 12 of the FSA's decision to impose penalty
or late charge may be effected without previous judgment
or a rash if the fee has not been paid within the time
specified in section 11. Law (2014:982).
section 13 If the fine or fines not
paid within the period specified in section 11, the financial supervisory authority
leave the unpaid fee for collection. Provisions on
recovery of State assets can be found in the Act (1993:891) if
recovery of State assets etc Law (2014:982).
section 14 A penalty or late fee imposed
falling away to the extent enforcement have not been
within five years from the date that the decision was final or
the sanctions order was approved. Law (2015:184).
Intervention against foreign credit institutions and other companies
section 15 If a foreign credit institution operating in the
Sweden pursuant to Chapter 4. 1, 2 or 3 sections not pushing his
activities in accordance with the provisions referred to in paragraph 1 of the
or if there is a substantial risk that the provisions
not complied with, the financial supervision authority shall inform the competent
authority of the home Member State.
In urgent cases, the supervisory authority, pending actions
taken by the competent authorities of the home Member State, adopt
action against the Institute in order to safeguard financial
stability in Sweden. Such measures shall be proportionate to the
purpose and stop as soon as they are no longer needed or
the home Member State's authorities to take such
reorganisation measure referred to in article 3 of Directive
2001/24/EC. Law (2014:982).
section 16 if a credit institution operating here under 4
Cape. § 1 or 2, have had their business licenses revoked
in Finland, the financial supervision authority immediately ban
the Institute to begin more transactions in this country.
The financial supervision authority shall also prohibit an undertaking such as
operate this according to Chapter 4. section 3 to begin more
transactions in this country if a foreign credit institution which
the company owns or its parent company got its
business license revoked. If a notification
from a competent authority, it can be shown that such companies as
referred to in Chapter 4. 3 § no longer meets any of the conditions
specified in that clause, the company may no longer be supported by the
the section running the business on this. Instead,
Swedish provisions shall apply for the business.
section 17, If a foreign credit institutions operate here
According to Chapter 4. section 4, paragraph 1 and paragraph 3(1) 6 apply
the activities in this country.
Cases of interference referred to in paragraph 1 of the review by the
The Swedish financial supervisory authority.
If deposits with the branch covered by warranty as a result
by a decision taken pursuant to the second subparagraph of paragraph 3 of law (1995:1571) if
deposit guarantee and authorization to the branch establishment not
would have been issued without such a decision, the inspection;
If the credit institution does not comply with its obligations under
the law on deposit insurance, submit to the Institute to do
correction. The notice shall include a statement that
Branch State otherwise may be withdrawn. If the institution does not
have made the correction within one year from the date of this order, the
the permit revoked. When such an examination is applied to other
paragraph.
If the branch licence is revoked shall apply paragraph 4.
The inspection shall notify the competent authority in
the institution's home Member State, indicating the activities undertaken with the support of
This clause. Team (2013:455).
Intervention against the which has no permission
section 18 if anyone is driving such a movement covered by this law
without being entitled to it, the financial supervisory authority
submit it to cease operations. The inspection may
decide how the decommissioning of the movement to occur. In a
injunction to a Swedish limited company or a
American Economic Association shall inform the financial supervision authority if the
to the right, on application of the supervisory authority may
decide that the company or the Association shall go into liquidation if
the order is not complied with.
The FSA may also take action against the operator of
the movement, through the decision on penalty according to
the provisions of this chapter.
If it is uncertain if the law applicable to the particular motion,
the Inspectorate shall submit to the operator's movement to leave the
information about the movement that inspection need to
determine if this is the case. Furthermore, anyone who is an accountant in a
companies are required to submit, at the request of the financial supervision authority
information about the company's motion that the Auditor had
aware of during the performance of their duties.
In the case of foreign companies gain a notice under
This clause is directed against the company as well as the one here in
the country is working on behalf of the company. Law (2015:184).
§ 19 Of a Swedish limited liability company or a Swedish economic
Association fails to comply with a notice under section 18 of the first
subparagraph to cease operations, the Court shall, upon application,
by the Swedish financial supervisory authority, decide that it shall go in
liquidation. In these cases, apply the provisions of chapter 25.
10, 25, 28-44, 46 and 47 of the Swedish companies Act (2005:551) and 11
Cape. 5 and 7-16 sections and section 17 of the fourth and fifth paragraphs of the law
(1987:667) on economic associations.
Decision on liquidation shall not be granted if, during the
proceedings at the District Court shows that the movement has ceased.
The decision on liquidation effective immediately. Act (2005:932).
VITE
section 20 Of the financial supervision authority notifies the injunction or prohibition
under this Act, the supervision authority may impose a penalty.
15 a Cape. /Kapitlet entry into force: 2016-02-01/Temporary management
Appointment of interim trustee
section 1 of the financial supervision authority may designate one or more temporary managers of a credit institution, if there is reason to believe that the institution may be subject to such a resolution procedure referred to in the Act (2015:1016) on the resolution and
1. the institution has a financial situation that prompted the FSA to intervene under Chapter 15. § 1 or 2, the financial situation has not significantly improved after the intervention, and no other actions are deemed sufficient to remedy the situation, or
2. The financial supervision authority has issued a warning in accordance with Chapter 15.
§ 1.
The financial supervision authority may decide that the provisional liquidator shall enter into the Board's and the ceo's place or work together with the Management Board and the Executive Director.
A decision on the Manager to take the Board's and the ceo's place should be made public and be registered with the companies registration office. Law (2015:1029).
section 2 of the financial supervision authority shall in its decision to appoint temporary managers describe the Manager's tasks and specify any conditions for the mission.
When an administrator is appointed to work with the Board and the Executive Director, the financial supervision authority may provide that certain decisions or measures should be preceded by consultation with or consent of the nominee.
Override the Board of directors or the Managing Director the requirements for consultation or consent referred to in the second subparagraph, this does not affect the legal validity of the document.
Law (2015:1029).
section 3 of the temporary administrator may not call a general meeting or equivalent bodies without the consent of the financial supervision authority. Law (2015:1029).
4 § The designated for temporary managers must meet the same requirements for suitability as referred to in Chapter 3. 2 section 4 of the Board and Chief Executive Officer.
The one that stands in such a relation to the Institute that it can discredit that he or she shall perform their duties with impartiality must not be temporary managers. It may not otherwise be any circumstance that leads to confidence in his impartiality can be dislodged.
The administrator shall promptly inform the financial supervision authority if the circumstances which may give rise to a conflict of interest for him or her.
Law (2015:1029).
Time for the management
paragraph 5 of the financial supervision authority shall appoint the interim trustee for a specified period, not exceeding one year. Time may be extended by a maximum of one year at a time. Law (2015:1029).
Dismissal of the administrator
paragraph 6 of the financial supervision authority may, with immediate effect, to distinguish the
temporary administrator from their mission. If an administrator asks to be relieved and shows the reasons for it, the financial supervision authority may discharge the liquidator.
Law (2015:1029).
15 (b). /Kapitlet entry into force: 2016-02-01/decisions on intervention and a temporary administration in the areas of cross-border groups
section 1 When the FSA is consolidating supervisor, shall inform the European banking authority inspection and shall consult with the competent authorities of the College for the group, if the parent company in the EEA has committed an infringement 1. of such a nature or extent specified in chapter 15.
paragraph 2 (b), or 2. that means that the conditions for the appointment of a temporary trustee under 15 a Cape. are met.
When a notification has been made pursuant to the first subparagraph, the financial supervision authority may decide to take action. When the FSA takes such a decision, shall take into account the views expressed by the inspection, the competent authorities and the effects that the decision could have on financial stability in the countries concerned in the EEA. Law (2015:1029).
section 2 of the financial supervision authority shall consult the coordinating supervisory authority, when the inspection in a situation such as that given in paragraph 1 first subparagraph intends to take action against a subsidiary of a parent undertaking within the EEA.
When consultation has taken place, the financial supervision authority may decide to take action. When the financial supervisory authority makes the decision, the supervisory authority shall take into account the views expressed by the consolidating supervisor and, where appropriate, by other competent authorities. The inspection should also take into account the impact of the decision might have on financial stability in the countries concerned in the EEA. Law (2015:1029).
3 § If both the financial supervisory authority and other competent authorities intend to take measures against companies in the same group, the financial supervision authority within five days from notification under section 1 of the consolidating supervisor, try to agree with the coordinating supervisory authority and other competent authorities, that the action should be coordinated, or that the same temporary trustee shall be appointed for the companies.
If the authorities agree, the financial supervisory authority in accordance with the agreement take the decisions necessary.
The first and second subparagraphs shall also apply when the FSA is consolidating supervisor. Law (2015:1029).
section 4 If an agreement referred to in paragraph 3 is not met within five days from the notification, the financial supervisory authority take a decision on the measures referred to in paragraph 1 or 2 are to be taken.
When the FSA examines a matter referred to in the first subparagraph, shall take into account the comments made to the inspection by the competent authorities and the effects that the decision could have on financial stability in the countries concerned in the EEA. Law (2015:1029).
§ 5 If any competent authority before the end of the consultation period referred to in paragraph 1 or 2, or the expiry of the five-days period referred to in paragraph 3 has referred a case of krisavvärjande actions to the European banking authority in accordance with article 19(3) of Regulation (EU) no 1093/2010, in wording in accordance with European Parliament and Council regulation 806/2014/EU, the Swedish financial supervisory authority (finansinspektionen) defer their decision according to 1 , 2, 3 or 4 sections with three days and await the decision that the European banking authority may take under article 19(3) of that regulation. The FSA should follow a decision in the matter of the European banking authority.
The krisavvärjande measures falling within the scope of the first paragraph is the requirement that
1. the Institute's leadership is taking some measures to strengthen the financial position of the Institute,
2. the Institute's management establishes a negotiating plan of rescheduling, or 3. the Institute will change their legal and operational structures.
The FSA may not refer such matter to the European banking authority in accordance with Chapter 13. 6 (b) § after-day period has expired or an agreement has been reached. Law (2015:1029).
16. Appropriations
1 §/expires U: 2016-02-01/Government or authority the Government determines
may provide for
1. what information a credit institution must provide to their
customers or to those who Institute offers its
services,
2. the requirements for participation in the
the management of a credit institution as referred to in Chapter 3. paragraph 2 of the first
paragraph 4 and 5 to chapter 14. 2, paragraph 1,
3. the records may be included in the initial capital under 3
Cape. 5 – 7 sections,
4. the measures that the credit institution should take to
meet the requirements for solvency and liquidity, risk management,
transmitted light, systems for handling data on depositors
and their deposits, soundness as well as guidelines and
instructions referred to in Chapter 6. 1 to 5 sections,
5. the credit institution's diversity policy when filling
Board of Directors as well as resources for the introduction and training of
Board members,
6. What are the restrictions that apply when a banking company
or a credit market company receives its own shares or
shares of its parent company as deposit according to 10. section 12,
7. what information a credit institution and such
foreign credit institutions which established the branch office in Sweden to
submit to the financial supervision authority for its regulatory activities,
and
8. such fees for supervision referred to in chapter 13. section 16.
Law (2014:982).
the entry into force of § 1/in: 2016-02-01/Government or authority that the Government may provide for
1. what information a credit institution shall disclose to its customers or to those who Institute offers its services, 2. the requirements for participation in the management of a credit institution as referred to in Chapter 3. 2 paragraph 4 and 5 to chapter 14. 2 section 1, 3. the records that may be included in the initial capital in accordance with Chapter 3. 5 – 7 sections, 4. the measures that the credit institution should take to meet the requirements of solvency and liquidity, risk management, transparency, systems for handling data on depositors and their deposits, soundness as well as guidelines and instructions referred to in Chapter 6. 1 to 5 sections,
5. the contents of a recovery plan according to 6 a kap. 1 § and a consolidated recovery plan according to 6 a kap. section 2, when the plans will be drawn up and how often they should be updated,
6. the content of an application for approval of agreements regarding intercompany financial support provided under the 6 (b). section 3(1),
7. what the decision of the Board of Directors of the sponsoring company pursuant to Chapter 6 (b). § 8 shall contain,
8. the contents of a notification of the granting of intercompany financial support provided under the 6 (b). section 11,
9. publication of information under Chapter 6 (b). section 16,
10. the credit institution's diversity policy in the appointment of the Board of Directors as well as resources for the induction and training of Board members, 11. What are the restrictions that apply when a banking company or a credit market company receives its own shares or shares of its parent company as deposit according to 10. section 12,
12. what information a credit institution and such foreign credit institutions which established a branch in Sweden must submit to the financial supervision authority for its regulatory activities, 13. the credit institution shall establish registers referred to in chapter 13. 8 a of, what registry should contain and the time within which the credit institution shall submit the registers for different types of agreements, and
14. such fees for supervision, requests, notifications and notifications referred to in chapter 13. section 16. Law (2015:1029).
2 §/expires U: 2016-02-01-the Government may provide for the handling of
authorization – according to chapter 14. 1, 2, and 2 b section.
Law (2009:361).
2 section/entry into force: 2016-02-01-the Government may provide for
1. the FSA's handling of the application for approval of agreements regarding intercompany financial support provided under the 6 (b). and of notification of the granting of such aid, and 2. examining licensing cases according to chapter 14. 1, 2, and 2 b section. Law (2015:1029).
Chapter 17. Appeal
section 1 of the FSA's decision under Chapter 13. section 12 and 15
Cape. 9 section 18 a of the third paragraph and may not be appealed.
Finansinspektionen's decision referred to in Chapter 10. 1 section
paragraph 1 may be referred to the Government.
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 for an appeal to
the administrative court.
The inspection may determine that a decision on
prohibition, injunction or withdrawal shall apply
immediately. Law (2015:184).
1 a of the tax agency's decision pursuant to Chapter 10. 40 (a) and 12.
24 a of may be appealed to the administrative court.
Leave to appeal is required for an appeal to the administrative court.
Law (2009:711).
paragraph 2 of the decision in a case if the condition referred to in Chapter 3. section 2 of the
not be notified within six months of the date on which the application was filed,
should the applicant of the public authority shall examine the application
be informed of the reasons for this. The applicant may then request
Declaration by the Court that the matter unnecessary residence.
If the FSA does not leave over a notice
referred to in Chapter 5. paragraph 2 of the first subparagraph to the competent authority in
abroad within three months from the date the notification was
received and also not within the same time notify the decisions taken under
the third paragraph of the same section, the supervision authority shall inform the
the applicant of the reasons for this. The applicant may then request
Declaration by the Court that the matter unnecessary residence.
A request for a declaration referred to in the first or second
subparagraph shall be made in the General Administrative Court.
Leave to appeal is required for an appeal to
the administrative court.
If the Agency has not announced a decision
referred to in the first subparagraph within six months of a
explanation has been provided, the application shall be deemed to have been rejected. If a
notification referred to in the second subparagraph have not been handed over
within three months of the submission of a declaration,
decision under Chapter 5. section 2 of the third paragraph shall be deemed to have been notified.
Team (2013:455).
Transitional provisions
2004:297
Regulations concerning the entry into force of this law will be given in the law
(2004:298) for the inclusion of Act (2004:297) on banking and
financing business.
2006:612
This law shall enter into force on 18 August 2006. If an application has
received before that date applied older rules
If
1. permit for execution of a merger proposal at
the formation of an SE by merger under article 2.1 SE
Regulation, and
2. authorization to transfer of registered office pursuant to article 8 of the SE-
the regulation.
2007:316
This law shall enter into force on 1 July 2007. Older provisions
However, if the merger plan has taken effect in
the parent company before that date.
2008:7
This law shall enter into force on 15 February 2008. Older
rules apply, however, in the case of mergers, where the merger agreement
established before the entry into force.
2008:601
1. this law shall enter into force on 1 January 2008.
2. Older provisions apply in the case of mergers as at
entry into force are tested under the Competition Act (1993:20) or
banned under the law.
2009:361
1. this law shall enter into force on 1 July 2009.
2. in the case of applications for an authorisation as referred to in Chapter 3. section 2 of the
or Chapter 14. paragraph 1 of which has been received by the Swedish financial supervisory authority
before its entry into force, older provisions apply.
3. at its entry into force holds shares or
participation in a credit institution to the extent that he or
She would have been required to apply for authorisation under
Chapter 14. Article 1, first paragraph if the shares had been acquired after
its entry into force shall, if not previously
granted, report their holdings to the FSA last
november 2, 2009.
2009:616
1. this law shall enter into force on 1 July 2009.
2. An authorization for a credit market company to operate
finance law in force at the entry into force,
continue to apply.
2009:711
1. This law shall enter into force on 15 July 2009.
2. Older provisions apply in the case of mergers, where
merger or merger agreement is established before
the entry into force. Older rules also apply in the case of
the European company and the European cooperative movement of the seat where the
the annual general meeting or general meeting's decisions about moving
has been taken prior to entry into force.
2011:898
1. this law shall enter into force on 1 January 2011.
2. Older regulations apply where an application has been received by the
the District Court prior to the entry into force.
2013:165
1. This law shall enter into force on 25 april 2013.
2. Older provisions apply to cases that have come into
to the companies registration office before entry into force.
2013:455
1. this law shall enter into force on the 15 July 2013.
2. Older provisions apply to cases that have come into
Swedish financial supervisory authority (finansinspektionen) before entry into force.
2014:982
1. this law shall enter into force on the day the Government determines in
question about Chapter 13. 6 c and 7 sections and 15 Cape. section 15 and otherwise
on August 2, 2014.
2. Older regulations apply for infringements that occurred
before the entry into force.
2015:184
1. this law shall enter into force on May 1, 2015.
2. Older regulations apply to infringements that took place
before the entry into force.
