Chapter 1. Introductory provisions
Definitions
paragraph 1 of this law means
1. alternative investment fund: the same as in Chapter 1. section 2 of the
Act (2013:561) on alternative
investment funds,
2. competent authority: the foreign authority having jurisdiction
the supervision of UCITS or investment companies,
3. derivative instruments: options, futures and swaps as well as
other similar financial instruments,
4. EEA: European economic area,
5. own resources: same as in article 2 (l) of
European Parliament and Council directive 2009/65/EC of 13
July 2009 on the coordination of laws, regulations and administrative provisions
to undertakings for collective investment in transferable
Securities (UCITS), as amended by the European Parliament's
and Council directive 2010/78/EC,
6. branch "means a branch office with independent management,
also taking a corporate Fund, a management company or a
Fund establishment of several establishments shall be construed as
a single branch,
7. financial instrument: transferable securities,
mutual funds, money market instruments, derivatives
as well as other right or obligation is intended for trading on the
the securities market,
8. the Fund management company: a Swedish limited liability company authorized
According to section 4 to drive the Fund operations,
9. Trust Fund business: a foreign company
(a)) as in their home country has authorisation for activities where the
only purpose is to make collective investments in such
assets listed in Chapter 5. Article 1, second paragraph, with capital
from the general public,
b) which operate on the principle of risk spreading, and
(c)) the units of which are, at the request of holders, re-purchased or
redeemed out of the assets of,
10. the UCITS home Member State "means the country in which the Fund has a
the authorisation referred to in 9 (a),
11. Fund operations: management of a unit trust,
sales and redemptions of Fund and thereby
coherent administrative measures,
12. corporate group: Group of consolidated accounts according to
Seventh Council Directive 83/349/EEC of 13 June 1983 based
on article 54(3)(g) of the Treaty on consolidated accounts,
as last amended by European Parliament and Council directive
2009/49/EC, or group according to recognised international
accounting rules, shall submit the corresponding report,
13. management companies: a foreign company in its
homeland has permission to manage UCITS,
14. the management company's home country means the country where the company has its
registered office,
15. depositary: a bank or another
credit institutions holding assets of a
unit trust and who manages incoming and outgoing payments
as regards Fund,
16. qualifying holding shall mean a direct or indirect holding in
a company, holding calculated in the manner specified in
1 a § represents 10 per cent or more of the capital or
of all of the votes or otherwise allows a significant
influence over the management of the company,
17. feeder Fund: an investment fund whose funds are placed in
under license 5 a Cape. section 6,
18. the feeder UCITS: a fund company in its home country has
authorisation referred to in article 58 of Parliament's
and Council directive 2009/65/EC,
19. master Fund: an investment fund
a) has at least one feeder Fund or a feeder fund company among
its shareholders,
(b)) is not a feeder Fund, and
c) whose funds are not placed in a feeder Fund or a
the feeder UCITS,
20. the receiving UCITS: an UCITS
(a)) in his home country has authorisation referred to in article 5
in European Parliament and Council directive 2009/65/EC,
b) has at least one feeder Fund or a feeder fund company among
its shareholders,
(c)) is not a feeder UCITS, and
(d)) do not put the funds in a feeder Fund or a
the feeder UCITS,
21. regulated market: the same as in Chapter 1. 5 § 20 Act
(2007:528) on the securities market,
22. money market instruments: Treasury bills,
certificates of deposit and other financial instruments
normally dealt in on the money market, is liquid and has a
value which can be accurately determined at any time,
23. Special Fund: the same as in Chapter 1. section 11 of the Act on 23
managers of alternative investment funds,
24. initial capital: same as article 2.1 k
European Parliament and Council directive 2009/65/EC,
25. Investment Fund: a fund whose shares can be redeemed on the
request of shareholders that consists of financial
assets, if it formed through capital contributions from
the public and owned by those who provided capital and
managed in accordance with the provisions of Chapter 5. or 5 a chapter,
and
26. transferable securities:
a) shares and other securities equivalent to shares, and
depositary receipts for shares,
b) bonds and other debt instruments, with the exception of
money market instruments, and depositary receipts for
debt securities, and
c) securities of a different kind as giving the right to acquire such
transferable securities referred to in (a) and (b) by drawing
or Exchange.
Transferable securities does not include techniques and instruments
referred to in Chapter 5. Article 1, third paragraph.
With the repurchase or redemption of units in accordance with the first paragraph 9
and 25 assimilates to shares admitted to trading on a
regulated market, if it is ensured that the
recorded value does not materially differ from the value
referred to in Chapter 4. section 10, third paragraph. Team (2013:563).
1 a § in determining whether an interest is a qualified
holding referred to in article 1, first paragraph 16, the following provisions
in Chapter 4. Act (1991:980) on trading in financial instruments
applied:
(2) paragraph 1 of depositary receipts,
— paragraph 4, second subparagraph, 1-8, and the third and fifth
the paragraphs relating to 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 on behalf of someone else,
– 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 market makers, given
with the backing of the chapter 7. 1 § 3 financial trading act
instruments or Chapter 23. 15 § 1 Act (2007:528)
the securities market, and
— exemption of certain parent company, which has been issued with
under Chapter 7. 1 § 4 financial trading act
instruments.
Shares as investment institutions referred to in Chapter 1. paragraph 5 of 27
the securities market act or a credit institution which
referred to in Chapter 1. paragraph 5 of the same law 17 and that drives
financing business, holds as a result of activities under
Chapter 2. 1 § 6 the same law 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 are disposed of within one year of the acquisition.
Third subparagraph shall also apply to shares held in
equivalent conditions of a foreign
investment firm or of a foreign credit institution which
power finance law. Law (2011:882).
section 2 of The mutual fund company and another company shall be presumed to have close
relations, 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 fund management company,
If
1. the natural person
a) owns at least 20 per cent of the capital of the management company,
b) disposes of at least 20 percent of all votes in
the management company, or
c) otherwise has such influence over the Fund management company that
the person's position is equivalent to that which a parent undertaking has in the
relation to a subsidiary, or
2. There is another similar connection between this personal
and the management company.
General provisions on permit
section 3 activities of the Fund may be operated only under this Act.
4 of a Swedish limited liability company may be given by the Swedish financial supervisory authority
a licence to operate the Fund business. The company may also be
permits for discretionary portfolio management regarding
financial instruments. Law (2011:882).
§ 5, a fund management company may, with the permission of the financial supervision authority
According to Chapter 3. section 1 of the Act (2013:561) on
alternative investment funds managing an alternative
Investment Fund.
For the activities referred to in the first subparagraph applies to law
on alternative investment fund managers.
A fund management company which is registered as the managers of the approved
venture capital funds pursuant to European Parliament and Council
Regulation (EU) no 345/2013 of april 17, 2013
European venture capital funds or of the approved funds for
Social Enterprise pursuant to European Parliament and Council
Regulation (EU) no 346/2013 of april 17, 2013
European funds for social enterprises may also drive
the activities referred to therein. Team (2013:563).
Foreign business operations in Sweden
section 6, a management company that belongs within the EEA and that in
his homeland has permission to operate such activities as
mentioned in European Parliament and Council directive 2009/65/EC,
1. operate from branch in Sweden beginning two
months after the financial supervision authority of a competent
authority in the management company's home Member State has received a
notification containing
a) a plan of the intended operations in Sweden with a mission
If the branch's organization and the services to be offered,
and
b) indication of the address of the branch and responsible management, and
2. drive the business by offering from their homeland and
provide services in Sweden, starting as soon as
The Swedish financial supervisory authority from a competent authority in
the management company's home Member State has received a notification
that includes a plan for the intended activities with
the services to be offered.
If the services are to be provided in accordance with the first subparagraph
includes management of a unit trust,
the business plan also indicate
1. the management company's risk management system, and
2. the measures taken by the management company
comply with the requirements of section 6 (c).
The financial supervision authority may decide that the activity may commence
earlier than indicated in the first subparagraph 1.
A management company may carry on business in Sweden only in
the extent to which the activities fall within the scope of the management company
business license in your home country. Law (2011:882).
section 6 (a) If a management company intends to change something
specified in a notice under section 6, after the
the operation commenced, the company shall notify the
The Swedish financial supervisory authority before the change is implemented. The company has
set up a branch in accordance with section 6, first paragraph 1, such
notice at least one month before implementing the change.
Law (2011:882).
6 b of A management company may carry on business in Sweden
under section 6, shall be authorised by the FSA to
Managing a mutual fund. Permission is granted in the form of
approval of the Fund rules pursuant to Chapter 4. § 9. Condition
must be given if
1. the management company in his home State are authorised to
manage UCITS of the corresponding type as the
unit trust to be managed,
2. the management company to the financial supervision authority has submitted the
agreement with the depositary referred to in Chapter 3. paragraph 4 and, in
where appropriate, information on the assignments given to any
the other is to manage the investment fund or operate thus
coherent administration,
3. the rules comply with the requirements of Chapter 4. sections 8 and 9,
and
4. There is reason to believe that the company will push
activities under this Act and regulations
apply to the management of an investment fund.
Data under item 2 of the first paragraph need not be given if
the management company already manages an investment fund and
previously provided the same information to the financial supervision authority.
If the management company intends to make changes of significance
with regard to anything referred to in the first paragraph 2 after the
the operation commenced, the company shall notify the
The financial supervision authority thereof. Law (2011:882).
6 c section a management company which manages a mutual fund
After the permit referred to in paragraph 6 (b) shall take the necessary measures
to this country to be able to
-making payments to unit-holders,
-redeem shares,
– provide information which the company is required to
provide, and
– handling complaints. Law (2011:882).
6 d section For the management of an investment fund that is a
management company performs after obtaining authorization under
6 b of the terms of Chapter 2. 15 c section, Chapter 3, Chapter 4. 1-3 and §§ 8 – 23, 5
Cape. 1 and 3 – 25 sections, 5 a chapter, Chapter 8. and Chapter 9. It listed
where if the Fund management company shall instead apply the management company.
At such management referred to in the first subparagraph shall as
specified in Chapter 9. Article 1, first paragraph 1 instead refer to cases when
the management company's permit revoked by the competent
authority of its home country or the financial supervision authority pursuant to the
12 Cape. 15 paragraph decided that the company no longer
may manage a mutual fund. Law (2011:882).
section 7 a UCITS which belongs within the EEA and in their home country
have the authorisation referred to in the European Parliament and of the Council
Directive 2009/65/EC may market shares in the company in this
the country without authorization under this Act. Activities must
commence on the date the competent authority of the home Member State has
the company announced that a notification of marketing
handed over to the Swedish financial supervisory authority.
A fund management company that operates in accordance with the first subparagraph
shall take the necessary measures to enable it to
-making payments to unit-holders,
-redeem shares and
– submit the information the company according to the rules in
the home Member State is obliged to provide.
If the CIU intends to change any of those specified in the
notification of marketing after the operation
begun, the company shall notify the
The Swedish financial supervisory authority before the change is implemented. Fund company
shall also inform the financial supervision authority of changes in
documents submitted together with the notification.
Law (2011:882).
section 8 Has been repealed by law (2013:563).
9 repealed by law (2013:563).
section 10 Of the management company and the Fund business
Sweden shall apply Chapter 2. paragraph 19 and 20 to 21 sections on
the corresponding way.
In addition to that provided for in the first subparagraph shall apply on
equivalent manner
– Chapter 2. section 17 c of the management company operating in Sweden
According to section 6 of the first paragraph, and
— Chapter 4. section 20 of the Fund business in Sweden according to
7 §.
Of branches of management companies and UCITS applies in
Moreover, the Act (1992:160) if foreign branches, etc.
Law (2014:558).
11 § a UCITS may use the same name here in the country
for their business that the company uses in its home country.
The financial supervision authority may, if there is a risk of confusion, require
that designation shall be accompanied by an explanatory addition.
Chapter 2. General rules for mutual fund companies, etc.
Conditions for authorisation
section 1 authorisation of a Swedish limited liability company to operate
the activities of the Fund may be used only if
1. the company is headquartered in Sweden,
2. There is reason to believe that the planned activities
will 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 fund management company,
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 fund management company nor otherwise is suitable for
such a task,
5. the rules have been approved for the
mutual funds that the company intends to manage, and
6. the company fulfils the conditions as otherwise provided in this
team. Team (2013:563).
section 2 of the assessment under section 3 of the if the 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 management company
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 one who will have a qualifying holding in the company
is a mixed financial holding company, the
the assessment of the reputation of the holder of the particular account is taken of its
management meets the requirements for the management of a
such company pursuant to Chapter 5. section 16 of the Act (2006:531) if
special supervision of financial conglomerates.
If the 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.
If the depositary is a branch established in Sweden
of a credit institution with headquarters in another country within the EEA,
get financial supervisory authority as a condition of the permit
provide that the assets of an investment fund
should be kept in this country. However, this does not apply if
assets must be entrusted to a foreign
depositary pursuant to Chapter 3. section 2 of the third paragraph.
Team (2013:563).
paragraph 3 of the Terms Of the mutual fund company that is prescribed if a limited liability company
in General, unless otherwise provided for by this law.
A fund manager shall have a Board of Directors with at least three members and
an Executive Director.
In the case of a European company that has such a management system
referred to in articles 39 to 42 of the Council Regulation (EC) no
2157/2001 of 8 October 2001 on the Statute for a European company will
What is said about the Board or its members in the following
provisions apply to the Supervisory Board or its
Members:
Chapter 2. 1 § 4 of the management review,
Chapter 2. section 18, first paragraph 1 concerning the prohibition to trade with a
unit trust,
Chapter 2. 20 a of the notice, and
10 Cape. section 10 of the right for the FSA to convene
the Board of Directors and be present at such meeting and participate in the
the deliberations.
The second paragraph of section 16 of the Act and section 22 (2004:575) if
European companies indicates that the specified in the third subparagraph
the provisions about the Board or its members to
also apply to an SE management or
administrative body or its members.
A fund management company must have at least one auditor.
Team (2013:563).
3 a §/expires U: 2016-01-01/for the purposes of Chapter 5. 20 and 22 § §
annual accounts Act (1995:1554), the mutual fund company is considered
public limited-liability companies.
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 fund companies be regarded as limited-liability companies referred to
in Chapter 9. 13 or 14 of the same law. Law (2006:573).
3 a section/entry into force: 01/01/2016/for the purposes of Chapter 5. 40 and 41 of the annual accounts Act (1995:1554), fund companies are considered as public limited companies.
For the purposes of Chapter 9. section 17 and 10. 10 of the Swedish companies Act (2005:551) on disqualification of Auditor and lay auditor is mutual fund companies be regarded as limited-liability companies referred to in Chapter 9. 13 or 14 of the same law. Law (2015:823).
3 (b) repealed by law (2009:710).
4 of a fund management company shall have initial capital as at the date
for the decision on authorisation corresponds to at least 125 000 euro.
Consultation with other competent authorities
paragraph 5 of the financial supervision authority shall, before it decides on the licensing
consult with a competent authority in another country within the EEA where
company
1. is a subsidiary of a management company,
investment firm, credit institution or insurance undertaking
authorised in that country,
2. is a subsidiary of the parent undertaking of a
management company, investment firm, credit institution or
insurance undertakings authorised in that country, or
3. controlled by the same natural or legal persons
have control over the management company,
investment firm, credit institution or insurance undertaking
authorised in the country.
Application for permit
section 6 of the application for authorisation shall not be made before the company has
registered in the companies registry or in
SE registry.
The application must be supplemented with a plan for the proposed
business (business plan) that also contains a
Overview of the management company's organization.
In the case of a European company which has its registered office in another State
applies, instead of what is stated in the first paragraph, that
the application for authorisation may be made if the general meeting has taken
decision to the company's registered office be moved to Sweden.
Act (2004:590).
paragraph 7 of a company shall, within six months of a
complete application has been submitted shall be informed
Finansinspektionen's decision in the matter.
A fund management company may start business as soon as authorisation
According to Chapter 1. paragraph 4 has been given.
Capital requirements for ongoing operations
section 8 A fund company's own funds, under the ongoing business
not be less than the minimum initial capital the company shall have
According to paragraph 4.
§ 9 a fund management company which manages a fund worth that
exceed an amount equivalent to EUR 250 million,
In addition to the initial capital as set out in article 4 of the additional custom
funds. These additional funds shall be not less than 0.02
percent of the amount by which the Fund's assets exceeds
an amount equivalent to EUR 250 million. In the Fund's assets
included are the assets that the fund company has commissioned someone
other to manage but not the assets that the Fund management company
manages on behalf of someone else. Own funds of the management company,
the initial capital including, need not, however, be higher than
the equivalent of 10 million euros.
A fund management company must pay half of the additional funds
referred to in the first paragraph with a guarantee of an equivalent amount of
the warranty provided by
1. a credit institution or insurance undertaking established in
EEA, or
2. a credit institution or insurance company established outside the
The EEA, which is subject to supervision equivalent to that
established by Community legislation.
section 10 of The mutual fund companies that perform discretionary portfolio management
regarding financial instruments, for this administration, and
the services according to Chapter 7. Article 1, first paragraph of the company
performing have it any further capital for credit risks,
market risks and operational risks which, according to
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, Chapter 2. Act (2014:968) if special supervision of
credit institutions and securities companies and the law (2014:966) on
capital buffers required by a securities company with
the corresponding activities. Law (2014:981).
10 a of For a mutual fund company that carries out discretionary
portfolio management regarding financial instruments
shall apply, except as permitted by section 10, other
the provisions of European Parliament and Council Regulation (EU)
No 575/2013, the law (2014:968) if special supervision of
credit institutions and securities companies, and law (2014:966) on
capital buffers that are valid for a securities company with
the corresponding activities.
For fund companies not performing discretionary portfolio management
regarding financial instruments shall apply the provisions of
supervision on a consolidated basis in articles 11 to 24 in the European Parliament
and Council Regulation (EC) no 575/2013 and the law (2014:968)
If the special supervision of credit institutions and securities companies
applying for a securities company. It provided for if
capital requirements for fund management companies in 8, 9 and 11 of this chapter
should then be applied even at the group level.
When a fund company is the parent company and in accordance with
Regulation (EU) no 2013 shall present information on
the basis of the Group's consolidated situation,
accounts are prepared with application of the rules
applies to the preparation of the consolidated balance sheet and
the consolidated income statement under Chapter 7. the annual accounts Act
(1995:1554). This does not apply if the subject
Regulation (EC) no 575/2013, the law on the special supervision of
credit institutions and securities companies or rules
announced with the support of the law. Law (2014:981).
section 11 of A fund company's own funds may, notwithstanding
8-10 paragraphs, not less than an amount equal to 25% of
the company's fixed expenses for the previous year or, if
the company's activities lasted for less than a year, 25 percent of the
fixed overheads that are specified in the company's business plan.
If the scope of the Fund the company's operations changed significantly
Since the previous year or if the financial supervision authority finds
to the business plan needs to be corrected, the inspection
decide on amendment of the capital requirements under the first subparagraph.
Branch operations in the EEA
section 12 relates to a fund company that manages mutual funds to
set up a branch in another country within the EEA, the company
notify the financial supervision authority before operations commence.
The notification shall include
1. a plan for the intended activities, with an indication of
the branch's organization and the services to be offered,
and
2. indication of the country in which the branch is established and if
the address of the branch and responsible management.
If the services to be offered include management of a
UCITS as referred to in Directive
2009/65/EC in the country where the branch is established, the plan
also indicate the
1. the company's risk management system, and
2. measures taken by the management company to fund the company's
country able to
-making payments to unit-holders,
-redeem shares,
– provide information which the company is required to
provide, as well as
– handling complaints. Law (2011:882).
13 § Finds financial supervisory authority in the cases referred to in section 12 of the
is no reason to question the management company's administrative
structure or financial situation, should the inspection within the
two months from the date on which the notification was received, hand over
it to the competent authority of the country where the branch to
set up. Together with the notification to the inspection
provide information on the investor protection rules that apply to
the management company's customers.
If the notification relating to the services referred to in paragraph 12 of the other
subparagraph, the FSA also hand over a certificate of
to the management company is authorised to pursue such activities as
mentioned in European Parliament and Council directive 2009/65/EC; In
the certificate shall state the extent of the management company be described
and an indication given of whether there are any restrictions
for which types of investment funds that the company may manage.
The financial supervision authority shall inform the management company after the inspection
hands over notification.
If the financial supervision authority finds that there is no
conditions for handing over the notification referred to
in the first subparagraph, it shall inform the inspection decision if, within
two months from the date on which the notification was received.
Law (2011:882).
section 14 If a fund company referred to in section 12 to change something
specified in the fund company's notification to the financial supervision authority
After the branch is set up, the fund company in writing
notify the inspection at least one month before the change
are carried out.
If the financial supervision authority finds that the change may not be made, should
the inspection, notify decision if, within one month from the
the notification came in for inspection. The competent authority of the
the other country should immediately be informed of the decision.
By change of investor protection as referred to in section 13, first subparagraph
to the financial supervision authority shall inform the authority in the country of
in which the branch is about change. The same applies when changing
of the information provided in the certificate referred to in paragraph 13 of the second
paragraph. Law (2011:882).
Cross-border activities within the EEA
section 15 refers to a fund company that manages mutual funds to
to offer and provide services in another country within the EEA
without setting up a branch there, the company shall notify the
The FSA before operations commence. Notification
should contain
1. a plan for the intended activities with information about which
services to be offered, and
2. indication of the country in which the business should be run.
If the services to be offered include management of a
UCITS as referred to in Directive
2009/65/EC in the country in which the business should be run, the plan
also indicate the
1. the company's risk management system, and
2. measures taken by the management company to fund the company's
country able to
-making payments to unit-holders,
-redeem shares,
– provide information which the company is required to
provide, and
– handling complaints. Law (2011:882).
15 a of the financial supervision authority shall, within one month from the
notification referred to in section 15 was accepted to hand over the
authority in the country of the business should be run.
Together with the notification to the inspection provide information
If the investor protection rules that apply to the fund company's customers.
If the notification relating to the services referred to in section 15, other
subparagraph, the FSA also hand over a certificate of
to the management company is authorised to pursue such activities as
mentioned in European Parliament and Council directive 2009/65/EC; In
the certificate shall state the extent of the management company be described
and an indication given of whether there are any restrictions
for which types of investment funds that the company may manage.
Law (2011:882).
15 (b) § If a fund company referred to in section 15, to change something
specified in the fund company's notification to the financial supervision authority
After the operation started, the management company
notify the inspection before the change is implemented.
By change of the information provided in the certificate referred to
in paragraph 15 (a) of the financial supervision authority shall inform the
competent authority of the country in which the business is operated on
the change. Law (2011:882).
15 c § refers to a fund company that manages mutual funds
to market units in a Fund in another country in the
The EEA, the company shall inform the financial supervision authority before
activities commence. Provisions concerning the tasks and
notification shall include documents, see
Commission Regulation (EU) No 584/2010 of 1 July 2010
on the implementation of European Parliament and Council directive
2009/65/EC as regards the written notification and
the form and content of the certificate, electronic
communication between competent authorities in the context of
notification procedures for on-the-spot verifications and investigations
as well as the exchange of information between competent authorities.
The financial supervision authority shall, within ten working days of an
full notification was received, leaving it to
authority in the country of the business should be run.
Together with the notification shall also submit an inspection
certificate of investment Fund complies with the requirements of
European Parliament and Council directive 2009/65/EC;
The financial supervision authority shall inform the management company after the inspection
hands over notification.
The Fund management company shall publish the documents submitted
along with the notification. Law (2011:882).
Other cases of branch operations abroad
section 16 in cases other than those referred to in section 12, a mutual fund company that
plans to establish a branch abroad apply for authorisation
the Swedish financial supervisory authority. Such authorisation shall be granted if the
There is reason to believe that the planned activities will
operated in accordance with the provisions of this law and other
regulations governing the company's activities.
Application for a permit shall contain the information set out in
section 12 of the first paragraph. Law (2011:882).
Requirements for the organisation of activities
section 17, a fund management company must have sound drivers for
1. the management of the business and accounting,
2. internal control, and
3. operation and management of information systems.
The Fund management company shall, in particular,
– establish and enforce rules for Executive Directors and
employees ' own transactions with financial instruments,
-document all transactions that the company has
conducted on behalf of a unit trust or of an
such UCITS referred to in paragraph 12
or section 15, second subparagraph, and
– have an organisation that reduces the risk of
conflicts of interest which may affect the net asset owners or
the interests of other customers. Team (2013:563).
17 a of the obligation under Chapter 8. 46 (a) of the Swedish companies act
(2005:551) of the Board of Directors of a public company to annually
establish a written arbetsord-ing for his work concerning
also for the Board of Directors of a company which 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 (2014:558).
17 b of a fund management company which manages a UCITS as referred to in
12 paragraph or section 15 the second subparagraph shall take measures
to ensure that the business is run in accordance with the relevant
provisions on the fund company's formation and operation
The CIU's homeland. Law (2014:558).
Rules of conduct
17 c § a fund management company to operate its business on a
honestly, fairly and professionally and otherwise
so that public confidence in the Fund market.
The Fund management company shall have adequate resources and procedures to
operations to function well. The company shall take all
reasonable steps to prevent fund shareholders
interests are adversely affected by conflicts of interest.
Law (2014:558).
Acquisition ban at transparency in daily trading
section 18 of The who have insight into a fund company's daily trading,
not on its own behalf acquire financial instruments from a
the company manages the investment fund or sell
financial instruments to fund or otherwise Transact with
the Fund if he or she is
1. a Board member or alternate,
2. the auditor and deputy auditor, or
3. the proprietor of a leading position.
The ban also applies to the other through a
management duties or similar transparency in fund management company
daily trading.
The ban does not cover the purchase and sale of shares in
the Fund for its own account.
The Board shall notify the person who has such a
leading position in the fund company mentioned in the first subparagraph 3
and the transparency of the fund company's daily trading under
the second paragraph about the ban. Team (2013:563).
Professional secrecy
section 19 of the individual circumstances of a unit trust, a
Fund management company or a depositary must not improperly
be disclosed.
In the public activities apply instead the provisions
in publicity and secrecy (2009:400).
Team (2013:563).
Obligation to provide data
section 20 of a fund management company and the depositary is under an obligation to
disclose information about an individual's relationship to the company, if
during an investigation under the provisions on investigation
in criminal proceedings requested by the investigators or whether a
case concerning legal assistance in criminal matters on the production of a
another State or an International Court is requested by prosecutors.
On the obligation of fund management companies and depositaries to exit
information to the chief guardian contains provisions in Chapter 16.
10 a § parental code. Law (2008:912).
Message ban
20 a of The investigators or prosecutors request
information under section 20, shall order that the Fund management company or
the custodian and the company's or institution's
Directors and employees shall not disclose to the customer or
to any third party that the information has been provided under section 20
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 (2005:496).
The liability provision
20 b of the fined person who willfully or through gross
negligence violates a prohibition notice under section 20.
Act (2005:496).
Damages
section 21 of a fund shareholder inflicted injury by
the fund company violated this law or the Fund rules shall
the management company pay compensation. If a unit owner or a
fund companies inflicted injury by the depositary
infringements of this law or the Fund rules, the institution shall
replace the damage. Law (2007:562).
Chapter 3. Depositary
1 § for each investment fund, there shall be a
depositary. The depositary shall have its seat in
Sweden or, if there is an established branch in Sweden, in a
other country within the EEA.
The depositary shall act independently of the management company and
exclusively in the common interest of the unit-holders.
Team (2013:563).
section 2 of the depositary shall execute the decisions of the
the management company relating to the investment fund if they do not conflict
the provisions of this law or the Fund rules.
The depositary shall also receive and store it
property that is included in the Fund and ensure that
1. the sale and redemption of fund units is carried out in accordance with
the provisions of this Act and the Fund rules;
2. the value of units is calculated in accordance with the provisions of
This Act and the Fund rules;
3. the assets of the Fund without delay Institute to
Handa, and
4. the funds in the Fund is used in accordance with the provisions of this law
and the Fund rules.
If foreign financial instruments included in the Fund,
Depositary allowing an appropriate foreign
custodians keep them. One such mission deprives
not the depositary its responsibilities under this Act.
Team (2013:563).
section 3 of the depositary may not for a unit trust to
up or grant loans or guarantor. Team (2013:563).
section 4 of the depositary shall with the Fund management company shall conclude an
written agreements governing the relationship between the parties,
for example, the exchange of information and the coordination
required to Institute and the company should be able to meet the
the requirements of this Act and the regulations. The agreement shall
contain at least the information specified in articles
30 to 33, 35 and 37 of Commission directive 2010/43/EU of 1
July 2010 on the implementation of the European Parliament and of the Council
Directive 2009/65/EC as regards organisational requirements,
conflict of interest, code of conduct, risk management and
the contents of the agreement between a custodian and a
management companies.
The agreement may cover several mutual funds. In the agreement,
specify the investment funds covered.
In an agreement between a custodian and a
management company which manages a mutual fund after
authorisation in accordance with Chapter 1. 6 (b) § shall provide to Swedish
law applicable to the contract. Team (2013:563).
Chapter 4. General rules for investment funds
The legal status of securities Fund
section 1 of the unit trust may acquire no rights or
take on responsibilities. The Fund cannot bring an action
before a court or any other authority.
Property that is included in a unit trust shall not be seized.
The unitholders shall not be liable for obligations relating to the
Fund.
Act (1904:48 s. 1) if the Supreme Court does not apply to
part ownership in a mutual fund. Team (2013:563).
The management of an investment fund
2 § management company represent the unit holders in all matters relating to
a unit trust. The management company is in the management of the
the Fund in its own name and shall enter the Fund's name.
The Fund management company may use the assets of a mutual fund
in order to fulfil commitments entered into as part of the
management of the Fund and to provide security for
the performance of such obligations.
In the management of a unit trust,
Act exclusively in the common interest of the unitholders.
The Fund management company shall act independently of the custodian.
Team (2013:563).
3 § management company may not have the care of property that is included in a
investment fund that the company manages. Team (2013:563).
Contract for work
paragraph 4 in order to improve the efficiency of a fund company's business,
company to instruct someone else to perform certain work or
Some features included in fund operations or
the corresponding activities relating to mutual fund companies that have such a
conditions referred to in the European Parliament and of the Council
Directive 2009/65/EC; Such a task may not be of
such a scale or character to the fund company leaves
all activities or as much of the business that
the company no longer has the opportunity to seize
the common interests of the shareholders, or in part,
fulfil the obligations arising out of this Act. A left
Mission fund company denies ever its liability under this
team.
The contractor must have adequate expertise and
competence with regard to the Mission's content.
The Fund management company shall, in an agreement with the contractor relating to the
management of a unit trust or by a UCITS
who has the authorisation referred to in the European Parliament and
Council directive 2009/65/EC or related
management reserve the right to monitor the
entrusted operations, to give the necessary instructions
for sound management and that with immediate effect, say
the contract, if such a termination is in the unit-holders
common interest. Team (2013:563).
section 5 Includes an assignment under paragraph 4 to any of
on behalf of the Fund management company shall manage the assets of a
mutual fund or in a mutual fund company that has such a
conditions referred to in the European Parliament and of the Council
Directive 2009/65/EC, the agreement shall contain guidelines for
placement of funds. The Fund management company shall ensure a
the right to regularly review and amend, where necessary, these
guidelines.
A service role may be given to
1. companies that are under the supervision and
has a supervisory authority authorisation to administer
mutual funds or to perform discretionary
portfolio management regarding financial instruments,
2. undertakings whose registered office is in another country within the EEA, if the company
is under the supervision of the competent authority of the home Member State and has
permission to operate similar to that referred to in paragraph 1,
3. other foreign company subject to
(a)) the company is subject to supervision by the competent authority of the
the home Member State,
b) company authorized to operate the corresponding
It referred to in paragraph 1, and
c) cooperation between financial supervisory authority and the
the competent authority of the home Member State. Team (2013:563).
6 § on a trust basis must not be used in
the depositary or to any other undertaking whose interests
may conflict with the management company or the unit-holders
interests.
section 7 refers to a mutual fund company to instruct someone else to order
behalf of the company managing a unit trust or by a
UCITS which has authorisation referred to in
European Parliament and Council directive 2009/65/EC or operate
ancillary administration, the company shall notify
and submit the assignment agreement to the financial supervision authority.
If the financial supervision authority finds that a contract battles
against this Act, or that the agreement prevents effective supervision
of the management company, the Fund management company shall submit to the inspection
of the other party, request the necessary changes to the agreement
shall comply with the requirements of the law. Team (2013:563).
Fund rules
section 8 for each investment fund, there shall be
Fund rules drawn up by the management company.
The Fund rules shall specify
1. the name of the Fund, the management company and the depositary,
2. basis for the Fund's investment policy and for
the placement of the funds, with separate disclosure of
whether or not the funds to be invested in such derivatives as
specified in Chapter 5. section 12,
3. What are share classes which are to be found and what conditions
are United with them,
4. If distribution is to take place and, if so, the fundamentals and the way
for dividends,
5. basis for calculation of the Fund and mutual fund shares
value, including the valuation principles used in
valuation of unlisted assets and such
derivative instruments specified in Chapter 5. section 12, second subparagraph,
6. basis for calculation of the sales and redemption price
for fund units,
7. where and how the sale and redemption of fund units to be
take place,
8. basis for calculation of the management company and
the custodian compensation from the Fund,
9. the management company's fees for sales, management and
redemption of shares,
10. how the pledge of mutual fund shares,
11. the Fund's fiscal year,
12. when and where sales and redemption prices on
the Fund units as well as the Fund's semi-annual and
the annual report shall be made public, and
13. where the amendments to the Fund rules shall be announced.
For mutual funds, where the funds are placed in accordance with the provisions of
Chapter 5. section 8, shall additionally set out the issuers or
guarantors who issued or guaranteed such
debt securities that the funds to more than 35% of the
the value of the Fund are intended to be placed in the. team (2013:563).
§ 9 the Fund rules and the changes in them shall be approved by
The Swedish financial supervisory authority.
The rules for a new Fund to be approved if
the rules are appropriate for unitholders.
Changes in the rules will be approved if
1. the provisions even after the changes are reasonable for
the shareholders,
2. the changes do not conflict with common shareholders
interest, and
3. a notice to be provided to unitholders in accordance with the
section 9 (a) meets the requirements of the second subparagraph of the paragraph.
The financial supervision authority shall inform the management company of its decision
on the application for approval of fund rules
or changes to them within two months of a
complete application has been submitted to the supervision authority.
Law (2011:882).
9 a § upon approval of rules or changes in
them, the financial supervision authority may decide that the rules do not
may be applied until a certain time has elapsed after the decision
approval.
Upon approval of the amendments to the Fund rules may
The financial supervision authority may decide that the relevant Fund unitholders should
be informed of the changes. Such notification shall
contain appropriate information about the purpose of the changes and
What consequences they may have for the shareholders. When applicable, the
cases, the notification shall also include information on the right
to redemption under paragraph 9 (b). Law (2011:882).
9 (b) § for an amendment of the Fund rules is of crucial
importance for mutual fund shareholders, should the FSA decide
to the shareholders concerned shall have the right to have his or her mutual fund shares
honored before the amended fund rules,
without other charges than what corresponds to
the cost of settling securities in respect of
requested redemption. Opportunity to request redemption should be given under
at least 30 days from the date of the notification under section 9.
Law (2011:882).
Mutual fund shares and redemption of fund units
section 10 of the units of a unit trust shall be equal and
bring equal rights to the property that is included in the Fund if
without prejudice to the second subparagraph.
In a mutual fund shares may be of various kinds
(share classes). Share classes of the same Fund may be
associated with different conditions of dividends, fees, minimum
the subscription amount and the currency in which the shares subscribed and
redeemed. The shares of a class shall be equal and
bring equal rights to the property that is included in the Fund.
The value of a Fund share is the value of the fund divided by the number of
mutual fund shares. If there are share classes, the value of a
However, the Fund's share shall be determined having regard to the conditions that are
United with the share class.
The value of the Fund calculated in accordance with the grounds set out in
the Fund rules. The property that is included in the Fund will
are valued on the basis of current market values.
The Fund management company shall regularly, and at least once each week
calculate and appropriately publish
the net asset value. Team (2013:563).
10 a of the Fund management company may issue a
Fund share only if it is established that the payment is administered
Investment Fund within a reasonable period of time. Team (2013:563).
11 §/expires U: 2016-03-01/
The Fund management company shall keep, or cause to maintain a register of
all holders of shares in the Fund. In the case of
automated and manual processing of personal data
There are provisions in the personal data Act (1998:204).
Is the law (1998:1479) on the accounting of financial instruments
apply to shares in the Fund, the register of a
central securities depository. The management company has the right to
transparency in the registry.
If the law on the accounting of financial instruments are not
apply to shares in the Fund, the program for the registry
Note the restrictions stated in chapter 13. 19 paragraph 4
or Chapter 14. 21 paragraph 4 parental code there.
The Fund management company shall, for each fund unit-holders in writing
confirm that his mutual fund holdings have been registered. By
the acknowledgment should indicate the investment fund and, in
where applicable, the share class designation and the names of
the management company and the depositary. Furthermore, it should be made clear
was the information brochure pursuant to section 15, the fact sheet according to
16 a section as well as the annual report and half-yearly report in accordance with
section 18 is available. Team (2013:563).
11 §/entry into force: 03/01/2016
The Fund management company shall keep, or cause to maintain a register of all holders of shares in the Fund. In the case of automated and manual processing of personal data, there are provisions in the personal data Act (1998:204).
Is the law (1998:1479) on CSDs and the accounting of financial instruments applicable to the shares in the Fund, the registry of a Swedish central securities depository. The management company has the right to inspect the register.
If the securities depositories and the accounting of financial instruments is not applicable to the shares in the Fund, it shall, as for the table note restrictions stated in chapter 13. 19 paragraph 4 or 14. 21 paragraph 4 parental code there.
The Fund management company shall, for each fund unit-holders confirm in writing that his or her mutual fund holdings have been registered. Of the acknowledgment should indicate the investment fund and, where applicable, the share class designation and the names of the management company and the depositary. Furthermore, it should be stated where the information brochure pursuant to section 15, the fact sheet under section 16 as well as the annual report and the half-yearly report referred to in section 18 are available. Law (2016:58).
12 §/expires U: 2016-03-01/
Have a unit-owners left their shares for
management to someone who has a permit to
registration as trustee, trustee at the unit-owner's
assignments are listed in the register referred to in the first paragraph of section 11
rather than the unit-holder. In the registry, it shall in particular
It should be noted that the Fund holding is managed on behalf of someone else.
The manager shall promptly to the unitholder or the like
the administrator has noted the cooperative owner's place leaving the
information manager may from the management company, unless
unitholder refrained from such information. Information
relating to amendment of the Fund rules pursuant to paragraph 9 (b) or 5(a) Cape.
section 7, or relating to the merger in accordance with Chapter 8. § 8 shall, however, always
submitted to the unit owner or the Manager has
noted in the owner's place.
If the register is kept by someone other than a central
securities depository, financial supervisory authority to examine questions relating to
permission for registration as managers.
A condition to being registered as the trustee may be subject to
special conditions to meet the General and specific
interests. A permit shall be revoked by the financial supervision authority,
If a condition of the licence has been breached and the departure
is substantial or if the conditions for authorisation no
longer fulfilled. Law (2011:882).
12 §/entry into force: 03/01/2016
Have a unit-owners left their shares for management to someone who has a permit for registration as managers, Manager of shareholder assignments specified in the register referred to in section 11, first paragraph, instead of the shareholder. In the registry, it shall in particular be noted that the Fund holding is managed on behalf of someone else.
The manager shall promptly to the unit owner or the administrator has noted the cooperative owner's place to provide the information the nominee gets from the management company, unless the shareholder refrained from such information. Information relating to the amendment of the Fund rules pursuant to paragraph 9 (b) or 5(a) Cape.
section 7, or relating to the merger in accordance with Chapter 8. section 8, however, should always be provided to the unit owner or the administrator has noted the cooperative owner's place.
If the register is kept by someone other than a Swedish central securities depository, the financial supervisory authority to examine questions about the authorization for registration as managers.
A condition to being registered as the trustee may be subject to specific conditions to meet public and private interests. A permit shall be revoked by the financial supervision authority, if a condition of the licence has been breached and the deviation is significant or if the conditions for authorisation are no longer met.
Law (2016:58).
section 13 a Fund Unit shall, at the request of its owner, instantly
be redeemed if there are funds available in the
the investment fund. If the means of redemption needs mobilized
through the sale of property that is included in the Fund, the
sale and redemption be effected as soon as
possible.
The first paragraph does not apply if the Fund units are occupied
to trading on a regulated market, and it is certain that the
the listed value is not materially different from
the values referred to in section 10, third paragraph.
During the time that a depositary manages a
Investment Fund under Chapter 9. Article 1, first and second subparagraphs
or 5 a Cape. 34 or 42 § fund shares may not be sold
or redeemed. Team (2013:563).
13 a of The fund companies may postpone the sale and redemption
of units, if there are special reasons for the action and
It is justified by the interest of the unitholders.
The Fund management company shall promptly inform the financial supervision authority
and interested investors and shareholders about the measure. Company
shall also inform the competent authorities of the other countries in the
The EEA in which the units are marketed.
The Fund management company shall then the reasons for the postponement expired
notify the financial supervision authority thereof. Law (2011:882).
13 b of the financial supervision authority may decide that a fund company should
postpone the sale and redemption of fund units if it is in
Fund unit-holders or the public interest. Law (2011:882).
section 14/expires U: 2016-03-01/
Is the law (1998:1479) on the accounting of financial
instrument does not apply to shares in the Fund, to be applied in
question about assignment or pledge of a Fund Unit in
rather, section 31 of the Act (1936:81) if debt securities. In that case, what
as in the provision about the debtor shall apply the fund company
or, if the fund shares are nominee-registered, the nominee.
section 14/entry into force: 03/01/2016
Is the law (1998:1479) on CSDs and the accounting of financial instruments do not apply to shares in the Fund, apply in respect of the transfer or pledge of a Fund Unit instead, section 31 of the Act (1936:81) if debt securities. In that case, what is in that provision, if the debtor is said to apply to the fund company or, if the fund shares are nominee-registered, the nominee. Law (2016:58).
Information on investment funds
Information brochure and fact sheet
section 15 for each investment fund, there shall be a current
information brochure.
The information brochure shall contain
1. the Fund rules;
2. the additional information necessary for the
assess the Fund and the risk associated with investing in
the,
3. a clear and easily understandable explanation of the Fund's
risk profile,
4. details about the work or the features
the Fund management company may Commission someone else to perform under 4 and
5 §§,
5. information about the asset class funds may be placed
in, and
6. in the event that the funds may be placed in derivative instruments,
information on the purpose and how the possible outcome of
the use of derivatives may affect the Fund's
risk profile. Team (2013:563).
section 16 of the brochure and in all other
promotional material relating to the Fund, the following
information is provided in a prominent location:
1. the Fund's investment policy, should the funds in the Fund
be placed in assets other than transferable securities and
money market instruments, or if the Fund is an index fund
According to Chapter 5. section 7,
2. If the value of the Fund can vary greatly because of the Fund's
composition of the management company and the management methods
uses, and
3. If the Fund is authorised under Chapter 5. § 8, the issuers
or guarantors which issued or guaranteed such
debt securities that the funds to more than 35% of the
the value of the Fund is invested in or intended to be placed in.
Team (2013:563).
16 a of for each investment fund, there shall be a current
fact sheet.
The fact sheet, in a comprehensible manner and in
Summary contain the basic information
needed for investors to assess the Fund and the
risk associated with investing in it.
The contents of the white paper should be fair and transparent and
must not be misleading. It should be consistent with
the relevant parts of the prospectus.
Provisions on the fact sheet for a unit trust,
be designed and if its contents can be found in the Commission's
Regulation (EU) no 583/2010 of 1 July 2010
implementation of European Parliament and Council directive
2009/65/EC concerning the key investor information and conditions
to be met when key investor fact sheet
or the prospectus is provided in a durable medium other than
paper or on a website. Team (2013:563).
section 17 of the Fund management company shall, at the request of a unit-holder or the
who intends to buy shares in a unit trust, leave
additional information on the risk management of the Fund,
containing the quantitative limits that apply for
the placement of the funds, the methods selected for
management as well as the latest development of risk levels and
Returns from the main categories of assets
the funds are placed in law (2013:563).
Annual report and semi-annual report
section 18 of the Fund management company shall, for each investment fund that it
administers leave
1. an annual report within four months of the fiscal year
output, and
2. a semi-annual report for the first six
months within two months of the half-year period.
Annual reports and semi-annual reports shall contain the
the information needed to assess each
investment fund development and position. The documents shall
on request, free of charge, will be sent to the shareholders and be
available at the management company and the depositary.
The Fund management company shall, in relation to the company such
information referred to in section 22 to ask shareholders whether they
want to have our annual report and semiannual report.
Team (2013:563).
section 19 of the Fund company's auditors shall examine the accounts
is the basis for the annual report for a unit trust.
The auditor's report, including any qualifications, shall, in its
a whole is reproduced in the annual report.
If the FSA ordered an accountant under 10 Cape. 7 §
the auditor should participate in the review. Team (2013:563).
Access to information
section 20 of the information brochure, fact sheet, the latest
the annual report and, where appropriate, the
semi-annual report published thereafter shall, on request,
free of charge provided the who intends to buy shares
in a unit trust. He shall, with the exception of the cases
referred to in Chapter 8. 22 a of the Act (2007:528)
the securities market, even without request provided
fact sheet in good time before conclusion of the contract.
If the fund company by marketing offers the public to
buying shares in a mutual fund, do it by offer
indicate that there is a fact sheet and a
information booklet and where these are available.
If the information specified in §§ 16 and 16 (a), 5 (a). section 24 and
the second paragraph of this clause is not provided, shall also
the Marketing Act (2008:486) applied, with the exception of
the provisions of sections 29 to 36 on market interference charge. Such
information shall be deemed to be substantial under section 10 third
subparagraph, the law. Team (2013:563).
21 § information brochures, fact sheets, annual reports and
half-yearly reports shall be submitted to finansinspektionen
soon as they are completed.
Information about costs
section 22 of the Fund management company shall each year notify each
shareholders of a mutual fund on the amount of the
total costs for the Fund during the preceding
the year relating to the shareholding. The information shall
It is specified how much of the amount relating to the
management costs, including the costs of storage of
Fund assets.
As regards Fund units according to section 12 provided to any
other for management, the information shall be provided to the trustee.
The Fund management company may specify a total amount for all the shares in
a unit trust provided for Administration to the same
managers. Team (2013:563).
section 23 in respect of shareholdings that are placed according to the law
(1993:931) if personal pensions, the
information referred to in section 22 shall be submitted to the
retirement savings institution that administers the savings.
On cooperative holdings are registered in the institution's name
(nominee), shall inform the management company instead
If the amount of the costs to the Fund during the daily charged
preceding calendar year, reported per fund unit. In
the information shall indicate what portion of the amounts
relating to administrative costs, including the costs of storage
of its assets.
Chapter 5. The management of unit trusts
The dissemination and management of risks
§ 1 Each mutual fund to have an appropriate allocation of
investments with respect to the risk-spreading arising
with the Fund's investment policy pursuant to the Fund rules.
Funds in a mutual fund may, subject to the restrictions
in this chapter, are placed in liquid financial
assets consisting of transferable securities,
money market instruments, derivatives and fund units
and on account of credit institutions. The Fund may also be included in the
liquid assets necessary for the management of the Fund.
A fund management company may use any techniques and instruments
relating to transferable securities and
money market instruments in order to improve
management of assets of an investment fund. If
the company uses derivative instruments to
streamline the Administration, those provisions of this
Chapter applicable to derivative instruments shall apply.
Law (2008:282).
section 2 of the A fund management companies should have a risk management system that allows
enable the management company to at any point in time
check and assess the risk associated with the
positions taken in a unit trust and how positions
affect the Fund's risk profile. The Fund management company shall not unilaterally
or mechanically rely on credit ratings that have been issued
of the credit rating agencies to assess the creditworthiness
of the Fund's assets.
If the management company invests in such derivatives as
referred to in paragraph 12, the company's system for
risk management also allow accurate and independent
assessment of the value of these derivative instruments.
The Fund management company shall, for each of the unit trusts and common funds it manages to
The Swedish financial supervisory authority regularly provide information on
risk management. Law (2014:1017).
Transferable securities and money market instruments
paragraph 3 of the Funds in a mutual fund may be placed in
money market instruments, or in transferable
securities or within one year from the issue is intended to be,
1. admitted to trading on a regulated market or a
the corresponding market outside the EUROPEAN ECONOMIC AREA, or
2. subject to regular trade at any other market that
are regulated and open to the public.
A prerequisite for investments referred to in the first subparagraph is that
the market is specified in the rules or is approved
by the Swedish financial supervisory authority for such investments. Law (2008:282).
section 4 of the Funds in a mutual fund may be placed in other
money market instruments other than those provided in paragraph 3 of the rules
for the issue or the issuer of the instruments entail an
special protection for the investor and it's instruments
1. issued or guaranteed by a State, by a State, by a
Central, regional or local authority of a country in the EEA, of
a central bank of a country in the EEA, the European
the Central Bank, the European Union, the European
Investment Bank or by an intergovernmental organization of
which one or more States within the EEA are members, or
2. issued by a company whose financial instruments are traded
in a market as defined in paragraph 3 of the first subparagraph, or
3. issued or guaranteed by a body that is either
subject to supervision in accordance with the criteria laid down
in Community legislation, or which is subject to and follows
such supervisory rules that correspond to these criteria, or
4. issued by a company belonging to the categories approved
by the Swedish financial supervisory authority, provided that investments in such
instruments covered by a protection for investors who are
equivalent to that resulting from paragraphs 1-3 and
a) has capital and reserves totalling an amount
equivalent to at least EUR 10 million and presenting and
publishes the report pursuant to the Fourth Council directive
78/660/EEC of 25 July 1978 based on article 54(3)(g) of
the Treaty on the annual accounts of certain types of companies, as last amended
by European Parliament and Council Directive 2006/46/EC,
b) is a unit within a group of companies that includes a
or more companies have issued shares which are
admitted to a regulated market, engage in Group
funding, or
(c)) is a unit devoted to finance
securitisations subject to credit enhancement from a
Bank. Law (2007:562).
section 5 of the unit trust may include other negotiable
Securities and money market instruments other than those referred to in (3)
and 4 sections, up to 10% of the Fund value.
For admission to trading or the regular trade under paragraph 3 of
has not been made within one year from the issue and the acquired
the securities or instruments do not fit in the limit according to
first subparagraph, shall be disposed of as soon as conveniently may be.
Due regard shall be had to the interests of the unitholders.
If a fund include securities that have not yet
is, but within one year from the issue is intended to be, occupied
to trading or subject to regular trade under paragraph 3 of
or such other transferable securities and
money market instruments referred to in the first subparagraph,
the Fund management company shall inform the financial supervision authority thereof, if the value of
These transferable securities and money market instruments
exceed 10% of the Fund value. Law (2008:282).
section 6 of the unit trust may, subject to the other
paragraph or paragraphs 19-22, transferable securities and
money market instruments issued by the same issuer will not be
more than 5% of the Fund value.
Transferable securities and money market instruments from a
same issuer may however amount to
1. no more than 35 percent of the Fund's value if they are issued or
guaranteed by a State, by a municipality or a Government or
municipal authority of a country in the EEA or of a
intergovernmental organisation in which one or more States within
EEA members,
2. not more than 25% of the value of the Fund if they consist of
debt instruments issued under the Act (2003:1223) If issue
of covered bonds or by equivalent foreign
debt securities, provided that the total
the value of the Fund's holdings of such debt securities is highly
80% of the value of the Fund, and
3. no more than 10% of the value of the Fund in other cases than is being said
for 1 or 2, provided that the aggregate value
of those assets which have higher value than the first
the paragraph is not more than 40% of the value of the Fund.
In a mutual fund, it must not include transferable securities
and money market instruments issued by issuers in a
and the same group of companies of a total of more than 20 percent of
the value of the Fund. Law (2008:282).
Article 7 the provisions of paragraph 6 shall not apply to an investment fund
that means, according to the Fund rules shall be placed in shares
or debt instruments with a view to replicating the composition
of a particular stock index or the index of debt securities
(index fund), if the index has been approved for this purpose by
The Swedish financial supervisory authority. The inspection may authorise an index if it
1. have a sufficiently diversified composition,
2. constitute an appropriate benchmark for the market it relates
to, and
3. publication on the appropriate.
In an index fund, with the limits imposed by 19
and 20 sections, include shares or debt securities issued by
one and the same issuer or by issuers in one and the same
business group to no more than 20 percent of the Fund's value. If the
There is exceptional market conditions on the market
the index refers to such investments, with the permission of the
The FSA is expected to be 35 percent of the Fund's value.
Investments up to this limit, may only be allowed in respect of
shares or debt instruments issued by a single issuer
or issuers within a single business group.
§ 8 the provisions of paragraph 6 shall not apply to mutual funds in which
the funds, with the permission of the financial supervision authority, may be placed in
bonds and other debt securities issued or
guaranteed by a State, by a municipality or a Government or
municipal authority of a country in the EEA or of any
intergovernmental body in which one or more States in the EEA is
members. Debt securities, however, must come from at least six
different issues and those that come from one and the same issue
must not exceed 30% of the Fund value.
The issue of the permit referred to in the first subparagraph shall be examined in the context of
that the FSA approves the Fund rules. Condition
may be granted only if the unitholders can be considered to be assured
protection equivalent to that enjoyed by shareholders
in the mutual funds for which the limits set in 6, 21 and
section 22 is applicable.
§ 9 regardless of what is said in paragraph 6, such transferable
securities or money market instruments which are associated with
right to subscribe for new shares acquired to an investment fund for
the acquisition is based on the previous possession. Law (2008:282).
Investments on account of credit institutions
section 10 Funds in a mutual fund may be placed on account with
Swedish credit institutions and foreign credit institutions with headquarters
within the EEA and other foreign credit institutions if these
subject to prudential rules equivalent to those laid down in
Community legislation.
The account must have a term of not more than twelve months. Regardless of the
term, however, the conditions for the account to be
such that it is possible to do by means of termination
immediately available to the Fund.
section 11 of the unit trust may, subject to the restrictions
follows from paragraphs 21 and 22, to make deposits in a single
credit institutions or of credit institutions which are included in one and the same
business group to no more than 20 percent of the Fund's value.
Derivative instruments
section 12 of the Funds in a mutual fund may be placed in
derivative financial instruments, if these dealt in on a regulated market
According to section 3 and
1. underlying assets consist of or relate to the
-any of the assets to funds in a unit trust,
placed in article 1 of the first sentence of the second paragraph,
-financial indices,
-interest rates,
-Exchange rates, or
-foreign currencies, and
2. such underlying assets pursuant to the Fund rules
may be included in the Fund.
Funds may also be placed in derivative instruments within the meaning of the first
the paragraph that are traded directly between the parties, whether
1. the defendant subject to supervision and belong to the categories of
company approved as counterparties of the financial supervisory authority, and
2. derivative financial instruments are subject to a daily, reliable
and verifiable valuation and the date on
the management company's request can be sold, liquidated or closed by means of
an offsetting transaction to a reasonable value.
Law (2008:282).
paragraph 13 of the limits set out in paragraph 6 apply, with the additional
limitations that may follow from paragraphs 21 and 22, at the corresponding
in respect of exposures to the issuer who issued the
transferable securities or money market instruments
constitute the underlying asset in derivative instruments. Regards
not, however, in the case of index-based derivatives.
A unit trust's total exposures relating
to derivative instruments does not exceed the value of the Fund.
Exposures shall be calculated by reference to the value of
underlying assets, the counterparty risk, future
market movements, remaining maturity of derivative instruments and
the time available to redeem instruments.
Where a transferable security or a
money market instrument embeds a derivative, the
This also be taken into account in the calculation of the exposures referred to in the first
and second subparagraphs. Law (2008:282).
section 14 of the unit trust may, with the additional
limitations that may follow from paragraphs 21 and 22, exposure to
a single counterparty for transactions with such
derivative instruments referred to in the second paragraph of section 12 amount to
a maximum of 10% of the Fund value, when the counterparty is a
credit institutions as defined in section 10. In the second case, the exposure
amount to a maximum of 5% of the Fund value.
Mutual fund shares
section 15 Funds in a mutual fund may be placed in units of
1. other investment funds,
2. UCITS which comply with the conditions in Chapter 1. 7 §
and
3. special funds and foreign alternative investment funds
that meets the conditions set out in Chapter 4. 2, or section 3, or
Chapter 5. 6 section 1 or section 11, second paragraph, or
first paragraph 1 Act (2013:561) on
alternative investment funds, unless the funds
a) collective investments in such assets as specified
in this chapter of capital raised from the public,
b) applies the principle of risk-spreading,
c) is open for exit and gives shareholders a protection that is
similar to that given shareholders in a unit trust,
and
(d)) for each fiscal year are leaving the annual report and
semi-annual report containing such information as is
necessary in order to assess assets,
liability issues, returns and events that occurred during
the current reporting period.
Funds in a mutual fund may be placed in other funds or
UCITS as referred to in the first subparagraph only if they, according to their
the Fund rules or instruments of incorporation, may invest no more than
10% of its assets in units in other mutual funds or
fund companies. Team (2013:563).
section 16 of the unit trust may, subject to the restrictions
follows from § 19, included shares in the same Fund or and
the same fund companies with not more than 20% of investment fund
value.
Investments in such shares as referred to in paragraph 3 of 15
get a total of up to a maximum of 30% of a
unit trust's value.
section 17 Funds in a mutual fund may be placed in units of a
other mutual fund or UCITS even if the investment fund
doing so will exceed any of the limits set out in
6, 11, 14, 21 and 22 sections.
section 18 If a significant portion of the funds in a mutual fund
placed in mutual fund shares according to section 15, the
the information brochure and fact sheet regarding
Investment Fund and the annual report of the Fund include
information about the maximum fee which may be charged for
management of the Fund and the maximum fee which may be charged
for the management of the funds or UCITS in whose
Fund holdings resources are placed.
If a unit trust funds are invested in shares in a fund
or fund companies, which in turn are managed, directly or by
Mission, by the same fund management company of the unit trust/common fund or of a
Fund managers who directly or indirectly have the same management
or owner as the investment fund management company of the Fund, the management company
do not charge any fee for the acquisition or redemption of the shares
in the mutual fund or UCITS funds have been placed
in the.
Other investment restrictions
section 19 of the assets in paragraphs 6 and 7 and in paragraph 16 of the first subparagraph,
do not exceed
1. in the case of shares without voting rights, 10% of such shares as a
single issuer,
2. bonds and other debt instruments, 10% of the
the instruments issued by the same issuer if they do not
is issued or guaranteed by a State, by a municipality or a
State or municipal authority of a country in the EEA or of
any intergovernmental body in which one or more States within
EEA members,
3. for money market instruments, 10% of the instruments
issued by the same issuer if they are not released
or guaranteed by a State, by a municipality or a Government
or municipal authority of a country in the EEA or of any
intergovernmental body in which one or more States in the EEA is
Members, and
4. for shares in other mutual funds or UCITS, 25% of
shares in the Fund or fund company.
The limit specified in the first subparagraph of paragraph 2-4 does not need
observed at the time of acquisition if at that time the gross amount of
debt securities or money market instruments or
the net amount of the shares which are the subject of the issue not
can be calculated.
section 20 of The Fund management company may not acquire a unit trust
shares with voting rights, such as allowing the management company
to exercise a significant influence over the management of a
companies.
If a fund management company manages several mutual funds,
fund companies, mutual funds or other alternative
investment funds, the provision in the first subparagraph, the
total shareholding of funds and fund management companies.
Team (2013:563).
section 21 of the provisions of paragraph 6 of the first subparagraph and second subparagraph 3
as well as sections 11 and 14 shall not apply to exposures to
one and the same undertaking or to undertakings in the same
Group of more than 20 percent of the Fund's
value.
section 22 provisions of 6, 11, 13 and 14 sections may not apply to
to exposures to a single undertaking or to companies in
one and the same group together more than 35% of the
the value of the Fund.
Loans etc.
section 23 of the Fund management company may not fund activities
1. pick up or grant cash loans,
2. the guarantor, or
3. sell transferable securities, money market instruments,
derivative instruments or units not included in the Fund.
The Fund management company may, notwithstanding the first subparagraph, take short-term loans to
a sum equivalent to not more than 10% of the Fund value.
Law (2008:282).
Except for new funds
section 24 of the finance inspectorate, for an investment fund to allow
deviations from the conditions specified in 6, 7, 8, 11, 14, 16, 21
or section 22 and from the rules during the six months from
the activities commenced, amended fund rules
applied or a merger took place.
Law (2011:882).
Corrigendum to:
section 25 if the value of the assets of the unit trust will be
exceeding any of the limits of this chapter, the correction
taken as soon as conveniently may be. Due regard shall be
be taken of the interests of unitholders.
5 a Cape. The feeder funds and receiving funds
Investment rules
Article 1 the provisions of Chapter 5. 1, second subparagraph, 3 to 12 and 15 to 22 § §
do not apply for a feeder Fund. Instead, the provisions of
This clause shall apply.
Funds in a feeder Fund may be placed in units of
– an investment fund that is not a feeder Fund, whose resources
not be placed in a feeder Fund or a feeder UCITS, or
– a fund company that has the authorisation referred to in
European Parliament and Council directive 2009/65/EC and which are not
is a feeder UCITS and whose funds are not placed in a
feeder Fund or a feeder UCITS.
The location should be at least 85% of the feeder Fund
value. Law (2011:882).
2 § in addition to placement under section gets it in a feeder Fund be included
– liquid assets necessary for the management of the Fund, and
– derivative financial instruments referred to in Chapter 5. paragraph 1, third subparagraph, and
section 12. Derivatives may be used only for the purpose of protecting
the value of the assets of the Fund. Law (2011:882).
for the purposes of paragraph 3 of Chapter 5. paragraph 13 of the second paragraph, a
the feeder funds total exposures related to
derivative instruments be merged with
1. the recipient Fund or fund company's corresponding
exposures, in proportion to the feeder Fund's investments in
Fund or the master Fund, or
2. the recipient Fund or fund company's highest
exposures attributable to derivative instruments according to the
the rules, in proportion to the feeder Fund's investments
in the recipient Fund or the master Fund. Law (2011:882).
The master UCITS and the feeder UCITS
paragraph 4 of The set out of a fund or a mutual fund company that
manages a Fund of 5 – 7, 9, 11 to 14, 16, 20, 23-25, 29-
31, 33, 37 to 39, 41, 42, 45 and 46 §§ apply correspondingly
for a fund company or a management company that
manages a fund company.
It listed about a feeder Fund or a mutual fund company that
manages a feeder Fund in 18, 22, 47, 50, 51, 53 and 54 of the
applies by analogy to a feeder UCITS or an
management company which manages a feeder UCITS.
Law (2011:882).
Application and permit
section 5 refers to a mutual fund company to place a unit trust funds
According to section 1, the company shall apply for FSA authorisation
to this.
The following documents must be submitted together with the application:
1. new or amended fund rules for the Fund,
2. the intended recipient of the Fund the Fund rules;
3. the funds ' information brochures and fact sheets,
4. the agreement or the procedures referred to in paragraphs 9 and 11,
5. the agreement between depositaries, as referred to in section 16,
6. the agreement between the Auditors referred to in section 20,
7. where appropriate, the notice shall be submitted to the
the shareholders under section 7, and
8. If the funds will be placed in a UCITS, certificates from
the competent authority of the home Member State, whether it fulfils the
the requirements in paragraph 1, second subparagraph. Law (2011:882).
section 6 of the authorization to place the funds under section is given by
The financial supervisory authority in the form of the acceptance of the rules
According to Chapter 4. § 9 the first paragraph. Authorisation shall be granted if the requirements
in this chapter and the rules of other
comply with the requirements of Chapter 4. section 8 and section 9 of the second or third
paragraph.
If the application concerns an amendment of the Fund rules which means
that placement should occur in another master Fund or to a
unit trust investment policy changes such as
referred to in article 1, the financial supervision authority shall inform the management company of
its decision within 15 working days from the time a complete
an application was made. If the application concerns the rules for a
new Fund or fund rules as amended otherwise than as
a result of the new investment policy,
The financial supervision authority shall inform the management company of its decision within
the time limit laid down in Chapter 4. the fourth paragraph of section 9. Law (2011:882).
Notice to the shareholders
section 7 Of the financial supervision authority has approved the amendment of the
the rules referred to in paragraph 6, second subparagraph, first
sentence, unitholders are entitled to get their fund units
honored before the amended fund rules begin to apply,
without other charges than what corresponds to
the cost of settling securities in respect of
requested redemption. Opportunity to request redemption should be given under
at least 30 days from the date of the notification referred to in the second
paragraph.
The Fund management company shall inform unit-holders if the modified
the investment policy. The notification shall indicate
1. the financial supervision authority has approved the amendment of the
Fund rules;
2. when the amended fund rules shall apply, and
3. to shareholders entitled to redemption as indicated in
the first paragraph.
Along with this notification, leave
the feeder Fund and the master Fund's Factsheet.
Law (2011:882).
Exchange of information and coordination
section 8 If the feeder Fund and the master Fund are managed by different
Fund management company, the fund company that manages the Fund to
the feeder Fund Fund provide the information
necessary for the latter to be able to meet the requirements of
This Act and the regulations governing the company's
activity. Law (2011:882).
section 9 to ensure exchange of information as referred to
in section 8 and other coordination between the feeder Fund and
the master Fund, there shall be a contract between the fund companies.
The contract shall contain at least the information specified in
articles 8 to 13 of Commission directive 2010/44/EU of 1
July 2010 on the implementation of the European Parliament and of the Council
Directive 2009/65/EC as regards certain provisions relating
mergers among mutual funds, master-feeder UCITS and
notification procedure.
The agreement will be made available free of charge on request
shareholders in the Fund.
The placement of funds under section may not take place until agreement
have begun to take effect. Law (2011:882).
section 10 If a feeder funds are invested in a Fund, the
in the agreement referred to in section 9 to provide that Swedish law is
applicable to the contract and that the Swedish courts shall hear:
disputes arising from the contract.
If a feeder funds are invested in a fund company, shall
in the agreement referred to in section 9 should be provided either
1. Swedish law applicable to the contract and to Swedish
courts shall hear disputes arising from the contract, or
2. the legislation of the receiving UCITS home Member State is
applicable to the contract and that the country's courts shall hear:
disputes arising from the contract. Law (2011:882).
section 11 Of the feeder Fund and the master fund managed by the same
Fund management company, the Fund management company shall establish written procedures to
ensures coordination between the funds. Procedures shall
contain at least the information specified in articles
15 to 19 of Commission directive 2010/44/EU. Law (2011:882).
section 12 of a fund management company which manages a feeder Fund, to
the custodian for the Fund forward such
information about the master Fund as the institution needs to
be able to meet its obligations. Law (2011:882).
section 13, a fund management company which manages a feeder Fund to effectively
oversee the management of the Fund. The management company may then
rely on the information it receives from the mutual fund company
who manages the Fund, to the
depositary or auditor, unless there is reason
to question its reliability.
Law (2011:882).
Employee benefits
section 14 If a fund management company which manages a feeder Fund or any
acting on behalf of the management company receives a Commission or
other compensation in connection with the placement of the feeder Fund
in units of the Fund, such compensation must be added
the feeder Fund's assets. Law (2011:882).
Depositary
section 15 If the feeder Fund and the master Fund has different
custodians, depositaries shall exchange the
information and have the coordination necessary for the
be able to meet its obligations. Law (2011:882).
16 § to ensure exchange of information and
such coordination as referred to in section 15, there shall be an agreement
between the depositaries of the feeder Fund and
the master Fund. The contract shall contain at least those
information referred to in article 24 of Directive
2010/44/EU.
The placement of funds under section may not take place until agreement
have begun to take effect. Law (2011:882).
section 17, If a feeder funds are invested in a Fund, the
in the agreement referred to in section 16 provide that Swedish law is
applicable to the contract and that the Swedish courts shall hear:
disputes arising from the contract.
If a feeder funds are invested in a fund company, shall
in the agreement referred to in section 16 provide that the law
applicable to the agreement referred to in section 9 shall apply
also in the contract pursuant to section 16 and that the courts of that country.
shall hear disputes arising from the contract.
If there are no conditions for agreements under section 9, it shall, in
rather than what is specified in the second subparagraph, in a contract under
section 16 provide for either
1. Swedish law applicable to the contract and to Swedish
courts shall hear disputes arising from the contract, or
2. the legislation of the receiving UCITS home Member State is
applicable to the contract and that the country's courts shall hear:
disputes arising from the contract. Law (2011:882).
section 18 of the depositary of a fund shall immediately
notify the financial supervision authority, the fund company that manages
the feeder Fund and depositary of the feeder Fund if it
discover errors or omissions in the administration of
the master Fund are expected to have negative consequences for the
the feeder Fund. Law (2011:882).
Accountants
§ 19 Of the feeder Fund Fund respectively
the master Fund has different Auditors, auditors shall exchange the
information and have the coordination necessary for the
be able to meet its obligations. Law (2011:882).
20 § to ensure exchange of information and
such coordination as referred to in article 19 shall be an agreement
between the Auditors for the feeder Fund and the master Fund. The agreement
shall contain at least the information specified in article
27 of Commission directive 2010/44/EU.
The placement of funds under section may not take place until agreement
have begun to take effect. Law (2011:882).
section 21 If a feeder funds are invested in a Fund, the
in the agreement referred to in section 20 provide that Swedish law is
applicable to the contract and that the Swedish courts shall hear:
disputes arising from the contract.
If a feeder funds are invested in a fund company, shall
in the agreement referred to in section 20 of the law, provision should be made for
applicable to the agreement referred to in section 9 shall apply
even on agreement under section 20 and that the courts of that country.
shall hear disputes arising from the contract.
If there are no conditions for agreements under section 9, it shall, in
rather than what is specified in the second subparagraph, in a contract under
section 20 should be provided either
1. Swedish law applicable to the contract and to Swedish
courts shall hear disputes arising from the contract, or
2. the legislation of the receiving UCITS home Member State is
applicable to the contract and that the country's courts shall hear:
disputes arising from the contract. Law (2011:882).
section 22 If a feeder Fund has a different fiscal year than the
the master Fund, the auditor who audits the accounts of the
the Fund establish a special audit report
covers the time from the end of the master Fund's fiscal year
to the end of the feeder Fund's fiscal year. Law (2011:882).
paragraph 23 of the audit report for a feeder Fund,
the audit report for the Fund are taken into account. In
the auditor's report shall state whether there are abnormalities in the
the audit report for the master Fund and what consequences
they get to the feeder Fund. Law (2011:882).
Information on feeding and receiving funds
section 24 in all marketing material regarding the feeder Fund shall
It stated that the funds for at least 85 per cent of the Fund's
value placed in shares in a Fund. Law (2011:882).
section 25 of a fund management company which manages a feeder Fund shall, at the request
free submit or send to the
information brochure, annual report and semi-annual report in
paper form to feed the Fund's unitholders and
buying shares in the feeder Fund. Law (2011:882).
section 26 If a feeder funds are placed in a
the master UCITS, the mutual fund company that manages
the feeder Fund give into the master fund company's current
information brochure, fact sheets, annual reports and
semi-annual report to the FSA. Law (2011:882).
FSA's obligation to inform
paragraph 27 of the financial supervision authority shall notify the fund companies
manages a feeder Fund for each intervention under Chapter 12. against
the fund company that manages the Fund or under 15
Cape. Act (2004:297) on banking and finance law against
the custodian for the Fund on the occasion of the
infringement of the provisions of this chapter.
The financial supervision authority shall also inform the fund companies
manages a feeder Fund if an auditor's report in accordance with Chapter 10.
section 8 relating to the fund company that manages the Fund.
If a feeder UCITS funds are invested in a Fund, the
The financial supervision authority shall inform the competent authority of the
feeder fund the home Member State, indicating the intervention or an auditor's
report referred to in the first and second subparagraphs. Law (2011:882).
28(1) where a competent authority has notified
The Swedish financial supervisory authority on an intervention or an auditor's report
concerning a fund company, the Inspectorate immediately
notify each fund company that manages the feeder Fund.
Law (2011:882).
Postponement of the sale and redemption of fund units
section 29 of a fund management company which manages a feeder Fund may postpone
sales and redemptions of fund units
shares in the Fund are subject to deferment of publication.
In such cases, Chapter 4. 13 a of the second and third paragraphs.
Law (2011:882).
Resolution of a master Fund
section 30 a feeder Fund shall be dissolved if the Fund is dissolved,
unless the financial supervision authority, upon application by the Fund management companies
feeder Fund, agree to
1. feed the Fund's assets are invested in another fund under
section 6, or
2. the rules are amended by other means pursuant to Chapter 4. § 9.
Law (2011:882).
section 31 notification of the feeder Fund shall be dissolved or a
complete application pursuant to section 30 of the 1 or 2 shall be submitted to
The financial supervision authority within two months from the date of the management company
feeder Fund received information about
the Fund will be dissolved.
If the management company received such information more than five months before
the date of the dissolution of the Fund shall be initiated, shall
However, the notification or the complete application is submitted
not later than three months before the date of the dissolution of the
the Fund shall be initiated. Law (2011:882).
32 § the financial supervision authority shall inform the management company of its
decision on a matter referred to in section 30 1 or 2 within 15
working days from the submission of a complete application,
check-in. Law (2011:882).
33 § management company which manages the feeder Fund shall inform the
mutual fund company that manages the Fund on financial supervision
decision on a matter referred to in section 30 1 or 2. Law (2011:882).
section 34 Of the feeder Fund shall be dissolved pursuant to section 30 to the management
taken over by the depositary. The takeover may be made no earlier than
three months from the notification of the changed circumstances
in accordance with section 35, if not the FSA decides to
the takeover may occur earlier. Law (2011:882).
35 § Information that the Fund should be dissolved and
the management will be taken over by the depositary shall, without
delay announced by the fund company in post-och Inrikes Tidningar
and be available at the management company and
the depositary.
The financial supervision authority may, in a particular case, decide on the exemption
from the announcement, if there are special reasons for
the law (2011:882).
section 36 a custodian who has assumed the management of the
a feeder Fund pursuant to § 34 shall promptly dissolve the Fund by
sell the assets in the Fund and switch out the net proceeds
to the unitholders.
For management of the depositary of the feeder Fund applies 9
Cape. section 3, paragraph 5, second subparagraph, and paragraph 6 of mutatis mutandis.
Law (2011:882).
37 § Funds accruing to the Fund when the Fund
dissolved may consist of cash or financial instruments. The
assets received may be managed to its feeder Fund
to be dissolved or the funds are placed in accordance with
permit referred to in section 30 1 or 2. Law (2011:882).
Merger or Division of a master Fund
§ 38 a feeder Fund shall be dissolved if the master Fund merges
or shared, unless the financial supervision authority, at the request of
the feeder Fund Fund, agree to
1. feed the Fund's assets are invested in another fund under
section 6, or
2. the rules are amended by other means pursuant to Chapter 4. § 9.
If the feeder Fund after the Fund intends to
merger or split place the feeder Fund's resources in the same
the master Fund and amendment of fund rules is not required,
the management company instead of that specified in the first subparagraph
notify the financial supervision authority. Law (2011:882).
§ 39 notification of feeder Fund should be dissolved, a
complete the application in accordance with paragraph 38 1 or 2,
or a notification under section 38 shall be submitted to
The financial supervision authority within one month from the Fund management company
feeder Fund received information about
the master Fund to be merged or split.
If the management company received such information more than four months before the
the date of the merger or the Division shall be carried out, shall
notification, the full application or notification, however,
be filed within three months before the date of the merger or
the Division shall be carried out. Law (2011:882).
section 40 of the financial supervision authority shall inform the management company of its
decision on a matter referred to in paragraph 38 1 or 2
within 15 working days from the time a complete application
submitted. Law (2011:882).
41 § management company which manages the feeder Fund shall inform the
mutual fund company that manages the Fund on financial supervision
decision on a matter referred to in paragraph 38 1 or 2.
Law (2011:882).
section 42 Of the feeder Fund shall be dissolved pursuant to section 38, the management
taken over by the depositary. The takeover may be made no earlier than
three months from the notification of the changed circumstances
According to section 43, if not the FSA decides to
the takeover may occur earlier.
The Fund management company shall, without delay, notify the fund companies
manages the Fund on the decision to disband the feeder Fund.
Law (2011:882).
43 § Information that the Fund should be dissolved and
the management will be taken over by the depositary shall, without
delay announced by the fund company in post-och Inrikes Tidningar
and be available at the management company and
the depositary.
The financial supervision authority may, in a particular case, decide on the exemption
from the announcement, if there are special reasons for
the law (2011:882).
section 44 a custodian who has assumed the management of the
a feeder Fund under section 42 shall promptly dissolve the Fund by
sell the assets in the Fund and switch out the net proceeds
to the unitholders.
For management of the depositary of the feeder Fund applies 9
Cape. section 3, paragraph 5, second subparagraph, and paragraph 6 of mutatis mutandis.
Law (2011:882).
45 § management company which manages the feeder Fund to request redemption
of fund shares in the Fund if the FSA has
refused an application for the approval referred to in paragraph 38
paragraph 1 or 2 or has not announced a decision on the matter
last working day prior to the closing date of the participation in
the Fund may be redeemed before the merger or Division
are carried out.
Such redemption will also occur if the feeder Fund shall be dissolved pursuant to
section 38 or if needed to ensure shareholders
right to redemption of shares in the feeder Fund under section 7 or 4
Cape. 9 b section. Law (2011:882).
§ 46 Funds accruing to the Fund when shares in
the Fund redeemed pursuant to section 45 may consist of money or
financial instruments. The assets received,
managed to its feeder Fund shall be dissolved or funds
be placed in accordance with the authorization referred to in paragraph 38
paragraph 1 or 2. Law (2011:882).
Specific provisions on receiving funds and
the receiving UCITS
47 § A master fund that has at least two feeder funds
shareholders need not be open to capital from
members of the public. Law (2011:882).
section 48 A of the master fund companies whose shares are not marketed
in this country, other than that they are held by one or more
feeder funds need not meet the requirements in Chapter 1. 7 §.
A mutual fund company that doesn't market shares in a Fund in
another country in the EEA otherwise than that held by an
or more feeder UCITS need not comply with the requirements of 2
Cape. paragraph 15 (c). Law (2011:882).
section 49 a fund management company which manages a fund shall
The FSA provide information on each feeder Fund or
feeder fund companies whose funds are placed in the master Fund.
If such a task relates to a feeder UCITS,
The Swedish financial supervisory authority to leave the task to the competent authority of the
feeder Fund firm's home country. Law (2011:882).
50 § a fund management company which manages a fund must not take
charge of the feeder Fund for sale or redemption
of shares in the Fund. Law (2011:882).
section 51 a fund management company which manages a fund shall at
request, provide the information referred to in Chapter 4. section 20 also
to the depositary and the auditor for the feeder Fund.
Law (2011:882).
52 § a merger or a division of a master Fund,
be implemented no earlier than 60 days from the receipt of the information
referred to in Chapter 8. 8 or section 25 provided to
1. the shareholders of the Fund, and
2. the competent authority of the feeder UCITS ' home country, if
the master Fund is a feeder fund companies as shareholders.
Law (2011:882).
section 53 If a fund to be shared is that fund companies
manages a feeder fund the right to redeem the shares in
the master Fund before the split is carried out. The Fund management company shall be
opportunity to request redemption for at least 30 days from the day
for notification of the Division in accordance with Chapter 8. section 25.
Law (2011:882).
section 54 A of the master Fund may be dissolved pursuant to Chapter 9. section 2 of the earliest
three months after the notification referred to in Chapter 9. 4 §
the first paragraph to the management of the Fund should be taken over by
depositary and a notice of takeover
submitted to the
1. the feeder Fund Fund,
2. The financial supervisory authority, if the master Fund is a feeder Fund that
shareholders, and
3. the competent authority of the feeder UCITS ' home country, if
the master Fund is a feeder fund companies as shareholders.
Law (2011:882).
Chapter 6. Was repealed by law (2013:563).
Chapter 7. Portfolio management regarding financial instruments
§ 1 a fund management company which according to Chapter 1. section 4 authorized for
portfolio management regarding financial instruments may
with the permission of the financial supervision authority, as part of
activities
1. receiving units for storage, other than those
Fund units included in a mutual fund, a mutual fund company
or an alternative investment fund managed by
the management company,
2. receive funds with accountability, and
3. provide investment advice relating to such financial
instruments referred to in Chapter 5.
Funds that are received with the accountability under the first
paragraph 2 should be immediately separated from the company's own
assets. Team (2013:563).
section 2 of The mutual fund companies may not place an investor's assets
in units of a unit trust, an option
Investment Fund or UCITS management company
manages, directly or on behalf of someone else
Fund managers, unless the investor has approved this on
advance. Team (2013:563).
section 3, A mutual fund company that is performing discretionary portfolio management
regarding financial instruments shall in this administration and
When it performs the services referred to in article 1, first paragraph apply
the provisions of Chapter 8. 1, 9-12, 14, 21-23, 26, 27 and 34 §§
and 35 of law (2007:528)
securities market. Law (2007:562).
Chapter 8. Merger and Division of investment funds, etc.
What the merger means
(1) two or more mutual funds may be aggregated through
all assets and liabilities of one or more of the
the funds will be transferred to another fund for consideration to
the shareholders of the transferring funds (fusion). At
the dissolution of the merger or the transferring funds.
Fusion can take place
1. between the takeover investment fund on one side and
one or more investment funds being acquired on the other
(absorption), or
2. between two or more transferors mutual funds through
that they form a new takeover investment fund
(combination). Law (2011:882).
Merger consideration
section 2 of the consideration to the shareholders of the transferor
mutual funds (the merger consideration) shall consist of units
in the takeover investment fund. If it is necessary to
implementation of the merger, the merger consideration also comprise
money. The portion of the consideration may, however, be limited to a maximum of ten
percent of the value of the shares of the shareholders of the transferor
Fund. Law (2011:882).
Merger plan
section 3 of the mutual fund company that manages the mutual funds
to be included in the merger shall draw up a merger plan that is
common to the funds.
The merger plan shall include information on
1. the funds shall be included in the merger and what kind of
Fusion under paragraph 1 referred to,
2. the background to and purpose of the merger;
3. the likely consequences of the merger for unitholders,
4. What are the methods to be used for the valuation of assets
and liabilities at the date of calculation of
the exchange ratio pursuant to paragraph 4,
5. which method to use for calculating the
Exchange ratio referred to in paragraph 4,
6. the planned date for completion of the merger, and
7. rules applicable to transfers of assets and exchanges
of fund shares.
When combined, the merger plan also include the
takeover Investment Fund's Fund rules.
Law (2011:882).
section 4 of the collective investment undertakings referred to in paragraph 3 of the shall establish
the time of calculation of share exchange ratio between the shares
in the company being acquired and the acquiring investment fund and,
If applicable, a cash payment. The time to
be set to a date earlier than the date on which the merger
are carried out. Law (2011:882).
Report of the depositary
§ 5 Each custodian for the mutual funds to be
be part of the merger, in a statement for each of the
funds whose assets the Institute store to confirm that
the information contained in the merger plan under paragraph 3, second subparagraph 1, 6 and
7 are in accordance with the provisions of this law and the
the Fund rules. Law (2011:882).
Auditor's review
section 6 of the auditor shall examine the
1. the methods to be used for the valuation of assets and
liabilities at the date of calculation of share exchange ratio
under paragraph 4,
2. the cash payment per share, and
3. the method to be used for the calculation of the
Exchange ratio referred to in paragraph 4.
The auditor shall draw up an opinion on the review.
When the merger has been completed, the auditor should communicate:
the share exchange ratio to the FSA.
The auditor who performs the review should be an authorized
or approved public accountant or a registered public accounting firm.
Law (2011:882).
section 7 of the fund company that manages the mutual funds
to be included in the merger shall, on request, provide the auditor's
statement according to section 6, free of charge to shareholders in the
transferring and acquiring mutual funds.
Law (2011:882).
Information to mutual fund shareholders
section 8 When conditions to the merger have been given to the fund companies
manages mutual funds included in the merger
provide appropriate and accurate information on the merger
to the shareholders of the funds.
The information shall indicate
1. the background to and purpose of the merger;
2. the impact of the merger on the shareholders,
3. what rights the shareholders in connection with the merger
According to section 11, and
4. information on the procedure and the planned dates
the completion of the merger.
Along with the information to be supplied to unit-holders in a
transferring securities to fund the takeover
investment fund fact sheet provided. If fact sheet changed in
connection with the merger, it should also be provided to shareholders in
the takeover investment fund.
The information referred to in the first to third subparagraphs shall also
be provided before the merger carried out signs
participation in any of the mutual funds, as well as the requesting
the information referred to in Chapter 4. section 20 of the first paragraph.
Law (2011:882).
Authorisation for merger
§ 9 The fund company that manages a surrendering
the investment fund shall apply for an authorisation for the merger of
The Swedish financial supervisory authority.
The following documents must be submitted together with the application:
1. merger plan under paragraph 3,
2. statement by the depositary in accordance with paragraph 5 of,
3. auditor's opinion pursuant to section 6, and
4. the information to be provided to the shareholders, in accordance with
section 8.
If an application is not complete, the financial supervisory authority
within 10 working days after an application has been made
ask the fund company complements it. Law (2011:882).
paragraph 10 of the financial supervision authority shall grant permission for a merger if
1. the requirements under articles 3, 5, 6, 8 and 9 sections are met, and
2. the shares in the takeover investment fund may
marketed in the countries where the shares of the transferor
the investment fund is marketed in accordance with Chapter 2. § 15 c.
The financial supervision authority shall, within 20 working days of an
complete application has been filed shall inform the management company of
the decision of the licensing issue. Law (2011:882).
Rights of unitholders in the event of a fusion
section 11 of the shareholders in the mutual funds to include in a
Fusion has the right to have their shares redeemed before merger
implemented, without other charges than what corresponds to
the cost of settling securities in respect of
requested redemption.
Instead of redemption of fund shares, the shareholders have
Exchange these for shares in another investment fund or
other fund companies with similar investment policy that
managed by the same fund company or of a company directly
or indirectly has the same management or owners of the management company.
The possibility to request the redemption or exchange of fund units
According to the first and second subparagraphs shall be for at least 30 days
from the day the merger information be provided to unit-holders
According to section 8. The option shall expire no later than five working days
prior to the date of calculation of share exchange ratio pursuant to paragraph 4.
Law (2011:882).
Postponement of the sale and redemption of fund units
section 12 of the financial supervision authority may, upon application by a mutual fund company
or without any such application, allow or require a
fund companies postpone the sale and redemption of units in a
Investment Fund as part of a merger, if it is justified
taking into account the interests of the unitholders. Such
postponement shall not affect the rights of unit-holders
According to section 11.
The financial supervision authority shall inform the competent authority of a country
where units are marketed pursuant to Chapter 2. § 15 c if its
decision. The Fund management company shall inform the shareholders of the decision.
As soon as the reasons for postponement has ceased to
the Fund management company shall notify the financial supervision authority.
Law (2011:882).
Costs in connection with a merger
section 13 mutual funds as part of a merger and the shareholders
the funds may not be charged with costs incurred in
preparation and completion of the merger.
Law (2011:882).
Merger
section 14 of the merger may take place no sooner than three months from the
that the FSA has given permission for the merger.
At the completion of the merger shall arise the following
legal effects.
1. The transferor's/common fund's assets and liabilities
transferred to the takeover investment fund.
2. The shareholders of the investment fund will be
shareholders in the takeover investment fund and has, in
where appropriate, the right to a cash payment of
merger consideration.
3. The common fund is dissolved.
Law (2011:882).
section 15 A fusion which a effect under section 14 shall not
be declared invalid. Law (2011:882).
Notification and publication
section 16 of The mutual fund company that manages the takeover
the investment fund shall inform the depositary of
the Fund once the transfer of assets and liabilities pursuant to section 14 of the
second paragraph 1 have been completed.
The Fund management company shall inform the financial supervision authority if the merger has
carried out and make public the implementation on its Web site.
Law (2011:882).
Cross-border merger
section 17 of the unit trust may be added together with a mutual fund company
as in their home country has authorisation referred to in
European Parliament and Council directive 2009/65/EC
(cross-border mergers). Law (2011:882).
section 18 In a cross-border merger between a transferor
Investment Fund and a takeover fund company case
the following provisions of this chapter:
section 1 about what a merger means,
section 2 If the merger consideration,
§ 3 If the merger plan,
§ 5 If the opinion of the depositary,
sections 6 and 7 of the auditor's review,
section 8 on information to mutual fund shareholders,
9 and 19 to 21 sections for fusion,
section 11 rights of unitholders in the event of a merger,
section 12 for deferment of sale and redemption of
Fund shares,
section 13 if the costs in connection with a merger, and
paragraph and section 15 if the merger.
It listed about a takeover investment fund or
Fund management company which manages a Fund of 1 – 3 and 5 § §, § 8
third paragraph, first sentence, and paragraph applies
Similarly for a takeover fund company or a
management company that manages such UCITS.
Law (2011:882).
Article 19, along with an application under section 9 to the acquiring
the fund company's information leaflet and fact sheets as well as the
information to be provided to its shareholders shall be provided.
Law (2011:882).
section 20 of the financial supervision authority shall immediately hand over a copy of the
the complete application under section 9 to the competent authority in
the receiving UCITS home Member State. Law (2011:882).
section 21 of the financial supervision authority shall accept a devolution
unit trust may be included in a cross-border merger on
1. the requirements under articles 3, 5, 6, 8, 9 and 19 sections are met,
2. the competent authorities of the receiving UCITS home Member State
has announced that it has no objection to the information
to be provided to unit-holders in UCITS, and
3. the shares of the acquiring fund company may be marketed
in the countries where the shares of the investment fund
marketed under Chapter 2. 15 c section as well as in this country.
The financial supervision authority shall, within 20 working days of an
complete application has been filed shall inform the management company of
his decision.
The financial supervision authority shall inform the competent authority of the
takeover of the UCITS home Member State, indicating the decision.
Law (2011:882).
section 22 By a cross-border merger where a unit trust
is acquiring Fund is governed by the following provisions of this
Chapter:
4 § If point in time for the calculation of the exchange ratio,
section 7 of the auditor's opinion,
8 and 23 sections of information to mutual fund shareholders,
section 11 rights of unitholders in the event of a merger,
section 12 for deferment of sale and redemption of
Fund shares,
section 13 if the costs in connection with a merger,
section 14 the first subparagraph if the target implementation date of a merger,
as well as the
section 16 on notification and publication. Law (2011:882).
section 23 of the financial supervision authority shall, after the competent authority of the
the surrendering of the UCITS home Member State forwarded a copy of the
application for authorisation for merger, assess whether the information
to the shareholders in the takeover investment fund
meets the requirements of section 8. The FSA may last 15
working days from the day the copy of the application submitted request
the Fund management companies which manage the takeover
Investment Fund clarify the information. The inspection shall
immediately inform the competent authority of the transferring
The CIU's home country if such a request.
The financial supervision authority shall, within 20 working days of the
the Fund management company has submitted additional information
inform the competent authorities of the merging UCITS
home country as to whether the information meets the requirements.
Law (2011:882).
24 repealed by law (2013:563).
The sharing of mutual funds
section 25 of The Fund management company may, with the permission of the
The Swedish financial supervisory authority, share a mutual fund. Permission to
a partition must be provided if the action can be considered compatible with the
interests of the unitholders.
A fund management company that has received authorization to the Division shall
immediately inform shareholders about the proposed action and
Finansinspektionen's decision. This information shall also
be available at the management company and the depositary.
The Division shall be carried out not earlier than three months from the date of
Finansinspektionen's decision. Team (2013:563).
Reshuffling ban
section 26 of the unit trust may not be converted into a
Special Fund or any other type of alternative
Investment Fund. Team (2013:563).
Chapter 9. Termination and transfer of management of a
unit trust
§ 1 A fund company's management of a unit trust,
immediately taken over by the depositary of
1. The financial supervision authority has revoked the licence of the management company
to operate the Fund operations,
2. the decision has been taken on to fund the company should go in
compulsory winding-up or
3. the Fund management company has been declared bankrupt.
If a fund company would cease with the management of a
Investment Fund, the Administration taken over by
the depositary at the time of the operation
ceases.
Have a unit trust neither shareholders or
Fund assets, the fund company, instead of the one specified
in the second paragraph, with the permission of the financial supervision authority
liquidate the Fund. The Fund management company shall, together with an application
If such a State to submit a certificate from the company's Auditor on
the Fund has no shareholders and do not have any assets
or liabilities.
A fund management company may, with the permission of the financial supervision authority
entrust the management of an investment fund to another
Fund management companies.
A takeover under the second or fourth subparagraph may be
No sooner than three months from the date that the changed conditions
published in accordance with paragraph 4, unless the FSA decides to
the takeover may occur earlier. Team (2013:563).
section 2 of the depositary has taken over the management of the
a mutual fund from a fund management company shall promptly transfer the
management of the Fund to another fund company if
Financial supervision authority permits. In other cases, the
the investment fund is dissolved, the assets of the Fund
sold and the net proceeds of the Fund will be shifted out to the
the unitholders. Team (2013:563).
3 § If a fund shareholder has not notified its holding within five
years after the funds have been utskiftats pursuant to article 2 of the
be raised, unit-owner has lost his right to lift
the funds. Such funds and other residual amounts that have not been able to
be shifted out to the shareholders shall accrue to the General
the Swedish Inheritance Fund.
4 section for Information about the following changes in respect of a
the investment fund shall be published in the Gazette
and be available at the management company and
the depositary, namely that
1. management of the Fund shall be transferred to another
Fund managers,
2. management of the Fund should be taken over by
the depositary, and
3. the depositary has decided to transfer
management of the Fund to a Fund Manager or to
dismantling Fund.
The Declaration shall, in the cases referred to in the first subparagraph 1 shall be made by
the acquiring management company and in other cases of
the depositary.
The financial supervision authority may, in a particular case, decide on the exemption
from the announcement, if there are special reasons for
the law (2013:563).
§ 5 If the management of an investment fund has been taken over by
a new trustee, he shall discharge the obligations
as regards fund managers have previously due to this
team.
A custodian shall not exercise voting rights for shares
included in an investment fund operated.
Team (2013:563).
section 6 of the administration following the termination or
transfer of an investment fund has a depositary
right to equitable remuneration from the Fund. Amount of compensation
shall be determined by the financial supervisory authority. Team (2013:563).
10 Cape. Supervision
Supervision and its extent
section 1 of the financial supervision authority has oversight of fund management companies,
management company as referred to in Chapter 1. section 6, UCITS
referred to in Chapter 1. section 7 as well as depositary.
For the mutual fund company and the Swedish depositary covers
the oversight that the business is run in accordance with this law, other
regulations governing the company's activities,
the Fund rules, the company's articles of Association, statutes, Charter or
regulations and internal instructions based on a
Constitution governing the company's activities.
Management companies and UCITS and depositories
operating from a branch in Sweden covers
supervision that the company complies with the laws and other
regulations applicable to the company's operations in Sweden
and, when an investment fund is managed in accordance with Chapter 1. 6 (b) §,
as set out in the rules. Team (2013:563).
section 2 of the mutual fund companies, management companies and UCITS as referred to in
Article 1, first subparagraph, and the depositary shall provide
Financial supervision authority information concerning its activities and thus
coherent circumstances according to the regulations issued
pursuant to this Act.
Companies should, in addition to that referred to in the first subparagraph, leave
The financial supervision authority the information the inspection request.
Law (2008:282).
2 a of the Government or the authority, as the Government determines
announces that certain tasks under paragraph 2 of
the first subparagraph shall be submitted to the financial supervision authority instead
must be submitted to the central statistical office. Law (2014:486).
section 3 of the monitoring of the implementation of the provisions of this law and
the provisions adopted pursuant to the Act are followed,
The financial supervision authority may request that
1. a natural or legal person providing the information,
documents or otherwise, and
2. are expected to be able to provide information on the matter will
for questioning at the time and place that the inspection is in charge.
The first subparagraph shall not apply to the extent that the provision of data
would be contrary to the law regulated the confidentiality of
lawyers.
The financial supervision authority may submit to anyone who does not comply with a request
under the first subparagraph to fulfil their obligation.
Law (2008:282).
Site survey
paragraph 4 of the financial supervision authority may, when necessary, conduct a
survey of
1. a fund management company,
2. a management company or a fund company that operates
operations in Sweden, as well as
3. a depositary.
The FSA may also conduct an investigation of a
companies that have been commissioned by a mutual fund company or a
management company that operates in Sweden to perform
particular job or certain features, if needed
supervision of the management company or the management company.
Law (2011:882).
Cooperation and exchange of information
paragraph 5 of the financial supervision authority shall in its supervisory activities work together
and exchange information with the competent authorities, the European
Securities and markets authority, the European
banking authority, the European insurance and
occupational pensions authority and the European systemic risk Board in
to the extent permitted by European Parliament and Council
Directive 2009/65/EC; Law (2012:191).
5 a of the financial supervision authority may refer the matters related to a
procedure by another competent authority in the EEA to
The European Securities and markets authority for
dispute resolution in cases as stated in articles 21.5, 101.8
and 108 (5) of Directive 2009/65/EC;
Law (2012:191).
paragraph 6 of the financial supervision authority shall, within the framework of its competence,
at the request of a competent authority in another country in the
EEA, provide or verify information needed to
the foreign authority to exercise its supervision under
European Parliament and Council directive 2009/65/EC; The
foreign authority may attend an examination
performed by the Swedish financial supervisory authority. Law (2011:882).
6 a of the financial supervision authority shall, within the framework of its competence,
at the request of a competent authority in another country,
provide or verify the information necessary for the
foreign authority to exercise its oversight. This
does, however, apply only in so far as it follows from an agreement
cooperation which the financial supervision authority, with the support of the Government's
Authority has entered into with the foreign authority.
If a request concerns legal assistance in criminal matters, in force in
rather than Act (2000:562) on international legal assistance in
criminal cases. Law (2010:1861).
Revision
section 7 of the financial supervision authority has the right to appoint one or more
Auditors, together with the other auditors participating in
audit of a fund management company. The inspection may at any time
revoke such appointment and appoint a new auditor.
The auditor has the right to obtain equitable remuneration from the company for their
work. The size of the fee determined by the financial supervision authority.
Law (2008:282).
§ 8 the auditor shall report immediately to the
The Swedish financial supervisory authority if he or she as a mission in a
fund companies performed becomes aware of circumstances which
1. can constitute a material violation of any statutes
regulating the company's activity,
2. can negatively affect the company's continued operation, 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).
The auditor has a corresponding reporting obligations if he
or she has knowledge of facts as referred to in the first
subparagraph when a mission that the auditor has the management company
parent companies or subsidiaries or a company that has a
similar relations with the fund company. Law (2008:282).
9 § the obligation under section 8 to report to
The FSA also applies in the special fund management companies
Reviewer referred to in Chapter 10. 21 of the Swedish companies Act (2005:551).
Law (2008:282).
The convener of the Board of directors or the general meeting of shareholders
paragraph 10 of the financial supervision authority may convene the Board of Directors of a
Fund management companies. The inspection may also request that the Board call
to the extraordinary general meeting. If the Board fails to comply with such a
request, the inspection issue summons.
The financial supervision authority may attend a general meeting and at such
Board meeting that the inspection has convened and
participate in the deliberations. Law (2008:282).
Fees to the FSA
section 11 of the Fund companies and management companies and UCITS
specified in article 1, first paragraph, 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.
Law (2014:486).
11 kap. Especially if the examination of the suitability of owners
§ 1 If a direct or indirect acquisition of shares of a
fund companies would lead to the acquirer's total holdings
constitute a qualifying holding, a permit is required by
The financial supervision authority for the acquisition. The same applies to an acquisition
that means that a qualifying holding shall be increased
1. so that it is equal to or exceeds 20, 30 or 50
percent of the share capital or voting rights for all
shares, or
2. so that the management company 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 on
other similar way, instead, is required to
the transferee shall retain the shares. The purchaser shall then apply
If the permit within six months after the acquisition.
The Swedish financial supervisory authority shall, within two working days of an
full application inspection came in to send a
confirmation to the purchaser that the application has been received.
Law (2011:882).
section 2 of the issue of the permit referred to in paragraph 1 for the purchase of a
mutual fund company may be decided upon only after consultation with the competent authority
in another country within the EEA, if the acquirer is
1. an investment firm authorized in that country,
credit institutions, enterprises for electronic money,
the insurance company or a management company subject to
European Parliament and Council directive 2009/65/EC,
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 (2011:882).
paragraph 3, authorisation shall be given to acquisition referred to in § 1, if
the transferee is deemed appropriate to exercise a significant influence
over the management of a fund management company and it can be assumed that the
proposed acquisition is economically sound. Consideration should be given to
the acquirer's likely influence on the activities of the management company.
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 management company or be the Chief Executive Officer of
that company or be a substitute for any of them,
sufficient insight and experience to participate in the management of the
a fund management company nor otherwise is suitable for such a
task,
2. If there are grounds to believe that the purchaser will
counter to fund the company's business is conducted in a manner that is
consistent with this Act and the regulations governing
the company's operations, 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 mixed financial holding company,
the assessment of the acquirer special consideration
If its management meets the requirements for the management of
one such company pursuant to Chapter 5. section 16 of the Act (2006:531) if
special supervision of financial conglomerates.
Acquisition would lead to the close links between
the fund company and someone else, permission is granted only if the
relations does not hinder an effective supervision of the company.
Law (2011:882).
3 a of the FSA's decision in a matter of permission to
acquisition referred to in paragraph 1 shall be notified within 60 business days from
the confirmation referred to in paragraph 1, third subparagraph
was sent (the assessment period). If the FSA asks
supplementary information, the assessment period shall be extended.
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 shall decide a certain amount of time within which the acquisition will
implemented. The inspection may decide to extend the time.
Law (2011:882).
section 4 of The who has decided to sell a qualifying holding
or as much of a qualifying holding, to holdings
This will be lower than any of the paragraph 1 of the first
paragraph specified limits, shall notify the
The financial supervision authority thereof. Law (2011:882).
§ 5 When a fund company becomes aware of an acquisition or a
disposal of shares in a company that requires a permit under section
or notification under paragraph 4, notify the company as soon as
the acquisition or disposal of financial supervisory authority.
When a mutual fund company in other cases becomes aware that it has close
relations with anyone, the company shall promptly notify the
Swedish financial supervisory authority (finansinspektionen).
A fund management company shall submit annually to the FSA Register names
on the shareholder who has a qualifying holding of shares in
the company and the size of the holdings. Law (2008:282).
section 6, If a legal person has a qualifying holding in a
mutual fund companies, the legal entity shall promptly notify changes
of which included in its management to the financial supervision authority.
Law (2008:282).
section 7 of the financial supervision authority may decide that the owner of a
qualifying holding of shares at the general meeting may not represent
more shares than corresponding to a holding which is not
qualified
1. If the owner combats or likely to prevent
the management company's business is conducted in a manner that is consistent with
the requirements of this Act and the regulations governing
the company's operations,
2. If the owner materially has breached its
obligations in the course of trade or in other economic
Affairs or is guilty of serious
crime,
3. If the owner is a mixed financial holding company and
its management do not meet the requirements for the management of
one such company pursuant to Chapter 5. section 16 of the Act (2006:531) if
special supervision of financial conglomerates, 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 have not
applied for a permit for an acquisition referred to in § 1, shall
The financial supervision authority may decide that the holder of the AGM not
may represent the shares to the extent that they are covered by a requirement on
State.
If someone in contravention of a decision by the Swedish financial supervisory authority has a
qualifying holding of shares, the holder does not represent
the shares at the meeting to the extent that the holding is in conflict with
the decision. Law (2011:882).
paragraph 8 of the financial supervision authority may submit to an owner referred to in section 7 of the
the first paragraph to dispose of so much of the shares to
holding then is not qualified. An owner referred to in
section 7 of the second or third subparagraph may be required to dispose of so
large part of the shares to the holding does not conflict with
Inspectorate's decision. Law (2008:282).
§ 9 Shares subject to a prohibition under section 7 or
notice under section 8 shall not be counted when required
the consent of the owner to a proportion of the shares in the fund company
to enable a decision to be valid or a power shall be
be exercised. However, this does not apply if a trustee is appointed
According to section 10. Law (2008:282).
section 10 if there are special reasons, the financial supervision authority may apply
that the District Court will appoint an appropriate person to which
managers representing such shares under section 7 must not be
represented by the owner. Such applications are heard by the District Court in
the place where the owner is resident. If the owner is not domiciled
in Sweden examined the application of 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 and
shall, on request, be advanced by the fund company. If the
debtor does not accept the trustee's claims, defined
compensation awarded by the District Court. Law (2008:282).
section 11 If a fund management company has close links with someone else and
This prevents the effective supervision of the management company,
The financial supervision authority shall submit to the holders of shares carrying
that relationship is close to dispose of so much of the shares
that this is no longer the case.
The Swedish financial supervisory authority may also decide that the
subject to an order referred to in the first subparagraph may not be
represent the shares at the meeting. In that case, the provisions of
section 10 shall apply. Law (2008:282).
12 Cape. Interventions
Intervention against fund companies
§ 1 If a fund management company has failed to fulfil its obligations under
This Act, the regulations governing the company's
activities, the Fund rules, instruments of incorporation or internal
instructions based on a Constitution that regulates
the company's activities, the financial supervision authority Act.
The financial supervision authority shall then submit to the company to within certain time
limit activities in any respect, reduce the risks in the
or take some other action to remedy
situation, a prohibition to enforce decisions or a
remark. If the infringement is serious, the management company
authorisation is withdrawn or, if there is enough warning
will be notified. Law (2008:282).
section 2 of the financial supervision authority may refrain from intervention under section if
a breach is minor or excusable, if the management company makes
correction or any other body has taken action against
the Fund management company which is deemed sufficient. Law (2008:282).
3 § If someone who is part of a Fund's Board of directors or is
the Chief Executive does not meet the requirements laid down in 2
Cape. 1 § 4, the FSA revoking the company's
State. However, this should be done only if the inspection has
decided to complain to the company that the person does not meet the
the requirements and he or she still remains on the Board or as
Executive Director after one of the inspection firm
time of no more than three months has expired.
Instead of having to revoke the licence, the financial supervision authority
decide that a Board member or the Managing Director
may no longer be there. the inspection shall then appoint a
replacement. Long missions until the company has
appointed a new Member of the Board of directors or the Managing Director.
It is stated in the first and second subparagraphs if Executive
the Director shall also apply to a replacement for Chief Executive
Director. Law (2008:282).
paragraph 4 of the financial supervision authority shall revoke a fund company State
about the company
1. have received authorization by making false statements or
any other irregular means;
2. not within one year from the permission granted is
started to operate such business as the State alleges,
3. have declared themselves refrain from the State, or
4. for a continuous period of six months has not pushed
such activities as the State intends.
In the cases referred to in the first subparagraph 1, 2 and 4, instead
warning notified is enough. Law (2008:282).
4 a of before the financial supervisory authority revokes the authorization for a
Fund management companies which manage UCITS as referred to in Chapter 2. section 12
second subparagraph, or to paragraph 15, the inspection
consult the competent authority in the home Member State.
Law (2011:882).
paragraph 5 of the financial supervision authority shall promptly inform the competent
authorities in the other countries within the EEA where a mutual fund company
market shares in an investment fund that the company
manages, when any measure referred to in paragraph 1, 3 or 4 have
taken against the company. Law (2011:882).
section 6, where a competent authority has informed the financial supervision authority
If a fund company violated regulations that apply in the
the country of the company, the supervisory authority shall take the measures
specified in §§ 1-4 against the company, whether there are any
circumstance referred to therein. The Inspectorate shall inform the
competent authority of the measures taken.
Law (2008:282).
Penalty
section 7 If a Fund Manager has a note or warning, according to
§ 1 or warning under the second subparagraph,
The financial supervision authority may decide that the Fund management company shall pay a
penalty. However, this does not apply if the warning only
cases referred to in paragraph 4(1) 2 or 4. Law (2008:282).
The fee to the State.
section 8 Penalty fee shall amount to not less than 5 000 kroons and not more than
SEK 50 million.
The fee may not exceed 10% of the fund company's
turnover during the previous financial year. If
the infringement has taken place in the company's first year of operation
or if the data on the turnover or else is missing or
flawed, turnover is estimated.
§ 9 when the penalty fee is decided, should pay particular attention
be taken of the gravity of the infringement, which has led to the
the note or warning, and how long the breach has
been going on. Law (2008:282).
Late payment fee
section 10 If a fund management company in time leaves the information
It is required to do according to the regulations issued
under Chapter 13. 1 § 21, the financial supervision authority shall decide
the company shall pay a late fee of up to 100 000
SEK.
The fee to the State. Team (2013:1052).
Enforcement of the decision on the penalty fee and late fee
section 11 a penalty or late fee payable to
The financial supervision authority within thirty days from the
charging decision has become final or the longer time
specified in the decision. Law (2008:282).
section 12 of the FSA's decision about the penalty or
late charge may be enforced under the enforcement code
provisions, if the fee has not been paid within the time
specified in section 11. Law (2008:282).
section 13 Of the penalty or late fee is not paid
within the time specified in section 11 of the financial supervision authority shall submit the
unpaid fees for the collection. Provisions for the recovery of
governmental claims Act (1993:891) for the recovery of
State Law claims, etc. (2008:282).
section 14 a penalty or late fee has been decided
falling away to the extent enforcement have not been
within five years from the day the decision became final.
Law (2008:282).
Intervention against management companies and UCITS
section 15 If a management company operating in Sweden
After the notification referred to in Chapter 1. section 6 of the act contrary to their obligations
under this Act, or regulations governing
the company's operations in Sweden or the Fund rules for a
investment fund managed according to Chapter 1. section 6 b
The financial supervision authority shall submit to the company to make the correction.
If the management company fails to comply with the order, shall
The financial supervision authority shall inform the competent authority of its
homeland.
If the correction is not made, the financial supervision authority may take such
measures referred to in paragraph 1, second subparagraph, first sentence, or
prohibit the management company to begin new transactions in
Sweden. The inspection may also decide that the company no longer
may manage a mutual fund. Before an action under this
the paragraph is taken to the inspection shall notify the competent authority of the
the company's home country. However, in urgent cases, the inspection may take
such action without prior notice under the first
subparagraph, or notification to the home Member State authority. This,
The European Commission and the European Securities and
markets authority shall be informed as soon as possible.
If the financial supervision authority has taken action under the third
the paragraph without prior order or notice to
Home State authority and the Commission then decided to
the measure should be eliminated, the Inspectorate do it.
Law (2012:191).
section 16 If a management company operating in Sweden
After the notification referred to in Chapter 1. paragraph 6 takes its
business license revoked in the home Member State, shall
The financial supervision authority immediately prohibit the company to begin new
operations in Sweden. Law (2008:282).
section 17, If a fund company that operates in Sweden according to
Chapter 1. section 7 of the act contrary to their obligations under this law
or regulations governing the company's activities in
Sweden, the financial supervision authority shall submit to the company to make
correction. If the correction is not made, the supervisory authority may prohibit
company to begin new operations in Sweden.
The financial supervision authority shall inform the competent authority in
the home Member State, indicating the measures taken under this
clause. Law (2011:882).
section 17 (a) If the financial supervision authority has reason to believe that a
fund companies operating in Sweden according to Chapter 1. 7 §
When the boost override their obligations under
European Parliament and Council directive 2009/65/EC in other cases
than those referred to in section 17, the financial supervision authority shall inform the competent
authority of the home Member State.
If the correction is not made, and this means that the investor's
interests in Sweden are damaged, the financial supervision authority shall submit to the
Fund company to make rectification or prohibit UCITS
to begin new operations in Sweden. Before such a measure
taken to the financial supervision authority shall inform the competent authority of the
the company's home country. The European Commission and the European
Securities and markets authority shall immediately
be informed when such action has been taken. Law (2012:191).
18 repealed by law (2013:563).
Intervention against the which lack permits, etc.
19 § if someone drives the activities covered by this law
without being entitled to it, the financial supervisory authority
submit to the operator of the activity to cease it.
If it is uncertain whether the law applicable to a given activity,
the operator shall submit to the inspection activities to
provide the information on the activities that the inspection needs
to assess whether that is the case.
An order under this section relating to a foreign
companies may be directed against the company as well as that of Sweden are
working on behalf of the company. Law (2008:282).
VITE
section 20 of the injunction or prohibition under this Act may be subject
with a penalty. Law (2008:282).
Chapter 13. Appropriations
section 1 of the Government or the authority, as the Government determines
may provide for
1. which records may be included in the initial capital under 2
Cape. paragraph 4,
2. the records that may be included in own funds pursuant to Chapter 2.
8, 9 and 11 sections,
3. the language in which the notification referred to in Chapter 2. paragraph 15 c
the paragraph should be written,
4. how the Fund management company shall publish the documents under 2
Cape. paragraph 15 (c),
5. what a fund management company must comply in order to meet the
the obligations set out in Chapter 2. 17 and 17 c sections,
6. what information should be provided in the notification to the
shareholders pursuant to Chapter 4. 9 a § and in what way
the notification shall be provided,
7. provision of information booklets and fact sheets
According to Chapter 4. section 20,
8. in which language the information pursuant to Chapter 4. section 20 shall
be provided,
9. criteria for financial assets the funds in a
unit trust may be placed in accordance with Chapter 5. 1 section
the first sentence,
10. what techniques and instruments, a fund management company may use
According to Chapter 5. the third subparagraph of paragraph 1 and the conditions and limits for the
such use,
11. the system of risk management as a fund management company shall have
According to Chapter 5. section 2, first and second subparagraphs,
12. criteria for index funds according to Chapter 5. section 7,
13. calculation of exposures in accordance with Chapter 5. sections 13 and 14,
14. the manner in which the notification to the shareholders, in accordance with
5 a Cape. section 7 shall be provided,
15. What are the errors and omissions to be reported under 5 (a)
Cape. section 18,
16. the conditions for the transfer of financial instruments
and management under 5 (a). paragraphs 37 and 46,
17. what steps a company should take if it takes
receive funds with accountability according to Chapter 7. section 1,
18. what measures a fund management company should take to
comply with the requirements deriving from the provisions of Chapter 7. section 3,
19. what information in accordance with Chapter 8. § 8 shall contain, how
It will be designed, how it is to be provided and
What is to be attached to the information,
20. the language in which the documents to be submitted along
with the application in accordance with Chapter 8. § 19 is to be established,
21. the information which the Fund management companies, management companies,
UCITS and depositories shall submit to
The financial supervisory authority in accordance with Chapter 10. paragraph 2 of the first paragraph and when
the information must be given, and
22. such fees for supervision referred to in Chapter 10. 11.
Law (2014:558).
section 2 of the Government may provide for the handling of
licensing matters under Chapter 11. 1, 3, and 3 a of the Act.
Law (2011:882).
Chapter 14. Appeal
section 1 of the FSA's decision under 10 Cape. section 10 and 12.
19 section may not be appealed.
Other decisions by the Swedish financial supervisory authority under this Act may
be appealed to the administrative court. However, this does
No decision in the matters referred to in section 20, first paragraph 5
administrative law (1986:223).
Leave to appeal is required for an appeal to the administrative court.
The financial supervision authority may provide that a decision on the ban,
order or revocation shall take effect immediately.
Law (2008:282).
section 2 Of the financial supervisory authority in a case if the authorisation pursuant to 1
Cape. 4 or 5 § notify decision within six months from the
the application was filed, the supervision authority shall inform the applicant
the reasons for this. The applicant may then request an explanation
of the Court to the case unnecessarily residence.
If the FSA does not leave over a notice
described in Chapter 2. section 12 to the competent authority in the foreign country in the
two months from the date on which the notification was received and not
even within the same time announces the decision pursuant to Chapter 2. section 13
fourth subparagraph, the inspection, notify the applicant of the
the reasons for this. The applicant may then request an explanation of the
Court case 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 financial supervision authority has not notified a
decision referred to in the first subparagraph within six months from the
that a declaration has been made, the application shall be deemed to have
refused. If a notification referred to in the second subparagraph shall not
have been handed over within two months of an explanation
has been provided, the decision pursuant to Chapter 2. section 13, fourth subparagraph
be deemed to have been notified. Team (2013:105).
Transitional provisions
2004:46
Regulations concerning the entry into force of this law will be given in the law
(2004:47) on the introduction of the Act (2004:46) about
investment funds.
2007:562
1. this law shall enter into force on 1 november 2007.
2. the Fund management company which at the entry into force of this law, the State
to manage someone else's financial instruments referred to in Chapter 1.
paragraph 4 shall be deemed to be authorised for portfolio management regarding
financial instruments in accordance with the same paragraph, and to provide
investment advice under Chapter 7. Article 1, first subparagraph 3.
2008:282
1. this law shall enter into force on 23 July 2008.
2. A question of intervention under Chapter 12. judged according to older
provisions, if any circumstance giving rise to the question of
intervention relating to the period prior to the entry into force of this
team. However, this does not apply if the application of the new
the provisions would lead to a less rigorous intervention.
2011:882
1. this law shall enter into force on 1 August 2011.
2. a UCITS which at its entry into force driver
activities that do not require permits under the older version of
Chapter 1. § 9, but for which a permit is required under the new
the wording of the section, may continue to run the business
until 31 december 2011, or, if an application for
permission has previously been filed, until the application has
tried Terminal.
3. For investment funds in which the Fund rules have been approved
by 31 July 2011, older provisions on fact sheet
apply until 1 July 2012. For such
investment funds need not be drawn up according to the fact sheet
the provisions of Commission Regulation (EC) no 583/2010
until 1 July 2012.
4. the provisions of Chapter 5 (a). 9, paragraphs 16 and 20 shall not apply to
for special funds whose investment policy means that
the Fund's assets are invested in a particular investment fund under 6
Cape. paragraph 3, and whose rules have been approved by
The Swedish financial supervisory authority before the date of entry into force. If the Fund rules
changes following entry into force so that specialfondens agents should
placed in another investment fund, however, the provisions
apply.
5. in the case of applications for a licence pursuant to Chapter 2. 1 § or
11 kap. paragraph 1 of which has been received by the financial supervisory authority before
its entry into force, older provisions apply.
6. The who at its entry into force holds shares in a
mutual fund company to such an extent that he or she would have been
required to apply for a permit under Chapter 11. section 1 of the first
subparagraph, if the shares had been acquired after the law
date of entry into force shall, if not previously announced,
report their holdings to the FSA by 1
November 2011.
7. A question of intervention under Chapter 12. 15 or 17 a of the
are assessed according to the older provisions if any evidence
raises the issue of intervention relating to the period prior to the
the entry into force of this law. However, this does not apply if a
application of the new rules would lead to a
less strictly intervention.
2013:563
1. this law shall enter into force on 22 July 2013.
2. Fund management companies, securities companies and Swedish credit institutions
as at the date of entry into force of this law, a licence to operate
activities of specialist funds may, on an application for
authorisation as an aifm under the Act (2013:561) if
managers of alternative investment funds has been submitted
the financial supervisory authority last July 22, 2014, continue
to drive this activity under older rules to
its application has been examined. If permission is refused,
to the company or institution cease operations.
3. An investment firm or credit institution in Swedish
the entry into force of this law, manages a special fund may,
After the financial supervisory authority authorisation, transfer management
of the Fund to an aifm where the transfer takes place and
The aifm is authorised under the Act (2013:561) if
managers of alternative investment funds no later than 22
July 2014 or, if the aifm is established in another
country within the EEA, the transfer occurs and the aifm has
authorisation pursuant to European Parliament and Council directive
2011/61/EU last July 22, 2014. For such transfers
for older provisions in Chapter 9. 4 and 5 of the Act (2004:46)
If investment funds.
4. A management company which at the entry into force of this Act
authorised to operate from branch in Sweden
According to Chapter 1. 8 § law (2004:46) if investment funds may,
If an application for an authorisation pursuant to lagen (2013:561) if
managers of alternative investment funds has been submitted
the financial supervisory authority last July 22, 2014, continue
to drive this activity under older rules to
its application has been examined. If permission is refused,
to the management company cease operations.
5. a UCITS which at the entry into force of this law,
permission to market the shares in the company in Sweden
According to Chapter 1. section 9 of the Act (2004:46) if investment funds may,
If an application for an authorisation pursuant to lagen (2013:561) if
managers of alternative investment funds has been submitted
the financial supervisory authority last July 22, 2014, continue
to drive this activity under older rules to
its application has been examined. If permission is refused,
to fund the company cease operations.
2015:823
1. this law shall enter into force on the 1 January 2016.
2. The law shall apply for the first time for the financial years beginning after december 31, 2015.