Act (2004:46) About Mutual Funds

Original Language Title: Lag (2004:46) om värdepappersfonder

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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.

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