Chapter 1. /Rubriken expires U: 2016-03-01/
General provisions
/Rubriken entry into force: 03/01/2016
The law's content
1 §/expires U: 2016-03-01/
This law contains provisions on the accounting of
register of property rights and special rights to such
shares and other financial instruments for which share certificates,
debt securities or other equivalent document has not
issued or, where such a document is issued, the by
storage or other equivalent ways have ensured that
the Act does not come into circulation.
Register for the purposes referred to in the first subparagraph
may be conducted by authorised central securities depository.
Questions about authorization be reviewed by the financial supervision authority.
1 section/entry into force: 03/01/2016
This law contains provisions that complement the European Parliament and Council Regulation (EC) no 909/2014 of 23 July 2014 on improving securities settlement in the European Union and of central securities depositories and amending Directive 98/26/EC and 2014/65/EC and Regulation (EU) no 236/2012.
The law also includes specific provisions on the accounting of financial instruments. Law (2016:51).
/Rubriken entry into force: 03/01/2016
The scope of the law
2 §/expires U: 2016-03-01/
Authorisation as a central securities depository may
be notified to the Swedish Aktiebolag, Swedish economic associations and
foreign companies.
2 section/entry into force: 03/01/2016
The law applied to the Swedish central securities depositories and the account operators and managers who have been adopted by such central securities depository. When it specifically referred to in the Act on securities depositories established in another EEA country than Sweden and on the CSDS from third countries and on the designated credit institution.
The provisions of Chapter 9. 6 and 8 sections apply to every one that drives the activities referred to therein. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Definitions
3 §/expires U: 2016-03-01/
In this law means:
central securities depository: companies that have been authorized
According to Chapter 2. to kontoföra financial instruments in
control register,
record companies: such affiliated companies as referred to in
Swedish companies Act (2005:551),
issuer: in the case of shares the Corporation and in respect of other
financial instrument issuer or issuer of
the instrument,
account operators: that of a central
securities depository conceded the right to take
registration in the register,
financial instruments: the same as in Chapter 1. section 4 first
paragraph 1 Act (2007:528) on the securities market,
liability: unilateral debt instrument intended for General
turnover,
Securities: the same as in Chapter 1. paragraph 5 of the law on 27
the securities market,
qualifying holding shall mean the same as in Chapter 1. section 5 of the Act on 18
the securities market, and
Group: same as in Chapter 1. 11 and 12 of the companies Act,
in which case the parent companies should also apply to other
legal persons other than public limited liability companies. Law (2010:2062).
3 section/entry into force: 03/01/2016
In this law means:
record companies: such affiliated companies referred to in the Swedish companies Act (2005:551),
register: register referred to in Chapter 4.
section 1,
EEA: European economic area,
issuer: in the case of shares, the limited liability company and in case of another financial instrument issuer or the issuer of the instrument,
financial instruments: the same as in item 2.1.8 in the regulation of central securities depositories, in the original wording, with shares and the rights referred to in Chapter 4. paragraph 2(2) of this Act in respect of the record companies that are private limited companies for the purposes of this Act shall be treated as financial instruments,
the regulation of central securities depositories: European Parliament and Council Regulation (EC) no 909/2014 of 23 July 2014 on improving securities settlement in the European Union and of central securities depositories and amending Directive 98/26/EC and 2014/65/EC and Regulation (EU) no 236/2012,
account operators: that of a central securities depository granted the right to make registration in the register,
accounting of financial instruments: registration in the register of property rights and special rights to such shares and other financial instruments for which stock certificates, bonds or other equivalent document has not been issued or, where such a document is issued, the by storage or another equally has ensured that the document did not come into circulation,
qualifying holding shall mean the same as in Chapter 1. paragraph 5 of the 18 teams (2007:528) on the securities market,
liability: unilateral debt instrument intended for general circulation,
designated credit institution "means any institution that has been designated in accordance with article 54(2)(b) of the regulation of central securities depositories, in the original wording,
central securities depository: same as in article 2.1.1 of the regulation of central securities depositories, in the original wording,
central securities depository from third countries: such central securities depository, as referred to in article 2.1.2 of the regulation of central securities depositories, in the original wording, as well as
Securities: the same as in Chapter 1. section 5 of the securities market Act 27. Law (2016:51).
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Accounting of financial instruments
4 section/entry into force: 03/01/2016
Swedish central securities depositories which are authorized to provide a central kontoföringstjänst under the regulation of central securities depositories, in the original wording, to do this through the accounting of financial instruments. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Competent authority
§ 5/entry into force: 03/01/2016
The financial supervisory authority is the competent authority in accordance with the regulation of central securities depositories. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Reporting system for violations
6 §/entry into force: 03/01/2016
Swedish central securities depositories and the account operator shall provide the appropriate reporting system for employees who wish to make complaints about alleged violations of the provisions applicable to the business.
Personal data Act (1998:204) applies to the processing of personal data within the framework of such reporting system referred to in the first subparagraph. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Authorization
section 7/entry into force: 03/01/2016
The Government or the authority that the Government may provide for the handling of matters concerning the authorisation of the central securities depositories in Sweden.
Law (2016:51).
Chapter 2. /Kapitlet expire U:2016-03-01 by law (2016:51)./
The authorisation of the central securities depository
General requirements
§ 1 a central securities depository shall conduct its
activity so that it meets the highest standards of safety
and efficiency. The business shall also otherwise be conducted on
such a manner that public confidence in the account-keeping
maintained and individual interests are not compromised.
Swedish companies
section 2 of the authorisation as a central securities depository may
communicated to a Swedish limited company or a Swedish economic
compound only if
1. the articles of association or rules not inconsistent with this Act
Regulation or administrative provision,
2. the planned activities likely to comply with the
requirements set out in paragraph 1,
3. the program will have a qualifying holding in the company
deemed appropriate to exercise a significant influence over the
the management of a central securities depository,
4. the referred to join the Board of the company or be
Chief Executive Officer, or his representative,
have sufficient insight and experience to participate in
the management of a central securities depository and also in
the rest is suitable for such a task, and
5. the undertaking meets the conditions as otherwise provided in this
team.
The assessment referred to in the first subparagraph 3 of if a holder
is appropriate to their reputations and capital strength to be taken into account. The
should also be taken into account if there is reason to believe that
1. the holder will counter that the Central
värdepappersförvararens business is conducted in a manner that is
consistent with the requirements of this Act and regulations
regulating the company's activity, 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.
An authorization may be subject to conditions and limited to
certain financial instruments or limited on
otherwise.
An application for authorisation shall be accompanied by a plan of
the proposed activities. Law (2009:356).
paragraph 3 of the articles of association or a central värdepappersförvarares
the statutes shall be approved by the financial supervisory authority in connection with the
the granting of an authorisation.
A decision on amendment of the articles of association or statutes,
not be registered until it has been approved by the inspection.
4 of a central securities depository, which is a limited liability company shall have
a restricted equity which, because of the nature of the
and the scale is large enough. The assessment shall
be taken into account also other financial resources of the company has or
can exploit. For a central securities depository, which is
Economic Association to what is being said about the restricted equity in the
rather than the sum of the member contributions and subordinated debentures.
The Government or, by authority of the Government,
The financial supervision authority shall notify the
the size of the equity and the sum of
Member operations and subordinated debentures.
paragraph 5 of a central securities depository shall have a Board of Directors with
at least five members and an Executive Director.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39-42 of the Council
Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute
for the European company or articles 37-41 of Council Regulation (EC)
No 1435/2003 of 22 July 2003 on the Statute for a European
cooperative society (SCE), the provisions of
the Board of Directors in Chapter 2. 2 section 4 of the management review
and in Chapter 9. 3 paragraph 4 and the fourth subparagraph of
withdrawal of authorisation apply to the Supervisory Board. What
that is said about the Board members in Chapter 8. section 4 of the notice bans
shall apply to the members of the Supervisory Board.
The second paragraph of section 16 of the Act and section 22 (2004:575) on the European company
and paragraph 21 and section 26 of the Act (2006:595) about
the European cooperative society States that the provisions concerning the Board of directors or
its members in the second subparagraph shall also apply to a
the European company or European cooperative management or
administrative body or its members. Law (2006:609).
5 a § the obligation under Chapter 8. 46 (a) of the Swedish companies act
(2005:551) of the Board of Directors of a public company to annually
establish written rules of procedure for its work concerns
also for the Board in a central securities depository, which is
a private limited company. The same applies to the requirement of 8
Cape. 46 b of that Act for the Board of Directors of a public company
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 (2014:559).
Foreign companies
section 6 Authorization for a foreign company to operate
central securities depository activity in this country,
be notified only if
1. the company in its home country carries out the corresponding operations and
which is under the supervision by a public authority or any other
the competent body,
2. the planned activities likely to comply with the
requirements set out in paragraph 1, and
3. the activities to be carried out from the Branch Office
autonomous management (branch).
For foreign companies, the provisions of this law in
applicable parts. Moreover the Act (1992:160) if
foreign branches, etc.
Other activities
section 7 a central securities depository may, in addition to the activities
that the authorisation covers, running only Exchange or
clearing operations and other activities that are closely linked
with activities as the central securities depository.
If there are special reasons, the financial supervision authority may allow an
central securities depository to pursue other activities
than those referred to in the first subparagraph.
Organisational acquisitions
section 8 central värdepappersförvarares acquisition of shares or
shares in the company require the permission of the financial supervision authority, if
the acquisition is part of the Organization of the business.
Chapter 3. Account operator and manages registration
/Rubriken expires U: 2016-03-01/
Account operator
/Rubriken entry into force: 03/01/2016
Adoption of an account operator
1 §/expires U: 2016-03-01/
A central securities depository, as an account
institutions adopt the Riksbank and the Swedish national debt Office and legal
people who have a satisfactory capital strength and technical and
legal expertise and is otherwise appropriate to take
registration in the register of the Central
securities depository.
1 section/entry into force: 03/01/2016
A Swedish central securities depository, as account operators assume
1. the Riksbank, other central banks, the Swedish national debt Office and foreign public institutions in their country of origin has the mandate to administer or participate in the management of the public debt,
2. legal persons under the supervision of the Swedish financial supervisory authority, and
3. foreign legal persons who in their homeland under the corresponding supervision as the legal entities referred to in 2.
The bodies referred to in the first subparagraph 2 and 3 should have a satisfactory capital strength and technical and legal expertise, and otherwise be suitable to take registration measures in control register of the central securities depository. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Registration for own and third parties
2 §/expires U: 2016-03-01/
An account operator may take such registration
for its own account.
A central securities depository may allow the following legal
persons entitled to as an account operator take
registration on behalf of others:
1. the Riksbank and other central banks,
2. Swedish and foreign clearing organisations,
3. central securities depository as well as foreign companies in
their homeland may pursue business that is comparable to the central
accounting, and
4. securities as well as foreign companies in its
Homeland may engage in securities operations.
Foreign companies referred to in the second subparagraph 2-4 shall in
the homeland be under satisfactory supervision of authority or
other competent body.
2 section/entry into force: 03/01/2016
An account operator may take such measures on its own account registration.
A Swedish central securities depository may allow the following legal entities are entitled to as an account operator take registration measures on behalf of others:
1. the Riksbank and other central banks, 2. Swedish and foreign clearing organisations,
3. central securities depositories and such CSDs from third country recognised in accordance with article 25 of the regulation of central securities depositories, in the original wording,
4. securities as well as foreign companies in their homeland may pursue securities operations,
5. the Fund management company and the management company under the Act (2004:46) about mutual funds, in the case of mutual fund shares, and
6. the aifm referred to in Chapter 3. section 1 of the Act (2013:561) on alternative investment fund managers and foreign EEA aifm authorised in its home country as provided for in European Parliament and Council directive 2011/61/EU of 8 June 2011 on alternative investment fund managers and amending Directive 2003/41/EC, and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) , in wording pursuant to European Parliament and Council Directive 65/EU, in terms of units or shares of undertakings for collective investment.
Foreign companies referred to in the second subparagraph 2 and 4, in their home country under adequate supervision by a public authority or any other competent body. Law (2016:51).
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Criteria for the adoption of an account operator
3 §/expires U: 2016-03-01/
If the central securities depository adopts a
account operators, securities depository apply
the principles of
open access, which means that anyone who meets the
requirements of this Act and of the Central
Securities Depository shall be adopted as an account operator,
and
neutrality, which means that the rules imposed by the
central securities depository be designed and applied in a
uniform way.
3 section/entry into force: 03/01/2016
A Swedish central securities depository shall apply the requirements for participation as specified in article 33(1) of regulation of central securities depositories when the guess account operator.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Obligation to provide information to the central securities depository
4 §/expires U: 2016-03-01/
An account operator shall provide the Central
securities depository the information needed for
to carry out its duties under this Act or
administrative provisions.
4 section/entry into force: 03/01/2016
An account operator shall provide the central securities depository, the information necessary for the performance of their duties under this Act or the regulations.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Termination of the right to be an account operator
§ 5/expires U: 2016-03-01/
If an account operator no longer satisfies the requirements
referred to in paragraph 1, the central securities depository
decide that the institution does not have the right to be an account
institutions.
A central securities depository may also announce a decision
referred to in the first subparagraph, if an account operator despite
invitation from the central securities depository does not leave
the information referred to in paragraph 4.
§ 5/entry into force: 03/01/2016
If an account operator no longer meets the requirements laid down in paragraph 1, the central securities depository shall decide that the institution does not have the right to be an account operator.
A central securities depository may also announce such a decision, if an account operator despite encouragement from the central securities depository does not supply the information referred to in paragraph 4. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Obligation to provide information to the financial supervision authority
6 §/expires U: 2016-03-01/
Account operator that is not under
The Swedish financial supervisory authority or equivalent supervision in
the home Member State is obliged to provide inspection information
requests concerning its activities as an account operator.
If an account operator does not fulfil the obligation under
the first subparagraph, the financial supervision authority shall submit to the Institute to
Please provide the requested information.
6 §/entry into force: 03/01/2016
Account operator as referred to in article 1, first paragraph (2) and (3) the financial supervision authority is required to provide the information requested concerning the activities as an account operator.
If an account operator does not fulfill the obligation, the financial supervision authority shall submit to the institution to disclose the requested information. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Rules in the regulation of central securities depositories that are applied to the account operator
6 a section/entry into force: 03/01/2016
For account operator applies to articles 36 and 37 (3) of the regulation of central securities depositories, in the original wording. It listed about CSDs and if settlement systems established in article 36 shall instead refer to the activity as an account operator. Law (2016:51).
6 b/entry into force: 03/01/2016
An account operator may not delegate to someone other than another account operator to perform registration actions in the control register. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Documentation requirements
6 c section/entry into force: 03/01/2016
An account operator shall document and for at least ten years to save the information that is the basis for registration in the register. Law (2016:51).
Manages the registration
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Adoption of trustee
section 7/expires U: 2016-03-01/
A central securities depository may grant such legal
persons referred to in the second subparagraph of paragraph 2 of the right to be registered as a
managers of financial instruments. In such cases, the applicable
the principles set out in section 3.
A consent to registration as trustee may be subject to
special conditions to meet the General and specific
interests. Consent shall be revoked by the Central
securities depository, a condition for which the consent has
overridden and the deviation is significant or if otherwise
the conditions for consent is no longer there.
section 7/entry into force: 03/01/2016
A Swedish central securities depository may allow the following legal persons entitled to be registered as a manager of financial instruments: 1. the legal entities referred to in paragraph 2,
2. The Swedish national debt Office and foreign public institutions in their country of origin has the mandate to administer or participate in the management of the public debt, and
3. credit institutions authorised under European Parliament and Council directive of 26 June on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directive 2006/48/EC and 2006/49/EC, in wording pursuant to European Parliament and Council Directive 2004/59/EC and credit institutions having their head office in third countries which are authorized in the country.
At the concessions provided for in the first paragraph, the central securities depository shall apply the requirements for participation as specified in article 33(1) of regulation of central securities depositories.
A consent to registration as trustee may be subject to specific conditions to meet public and private interests. Consent shall be revoked by the central securities depository, if a condition of the concession has been breached and the deviation is significant or if otherwise the conditions for consent is no longer there.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Control accounts for managers
section 8 a trustee shall have one or more control accounts
for those financial instruments that he manages.
section 9 A control account for nominee-registered financial
instruments shall include
1. Trustee's firm, corporate or other
identification number and address,
2. Note that the instruments are managed on behalf of others,
3. in the case of shares, the information referred to in Chapter 4. section 18
1-5 of the first paragraph and the second paragraph, and
4. in the case of debt instruments, the information referred to in 4
Cape. § 19.
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Legal effects of registration
section 10 Of nominee-registered financial instruments applied
Chapter 6.
What is said in Chapter 6. 1 and 4 of § if it listed on a
reconciliation account owner shall instead refer to
the nominee.
The administrator is notified that a financial instrument has
transferred or pledged, the same legal effect as
If the transfer or pledge had been registered in a
control register.
11 § a pledged or foreclosure financial instrument may not
förvaltarregistreras without panthavarens respective
the Swedish enforcement authority.
/Rubriken entry into force: 03/01/2016
Obligation to provide information to the central securities depository
12 §/expires U: 2016-03-01/
At the request of the central securities depository, an
managers send information to the securities depository if the
shareholders whose shares he manages. The data shall be
the shareholders ' name and social security number, registration number or
other identifying number and postal address. The administrator shall
In addition, specify the number of different classes of shares that each
shareholders own. The information must relate to the circumstances of the
time as the central securities depository.
The central securities depository shall, at the request of a
record companies collect such data on the company's
shareholder referred to in the first subparagraph.
The record companies have the right to the Central
securities depository to access the information
provided on the company's shareholders.
If there are special reasons, the financial supervision authority may permit
trustee exemption from the obligation imposed by
the first and second subparagraphs. Act (2005:558).
12 §/entry into force: 03/01/2016
At the request of the central securities depository, a managers send information to the central securities depository for the shareholders whose shares it administers. The information shall relate to the shareholders ' name and social security number, registration number or other identifying number and postal address. The manager shall also specify the number of different classes of shares that each shareholder owns. The information shall relate to the situation at the time as the central securities depository.
Central securities depository shall, at the request of a record company to demand such information about the shareholders referred to in the first subparagraph.
Record company central securities depository is entitled to gain access to the information provided on the company's shareholders.
If there are special reasons, the financial supervision authority may grant exemption from the obligation to provide managers resulting from the first and second subparagraphs. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Shareholder summary
section 13/expires U: 2016-03-01/
In the central securities depository,
every record company be a compendium of
shareholders with more than five hundred shares in
the company. The compilation shall contain the information
set out in paragraph 12. A transcript of the compilation
shall be made available to everyone at the company and at the
central securities depository. The print job may not be elderly
than three months. Everyone who requests it has the right
the reimbursement get a current transcript of
the compilation of the central securities depository.
Act (2005:558).
section 13/entry into force: 03/01/2016
In the central securities depository shall, for each record company be a compendium of shareholders with more than five hundred shares in the company.
The compilation shall contain the information set out in paragraph 12. A printed copy of the compendium will be made available for each of the company and of the central securities depository. The print job may not be older than three months. Everyone who requests it has at all times the right to compensation for the costs get a current transcript of the compilation of the central securities depository. Law (2016:51).
Chapter 4. Securities register and control accounts
Control register
1 §/expires U: 2016-03-01/
Control register consists of control accounts that are added
up for owners of financial instruments registered under
This law. Such registers are implemented with the help of automated
treatment. The central securities depository is
a data controller under the data protection Act (1998:204)
for the processing of personal data
securities depository.
Unless otherwise provided for by this law or by regulations
issued pursuant to the Act, the Privacy Act at
the treatment of the personal data of the owner and holder of
special rights to financial instruments.
1 section/entry into force: 03/01/2016
Control register consists of control accounts added 1UP for owners of financial instrument that is registered under this Act. Such registers are implemented with the help of automated processing. A Swedish central securities depository is
a data controller under the data protection Act (1998:204) for the processing of personal data by the central securities depository.
Unless otherwise provided for by this law, by regulations issued under the law, the regulation of central securities depositories or of acts adopted on the basis of the regulation, personal data Act apply to the processing of personal data of owners and holders of special rights to financial instruments. Law (2016:51).
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Shares in affiliated companies
2 §/expires U: 2016-03-01/
Shares in a securities company shall be registered in a
register of the company. Shares in Swedish companies
not the record company may not be registered in
control register.
The provisions of this law if shares in affiliated companies
also apply to the following rights in companies,
namely
1. bonus shares and subscription rights referred to in Chapter 11. 4 §
Swedish companies Act (2005:551) and the preferential right to participate in
the issue referred to in Chapter 11. the second subparagraph of paragraph 8
the companies Act,
2. correct due to subscription of shares in the new issue of shares
under Chapter 13. Companies Act, and
3. correct due to subscription of shares on exercise of
right of option in accordance with Chapter 14. the companies act. Law (2010:2062).
2 section/entry into force: 03/01/2016
In Chapter 1. 10 of the Swedish companies Act (2005:551) contains provisions on shares in affiliated companies.
Shares in the Swedish company not affiliated companies shall not be registered in the CSD register.
The provisions of this law if shares in affiliated companies also apply to the following rights in companies, namely
1. bonus shares and subscription rights referred to in Chapter 11. section 4 of the companies act as well as the preferential right to participate in the issue referred to in Chapter 11. the second subparagraph of paragraph 8 of the Swedish companies Act,
2. correct due to subscription of shares in the new issue of shares under Chapter 13. Companies Act, and 3. right due to subscription of shares by exercise of the right provided for in chapter 14. the companies act. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Debt obligations
3 §/expires U: 2016-03-01/
A central securities depository may register
debt securities or other Swedish or foreign
financial instruments in a control register for
the issuer. The provisions of this Act on debt securities
apply mutatis mutandis financial instruments other than
those referred to in paragraph 2.
3 section/entry into force: 03/01/2016
A central securities depository may sign debt obligations or other Swedish or foreign financial instruments in a control register for the issuer. The provisions of this law on debt obligations apply mutatis mutandis financial instruments other than those referred to in paragraph 2.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Agreement concerning the registration
4 §/expires U: 2016-03-01/
Registration under 2 or 3 sections is carried out according to the agreement between the
the central securities depository and the issuer. If the
financial instruments issued in a country other than the
Sweden, such registration also take place according to agreement between the
the central securities depository and companies with corresponding
tasks in that country, if the financial instruments have
been separated for such a purpose.
The same financial instruments may not be recorded on the
reconciliation account with more than a Swedish central
securities depository. A limited liability company must employ the same
central securities depository for all registration relating to
shares in the company and the rights referred to in paragraph 2 of the other
paragraph.
4 section/entry into force: 03/01/2016
Registration under section 2 or 3 is carried out according to the agreement between the Swedish central securities depository and the issuer. If the financial instruments issued in a country other than Sweden, such registration also take place according to the agreement between the Swedish central securities depository and depository that is established in another country within the EEA than Sweden or a central securities depository from a third country, if the financial instruments have been separated for such a purpose. With such a contract comparable agreements on an indirect link under article 2.1.32 of the regulation of central securities depositories, in the original wording.
A limited liability company must employ the same central securities depository for all registration relating to shares in the company and the rights referred to in paragraph 2 of the second paragraph. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Ban on issuance of certain documents
§ 5/expires U: 2016-03-01/
For financial instruments that are registered under this Act
may not be issued stock certificates, emission certificates, or provisional certificates,
warrant evidence or warrant referred to in
Swedish companies Act (2005:551) or debentures or
the corresponding action. Such a document is issued, the
It is not as connected. The provisions of the companies act
also does not apply to the action.
The first subparagraph shall not apply in the case of financial instruments
issued in a country other than Sweden.
If share certificates, debentures or other equivalent document has
issued for such an instrument referred to in the second subparagraph
should the document be submitted for storage of the Central
securities depository or on behalf of that undertaking before
registration in the register may be made, if not at
is otherwise satisfied that the Act does not come into circulation.
Document must be retained in such detention for as long as the instrument
are registered in the CSD register. Law (2010:2062).
§ 5/entry into force: 03/01/2016
For financial instruments that are registered under this Act shall not be issued stock certificates, emission certificates, or provisional certificates, warrant or warrants referred to in the Swedish companies Act (2005:551) or debt securities or equivalent document. Have such a deed issued, apply it as a link. The provisions of the companies Act also does not apply to the action.
The first subparagraph shall not apply in the case of financial instruments issued in a country other than Sweden.
If share certificates, debentures or any other equivalent document issued for such an instrument referred to in the second subparagraph, must be submitted for storage at the central securities depository or on behalf of that undertaking prior to registration in the register may be made, unless it is otherwise satisfied that the Act does not come into circulation. Document must be retained in such detention for as long as the instrument is registered in the CSD register.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Limited company is transitioning to become the record companies
6 §/expires U: 2016-03-01/
In the case of limited liability companies which turns into
the record companies, the following applies. Permission to first time
recorded as shareholder or nominee on a
the control account that shows up a share certificate and
According to Chapter 6. 8 of the Swedish companies Act (2005:551) or other
proving its acquisition. Share certificate shall expire on
satisfactory manner by the central securities depository. What
that has now been said shall apply mutatis mutandis in the case of
or provisional certificates and emission certificate issued by a
limited liability company before this law became applicable to the company.
Act (2005:558).
6 §/entry into force: 03/01/2016
In the case of a limited liability company that is transitioning to become the record companies, the following applies. Permission to first time recorded as shareholders or managers on a clearing account, there is the one that shows up in a share certificate and in accordance with Chapter 6. 8 of the Swedish companies Act (2005:551) or otherwise substantiating his acquisitions. Share certificate shall expire on the safety of the central securities depository. This shall apply mutatis mutandis in respect of or provisional certificates and emission certificate issued by a corporation before this law became applicable to the company. Law (2016:51).
section 7 If it otherwise than as mentioned in section 6 is a
right under paragraph 2(2) of the that have been issued by a
limited liability company before this law became applicable on the right, is
the evidence of its acquisition power to first time
recorded as owners or managers of rights on a
reconciliation account.
section 8/expires U: 2016-03-01/
If a debt has been issued for a debt obligation
before this law was applicable to the marriage is valid
the following. Permission to first time recorded as the owner
or managers on a clearing account will be charged the
According to the rules in the Act (1936:81) of debentures is authorized to
as the owners dispose of the debenture. The debenture shall
expire on the safety of the Central
securities depository.
section 8/entry into force: 03/01/2016
If a debt has been issued for a debt obligation before this law became applicable on marriage, the following applies. Permission to first time recorded as owners or managers on a clearing account of the who under the rules of law (1936:81) of debentures is authorized to dispose as owner of the debt. Debt should be cancelled in satisfactory manner by the central securities depository.
Law (2016:51).
§ 9/expires U: 2016-03-01/
If an offering evidence or warrant evidence has
issued in respect of a right referred to in Chapter 11. the companies act
(2005:551) before this law became applicable on the right
the following applies. Permission to first time recorded as
owners or managers of the right to an account for
debt obligations of the that shows off the proof and
According to Chapter 6. 8 of the Swedish companies act or otherwise proving
its acquisition. The certificate shall be cancelled on safety of
the central securities depository. Act (2005:558).
§ 9/entry into force: 03/01/2016
If an offering evidence or warrant evidence has been issued for a right referred to in Chapter 11.
Swedish companies Act (2005:551) before this law became applicable on the right, the following applies. Permission to first time recorded as owners or managers of the right to an account for debt securities, there is the showing up the evidence and in accordance with Chapter 6. 8 of the Swedish companies act or otherwise substantiating his acquisitions. The proof should be voided on the safety of the central securities depository. Law (2016:51).
section 10 If it otherwise than as specified in §§ 8 or 9 is the question
If a right referred to in paragraph 3, is the evidence of his
acquired jurisdiction to first time recorded as the owner or
managers at a clearing account.
11 §/expires U: 2016-03-01/
The owner of a debt securities issued before this law
became applicable on the debt instrument has not, as far as
then any payment due, be entitled to payment until the
the holding has been registered on a securities account. With
payment assimilated other economic rights vis-à-vis
the issuer is provided with the debenture. In connection with the
the debt instrument first registration on the account, the
central securities depository set as the record date for the
interest and principal amounts.
11 §/entry into force: 03/01/2016
The owner of a debt securities issued before this law became applicable on the debt instrument has not, as far as afterwards any payment due, be entitled to payment until the holding has been registered on a securities account.
With payment assimilated other economic rights vis-à-vis the issuer that comes with debt. In connection with that debt first registration at the central securities depository account set as the record date for interest and principal amounts. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Pledge holders
12 §/expires U: 2016-03-01/
A pledge holders are authorized to call to what is said in the 6-
10 section shall apply. The requirement for presentation of share certificates or
other Act deemed thereby satisfied if the pledgee shows up
the plot.
12 §/entry into force: 03/01/2016
A custodians may require that the indications referred to in articles 6 to 10 shall apply. The requirement for presentation of the share certificate or other document shall in that case be deemed to be met if the pledgee shows up the plot. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Cancellation of documents
section 13/expires U: 2016-03-01/
A document has been voided pursuant to section 6, 8 or 9
shall be kept by the central securities depository in
original or copy for at least ten years.
section 13/entry into force: 03/01/2016
A document has been voided pursuant to section 6, 8 or 9 shall be kept by the central securities depository in original or copy for at least ten years. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Delegation
section 14/expires U: 2016-03-01/
What according to §§ 6-13 is the responsibility of a central
securities depository can thereby be entrusted to an account
institutions that perform at the Central värdepappersförvararens
behalf.
section 14/entry into force: 03/01/2016
Central securities depository may Commission an account operator to carry out the tasks referred to in paragraphs 6 to 13 of the securities Centre's behalf. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Termination of registration
section 15/expires U: 2016-03-01/
Ends financial instruments to be registered in
record registers with a central securities depository to
due to a record day provision is deleted or to
the agreement between the issuer and the securities depository ceased
to be valid, the securities depository is obliged to
the issuer or to other central securities depository as a
the issuer agent shall disclose the contents of all
control accounts. End registration at the Central
securities depository as a result of an agreement between the
securities depository and a foreign company referred to in paragraph 4 of the
first paragraph, second sentence expired, the
foreign company get the corresponding information.
In the case referred to in the first subparagraph, all account executives
and holders of rights recorded in the
reconciliation account shall be notified by the Central
värdepappersförvararens.
the entry into force of section 15/in: 2016-03-01/
Ends financial instruments to be registered in the securities register of a central securities depository as a result of a record day provision has been deleted or that the agreement between the issuer and the central securities depository is expired, is the central securities depository is obliged to to the issuer or to another central securities depository as the issuer allocates disclose contents of all control accounts. End registration at the central securities depository as a result of an agreement between the central securities depository and depository that is established in another country within the EEA than Sweden or a central securities depository from third countries referred to in paragraph 4, second sentence expired, holding on account be transferred to other account holders or be counted kontoavaren otherwise considering his interests.
In such a case, the Swedish central securities depository ensure that all account holders and holders of rights recorded in the control account shall be notified. Law (2016:51).
/Rubriken expires U: 2016-03-01/
Control accounts
/Rubriken entry into force: 03/01/2016
Control accounts to holders of financial instruments
section 16 of any holder of such financial instruments as
be registered under this Act shall have one or more
control accounts, unless the instrument is
nominee-registered.
/Rubriken entry into force: 03/01/2016
Reconciliation account's content
section 17 On a control account must be specified
1. account holder's name and social security number, corporate registration number
or other identifying number and address,
2. panthavares name and social security number, registration number or
other identifying number and address,
3. the number of financial instruments account includes,
4. where applicable, that the account holder has managers under
11 kap. 7 § parental code with missions that include management
of the shares or the shares represented by the liquidator
designated according to chapter 14. section 9 of the Act (2004:297) on banking and
financing business, 24. section 10 of the Act (2007:528)
the securities market, or 15. section 18
the insurance business Act (2010:2043)
5. pledges and the presence of other specific rights concerning
a financial instrument,
6. bankruptcy with respect to the account holder, and the garnishment, attachment or
payment assurance relating to a financial instrument or
regarding the lien thereof,
7. restriction under Chapter 13. 19 paragraph 4 or 14
Cape. 21 paragraph 4 parental code. Law (2010:2062).
section 18 except as permitted by section 17 shall
reconciliation account in respect of shares
1. for each share if full payment has been made for the share
to the record company,
2. which kind each share belongs, if different classes of shares
According to the articles of association may exist,
3. If a share of the given type can be converted into one share of
otherwise,
4. subject to shareholders or else shall be entitled
to solve the share passes to the new owner,
5. payment made upon redemption of one share or reduction
of the quota value of the share or by parcel of the company's assets,
6. name, social security number and mailing address of trustee or good
one for shareholders and for trustee in shareholders '
bankruptcy,
7. indication that enforcement authority effecting the attachment,
garnishment or payment assurance in respect of the account holder's shares,
as well as the
8. name, social security number, corporate or other
identification number and address of the person on the basis of
pledging, assignment, or the terms of a will or deed
has the right to instead of the shareholder in the share register introduced
lift the dividend and at the bonus issue to receive new stock, as well as
exercising the preferential right to participate in the share issue.
Where appropriate, also indicate the nominal amount
and payment made by the reduction of the nominal
amount. Have no refund a stock withdrawn and the
nominal amount changed, shall also be specified on the account so
soon as possible. Law (2006:729).
19 § in addition to what follows from section 17 shall
reconciliation account in respect of debt obligations specified
1. debt amount, currency and nominal debt relations
amount,
2. enforced payment of principal or interest,
3. If a convertible has been converted to equity in accordance with Chapter 15.
Swedish companies Act (2005:551),
4. If a debt linked to warrant has
used for subscription according to chapter 14. the companies Act,
5. other restrictions for the creditor to receive payment
or to otherwise make payment commitment regarding and
name and social security number, corporate or other
identification number and mailing address for those who have a
right because of such a restriction. Act (2005:558).
/Rubriken entry into force: 03/01/2016
Refusal to open securities accounts
20 §/expires U: 2016-03-01/
A central securities depository may refuse to open
reconciliation account for purchasers of such financial
instruments that are being posted by the securities depository only if
There is a basis for it in accordance with this Act or any other
Constitution.
20 section/entry into force: 03/01/2016
A central securities depository may refuse to open securities accounts for the acquirer of such financial instruments are booked by the central securities depository only if there is a basis for it in accordance with this Act or any other enactment. Law (2016:51).
Rules and notification obligations
section 21 of the Government or, by authority of the Government,
The financial supervision authority shall notify the
accounting and other matters referred to in this chapter.
section 22/expires U: 2016-03-01/
As a central securities depository according to specific
Regulation has been a bankrupt shall
securities depository immediately forward this notification
to all the managers who have the consent referred to in Chapter 3. 7 §.
section 22/entry into force: 03/01/2016
As a central securities depository has been a bankruptcy, it shall immediately communicate the notification to all managers who have the consent referred to in Chapter 3.
7 §. Law (2016:51).
Chapter 5. Registration steps
/Rubriken entry into force: 03/01/2016
Registration of notifications
1 §/expires U: 2016-03-01/
A central securities depository or an account
institutions shall immediately register complaints about such
conditions that are to be identified in the VPC register and enter
the time of registration. When all the conditions for final
registration registration shall be
reconciliation account.
1 section/entry into force: 03/01/2016
A central securities depository or an account operator shall immediately register complaints about such conditions as shall be indicated in the record, and specify the time of registration. When all the conditions for final registration are met, registration in a control account.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Removal of information
2 § where a notification referred to in paragraph 1 is incomplete but the lack
go to address, the notifier shall be submitted to that within a week
from the order complete his notification. Supplementing
does not occur, the registration of the notification without effect.
/Rubriken entry into force: 03/01/2016
Rejection of request for registration
section 3 of The request for registration in securities accounts shall
refused if the conditions for registration is missing and
supplementation have not been or cannot be done. The notifier
shall be notified in writing its decision and the reasons therefor.
/Rubriken entry into force: 03/01/2016
Correction of registration
section 4 of the registration shall be corrected, if it contains any
obvious irregularity resulting from the taking
registration action or someone else has committed
to write error, clerical error or similar oversight, or to
due to a technical error. The right concerned shall be given
opportunity to be heard, unless the correction is for the benefit of
This opinion is clearly unnecessary or otherwise.
/Rubriken entry into force: 03/01/2016
Removal of information
§ 5/expires U: 2016-03-01/
The central securities depository, from a register
referred to in paragraph 1 of the Cancel tasks that obviously lacks
importance.
The withdrawal of the data shall be kept for at least ten years.
§ 5/entry into force: 03/01/2016
The central securities depository, from a register referred to in paragraph 1 of the removal of information which is clearly irrelevant.
Law (2016:51).
Chapter 6. Legal effects of registration
/Rubriken entry into force: 03/01/2016
Äganderättspresumtion
section 1 of The listed as the owner of a securities account
with the restrictions as stated in the account shall be deemed to have
the right to dispose of the financial instrument.
/Rubriken entry into force: 03/01/2016
Date of legal effect against third parties of a transfer
2 § has a notice of transfer of a financial instrument
recorded, then the instrument will not be used by
creditors of the transferor for the rights other than such as was
registered when registration was registered.
section 3 Has the same financial instruments entrusted to several was
separately, has the assignment preference for which notification of
the transfer was registered first.
The registration of notification, however, not a transfer
overrides a previous assignment, if the acquirer when
notification of the assignment was registered knew or should have
known to the earlier transfer.
By way of derogation from the first and second subparagraphs shall also apply to
acquisition through the Division of property, inheritance, wills, General parcel or
similar gainful way when the question is raised whether primacy between
such an acquisition, and a subsequent transfer.
/Rubriken entry into force: 03/01/2016
Transfer of someone other than the owner
4 § has a financial instrument in other cases than those referred to in
3 § transferred by someone who did not own it, gets the transfer
valid if the assignor at the time of the transfer was
registered on a securities account as the owner of the instrument
and notice of the assignment has been registered and the transferee
Since neither knew or should have known, that the transferor
did not possess the financial instrument. The foregoing shall apply
even at the time of transfer from the one who owned the financial
the instrument but that lacked the right to dispose of the instrument
through transfer.
/Rubriken entry into force: 03/01/2016
Debt obligations
5 § For debt securities registered in the
securities register shall also apply paragraphs 15-18 teams (1936:81) if
debt securities. With possession of or note on debt securities
assimilates the corresponding registration on account of
VPC register.
/Rubriken entry into force: 03/01/2016
Permission to receive payment
section 6 of The who at maturity or on fixed record date
are recorded in an account in the VPC register as owner
or in other cases eligible to receive payment for a
debt instrument shall be deemed to be entitled to receive the payment.
The payment is not valid, if the debtor knew or
should have realized that the payee was not eligible
to receive payment for the debt instrument.
/Rubriken entry into force: 03/01/2016
Pledge
Article 7 the provisions of paragraphs 1 to 5 shall apply even in the event of pledging.
Specific provisions on pledge of financial
instruments can be found in the Act (1991:980) financial instruments trading
instruments. Law (2014:482).
Chapter 7. Damages
/Rubriken entry into force: 03/01/2016
Transfer made by someone other than the owner
1 §/expires U: 2016-03-01/
If as a result of Chapter 6. 4 § the transfer of a
financial instrument, in respect of which the transferor's or
a former överlåtares property rights is based on a document
is counterfeit, applies to anyone who owned the financial
instrument or against someone in whose interest a
This restriction applies to the goods, the right to reimbursement of
the central securities depository for damage as a result of
the transfer.
The first subparagraph shall also apply, if as a result of Chapter 6. 7 §
pledge of a financial instruments apply to the
is the owner of the financial instrument or against someone whose
the benefit applies a restriction to goods.
1 section/entry into force: 03/01/2016
If a transfer of a financial instrument, in respect of which the transferor or an earlier överlåtares property rights is based on a document which is counterfeit, applies to anyone who owned the financial instrument or against any goods for the benefit of which the one restriction applies as a result of Chapter 6. 4 section, is entitled to the reimbursement of the central securities depository for damage as a result of the transfer.
The same applies if a pledge of a financial instruments apply to the owner of the financial instrument or against any goods for the benefit of which the one restriction applies as a result of Chapter 6. 7 §.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Error when performing registration steps
2 §/expires U: 2016-03-01/
For the damage done to an owner of a financial
instruments as a result of a false or misleading entry in
a securities register or otherwise, through error in connection
with the organizing or keeping of such registers, it responds
central securities depository or, if the defect can be attributed
to an account operator, the Institute. Liability
does not apply if the central securities depository
and the account-holding institution shows that the error is due to
a circumstance beyond its control the consequences of not
reasonably have avoided or overcome. Indirect loss
will be replaced only if it is due to the negligence of the Central
securities depository or the account-holding institution. What
that now has been said about the owner of a financial instrument
also applies to custodians and to whose benefit a
goods restriction applies.
The first subparagraph applies correspondingly if the fault depends on
someone who has been hired by the central securities depository
or of an account operator.
For damage which can be attributed to an account operator
answer the central securities depository in solidarity with
Institute. The Central värdepappersförvararens responsibility, however, is
in such a case is limited to five million dollars for each
loss event. The central securities depository is entitled to
remuneration of the account-holding institution for what
securities depository have paid as a result of the
Joint and several liability.
The provisions of the personal data Act (1998:204), a claim for damages
shall apply when the personal data treated in violation of the
the law.
2 section/entry into force: 03/01/2016
For the damage done to an owner of a financial instrument as a result of a false or misleading entry in a register or otherwise through the errors associated with the creation or maintenance of such a registry will answer the central securities depository or, if the error relates to an account operator, the Institute. Liability does not apply if the central securities depository and the account-holding institution shows that the error is due to a circumstance beyond its control the consequences of which could not reasonably have avoided or overcome. Indirect loss is replaced only if it is due to the negligence of the central securities depository or the account-holding institution.
The same applies to damage inflicted on custodians and to whose benefit the restriction concerns goods.
Liability apply correspondingly if the fault depends on someone who has been hired by the central securities depository or of an account operator.
For damage which can be attributed to an account operator is responsible jointly and severally with the central securities depository institution.
Securities-handling Centre's responsibility is, however, in such case limited to five million dollars for each loss event.
The central securities depository is entitled to compensation by the account-holding institution for what the central securities depository have paid as a result of joint and several liability.
The provisions of the personal data Act (1998:204) for damages shall apply when the personal data treated in violation of the law. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Damage as a result of the decision on correction
3 §/expires U: 2016-03-01/
The inflicted damage as a result of a decision on
rectification in accordance with Chapter 5. section 4 is entitled to reimbursement of the
central securities depository. However, if compensation is not
the injured party with regard to the nature or
other circumstances should have realized that the error occurred.
3 section/entry into force: 03/01/2016
The inflicted damage as a result of a decision on redress under Chapter 5. section 4 is entitled to compensation by the central securities depository. Liability does not apply if the injured party with regard to the nature or other circumstances, should have realized that the error occurred.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Adjustment of compensation
section 4 of the compensation in accordance with paragraphs 1 to 3 may after equity be reduced
or completely fall away, if the victim's negligence on the side
has contributed to the damage.
/Rubriken entry into force: 03/01/2016
Right of recourse
§ 5/expires U: 2016-03-01/
In the cases referred to in paragraphs 1 to 3, the Central
securities depository or an account operator right to
claim back compensation paid from that through negligence
has contributed to the damage, to the extent that it is reasonable taking into account
to the nature of the cause and circumstances of others.
§ 5/entry into force: 03/01/2016
In the cases referred to in paragraphs 1 to 3 have a central securities depository or an account operator right to claim back compensation paid from the who by negligence has contributed to the damage, in so far as is reasonable, taking into account the nature of the cause and circumstances of others. Law (2016:51).
6 § U:2016-03-01/expires by law (2016:51)./
A central securities depository shall have an appropriate
organisation of handling of claims under this
Chapter.
Chapter 8. Transparency and confidentiality
/Rubriken entry into force: 03/01/2016
Transparency of the reconciliation account
1 §/expires U: 2016-03-01/
Anyone who is registered on a securities account
owners or custodians, or of other property, is entitled to at
request information from the central securities depository of
the account's content in so far as the content relating to the data subject's
right.
The central securities depository shall, each year before
the end of January to leave the holder of a securities account
information about the account's content as per 31 december of the previous year.
Where the holder requests it, the announcement set out the changes
on your account that have taken place during the previous year. Government
or, after the Government's authority, the financial supervision authority may
provide for the obligation of the Centre
securities depositories to leave notice to account holders in other
cases referred to in the first sentence.
Information referred to in the second subparagraph shall be provided without charge.
1 section/entry into force: 03/01/2016
Anyone who is registered on a securities account owners or custodians, or in other capacity, has the right to be informed, upon request, from the central securities depository for the account's content in so far as the content relating to the data subject's right.
Central securities depository shall, each year before the end of January to leave the holder of a record account information on the account's content as per 31 december of the previous year. Where the holder requests it, the announcement set out the changes to the account that has taken place during the previous year. The Government or the authority that the Government may provide for the obligation of Swedish central securities depositories to leave vengeance to the account holder in cases other than those referred to in the first sentence.
Information referred to in the second subparagraph shall be provided without charge.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Professional secrecy
2 §/expires U: 2016-03-01/
Anyone who is or has been employed by a central
a central securities depository or an account operator shall
not improperly disclose information that is recorded in a
control register or which has been provided to
securities depository or the institution of a trustee.
2 section/entry into force: 03/01/2016
Anyone who is or has been employed by a Swedish central securities depository or an account operator must not improperly disclose information that is registered in a record day register or that have been submitted to the central securities depository or institution by a trustee.
The same applies to a task in a complaint or a statement about a suspected violation of a provision that applies to the activity, if the information may reveal the complainant's or the designated person's identity.
In the public activities should apply instead of the provisions of the public access to information and secrecy (2009:400). Law (2016:51).
Obligation to provide data
2 a §/expires U: 2016-03-01/
A central securities depository and an account
institutions are required to disclose information about individuals '
conditions of the undertaking, if, during an investigation in accordance with
the provisions concerning pre-trial investigation in criminal matters requested by the
investigators or if, in a case concerning legal assistance
in criminal matters at the request of another State or a
International Court requested by prosecutors.
If the duty of the central securities depository and
account operator to send information to the chief guardian
There are provisions in Chapter 16. 10 a § parental code.
Law (2008:911).
2 a section/entry into force: 03/01/2016
A Swedish central securities depository and an account operator is required to disclose information about an individual's relationship to the company, if during an investigation under the provisions of preliminary investigation in criminal matters requested by the investigators or whether, in a case concerning legal assistance in criminal matters at the request of another State or an International Court is requested by prosecutors.
On the obligation of CSDs and account operator to send information to the chief guardian contains provisions in Chapter 16. 10 a § parental code. Law (2016:51).
3 §/expires U: 2016-03-01/
If the FSA need data for surveillance
of the provisions of the Act (2005:377) of punishment for
market abuse in the financial instruments trading act compliance
or the Prosecutor finds reason to believe that offences under the same
the law has been committed, or the financial supervision authority finds reason to
assume that a provision of the Act (2000:1087) if
reporting obligations for certain holdings of financial
instruments have been breached, the Central
securities depository, on request, provide the inspection or
the Prosecutor told a securities register's contents
extent it related to supervision, or
the infringement. The information shall be provided free of charge. Government
or, after the Government's authority, the financial supervision authority may
announce details relating to how the obligation to provide
such statements to the inspection shall be performed.
The Government may provide to the financial supervision authority shall have
terminalåtkomst to the CSD register for the commissioning of
information referred to in the first subparagraph and related
to a case of the inspection.
Information to be notified in accordance with section 4 of the Act (2000:1087) if
reporting obligations for certain holdings of financial
instruments may, by means of automatic data processing are disseminated to
the Insider register kept pursuant to paragraph 9 of the same law.
Act (2005:381).
3 section/entry into force: 03/01/2016
If the FSA need data for surveillance
of the provisions of the Act (2005:377) on penalties for market abuse in the financial instruments or the Prosecutor finds reason to believe that offences under that Act has been committed or the financial supervision authority finds reason to believe that a provision of the Act (2000:1087) concerning the obligation for certain holdings of financial instruments have been breached, a Swedish central securities depository, on request, provide the supervisory authority or the Prosecutor told a securities register's contents to the extent it relates to supervision or infringement. The information shall be provided free of charge. The Government or the authority that the Government may provide for how the obligation to provide such information to the inspection to be performed.
The Government may prescribe that the FSA should have terminalåtkomst to the CSD register for the communication of information referred to in the first subparagraph and which are related to a case of the inspection.
Information to be notified in accordance with paragraph 4 of the law on registration duty for certain holdings of financial instruments, through automatic processing disclosed the Insider register kept pursuant to paragraph 9 of the same law.
Law (2016:51).
Message ban
4 §/expires U: 2016-03-01/
The investigators or prosecutors request information
According to paragraph 2 (a) shall order that the Central
securities depository or the account-holding institution as well as
förvararens or the institution's directors and employees
must not disclose to the customer or to any third party to
information has been provided in accordance with paragraph 2 (a) or that there is a
investigation or case on 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 (2005:490).
4 section/entry into force: 03/01/2016
The investigators or prosecutors who requests information under paragraph (2) (a) may decide that the central securities depository or the account-holding institution or securities institution's and Finland's Board members and employees may not disclose to the customer or to any third party that the information has been provided in accordance with paragraph 2 (a) or that there is an investigation or case on legal assistance in criminal matters.
Such a ban may be notified if it is required for the investigation of crimes should not be compromised or to comply with an international agreement which is binding for Sweden.
The ban should 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 concerning legal assistance in criminal matters must be limited in time, however, the ban only if the State or international court seeking legal assistance agrees to this.
If a prohibition is no longer justified by the aim of the ban, the-patient basis or the Prosecutor may decide that the mandate is repealed. Law (2016:51).
The liability provision
paragraph 5 of the fined person who willfully or through gross
negligence violates a prohibition notice under paragraph 4.
Act (2005:490).
Chapter 9. /Rubriken expires U: 2016-03-01/
Supervision
Chapter 9. /Rubriken entry into force: 03/01/2016
Supervision and intervention
/Rubriken expires U: 2016-03-01/
Information obligations and the examination of ownership etc.
/Rubriken entry into force: 03/01/2016
Scope of supervision
1 §/expires U: 2016-03-01/
Central securities depository under the supervision of
The Swedish financial supervisory authority. In the case of disclosure, supervision
and contributions to the financial supervision authority shall apply Chapter 23. 1, 2,
7, 11, 12 and 14 sections and section 15 1, 3 and 4 teams (2007:528)
the securities market in the same way. In the case of
the ownership test apply that for
clearing organizations in accordance with Chapter 24. 1 and 3 to 6 sections, section 7
first paragraph 1, 2 and 4, second and third paragraphs and 8 –
10 of the same Act similarly.
The Government may, in the case of central securities depository
provide for the processing of licensing matters
According to Chapter 24. 1, 3, and 3 a § § the Act on
securities market. Law (2009:356).
1 section/entry into force: 03/01/2016
Of Chapter 1. section 5 of this Act and article 10 of the regulation of central securities depositories, it follows that the Finnish financial supervisory authority supervises the Swedish central securities depositories and the designated credit institution designated by such central securities depository. Supervision is exercised over a credit institution appointed by the restriction set out in article 60(1) of regulation of central securities depositories.
Special provisions regarding the supervision of account operators, see Chapter 3. Law (2016:51).
/Rubriken expires U: 2016-03-01/
Action against companies under supervision
2 §/expires U: 2016-03-01/
If a central securities depository has taken a decision
contrary to this Act or any other statute which
governing its operations, to the regulation issued pursuant
of this Act or any other statute or against
articles of association or statutes, the Swedish financial supervisory authority
prohibit the decision is enforced. The decision has already
executed, the Inspectorate shall submit to the securities depository
to make the correction if possible.
2 section/entry into force: 03/01/2016
Of Chapter 1. section 5 of this Act and the regulation of central securities depositories, it follows that the FSA supervision to some extent over CSDs that is established in another country within the EEA than Sweden and CSDs from third country in this country providing the services referred to in the regulation. In such a case apply section 3, paragraph 5 of the first paragraph, section 7, section 11, section 14, section 15, section 17, section 18, 24-26 and 29-32 §§ also on them. the provisions of section 7, section 11, section 14, section 15, section 17, section 18, 24-26 and 29-32 §§ applied, however, only under the conditions provided for in article 24(5) of regulation. If such a central securities depository or depository from third countries will set up a branch here in the country, followed, including section 8 on the branch. It provided for a central securities depository shall instead refer to the branch.
It follows that of section 27 of the financial supervision authority may levy charges by CSDs who is established in another country within the EEA than Sweden and securities depositories from third countries which have established branch in this country. Law (2016:51).
/Rubriken expires U: 2016-03-01/
Revocation of authorization
/Rubriken entry into force: 03/01/2016
Obligation to provide data
3 §/expires U: 2016-03-01/
Authorisation as a central securities depository shall
revoked by the financial supervision authority, if
1. securities depository by violating this law or
any instruction given by virtue of the law or on
otherwise proved unsuitable to exercise the activity,
2. securities depository does not carry out such activities as
the authorisation relates,
3. with regard to a Swedish limited company, the company's own capital
less than two-thirds of the registered share capital
and shortages have not been covered within three months of
became known to the company, or
4. anyone who is included in the värdepappersförvararens Board or is
the Executive Director or his representative does not
satisfy the requirements set out in Chapter 2. 2 paragraph 4.
If it is enough, the financial supervisory authority in the cases referred to
in the first subparagraph 1 notify alert instead of withdraw
the authorisation.
For the purposes of the first subparagraph of paragraph 3, the equity
calculated in accordance with Chapter 25. section 14 of the companies Act (2005:551).
In the case referred to in the first subparagraph 4, the authorisation
be revoked only if the FSA first objected to
the person is included in the Board of directors or Executive Director
or his representative and if he, after one of
the inspection determined period of up to three months, still
is left to the Board or the Executive Director or
his Deputy.
In case of withdrawal of authorization, the financial supervisory authority
decide on how the activities shall be phased out. Act (2005:558).
3 section/entry into force: 03/01/2016
A central securities depository shall submit the FSA information about their activities and related circumstances pursuant to regulations made under this Act.
Central securities depository shall, in addition, provide the financial supervision authority the information the inspection request.
The Government or the authority that the Government may provide for the obligation under the first subparagraph. Law (2016:51).
/Rubriken expires U: 2016-03-01/
VITE
4 §/expires U: 2016-03-01/
If the FSA announces an injunction under 3
Cape. section 6 or 9. section 2 of the inspection may impose a penalty.
4 section/entry into force: 03/01/2016
The Government or the authority that the Government can, with the support of Chapter 8. section 7 of the Constitution provide that certain information under section 3(1) shall be submitted to the financial supervision authority shall be submitted to the central statistical office. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Supervisory powers
/Rubriken entry into force: 03/01/2016
Injunction to provide information
§ 5/entry into force: 03/01/2016
For the supervision of compliance with the provisions of this law, as well as the provisions of the regulation of central securities depositories, in the original wording, and regulations governing the activities, the financial supervision authority shall submit to the
1. a company or anyone else to provide information, documents or other things, and
2. are expected to be able to provide information on the matter to appear for interrogation at the time and place that the inspection is in charge.
The first subparagraph shall not apply to the extent that the provision would be contrary to the law regulated the professional secrecy of lawyers. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Injunction to cease certain activities
6 §/entry into force: 03/01/2016
If someone in Sweden runs from activities that require authorisation under the regulation on securities depositories without being entitled to it, he shall submit to the financial supervision authority to cease operations.
The Swedish financial supervisory authority may also decide that he should pay a penalty under section 17.
If it is uncertain whether the regulation is applicable to a given activity, the supervisory authority may impose whosoever operates the business to provide the information on the activities that the inspection needs to assess if this is the case.
An order under this section relating to a foreign legal person may also be directed against the person in Sweden is active on behalf of the company. Law (2016:51).
/Rubriken entry into force: 03/01/2016
VITE
section 7/entry into force: 03/01/2016
An order under this Act may be subject to a penalty.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Site survey
section 8/entry into force: 03/01/2016
If there are reasons for it, the FSA may conduct a site survey of the Swedish central securities depository or a legal person to which the central securities depository has utkontrakterat activity.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
The convener of the Board of directors or the general meeting of shareholders
§ 9/entry into force: 03/01/2016
The financial supervision authority may convene the Board of Directors of the Swedish central securities depository. The inspection may also request the Board to convene 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 meeting as supervisory authority has convened and participate in the deliberations. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Appointment of Auditors
section 10/entry into force: 03/01/2016
The financial supervision authority has the right to appoint one or more auditors, together with the other auditors participate in the audit of a Swedish central securities depository. The inspection may at any time revoke any such appointment and appoint a new auditor.
The auditor is entitled to reasonable fees of the central securities depository for his work. The size of the fee determined by the financial supervision authority. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Interventions
/Rubriken entry into force: 03/01/2016
Violations
11 §/entry into force: 03/01/2016
The Swedish financial supervisory authority will intervene if a central securities depository or a Swedish designated credit institution has breached its obligations under this Act, the regulation of central securities depositories, in the original wording, or regulations governing business.
In such cases, 14-18, 24-26 and 29-32 §§ apply.
Law (2016:51).
12 §/entry into force: 03/01/2016
The FSA will act against anyone who is part of a Swedish securities Central's Board or its Executive Director, or replacement for any of them, if the central securities depository
1. providing services under sections A, B and C of the annex to the regulation of central securities depositories, in the original wording, in violation of articles 16, 25 or 54 of the regulation,
2. have received authorisations required under article 16 of the regulation of central securities depositories, in the original wording, through false information or other illegal methods under article 20(1)(b) of the regulation,
3. failed to meet the capital requirement in article 47(1) of regulation of central securities depositories, in the original wording,
4. failed to comply with the organisational requirements in violation of articles 26 and 30 of the regulation of central securities depositories, in the original wording,
5. failed to follow the rules of conduct in conflict with articles 32 to 35 of the regulation of central securities depositories, in the original wording,
6. failed to meet the requirements of the central securities depository services in contravention of articles 37 to 41 of regulation of central securities depositories, in the original wording,
7. failed to meet stability requirements, in violation of articles 43 to 47 of regulation of central securities depositories, in the original wording,
8. failed to meet requirements on links between the central securities depositories in violation of article 48 of the regulation of central securities depositories, in the original wording, or
9. without valid grounds refused to grant different types of access in violation of articles 49 to 53 of regulation of central securities depositories, in the original wording.
Intervention as referred to in the first subparagraph may be made only if the investment centre's breach is serious and the person willfully or recklessly caused the breach.
The intervention takes place through
1. the decision to the person concerned for a period of time, not less than three and not more than ten years, or, in the case of repeated serious infringements, permanent may not be a Board Member, Executive Director or the Deputy of any of them in the central securities depository, or
2. decision on the penalty.
Law (2016:51).
section 13/entry into force: 03/01/2016
The financial supervision authority shall also take action against someone who is part of a Swedish designated credit institution's Board or its Executive Director, or replacement for any of them, if the designated credit institution
1. failed to comply with the specific stability requirements for credit risks in contravention of article 59(3) in the regulation of central securities depositories, in the original wording, or
2. failed to comply with the specific stability requirements for liquidity risks in contravention of article 59(4) of the regulation of central securities depositories, in the original wording.
Intervention as referred to in the first subparagraph may be made only if the institution's breach is serious and the person willfully or recklessly caused the breach.
The intervention takes place through
1. the decision to the person concerned for a period of time, not less than three and not more than ten years, or, in the case of repeated serious infringements, permanent may not be a Board Member, Executive Director or the Deputy of any of them in the institution, or
2. decision on the penalty.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Injunction if corrective
section 14/entry into force: 03/01/2016
The financial supervision authority may submit to the person who has failed to fulfil its obligations under this Act, the regulation of central securities depositories, in the original wording, or regulations governing activities that in some time to take a particular action to remedy the situation or to stop a certain behaviour.
Law (2016:51).
/Rubriken entry into force: 03/01/2016
Withdrawal of authorisation and warning
the entry into force of section 15/in: 2016-03-01/
In articles 20 and 57 of the regulation of central securities depositories, provides for the withdrawal of the authorisation of CSDs by, inter alia, violations of the provisions of the regulation.
Other violations of the provisions of the regulation of central securities depositories, in the original wording, other than those referred to in the first subparagraph or violating the provisions of this Act or regulations governing securities Finland's Swedish or the designated credit institution's activities, shall inform the financial supervision authority warning. Law (2016:51).
16 section/entry into force: 03/01/2016
At the revocation of the authorisation of a Swedish central securities depository, the financial supervision authority shall decide on how the business will be wound up. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Penalty
section 17/entry into force: 03/01/2016
If the financial supervision authority has announced the decision on warning under section 15, second subparagraph, the supervisory authority may decide that the central securities depository or the designated credit institution shall pay a penalty. The FSA may also decide if sanction fee, if the inspection has decided if the notice under section 6 of the first paragraph.
The fee to the State. Law (2016:51).
section 18/entry into force: 03/01/2016
Penalty for a central securities depository or a designated credit institutions shall be set at a maximum of
1. an amount as per the July 24 2014 in Swedish kronor, equivalent to 20 million euro,
2. twice the profit that the central securities depository or the designated credit institution has obtained as a result of
rule violation, if the amount can be determined, or
3. ten percent of the securities or the credit institution appointed Finland's it or, where appropriate, the consolidated sales of the immediately preceding fiscal year.
If the infringement has taken place in Finland, the designated securities or the credit institution's first year of operation, or if the data on the turnover otherwise missing or flawed, turnover is estimated.
The fee may not be so great that the central securities depository subsequently fails to meet the capital requirements of article 47(1) of regulation of central securities depositories, in the original wording, or to the designated credit institution does not comply with the requirements of Chapter 6. section 1 of the Act (2004:297) on banking and finance law. Law (2016:51).
the entry into force of section 19 of/in: 2016-03-01/
The fine for a natural person shall be set at a maximum of
1. an amount as per the July 24 2014 in Swedish kronor, equivalent to five million euro, or
2. twice the profit that the natural person has obtained as a result of the infringement, if the amount can be determined.
The fee to the State. Law (2016:51).
/Rubriken entry into force: 03/01/2016
The sanctions procedure
20 section/entry into force: 03/01/2016
Questions about action against individuals for offences under section 12 or 13 is taken up by the financial supervision authority by sanctioning procedure.
A sanctions procedure means that the natural person referred to in a certain amount of time to accept an intervention under paragraph 12 or paragraph 13 which is particularly to time or amount.
Once the order has been approved, it is important that a judicial decision as a final. An approval is made after the time specified in the order is without effect. Law (2016:51).
section 21/entry into force: 03/01/2016
A sanctions procedure shall indicate
1. the natural person that injunction,
2. the offence and the circumstances necessary to characterize it,
3. the provisions applicable to the infringement, and
4. the penalty before the person.
The notice shall also contain a statement that the application for sanction may be filed with the Court, if the order is not accepted within the time limit set by the financial supervisory authority specifies. Law (2016:51).
section 22/entry into force: 03/01/2016
If a sanctions order has not been accepted within the specified time, the financial supervision authority may apply to the Court to sanction will be decided. Such an application shall be made in the administrative law that has jurisdiction to hear an appeal of the FSA's decision on intervention against the central securities depository or the designated credit institution for the same infringement.
Leave to appeal is required for an appeal to the administrative court.
Law (2016:51).
23 section/entry into force: 03/01/2016
A sanction for a violation under section 12 or 13, may be adopted only if a sanctions order has been served on that sanction directed against within two years from the date on which the infringement took place. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Choice of sanction
24 §/entry into force: 03/01/2016
In the choice of sanction to the Swedish financial supervisory authority to take into account the gravity and duration of the infringement.
Special consideration should be given to the degree of responsibility for the offence and damage caused by the infringement.
The financial supervision authority may refrain from intervention if a breach is minor or excusable, if the central securities depository or the designated credit institution makes the rectification or if the natural person promoted to the central securities depository or the designated credit institution make the correction or any other authority has taken action against the central securities depository, the designated credit institution or the physical person and these measures are deemed inadequate. Law (2016:51).
section 25/entry into force: 03/01/2016
In addition to those mentioned in section 24 shall be taken into account if the direction of mitigating that has committed the offence materially through active cooperation has facilitated the FSA's investigation.
In aggravating direction shall be taken into account if the infringer has previously committed such infringements as referred to in section 11, first paragraph, section 12 or section 13. In making that assessment, particular attention should be paid to whether contraventions are similar and the time that has elapsed between the infringements. Law (2016:51).
26 section/entry into force: 03/01/2016
When the amount of the penalty established, shall take particular account of circumstances specified in §§ 24 and 25 and to the designated securities, credit institution, Finland or the natural person's financial position, and, if it is possible to determine the profit as the central securities depository, the designated credit institution or a natural person has obtained as a result of the infringement or the costs avoided. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Fees
section 27/entry into force: 03/01/2016
The financial supervision authority may charge fees for the examination of applications and notifications under the regulation of central securities depositories.
Swedish central securities depositories and central securities depositories established in another EEA country than Sweden and CSDs from third countries which have established branch here in the country, with annual dues pay for FSA's activities and the activities of the central statistical office under the Act (2014:484) on a database for the monitoring and supervision of financial markets.
Law (2016:51).
28 section/entry into force: 03/01/2016
The Government may provide for the fees referred to in section 27. Law (2016:51).
/Rubriken entry into force: 03/01/2016
Enforcement of the decision on penalty
section 29/entry into force: 03/01/2016
A penalty is payable to the financial supervision authority within 30 days after the decision if it has a legal effect or the sanctions order accepted or the longer period specified in the decision or order. Law (2016:51).
section 30/entry into force: 03/01/2016
Finansinspektionen's decision about the penalty may be executed under the enforcement code, if the fee has not been paid within the period specified in section 29. Law (2016:51).
31 section/entry into force: 03/01/2016
If the fine is not paid within the period specified in section 29 of the financial supervision authority shall submit the unpaid fee for collection. Provisions of the Recovery Act (1993:891) for the recovery of State assets, etc.
Law (2016:51).
32 section/entry into force: 03/01/2016
A penalty imposed on falling away to the extent that enforcement has not been made within five years from the date that the decision was final or the sanctions order was approved. Law (2016:51).
10 Cape. Appeal
1 §/expires U: 2016-03-01/
Finansinspektionen's decision under this Act may, with
except for that which follows from the reference in Chapter 9. § 1 to
provisions in the Act (2007:528) on the securities market,
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 at
appeal to the administrative court.
The financial supervision authority may provide that a decision to ban or
notice under Chapter 9. 2 § and revocations under 9
Cape. paragraph 3 shall apply immediately. Law (2007:548).
1 section/entry into force: 03/01/2016
Finansinspektionen's decision under this Act and the regulation on securities depositories may be appealed to the administrative court. Decisions in the cases referred to in Chapter 9. 6 paragraph 4(2), 9 and 20 of this Act and paragraph 5 of the 20 Administration Act (1986:223) may not be appealed.
Leave to appeal is required for an appeal to the administrative court.
The financial supervision authority may provide that a decision on the prohibition or injunction pursuant to Chapter 9. 6 and 14 sections or if revocation pursuant to Chapter 9. paragraph 15, first paragraph, apply immediately. Law (2016:51).
2 section/entry into force: 03/01/2016
If the financial supervision authority in a case if the authorisation pursuant to regulation of central securities depositories have not announced decisions within six months from the time the application was filed, the inspection, notify the applicant of the reasons for this.
The applicant may then request a declaration by the Court that the matter unnecessary residence.
A request for an explanation to be made of the General Administrative Court. Leave to appeal is required for an appeal to the administrative court.
If the financial supervision authority has not announced a decision referred to in the first subparagraph within six months from the time a declaration has been made, the application shall be deemed to have been rejected. Law (2016:51).
Transitional provisions
1998:1479
1. this law shall enter into force on 1 January 1999.
2. By the Act repeals the law share account (1989:827), the Act
(1989:828) for the inclusion of the share account Act (1989:827) and the law
(1989:829) of the central securities depository VPC limited company.
The provisions of the stock account Act and the
Central securities depository VPC limited companies, however, still in the
the case of appeal against a decision given under any
of the laws before 1 January 1999.
3. Questions on the authorisation of the central securities depository
must be examined prior to entry into force. A decision on such an issue
shall apply from the entry into force at the earliest.
If the central securities depository VPC limited company has applied for
authorisation when this law enters into force,
central securities depository without authorization, perform the
activities under this Act is for Central
securities depository to its final application has been examined.
4. An authorization to be managers in effect at
entry into force entails the right to be a Manager even after
the entry into force of its central securities depository VPC limited company
have examined whether consent should be given according to Chapter 3. section 7, however,
at the far end of september 1999. During this period
still older provisions in Chapter 8. 1, 2 and 7 sections and section 10
the first paragraph and Chapter 9. paragraph 5 of the first paragraph the stock account law
(1989:827).
5. paragraph 2 of the entry into force and transitional provisions to
personal data Act (1998:204) shall not apply in respect of
control register.
2009:356
1. this law shall enter into force on 1 July 2009.
2. in the case of an application for authorisation in accordance with Chapter 2. section 2 of the
or if authorisation to acquire pursuant to Chapter 9. section 1 of this Act
read in conjunction with Chapter 24. section 1 of the Act (2007:528)
the securities market to older provisions shall apply if the application
has been submitted to the financial supervision authority before the law
date of entry into force. The reference in Chapter 9. Article 1 to the provisions of
24. securities market Act shall refer to the
the provisions amended before 1 July 2009.
3. at its entry into force holds shares or
units in a central securities depository in the extent
that he or she would have been required to apply for
authorization under Chapter 9. section 1 of this Act read in conjunction with Chapter 24. 1 §
first subparagraph, Act (2007:528) securities market if
shares or units had been purchased after the law
date of entry into force shall, if not previously announced,
report their holdings to the financial supervision authority not later than 2
November 2009.
2016:51
1. this law shall enter into force on 1 March.
2. Central securities depository as at the date of entry into force of this law, authorized under Chapter 2. may, on an application for authorisation as central securities depository under the regulation of central securities depositories has been submitted to the financial supervision authority not later than 29 February 2016, or at such later date as the case may be, under article 69 (2) of the regulation of central securities depositories, continue to pursue this activity under the older rules, until the application has been examined. In such a case, the provisions applied even for the older account operators and managers who have been adopted by the central securities depository. If an application has not been submitted to the financial supervision authority not later than at this point in time, or if permission is refused, the central securities depository cease operations.
The FSA will then decide how the business will be wound up.
3. Older provisions applicable to violations that have taken place before the entry into force.
4. The financial supervision authority may levy fees even before its entry into force for applications for authorisation under the regulation on securities depositories, when such a request has been submitted to the supervision authority prior to its entry into force.
