/Entry into force: 01/01/2017
Chapter 1. Introductory provisions
The scope of the law
section 1 of this Act applies to professional activity with credit, credit intermediation and consultancy in the field of mortgage credit to consumers.
Provisions on housing loans is also available in the consumer credit Act (2010:1846).
section 2 of the activities of a credit institution under the Act (2004:297) on banking and finance law applies that law only in so far as it concerns
1. Chapter 4. 1-12 sections and Chapter 7. 1 § 5 – 9, if the institution is Swedish, and
2. Chapter 4. 1, 2, and 7-10 sections and Chapter 7. 1 § 5 and 6, if the institution is foreign.
section 3 Of foreign creditors and credit intermediaries operating in Sweden applies this law, mutatis mutandis.
With regard to Chapter 4. apply to foreign credit intermediaries from a country in the EEA, only 1, 2 and 7 to 10 sections.
Rules applicable to branches of foreign creditors and credit intermediaries are also found in the Act (1992:160) if foreign branches, etc.
Measures against money laundering and financing of terrorism
section 4 Provisions on the obligation for companies which operate with credit, credit intermediation and consultancy in the field of housing loans that help to prevent money laundering and terrorist financing Act (2009:62) on measures against money laundering and terrorist financing.
Advice
paragraph 5 of creditors and credit intermediaries operating under this Act may provide advice on housing credit to consumers.
Other than those referred to in the first subparagraph may provide advice on housing credit to consumers only if it occurs occasionally in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession.
Expression in law
6 § With credit intermediaries, consumer and housing credit "means the same as in the consumer credit Act (2010:1846).
Article 7 for the purposes of this law 1. "competent authority" means a foreign authority or other foreign bodies designated by another country under the mortgage the directive,
2. mortgage directive: European Parliament and Council Directive 2004/17/EC of 4 February 2014 if consumer credit agreements which relate to residential property and amending directives 2008/48/EC and the 2013/36/EU and Regulation (EU) no 1093/2010, in the original wording,
3. EEA: European economic area,
4. branch "means a branch office with independent management, whereby a foreign creditor or credit intermediary's establishment of several establishments should be regarded as a single branch, 5. home country means the country where a credit intermediary is listed in a register of credit intermediaries under mortgage directive,
6. creditor: the person leaving the housing credit,
7. qualifying holding shall mean a direct or indirect holding in an undertaking, if the holding, calculated in the manner set out in Chapter 1. 5 a of the Act (2004:297) on banking and finance law, represent 10% or more of the capital or of the voting rights or otherwise allows a significant influence over the management of the company,
8. advice: personal recommendation to a consumer about mortgage credit agreements,
9. foreign intermediaries from a country in the EEA: a natural or legal person who is entered in a register of intermediary in another country within the EEA according to mortgage the directive.
section 8, a company that operates or intends to operate under this Act shall be deemed to have a close relationship with another company, if
1. one company directly or indirectly through subsidiaries owns at least 20 per cent of the capital or disposes of at least 20 percent of all votes in the other company,
2. one company directly or indirectly is the parent company of the other or there is another similar connection between companies, or
3. both companies are subsidiaries of or have a similar relationship with one and the same legal entity or in a similar relation to one and the same natural person.
A close relationship is also a natural person and a company that operates or intends to operate under this Act, if
1. the natural person
a) owns at least 20 per cent of the share capital of the company,
b) disposes of at least 20 percent of the total votes of the company, or
c) otherwise has such influence over the company that the person's position is equivalent to that which a parent has in relation to a subsidiary, or 2. There is another similar connection between this person and the company.
Chapter 2. Conditions for credit providers to operate with housing credit
Swedish credit providers
Obtain a permit
§ 1 a Swedish limited liability company, a Swedish business association or a Swedish insurance companies can get the permission of the financial supervision authority that the pursuit of the business of credit under this Act.
Conditions for authorisation
section 2 of the permit pursuant to section 1 shall be about 1. the articles of association or rules not inconsistent with this Act or any other statute relevant to the planned activities and otherwise contains the special provisions necessary with regard to the scope and nature of the business,
2. There is reason to believe that the planned activities will be operated in accordance with this Act and the regulations governing the company's activities, 3. Anyone who has or is likely to have a qualifying holding in the company is deemed to be appropriate to exercise a significant influence over the management of the company, and 4. It should be included on the Board or be Executive Director, or be a substitute for any of them, have the necessary insight and experience to participate in the management and generally is suitable for such a task.
If your company has or can be expected to have a close relationship with someone else, may be authorized only if the marriage does not hinder an effective supervision of the company.
section 3 of the assessment pursuant to article 2 of the first paragraph 3 of if a tenant is suitable to holder's reputation must be taken into account. It should also be taken into account if there is reason to believe that
1. the holder will counter that the company's business is conducted in a manner consistent with the requirements of this Act and the regulations governing the company's activities, or
2. the holding in connection with, or may increase the risk of a) money-laundering referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) on 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.
Approval of articles of incorporation or bylaws
4 § a Swedish creditors articles of association or statutes shall be approved by the financial supervisory authority in connection with that the creditor is authorized to carry on business under this Act.
If the creditor has decided to amend its instrument of incorporation or its statutes, the creditor shall apply for approval of the change of the financial supervisory authority. The change shall be approved if the articles of association or rules are not contrary to this Act or to the regulations relevant to the business and otherwise contains the special provisions necessary with regard to the scope and nature of the business.
A decision on the amendment of the articles of association or statutes shall not be registered until it has been approved.
Ownership changes section 5 provisions relating to examination of ownership changes in credit institutions in chapter 14. Act (2004:297) on banking and finance law applies even for a Swedish lenders operating in accordance with this Act.
The provision in chapter 14. 2 a § shall not, however, apply.
The first subparagraph shall not apply to undertakings covered by the corresponding rules on ownership review under other law.
Activities abroad through branch
section 6, a Swedish lenders operating under this Act may, with the permission of the FSA set up a branch in another country. Such permission shall be given if there is reason to believe that the planned activities will be operated in accordance with this Act and the regulations governing the creditor's business.
Foreign creditors
section 7 of the foreign creditors may be authorised by the FSA to carry on business in Sweden under this Act from a branch here in the country. Authorisation shall be granted if the
1. the undertaking operates corresponding activity in the State where it has its registered office,
2. the company is under adequate supervision by a public authority of the country in which it has its registered office and shall be authorised to establish themselves in Sweden, and
3. There is reason to believe that the activity in this country will be operated in accordance with this Act and the regulations governing business.
Chapter 3. Conditions for credit intermediaries to carry on business with the housing credit
Swedish credit intermediaries
Obtain a permit
§ 1 a Swedish limited liability company, a Swedish business association or a Swedish insurance companies can get the permission of the financial supervision authority that the pursuit of the business of credit mediation under this Act.
Permission is not needed for such credit intermediation, which happens occasionally in the course of a professional activity and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession.
Conditions for authorization under section 2 of the State about 1. the articles of association or rules not inconsistent with this Act or any other statute relevant to the planned activities and otherwise contains the special provisions necessary with regard to the scope and nature of the business,
2. There is reason to believe that the planned activities will be operated in accordance with this Act and the regulations governing the company's activities,
3. the person having or likely to have a qualifying holding in the company is deemed to be appropriate to exercise a significant influence over the management of the company,
4. it should be included on the Board or be Executive Director, or be a substitute for any of them, have the necessary insight and experience to participate in the management and generally is suitable for such a task,
5. the company is headquartered in Sweden, and
6. the company is covered by an insurance for liability due to error or negligence on the part of the business.
If your company has or can be expected to have a close relationship with someone else, may be authorized only if the marriage does not hinder an effective supervision of the company.
The assessment of the suitability of a holder under the first subparagraph 3 shall be made in accordance with Chapter 2. section 3.
Articles of incorporation, bylaws and ownership changes
paragraph 3, the provisions of Chapter 2. 4 and 5 sections also applies to Swedish intermediaries.
Activities abroad
section 4 of The Swedish intermediaries wishing to carry on business with the credit intermediation or counselling of housing loans in another country within the EEA, which set up a branch or otherwise offer and provide services shall notify its intention to the FSA before operations commence.
The financial supervision authority shall, within one month from the notification was received, notify the competent authority of the other country. The inspection shall notify the credit intermediary to such notification has been submitted.
Credit intermediary may begin its activities in the other country not earlier than one month after he has received notice from the financial supervisory authority.
§ 5, a Swedish intermediaries operating under this Act may, with the permission of the financial supervision authority may set up branch in a country outside the EEA. Such permission shall be given if there is reason to believe that the planned activities will be operated in accordance with this Act and the regulations governing the credit intermediary's activities.
Foreign intermediaries from a country in the EEA
section 6 a foreign credit intermediaries from a country in the EEA may without authorization under this law operate with credit intermediation or counselling of housing loans in Sweden by either setting up branch here or from his home country to offer and provide services.
The activity must only refer to things that are covered by the permit in their home country. A designated representative referred to in article 4.8 of the mortgage the directive must not carry on business in Sweden.
Activities may commence no sooner than one month after the credit intermediary has received a message from a competent authority in their country of origin if that authority has informed the financial supervision authority if the credit intermediary's intention to carry on business in Sweden.
The financial supervision authority shall inform the credit intermediary on the rules governing the business here, where the intermediary shall exercise activities through the branch. Such information shall be submitted within two months from the financial supervisory authority from
a competent authority of the credit intermediary's home State has received a notification of the credit intermediary's intention to carry on business in Sweden. The information must, however, always be submitted before activities begin.
Credit intermediaries from a country outside the EEA
section 7 a credit intermediary from a country outside the EEA may be authorised by the FSA to carry on business in Sweden under this Act from a branch here in the country.
Authorisation shall be granted if the company meets the requirements of Chapter 2. 7 § 1-3 and Chapter 3. 2 paragraph 4 and 6.
Chapter 4. Provisions for activities with housing credit
Overall requirements
section 1 of creditors and credit intermediaries to act honestly, fairly, transparently and professionally, with regard to consumer's rights and interests. Activities shall be based on information about the consumer's conditions and specific requirements, and reasonable assumptions about the risks to the consumer which may arise during the duration of the credit agreement.
Knowledge and skills
section 2 of the creditors and credit intermediaries will have personnel, including those who directly leads or is responsible for the work of housing credit, who have sufficient knowledge and expertise to assemble, offer, grant or convey the housing credit agreement or give advice on housing loans.
Staff should also have adequate knowledge and skills about complementary services provided together with a mortgage credit.
Replacement system
paragraph 3 of the creditors and credit intermediaries system for remuneration of staff puts together, offer, grant or convey the housing credit agreement or offer advice on mortgages, including those who directly leads or is responsible for this work, should be structured in a way that does not negatively affect the obligations referred to in paragraph 1. The same shall apply to payments made by a creditor to a credit intermediary.
In paragraphs 7 and 10 are specific provisions on compensation for independent credit brokers and advisors.
4 § A creditors ' system for the remuneration of the person doing the creditworthiness of the consumer, and to it directly leads or is responsible for this work, should be structured so that the 1. promotes sound and effective risk management, 2. discourage excessive risk-taking, 3. consistent with the creditor's business strategy, objectives, values and long-term interests, and
4. avoid conflicts of interest.
The remuneration must not depend on the number or percentage of approved loan applications.
paragraph 5 of creditors and credit intermediaries system for remuneration of staff providing counselling on housing credit to consumers, including those who directly leads or is responsible for this work, should be structured so that the staff's ability to act in the best interest of the consumer is not adversely affected. Compensation systems must not be dependent on sales targets.
section 6, A creditor or credit intermediary's remuneration schemes according to §§ 3 to 5 shall be designed in a way that is appropriate to the size, internal organisation and the nature, scope and complexity.
Independent credit intermediation
section 7 a credit intermediary of housing credit, pretending to be independent only if the credit intermediary in their mediation activities is based on a sufficiently large number of credit agreements from lenders in the market.
Anyone who claims to be an independent credit intermediary may not receive compensation in connection with the credit agency from someone other than the consumer.
Advice
§ 8 advice on housing loans should be made on the basis of current information collected about the consumer's economic and personal circumstances and preferences and special requirements.
§ 9 Advice shall be based on an assessment of a sufficiently large number of mortgage credit agreements.
The mortgage credit agreements which are recommended to be appropriate for the consumer with regard to his or her needs, financial situation and personal circumstances. The Counselor should take reasonable account of risks to the consumer which may occur during the duration of the credit agreement.
section 10 a creditor must not impersonate an independent adviser. The same applies to a credit intermediary who acts as agent for or has a close relationship with a creditor.
Anyone who claims to be an independent adviser may not receive compensation in connection with advice from someone other than the consumer.
Guidelines for lending
section 11 A credit provider should establish and apply guidelines for lending, including the type of property being accepted as security for a mortgage loan. The guidelines shall be retained by the creditor.
Evaluation of the safety of the credit
section 12 At a score of a consumer's dwelling provided as security for a mortgage loan, the creditor shall ensure that pre-established guidelines apply. The guidelines should indicate the reliability standards that will be used in the valuation.
The who perform a rating shall be sufficiently independent of the credit risk assessment and have the knowledge and skills necessary to establish a reliable value.
Documentation of the valuation shall be retained by the creditor.
Contract for work
paragraph 13 of the creditors and credit intermediaries operating under this Act shall instruct anyone else to perform a particular job or certain operational functions included in the activity. A credit intermediary may, however, give such a mission only to another credit intermediary who has the right to convey the housing credit. The client shall notify the financial supervision authority.
A mandate to someone else to do things that are essential for the business may be granted only if the client is responsible for 1. the business is run by contractor under controlled and safely secure forms, and 2. the Mission did not impair the quality of the internal control and financial supervision to monitor the client complies with the regulations that apply to it.
Documentation
section 14 A creditors ' credit decisions should be documented so that decisions are recorded and to credit the management generally can be followed.
A credit intermediary must document a mediation case management.
Professional secrecy
section 15 individuals ' conditions to a company that operates under this law may not improperly disclosed.
In the public activities should apply and
secrecy (2009:400) instead of the first paragraph.
Liability under Chapter 20. paragraph 3 of the criminal code should not follow for anyone who violates the ban in the first paragraph.
In 5 a of the credit information Act (1973:1173) provides for that of professional secrecy referred to in the first subparagraph shall not prevent the information in some cases, be exchanged for credit reference purposes.
Chapter 5. Supervision registration authority
section 1 of the financial supervision authority shall maintain a register of creditors and credit intermediaries are authorised to carry on business under this Act and on foreign intermediaries from a country in the EEA which operate in this country.
Scope of supervision
section 2 of the financial supervisory authority has oversight of creditors and credit intermediaries. Supervision includes activities are operated under
1. this law,
2. regulations governing operations, 3. the company's articles of incorporation or bylaws, and
4. internal instructions which are based on the regulations governing the company's activities.
For foreign creditors and credit intermediaries include supervision, however, not the company's articles of incorporation or bylaws.
Information and studies
paragraph 3 of the creditors and credit intermediaries to provide the financial supervision authority the information about their activities and related circumstances that the inspection request.
paragraph 4 of the financial supervision authority may, when inspection deems it necessary, carry out an examination of a creditor or a Swedish credit intermediaries or foreign credit intermediaries with a branch in Sweden.
§ 5 If a creditor or credit intermediary is part of a group, the other companies of the Group provide the financial supervision authority the information about their activities and related circumstances that the inspection needs for its oversight of the creditor or credit intermediary.
section 6, if a company has been commissioned by a creditor or credit intermediary to perform a particular job or certain features, the company must provide the financial supervision authority the information about their activities and related circumstances that the inspection request.
The financial supervision authority may carry out investigations in such a company, if it is necessary for the supervision of the principal.
Cooperation and exchange of information
section 7 of the financial supervision authority shall in its supervisory activities to cooperate and exchange information with the competent authorities, to the extent resulting from mortgage directive.
The financial supervision authority may request the assistance of the European banking authority in the cases specified in articles 34 and 37 of the mortgage the directive.
paragraph 8 of the financial supervision authority shall, within the framework of its competence, at the request of a competent authority, make or check the information needed to enable the authority to exercise its supervision under mortgage directive.
section 9 After notification to the financial supervision authority may carry out an investigation, a competent authority of one of Sweden established branch of a foreign credit intermediaries from a country in the EEA.
Fees to the FSA
section 10 of creditors and credit intermediaries operating under this Act shall, with annual dues pay for FSA's activities related to this Act.
The financial supervision authority may charge fees for the examination of applications for authorisations and notifications made under this Act.
Chapter 6. Intervention Intervention against creditors, Swedish credit intermediaries and intermediaries from a country outside the EEA
FSA intervention
§ 1 If a creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA will override their obligations under this Act, the regulations governing the company's activities, articles of incorporation, bylaws or internal instructions based on a Constitution that regulates its activity, the financial supervision authority Act.
The financial supervision authority shall issue an order for the company to within the specified time, take action to remedy the situation, a prohibition to enforce decisions or a note. If the infringement is serious, the creditor or credit intermediary's licence is withdrawn or, if there is sufficient warning is announced.
The financial supervision authority may refrain from intervention if a breach is minor or excusable, if the creditor or credit intermediary makes correction or any other authority has taken action against the creditor or credit intermediary, and these measures are deemed inadequate.
section 2 of the financial supervision authority shall revoke the authorization for a creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA, if the creditor or credit intermediary
1. has a permit by submitting false statements or any other irregular means;
2. for a continuous period of six months has not been pushed such activity licence relates,
3. do not satisfy the conditions for authorization in Chapter 3. 2 section 5 or 6, 4. have declared themselves refrain from the State,
5. has transferred all its activities, or 6. has been declared bankrupt, or if a decision was made to the company should go into compulsory liquidation.
In the case referred to in the first subparagraph 1 – 3, instead warning is announced, if there is enough.
3 § If someone included in the Board of directors or Chief Executive of a creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA does not meet the requirements set out in Chapter 2. 2 section 4 and Chapter 3. section 2 of the first subparagraph 4, the Swedish financial supervisory authority to revoke the company's licence. It may, however, only take place if the inspection first decided to remark that the person is included in the Board or the President and if he or she, since one of the inspection, fixed period of up to three months have passed, still remains on the Board of directors or the Executive Director.
Instead of withdrawing the State financial supervisory authority may decide that a Board member or the Managing Director may no longer be there. the inspection shall then appoint a replacement. Long missions until the company has appointed a new Member of the Board of directors or the Managing Director.
It is stated in the first and second subparagraphs if the Executive Director shall also apply to a Deputy or deputies of the Chief Executive.
Intervention after a notification from another country within the EEA
paragraph 4 where a competent authority in another country within the EEA financial supervision authority informs that a Swedish
credit intermediaries have violated regulations of the provider's activities that apply in the country of the competent authority, should the inspection shall take action under paragraphs 1 to 3, if there is any circumstance referred to therein.
The inspection shall notify the competent authority of the measures taken.
Settlement after withdrawal
§ 5 If the permit is revoked, the financial supervision authority shall decide on how the phase-out of operations under this Act shall be made.
A withdrawal decision may be subject to a ban to stay in business.
Penalty
section 6, If a creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA has received a notice or warning referred to in § 1, second paragraph, the financial supervision authority may decide that the company should pay a penalty.
The fee to the State.
section 7 of the fine shall amount to not less than 5 000 kroons and not more than SEK 50 million. The fee may not exceed 10% of the turnover of the creditor or credit intermediary the last financial year.
If the infringement has taken place in the company's first year of operation, or if the data on the turnover otherwise missing or flawed, turnover is estimated.
For a company which also runs activities other than those licensed under this Act shall turnover business with only the housing credit.
section 8 When sanctioning fee to be decided shall be taken in particular of the seriousness of the infringement, which gave rise to the complaint or the warning and how long the breach has been going on.
Late fee section 9 If a creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA, in time to provide the information which the creditor or credit intermediary is required to provide in accordance with the regulations issued pursuant to Chapter 7. 1 § 12, the financial supervision authority may decide that the company shall pay a late fee of up to 100 000 kroons.
The fee to the State.
Enforcement of decisions on sanctioning fee and late fee
section 10 A penalty or late fee payable to the financial supervision authority within thirty days of the decision to withdraw the fee received final or within such longer period as is specified in the decision.
section 11 of the financial supervision authority decision on the penalty or late charge may be enforced under the enforcement code, if the fee has not been paid within the period referred to in section 10.
section 12 Of the fine or the late payment fee is not paid within the time limit referred to in paragraph 10 of the financial supervision authority shall submit the unpaid fee for collection. Provisions on recovery of State assets can be found in the Act (1993:891) for the recovery of State assets, etc.
section 13 A penalty or late charge falls away to the extent that enforcement has not been made within five years from the decision to levy the fee received final.
Intervention against foreign credit intermediaries from a country in the EEA
paragraph 14 of the financial supervision authority may submit to a foreign credit intermediaries from a country in the EEA which convey the housing loans from a branch in Sweden to make the correction, if applicable, the credit intermediary shall transgress – Chapter 4 1, 2, 7, 8, 9 or 10, – rules issued under Chapter 7. 1 section 5 or 6, or
– 5 a §, § 6, paragraph 12 (a), 13 (a) § § § 50 54, or the consumer credit Act (2010:1846).
If he does not comply with the order, the financial supervision authority shall inform the competent authority of the credit intermediary's home country.
If the correction is not made, the financial supervision authority may prohibit the credit intermediary, to continue to convey the housing credit in Sweden. Before the ban, announced to the inspection shall notify the competent authority in the home country of the credit intermediary.
The European Commission shall immediately be informed when a ban is announced.
section 15 Of the financial supervisory authority has reason to believe that a foreign credit intermediaries from a country in the EEA in breach of their obligations under regulations which implement the mortgage the directive in cases other than those referred to in paragraph 14 of the financial supervision authority shall inform the competent authority of the credit intermediary's home country.
If the competent authority of the home Member State does not take action within one month from the time it received such notification, or if the credit intermediary continues to disregard its obligations despite the fact that the competent authority has taken action, and the breach of obligations is clearly contrary to consumers ' interests, or the efficient functioning of the market, the financial supervision authority shall submit to the credit intermediary to perform its obligations or prohibit the credit intermediary, to continue to convey the housing credit in Sweden. Before an injunction or prohibition is communicated to the inspection shall notify the competent authority of the credit intermediary's home country. The European Commission and the European banking authority shall immediately be informed of such injunctions or prohibitions.
The financial supervision authority may, instead of notifying an injunction or prohibition, refer the matter to the European banking authority and request assistance in accordance with article 19 of Regulation (EC) no 1093/2010 of 24 March 2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Commission decision 2009/78/EC;
Intervention against the which do not have the right to carry on business
section 16 if someone operates with credit, credit intermediation or advisory services in the field of housing credit, without having the right to it, shall submit to the financial supervision authority which operates the business to stop it. The inspection may determine how the liquidation of operations will take place.
If it is uncertain whether the law 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 company may be directed against the company as well as that of Sweden are active on behalf of the company.
section 17 Of the financial supervision authority receives a notification from a competent authority indicating that a foreign credit intermediaries from a country in the EEA which conveys the housing credit in Sweden has been removed from the register as the homeland for the credit intermediary, to the financial supervision authority immediately prohibit the credit intermediary to convey the housing credit in Sweden.
VITE
section 18 of the FSA's injunction or prohibition under
This law may be subject to a penalty.
Chapter 7. Appropriations
section 1 of the Government or the authority that the Government may provide for
1. the content of an application for a permit under this Act shall have,
2. the requirements on the insight and experience to apply for participation in the management of a credit intermediary in accordance with Chapter 3. 2 paragraph 4,
3. such insurance for damages referred to in Chapter 3. 2 paragraph 6,
4. what information should be included in a notification under Chapter 3. 4
§,
5. What a creditor or credit intermediary must comply in order to meet the obligations set out in Chapter 4. section 1,
6. What are the requirements regarding knowledge and skills according to Chapter 4. section 2,
7. a creditor or credit intermediary's remuneration schemes according to Chapter 4. 3 to 6 sections,
8. guidelines for lending under Chapter 4. section 11,
9. guidelines for evaluation of safety pursuant to Chapter 4. 12 § and what should be exercised with regard to the documentation of the valuation,
10. what information should be included in a notification under Chapter 4.
13 § and what a creditor or credit intermediary should observe when it comes to outsourcing,
11. what should be included in the documentation according to Chapter 4. section 14, and
12. what information a company shall submit to the financial supervision authority for its regulatory activities in accordance with Chapter 5.
3 to 5 sections.
section 2 of the Government may provide for such charges as referred to in Chapter 5. section 10.
Chapter 8. Appeal
section 1 of the FSA's decision under this Act may be appealed to the administrative court.
Finansinspektionen's decision pursuant to Chapter 6. section 16 of the second paragraph may, however, not subject to appeal. The same applies to decisions on matters referred to in section 20, first paragraph 5 the Administrative Procedure Act (1986:223).
Leave to appeal is required for an appeal to the administrative court.
The financial supervision authority may determine that a decision on prohibition, injunction or revocation shall take effect immediately.
Transitional provisions
2016:1024
1. this law shall enter into force on the 1 January 2017.
2. A creditor, a Swedish credit intermediaries or a credit intermediary from a country outside the EEA which, at the time of its entry into force, power and has the right to carry on business with credit or credit intermediation of housing credit, run the business without permission under this law until 1 January 2018.
3. A credit intermediary from another country within the EEA which, at the time of its entry into force, power and has the right to pursue activities in Sweden with credit intermediation of housing credit, run the business under this law until 1 January 2018, even though the credit intermediary does not have the right to pursue activities in support of Chapter 3. section 6.
4. an undertaking before 20 March 2014, has started activities referred to in this law shall comply with Chapter 4.
section 2 of the regulations has been issued pursuant to Chapter 7. 1 § 6 by 1 January 2018.
5. Penalty pursuant to Chapter 6. paragraph 6 shall be applied only for breaches that occurred after the entry into force.
