Regulatory Alerts2022-10-04
Regulations amending Finansinspektionen’s regulations regarding alternative investment fund managers
Finansinspektionen issued regulations amending its rules on alternative investment fund managers to introduce new annual performance reporting requirements for special funds. The amendments mandate that AIF managers submit detailed performance reports to Statistics Sweden by May 31, covering specific financial metrics such as value changes, income, costs, and taxes for the preceding calendar year. These changes also restructure existing reporting sections and grant Finansinspektionen the authority to grant exemptions under special grounds, with the regulations entering into force on January 1, 2022.
Finansinspektionen’s Regulatory Code Publisher: Chief Legal Counsel Eric Leijonram, Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished solely for information purposes. Only the printed version of the regulation in Swedish applies for the application of the law. 1 Regulations amending Finansinspektionen’s Regulations (FFFS 2013:10) regarding alternative investment fund managers; decided on 16 November 2021. Finansinspektionen prescribes pursuant to section 5, points 21 and 22 of the Alternative Investment Fund Managers Ordinance (2013:587) and section 15 of the Official Statistics Ordinance (2001:100) in respect of Finansinspektionen’s regulations (FFFS 2013:10) regarding alternative investment fund managers in part that current Chapter 16, section 10 shall be designated Chapter 16, section 11, in part that Chapter 1, section 4 and the new Chapter 16, section 11 shall have the following wording, in part that the heading immediately preceding the current Chapter 16, section 10 shall be placed immediately before the new Chapter 16, section 11, in part that a new section, Chapter 16, section 10 and a new heading immediately preceding Chapter 6, section 10 shall be inserted with the following wording. Chapter 1 Section 4 For a foreign AIF manager with authorisation to manage a special fund in accordance with Chapter 5, section 2 of the Alternative Investment Fund Managers Act (2013:561), the following provisions apply to the operations: – Chapter 5, Foreign AIF managers' operations in Sweden, – Chapter 12, Special funds, – Chapter 13, Prospectus, – Chapter 14, Key investor information document, and – Chapter 16, Information and reporting requirements, sections 4–6, 10 and 11. Chapter 16 Annual performance reporting for special funds Section 10 An AIF manager that manages a special fund shall submit annually a performance report to Statistics Sweden for each special fund that was active on 31 December of the immediately preceding calendar year. FFFS 2021:34 Published on 22 November 2021
FFFS 2021:34 2 The performance report shall apply to the conditions for the immediately preceding calendar year and contain information regarding
- changes in value in the fund broken down by type of instrument,
- interest income,
- dividends received and paid,
- exchange gains and exchange losses,
- other revenue,
- administration costs, interest expenses, financial costs, transaction costs, other financial costs and other costs,
- taxes, and
- profit for the year in the income statement. The performance report shall be submitted in the manner specified by Statistics Sweden, and Statistics Sweden shall have received the report no later than 31 May. Section 11 Where special grounds exist, Finansinspektionen may decide on an exemption from the provisions set forth in sections 3–6 and 10.
These regulations shall enter into force on 01 January 2022. ERIK THEDÉEN Angelica Thornquist Lavicka