Regulatory Alerts2019-02-21
Regulations Amending Rules on Alternative Investment Fund Managers
Finansinspektionen amends its regulations governing alternative investment fund managers to align cross-border notification procedures and clarify applicable investment service rules. The revision updates Chapter 6 to specify requirements for notifying the authority when managing funds or providing discretionary services in other EEA states, while Chapter 10 mandates that such managers must comply with the detailed provisions of the investment services and activities regulations. These amendments enter into force on July 3, 2015.
Finansinspektionen’s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This translation is furnished for information purposes only and is not itself a legal document. 1 Regulations amending Finansinspektionen’s regulations (FFFS 2013:10) regarding managers of alternative investment funds; decided 22/06/2015. Finansinspektionen prescribes1 pursuant to section 4, point 6 and section 5, points 1 and 19 of the Managers of Alternative Investment Funds Ordinance (2013:587) that Chapter 6, sections 1 and 2 and Chapter 10, section 1 of Finansinspektionen’s regulations (FFFS 2013:10) regarding managers of alternative investment funds shall have the following wording. Chapter 6 Section 1 The provisions of this chapter apply to an AIF manager with authorisation in accordance with Chapter 3, sections 1 and 2 of the Alternative Investment Fund Managers Act (2013:561) who intend to conduct business in other countries in accordance with Chapter 6 of the same act. Section 2 Chapter 6, section 1 of the Alternative Investment Fund Managers Act (2013:561) contains provisions regarding the content of a notification to Finansinspektionen regarding the management of an alternative investment fund or discretionary management of investment portfolios and other ancillary services in another EEA country. Chapter 10 Section 1 An AIF manager engaging in discretionary management of investment portfolios, in its management and when providing other services pursuant to Chapter 3, section 2 of the Alternative Investment Fund Managers Act (2013:561), shall apply the provisions set out in Chapter 6, sections 1–5, section 6, section 7, first paragraph, section 12, first paragraph and second paragraph, points 2 and 4, sections 13 and 14, Chapters 7–17, Chapter 19, Chapter 20, sections 1–10 and Chapter 21, sections 1 and 2 of Finansinspektionen’s regulations (FFFS 2007:16) regarding investment services and activities.
These regulations shall enter into force on 03/07/2015.
1 Cf. Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on managers of alternative investment funds and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, in the wording in accordance with Directive 2014/65/EU of the European Parliament and of the Council. FFFS 2015:4 Published 26/06/2015
FFFS 2015:4 2 MARTIN NORÉUS Aleksandra Michalska