Regulatory Alerts2016-09-26
Finansinspektionen’s regulations regarding notification of certain acquisitions (FFFS 2016:1)
Finansinspektionen issued regulations requiring banking and credit market entities to notify the regulator prior to acquiring property. The notification obligation applies when the purchase price is at least SEK 10 million and represents between 10 and 25 percent of the acquiring firm's own funds. These rules entered into force on 1 February 2016 and apply to banking companies, savings banks, members’ banks, credit market companies, and credit market associations.
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 Finansinspektionen’s regulations regarding notification of certain acquisitions; decided on 18 January 2016. Finansinspektionen prescribes the following pursuant to Chapter 5, section 2, point 11 of the Banking and Financing Business Ordinance (2004:329). Scope of application Section 1 These regulations apply to
- banking companies,
- savings banks,
- members’ banks,
- credit market companies, and
- credit market associations. Definitions Section 2 The definitions in these regulations shall have the same meaning as those in the Banking and Financing Business Act (2004:297). Notification to Finansinspektionen Section 3 An acquisition of property where the purchase price corresponds to least SEK 10 million and is the equivalent of at least 10 per cent and at the most 25 per cent of the own funds at the acquiring firm shall be reported to Finansinspektionen. Notification shall be given prior to the acquisition.
These regulations shall enter into force on 1 February 2016. ERIK THEDÉEN Elisabeth Gustafsson FFFS 2016:1 Published on 22 January 2016