Regulatory Alerts2018-08-14
Regulations amending Finansinspektionen’s regulations and general guidelines regarding financial advice to consumers
Finansinspektionen issued regulations amending its guidelines on financial advice to consumers to clarify the scope of applicability for supervised undertakings. The amendments specify that the rules do not apply to Swedish and foreign management companies under the UCITS Act, securities institutions under the Securities Market Act, or AIF managers under the Alternative Investment Fund Managers Act. These regulations entered into force on 1 August 2018, with transitional provisions allowing certain insurance intermediaries to continue operations under older provisions until after 1 October 2018.
Finansinspektionen’s Regulatory Code Publisher: 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 and general guidelines (FFFS 2004:4) regarding financial advice to consumers; decided on 25 June 2018. Finansinspektionen prescribes pursuant to section 1 of the Financial Advice to Consumers Ordinance (2004:17) that Chapter 1, section 2 of Finansinspektionen’s regulations and general guidelines (FFFS 2004:4) regarding financial advice to consumers shall have the following wording. Chapter 1 Section 2 These regulations and general guidelines shall apply to undertakings under the supervision of Finansinspektionen and that provide such financial advice as referred to in the Financial Advice to Consumers Act (2003:862). However, these regulations and general guidelines do not apply to financial advice provided by
- Swedish management companies and foreign management companies in accordance with the UCITS Act (2004:46).
- securities institutions and foreign securities institutions pursuant to the Securities Market Act (2007:528), or
- AIF managers in accordance with the Alternative Investment Fund Managers Act (2013:561). The advisory activities of undertakings vary in size and character, and undertakings provide different types of financial advice. These regulations and general guidelines are intended to allow for adaptation for the size and focus of the individual undertaking as well as the focus and degree of difficulty of the advisory activities.
- These regulations shall enter into force on 1 August 2018.
FFFS 2018:11 Published 2 July 2018
FFFS 2018:11 2 2. Older provisions still apply to insurance intermediaries which in accordance with point 8 of the entry into force and transitional provisions of the Insurance Distribution Act (2018:1219) may continue to conduct such operations as referred to in this point after 1 October 2018. ERIK THEDÉEN Roger Jacobsson