Regulatory Alerts2024-05-08
Regulations amending Finansinspektionen’s regulations regarding amortisation of loans collateralised by residential property
Finansinspektionen amended Section 10 of its regulations (FFFS 2016:16) to mandate that lending undertakings must inform borrowers in writing about the basis for calculating amortisation requirements. The revised rules require institutions to promptly provide this information upon request, either electronically or through another suitable method. These regulations entered into force on 1 September 2024.
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 2016:16) regarding amortisation of loans collateralised by residential property; decided 20 February 2024. Finansinspektionen prescribes pursuant to Chapter 5, section 2, point 5 of the Banking and Financing Business Ordinance (2004:329) and section 12, point 5 of the Mortgage Business Ordinance (2016:1033) that section 10 of Finansinspektionen's regulations (FFFS 2016:16) regarding amortisation of loans collateralised by residential property shall have the following wording. Section 10 An undertaking shall inform the borrower in writing about the information that served as a basis for the calculation of the amortisation requirement. The undertaking shall be able to receive a request from the borrower regarding such information and provide the information to the borrower – electronically, and – in another suitable manner. The information shall be provided promptly.
These regulations shall enter into force on 1 September 2024. DANIEL BARR Manne Heimer FFFS 2024:1 Published on 26 February 2024