Regulatory Alerts2018-09-21
Regulations amending Finansinspektionen’s regulations regarding Swedish UCITS
Finansinspektionen issued regulations amending its Swedish UCITS rules to introduce new provisions in Chapter 22 concerning the receipt of funds and advice on fund units. The amendments require Swedish management companies receiving funds with reporting obligations to apply specific sections of the investment services regulations. Additionally, companies providing advice on fund units must comply with MiFID II delegated regulation articles and designated chapters of the investment services regulations. These changes entered into force on 1 August 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 (FFFS 2013:9) regarding Swedish UCITS; decided on 25 June 2018. Finansinspektionen prescribes pursuant to section 18, points 3 and 12 of the Swedish UCITS Ordinance (2013:588) relating to Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS in part that the heading for Chapter 22 shall be “Application of other regulations on certain operations”, in part that the heading immediately preceding Chapter 22, section 1 shall be “Portfolio management regarding financial instruments”, and in part that two new sections, Chapter 22, sections 2 and 3, shall be inserted, and new headings immediately preceding Chapter 22, sections 2 and 3 shall have the following wording. Chapter 22 Receipt of funds with a reporting obligation Section 2 A Swedish management company that as part of its operations receives funds with a reporting obligation in accordance with Chapter 1, section 4 of the Swedish UCITS Act (2004:46) shall in this part apply Chapter 6, sections 2–5, 10– 13 and 21–23 of Finansinspektionen’s regulations (FFFS 2017:2) regarding investment services and activities. Advice regarding units in funds in fund operations Section 3 A Swedish management company that as part of its operations gives advice to customers regarding fund units in cases other than that set out in Chapter 7, section 1, first paragraph, point 3 of the Swedish UCITS Act (2004:46), when providing such services, shall fulfil the requirements set out in Articles 27, 33, 37, 52, 54 and 55 of the delegated regulation for MiFID II. The Swedish management company, when providing such services in accordance with the first paragraph, shall also apply Chapter 4 and Chapter 7, sections 1–5 and 8–19 of Finansinspektionen’s regulations (FFFS 2017:2) regarding investment services and activities.
These regulations shall enter into force on 1 August 2018. FFFS 2018:13 Published 2 July 2018
FFFS 2018:13 2 ERIK THEDÉEN Roger Jacobsson