Regulatory Alerts2023-12-20
Regulations amending Finansinspektionen’s regulations regarding information concerning interest rates on housing loans
Finansinspektionen issued regulations amending its previous guidelines on information concerning interest rates on housing loans to align with updated legal definitions. The amendment clarifies that the term 'housing loan' applies exclusively to loans secured by a lien on fixed property, site-leasehold rights, tenant-owner rights, or similar rights. These revised regulations entered into force on September 1, 2023.
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 and general guidelines (FFFS 2015:1) regarding information concerning interest rates on housing loans; decided 20 June 2023. Finansinspektionen prescribes pursuant to Chapter 5, section 2, point 2 of the Banking and Financing Business Ordinance (2004:329) and section 12, point 5 of the Mortgage Business Ordinance (2016:1033) that section 2 of Finansinspektionen's regulations (FFFS 2015:1) regarding information concerning interest rates on housing loans shall have the following wording. Section 2 In the regulations, terms and expressions shall have the same meaning as in Chapter 2, section 1 of the Covered Bonds (Issuance) Act (2003:1223), Chapter 1, section 5 of the Banking and Financing Business Act (2004:297), section 2 of the Consumer Credit Act (2010:1846) and Finansinspektionen’s general guidelines (2023:20) regarding credits in consumer relationships. Instead of that set out in the first paragraph, the term “housing loan” is used in these regulations only in the meaning of a loan that is associated with a lien on a fixed property, site-leasehold right, tenant-owner right or similar right or that is associated with an equivalent right in a building that is not a property.
These regulations shall enter into force on 01 September 2023. DANIEL BARR Anna Hult FFFS 2023:19 Published on 27 June 2023