Regulatory Alerts2012-01-09
Regulations amending Finansinspektionen’s regulations regarding insurance mediation (FFFS 2011:44)
Finansinspektionen amended its regulations on insurance mediation to update the required knowledge areas for those mediating fund units or providing investment advice. The changes specify that mediators and management personnel must possess knowledge of specific sections of the Securities Market Act, the Investment Funds Act, and relevant EU regulations concerning key investor information. These amendments entered into force on 1 August 2011, with transitional provisions allowing compliance with prior regulations until 1 July 2012.
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 Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2005:11) regarding insurance mediation; decided on 28 June 2011. Finansinspektionen prescribes pursuant to Chapter 7, section 1, points 3 and 4 of the Insurance Mediation Ordinance (2005:411) with regard to Finansinspektionen's regulations and general guidelines (FFFS 2005:11) regarding insurance mediation that Chapter 2, section 9 and Chapter 3, section 4 shall have the following wording. Chapter 2 Section 9 Those mediating fund units or providing investment advice on fund units shall possess knowledge of
- Chapter 8, sections 1, 12, 15–19 and 22–27 of the Securities Market Act,
- Chapters 2, 7 and 12, Chapter 13, sections 1–5, Chapter 14 and Chapter 21 of Finansinspektionen's regulations regarding investment services and activities, where applicable,
- Chapters 1–6, 8 and 9 of the Investment Funds Act (2004:46), where applicable, and
- Chapter 18 of Finansinspektionen's regulations (FFFS 2008:11) regarding investment funds and Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website, where applicable. Chapter 3 Section 4 The management of a legal person mediating fund units shall include a person who is familiar with the contents of
- Chapter 8, sections 1, 9–12 and 14–27 of the Securities Market Act,
- Chapters 2, 6–9, 11 and 12, Chapter 13, sections 1–5, Chapter 14 and Chapter 21 of Finansinspektionen's regulations regarding investment services and activities, where applicable, and
- Chapter 15, sections 1 and 7–11 and Chapter 19 of Finansinspektionen's regulations regarding investment services and activities, FFFS 2011:44 Published 1 July 2011
FFFS 2011:44 2 4. Chapters 1–6, 8 and 9 of the Investment Funds Act, where applicable, and 5. Chapter 18 of Finansinspektionen's regulations regarding investment funds and Commission Regulation (EU) No. 583/2010, where applicable.
- These regulations shall enter into force on 1 August 2011.
- Until 1 July 2012, those mediating fund units or providing investment advice on fund units shall also possess knowledge, where applicable, of Chapter 17 of Finansinspektionen's regulations regarding investment funds in its wording prior to the amendments which enter into force on 1 August 2011.
- Until 1 July 2012, the management of a legal person mediating fund units shall include a person who is familiar with the contents, where applicable, of Chapter 17 of Finansinspektionen's regulations regarding investment funds in its wording prior to the amendments which enter into force on 1 August 2011. MARTIN ANDERSSON Sebastian Åberg