Regulatory Alerts2023-11-13
Regulations amending Finansinspektionen’s regulations regarding Swedish UCITS
Finansinspektionen amended its regulations on Swedish UCITS to permit management companies to distribute key investor information documents and prospectuses via durable media or websites, while maintaining a requirement to provide free paper copies upon request. The regulator mandated that these documents must be provided in Swedish for both Swedish and foreign UCITS, with specific exemptions for certain documents under Chapter 4, section 16b of the Swedish UCITS Act. These regulatory changes were decided on 13 December 2022 and entered into force on 1 January 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 (FFFS 2013:9) regarding Swedish UCITS; decided 13 December 2022. Finansinspektionen prescribes pursuant to section 18, points 24 and 25 of the Swedish UCITS Ordinance (2013:588) that Chapter 30, sections 1 and 2 and Chapter 32, section 5 of Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS shall have the following wording. Chapter 30 Section 1 A Swedish management company may provide a key investor information document1 or a prospectus for a Swedish UCITS via a durable medium or on the company’s website. A paper copy of the key investor information document and the prospectus shall be provided to investors free of charge. The key investor information document shall always be available on the Swedish management company’s website. The provisions regarding conditions that apply when a key investor information document or a prospectus for a Swedish UCITS is provided in a durable medium other than paper or on a website are set out in Article 38 of Commission Directive (EU) No. 583/2010. That set out in the first to third paragraphs does not apply to key investor information documents as referred to in Chapter 4, section 16b of the Swedish UCITS Act (2004:46). Section 2 The key investor information document and the prospectus for a Swedish UCITS shall be provided in Swedish. That set out in the first paragraph does not apply to key investor information documents as referred to in Chapter 4, section 16b of the Swedish UCITS Act (2004:46). 1 Please note that ‘key investor information document’ is a translation of 'faktablad’ as used in the Swedish legislation. The Swedish word ‘faktablad’ (and thus, its translation here) is neutral and includes both ‘key information document’ as used in the PRIIPs Regulation (EU/1286/2014) and ‘key investor information document’ as used in the UCITS Directive (2009/65/EC) and Commission Regulation (EU) No 583/2010. FFFS 2022:18 Published on 19 December 2022
FFFS 2022:18 2 Chapter 32 Section 5 A foreign UCITS conducting operations pursuant to Chapter 1, section 7 of the Swedish UCITS Act (2004:46) shall provide the undertaking’s key investor information document to investors in Swedish. That set out in the first paragraph does not apply to key investor information documents as referred to in Chapter 4, section 16b of the Swedish UCITS Act.
These regulations shall enter into force on 01 January 2023. SUSANNA GRUFMAN Mattias Laine