Regulatory Alerts2019-12-03
Regulations amending Finansinspektionen’s regulations and general guidelines regarding mortgage lending business
Finansinspektionen issued regulations amending its mortgage lending rules to clarify compliance requirements for foreign credit institutions operating in Sweden. The amendments specify that foreign institutions conducting business via a Swedish branch must follow specific chapters, while those offering services from their home country are subject to different provisions regarding staff. Additionally, a new section mandates that Swedish credit intermediaries notify Finansinspektionen of any changes to their submitted information, with the rules entering into force on 15 July 2019.
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 and general guidelines (FFFS 2016:29) regarding mortgage lending business; decided 18 June 2019. Finansinspektionen hereby prescribes pursuant to Chapter 12 of the Mortgage Business Ordinance (2016:1033) with regard to Finansinspektionen’s regulations and general guidelines (FFFS 2016:29) regarding mortgage lending business in part that Chapter 1, section 2 shall have the following wording, in part that a new section, Chapter 7, section 5a, shall be inserted into the regulations with the following wording. Chapter 1 Section 2 Foreign credit institutions that conduct business as referred to in section 1, second paragraph from a branch in Sweden shall follow the provisions set out in Chapter 3, sections 1, 4 and 15 and Chapter 5. Foreign credit institutions that conduct such business in Sweden as referred to in section 1, second paragraph by offering and providing services from their home country shall follow the provisions set out in Chapter 3, sections 1, 2, 4, 10 and 15 and Chapter 5, section 3, points 2, 3, 5 and 6 with regard to the staff at these credit institutions. Chapter 7 Section 5a A Swedish credit intermediary that has submitted information pursuant to section 4 or 5 shall notify Finansinspektionen of any changes to this information.
These regulations shall enter into force on 15 July 2019. ERIK THEDÉEN Love Wilén Örnulf FFFS 2019:13 Published 25 June 2019