Regulatory AlertsFinansinspektionen’s Regulations and General Guidelines regarding governance, risk management and control at credit institutions
Finansinspektionen issued regulations requiring credit institutions to establish independent control functions, internal procedures, and specific governance structures to ensure robust risk management. The rules mandate the creation of risk committees for significant undertakings, the implementation of diversity policies and recovery plans, and adequate training resources for board members. These requirements, originally effective in April 2014, have been updated through subsequent amendments to align with EU regulations on digital operational resilience and MiFID 2.
Finansinspektionen’s Regulations and General Guidelines regarding governance, risk management and control at credit institutions
In force from 2014-04-01
Summary
Finansinspektionen is introducing new regulations on governance, risk management and control of credit institutions.
The regulations include, for example, requirements on independent control functions, internal rules, routines and procedures that the undertakings shall have to ensure good governance, risk management and control.
The new rules will go into effect on 1 April 2014.
Amendments
The amended regulations entail that some provisions are repealed or amended to avoid duplicate regulation in relation to EU Regulation on digital operational resilience for the financial sector.
The amendments enter into force on 17 January 2025. Amendment 2024:28
The amendments are the result of the change in the title of the Capital Requirements Regulation (575/2013/EU) and an amended heading in the replacement regulations (FFFS 2011:1). The amendments enter into force on 7 July 2021. Amendment 2021:21
Finansinspektionen introduces amendments under which credit institutions with securities business shall apply different sections of the regulations than they previously applied. The objective of the amendments is to adapt the regulations to the Delegated Regulation for MiFID 2.
The amendments enter into force on 3 January 2018.
FI is repealing Chapter 5, section 12 and also amending the section numbers as a result of this change. Amendment 2016:8
FI is implementing some of the Capital Requirement Directive's regulations on corporate governance and risk management, including requirements on application at group level and requirements on the establishment of a risk committee in significant undertakings. Undertakings shall also have a diversity policy and a recovery plan. Undertakings shall also set aside sufficient resources to train board members. The amendments enter into force on 2 August 2014. Amendment 2014:30
Documents
FFFS 2014:1
FFFS 2014:1 (consolidated version)
Changes
Number
FFFS 2024:28
Date
2025-01-17
Heading
FFFS 2024:28
Number
FFFS 2021:21
Date
2021-07-07
Heading
FFFS 2021:21
Number
FFFS 2017:8
Date
2018-01-03
Heading
FFFS 2017:8
Number
FFFS 2016:8
Date
2016-02-01
Heading
FFFS 2016:8
Number
FFFS 2014:30
Date
2014-08-02
Heading
FFFS 2014:30