General guidelines regarding governance and control of financial undertakings

General guidelines regarding governance and control of financial undertakings

In force from 2005-05-01

Summary

Through these general guidelines, Finansinspektionen wants to promote a sound culture of governance and control of financial companies. In the guidelines, FI develops the view of how sound governance and control can be attained, how risks should be managed and controlled, how good compliance is guaranteed and how an independent audit function or internal audit should be organised. These guidelines also cover FI's view on how companies should manage outsourcing agreements.

The guidelines are aimed at financial companies under supervision, with the exception of companies conducting fund activities. They replace the two general guidelines regarding governance, internal information and internal control within credit and securities institutions, insurance companies and mutual benefit societies as well as FI's memorandum on 18 December 1998 regarding outsourcing of activities.

Amendments

The amendments entail that clearing organisations are no longer included in the scope and is a result of the term clearing organisation being removed from the Securities Market Act (2007:528).

The amendments entail that the general guidelines no longer apply to mutual benefit societies.

The amendments enter into force on 1 November 2020. Amendment 2020:18

Insurance intermediaries that are legal persons will no longer be subject to the general guidelines when the scope for these guidelines changes. This is because the Insurance Distribution Act (2018:1219), which enters into force on 1 October 2018, does not contain any general requirements on governance and control.

The amendment goes into effect on 1 October 2018. Amendment 2018:12

FI is amending the regulations on governance and control of financial undertakings. According to the amendment, central securities depositories are exempted from the scope of Finansinspektionen's general guidelines (FFFS 2005:1) regarding governance and control of financial undertakings. Matters regarding internal governance and control of central securities depositories are regulated instead directly by Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR).

The amendments enter into force on 1 March 2016 with some transition regulations. Amendment 2016:9

The amendment entails primarily that the general guidelines not longer cover insurance companies, mutual insurance companies, and insurance associations since these undertakings shall instead meet the requriements on corporate governance set out in the Solvency II regulation.

Documents

FFFS 2005:1

Changes

Number

FFFS 2024:7

Date

2024-07-01

Heading

FFFS 2024:7

Number

FFFS 2020:18

Date

2020-11-01

Heading

FFFS 2020:18

Number

FFFS 2018:12

Date

2018-08-01

Heading

FFFS 2018:12

Number

FFFS 2016:9

Date

2016-03-01

Heading

FFFS 2016:9

Number

FFFS 2015:16

Date

2016-01-01

Heading

FFFS 2015:16