RegAlert

Rule · SE-LAW · 3 Jul 2014

Lag (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag (Special Supervision of Credit Institutions and Investment Firms Act (2014:968))

capital
SwedenSveriges riksdag (Parliament of Sweden)

English translation of the Swedish text from riksdagen.se (the Swedish text is the official one). Retrieved 2026-10-26.

Swedish Code of Statutes

The Swedish Code of Statutes (SFS) contains current laws and ordinances. If a statute is amended, the old text is replaced by the new one.

SFS no.:

2014:968 Ministry/authority:

Ministry of Finance FMA B Issued:

2014-06-26 Amended:

up to and including SFS 2026:1081 Amendment register:

SFSR (Government Offices)

Source:

Full text (Government Offices)

Contents:

Chapter 1. Introductory provisions

Content of the Act

Section 1 /Ceases to apply from: 2030-01-10/ This Act contains provisions supplementing

  • Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (the Capital Requirements Regulation), and

  • Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (the Investment Firms Regulation).The provisions of this Act partially implement

  • Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2024/1619 of the European Parliament and of the Council (the Capital Requirements Directive), and

  • Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU, in the original wording (the Investment Firms Directive).Provisions supplementing the Capital Requirements Regulation and implementing the Capital Requirements Directive are found in Chapters 1 a, 2, 3, 4, 5, 5 b and 7.Provisions supplementing the Investment Firms Regulation and implementing the Investment Firms Directive are found in Chapters 2 a, 3 a, 4 a, 5 a and 7 a.In the other chapters there are provisions supplementing both the Capital Requirements Regulation and the Investment Firms Regulation and implementing both the Capital Requirements Directive and the Investment Firms Directive. Act (2026:1072).Section 1 /Enters into force from: 2030-01-10/ This Act contains provisions supplementing

  • Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (the Capital Requirements Regulation), and

  • Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (the Investment Firms Regulation).The provisions of this Act partially implement

  • Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2024/1619 of the European Parliament and of the Council (the Capital Requirements Directive), and

  • Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU, as amended by Directive (EU) 2023/2864 of the European Parliament and of the Council (the Investment Firms Directive).Provisions supplementing the Capital Requirements Regulation and implementing the Capital Requirements Directive are found in Chapters 1 a, 2, 3, 4, 5, 5 b and 7.Provisions supplementing the Investment Firms Regulation and implementing the Investment Firms Directive are found in Chapters 2 a, 3 a, 4 a, 5 a and 7 a.In the other chapters there are provisions supplementing both the Capital Requirements Regulation and the Investment Firms Regulation and implementing both the Capital Requirements Directive and the Investment Firms Directive. Act (2026:1081).

Definitions

Section 2 In this Act

1. mixed financial holding company within the EEA:

a) in Chapter 4 a, a company referred to in Article 4.1.58 of the Investment Firms Regulation,

b) otherwise, a company referred to in Article 4.1.33 of the Capital Requirements Regulation,

2. subsidiary:

a) in Chapters 3 a and 4 a, a company referred to in Article 4.1.51 of the Investment Firms Regulation,

b) in Chapter 6, Section 1, with regard to securities firm groups referred to in Article 7 or 8 of the Investment Firms Regulation, a company referred to in a,

c) otherwise, a company referred to in Article 4.1.16 of the Capital Requirements Regulation,

3. EEA: the European Economic Area,

4. mixed activity holding company:

a) in Chapter 6, Sections 1 and 8 and Chapter 8, Sections 2 and 4, with regard to securities firm groups referred to in Article 53 of the Investment Firms Directive, a company referred to in Article 4.1.26 of the same Directive,

b) otherwise, a company referred to in Article 4.1.22 of the Capital Requirements Regulation,

5. institution: such an undertaking as referred to in Article 4.1.3 of the supervisory regulation and such a company as referred to in 7 g,

6. consolidated situation: the same as in Article 4.1.47 of the supervisory regulation,

7. credit institution:

a) a credit institution under the Act (2004:297) on Banking and Financing Business,

b) The Swedish Ship Mortgage Fund,

c) a securities company with authorisation to receive customers' funds on account as an ancillary service to facilitate securities business under Chapter 2, Section 2, first paragraph, item 8 of the Act (2007:528) on the Securities Market,

d) a Swedish limited liability company that is such a securities firm as referred to in Article 1.2 a or b of the securities companies regulation,

e) a securities company to which a decision by the Financial Supervisory Authority under Section 3 a applies,

f) a Swedish limited liability company that is such a securities firm as referred to in Article 1.5 of the securities companies regulation, and

g) a Swedish limited liability company that is such a securities firm as referred to in Article 4.1.1 b of the supervisory regulation and for which there is no decision by the Financial Supervisory Authority under Chapter 8, Section 1 d of the Securities Market Act,

8. small and non-interconnected securities company: a securities company that is considered to be a small and non-interconnected securities firm under Article 12.1 of the securities companies regulation,

9. parent undertaking:

a) in Chapters 3 a and 4 a, Chapter 6, Section 2, second paragraph and Chapter 7 a

Section 1, an undertaking referred to in 4.1.42 of the securities companies regulation,

b) in Chapter 10, Section 2, item 10, in respect of parent undertakings referred to in Chapter 6, Section 2, second paragraph, an undertaking referred to in a,

c) otherwise, an undertaking referred to in Article 4.1.15 of the supervisory regulation,

10. key person: a person who, without being a board member or managing director of a financial holding company or mixed financial holding company, exercises a significant influence over the business,

11. at group level: the same as in Article 4.1.48 of the supervisory regulation,

12. at sub-group level: the same as in Article 4.1.49 of the supervisory regulation,

13. systemic risk: the same as in Chapter 1, Section 2, item 12 of the Act (2014:966) on Capital Buffers,

14. securities company: a securities company referred to in Chapter 1, Section 4 b of the Securities Market Act, except such securities companies as referred to in 7 c-g,

15. securities firm group: the same as in Article 4.1.25 of the securities companies regulation,

16. securities-oriented holding company: an undertaking referred to in Article 4.1.23 of the securities companies regulation,

17. EEA securities-oriented parent holding company: an undertaking referred to in Article 4.1.57 of the securities companies regulation. Terms and expressions otherwise in this Act have the same meaning as in the supervisory regulation. Act (2026:1072).

Application of the supervisory regulation

Section 3 The provisions of the supervisory regulation that according to the regulation apply to credit institutions shall also apply to such credit institutions under the Act (2004:297) on Banking and Financing Business that are not covered by the regulation's definition of credit institution. The provisions of the supervisory regulation that according to the regulation apply to credit institutions shall, with the exception of the provisions on large exposures, also apply to Svenska skeppshypotekskassan. Act (2020:1213). Section 3 a The Financial Supervisory Authority may decide that the supervisory regulation shall apply in respect of a securities company

1. whose consolidated assets, calculated as an average for the most recent continuous twelve-month period, correspond to at least five billion euro, and

2. that conducts business comprising investment services or investment activities referred to in Chapter 2, Section 1, item 3 or 6 of the Act (2007:528) on the Securities Market but that is not a commodity dealer or emission allowance dealer. The first paragraph applies if

1. the securities company's business is of such a scope that a systemic risk could arise if the company fails or enters into crisis,

2. the securities company is a clearing member, or

3. the Financial Supervisory Authority considers it justified in light of the securities company's business and its size, nature, scope and complexity, taking into account

a) the importance for the EEA or Sweden's economy,

b) the importance of the company's cross-border business, or

c) the company's interconnection with the financial system.

Act (2021:481). Section 3 b The Financial Supervisory Authority may revoke a decision under Section 3 a and shall in that case without delay notify the securities company thereof. A decision under Section 3 a ceases to apply if the securities company's consolidated assets fall below the amount stated therein, calculated as an average for the most recent continuous twelve-month period. Act (2021:481).

Competent authority

Section 4 The Financial Supervisory Authority is the competent authority under the supervisory regulation and the securities companies regulation and exercises supervision over compliance with the regulations and this Act. The Financial Supervisory Authority is the responsible authority under Articles 124, 164 and 458 of the supervisory regulation. In respect of supervision and the possibility to intervene against credit institutions and securities companies, the provisions of the laws that regulate the undertakings' business apply, unless otherwise follows from this Act. Act (2021:481).

The Riksbank

Section 4 a The Riksbank may provide and charge fees for liquidity and credit facilities referred to in Article 412.1 of the supervisory regulation. The Riksbank shall decide on liquidity and credit facilities after the Financial Supervisory Authority has been given the opportunity to submit comments. Act (2022:1584).

European companies and European cooperative societies

Section 5 In respect of European companies and European cooperative societies with such a management organ as referred to in Articles 39-42 of Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company or Articles 37-41 of Council Regulation

(EC) No 1435/2010 of 22 July 2003 on the Statute for a European Cooperative Society (SCE)

the provisions in Chapter 6, Sections 10 and 12 on board members apply to members of the supervisory body. That the provisions set out in the first paragraph shall also apply to members of the management or administrative body of a European company or a European cooperative society follows from Section 16, second paragraph, and Section 22 of the Act (2004:575) on European companies and Section 21, second paragraph, and Section 26 of the Act (2006:595)

on European cooperative societies. Act (2020:1213).

Payment institutions

Section 6 That certain provisions of this Act also apply to payment institutions follows from Chapter 3, Section 2 of the Act (2010:751) on payment services. Act (2020:1213).

Special provisions on the requirement for approval of financial holding companies and mixed financial holding companies

Section 7 Has been repealed by Act (2026:1072). Section 8 Has been repealed by Act (2026:1072). Section 9 Has been repealed by Act (2026:1072). Section 10 Has been repealed by Act (2026:1072). Section 11 Has been repealed by Act (2026:1072). Section 12 Has been repealed by Act (2026:1072). Section 13 Has been repealed by Act (2026:1072).

Profit distribution

Section 14 The provisions on profit distribution at the request of a minority of shareholders in Chapter 18, Section 11 of the Companies Act (2005:551) do not apply to

1. credit institutions,

2. securities companies, or

3. such holding companies that at group or sub-group level shall meet the capital base requirements in Article 92 of the supervisory regulation or Article 11 of the securities companies regulation. Act (2023:617).

Chapter 1 a. Special requirements for approval and authorisation

Approval of financial holding companies and mixed financial holding companies

Companies covered

Section 1 The following companies shall apply to the Swedish Financial Supervisory Authority for approval or exemption from the requirement for approval:

1. a financial parent holding company or a mixed financial parent holding company,

2. a financial holding company or mixed financial holding company other than that referred to in 1 that shall meet the requirements of the supervisory regulation, this Act and the Act (2014:966) on capital buffers at group or sub-group level,

3. a foreign financial parent holding company or mixed financial parent holding company established in another country within the EEA, if the Swedish Financial Supervisory Authority is the coordinating supervisory authority, and

4. a foreign financial holding company or mixed financial holding company other than that referred to in 3 that is established in another country within the EEA and that shall meet the requirements of the supervisory regulation and national legislation in the home country implementing the Capital Requirements Directive at group or sub-group level, if the Swedish Financial Supervisory Authority is the coordinating supervisory authority. Act (2026:1072).

Requirement for approval

Section 2 The Swedish Financial Supervisory Authority shall grant approval if

1. the allocation of tasks within the group is such that the requirements of the supervisory regulation, this Act and the Act (2014:966) on capital buffers can be met at group or sub-group level,

2. the organisational structure does not prevent effective supervision of the institutions within the group meeting the requirements referred to in 1 at individual level and group and sub-group level,

3. the person who is to be

a) a board member, managing director or deputy for any of them is suitable for such a task by having sufficiently good repute and sufficient insight, knowledge and experience to participate in the management and also otherwise acts with honesty, integrity and independent judgement,

b) a key person is suitable for such a task by having sufficiently good repute and sufficient insight, knowledge and experience to exercise a significant influence over the business and also otherwise acts with honesty and integrity,

4. the board as a whole has sufficient knowledge and experience to manage the company, and

5. the holding company has one or more credit institutions as referred to in Chapter 1, Section 2, first paragraph, 7 a or g, or equivalent foreign companies within the EEA as subsidiaries, and

a) information is provided on major owners in the institution,

b) the person who has or can be expected to acquire a qualifying holding in the institution is assessed as suitable to exercise a significant influence over the management of the institution, and

c) the institution's close links with other companies do not prevent effective supervision of the institution. Act (2026:1072).

Exemption from the requirement for approval

Section 3 The Swedish Financial Supervisory Authority shall grant exemption from the requirement for approval if

1. the main activity is to

a) acquire or hold shares or interests in subsidiaries, in the case of a financial holding company, or

b) acquire or hold shares or interests in subsidiaries that are institutions or financial institutions, in the case of a mixed financial holding company,

2. the holding company has not been designated as a resolution entity in any of the group's resolution groups,

3. a subsidiary that is a credit institution or a financial holding company or mixed financial holding company that has been approved under Section 2 or an equivalent foreign company within the EEA is responsible for ensuring that the requirements in Chapter 3, Section 2 are met,

4. the holding company does not participate in influencing the operation of the group or subsidiaries that are institutions or financial institutions, and

5. there is nothing that prevents effective supervision at group level. The Swedish Financial Supervisory Authority may exempt a holding company covered by the first paragraph from consolidation under Article 18 of the supervisory regulation, if

1. it does not prevent effective supervision of the group or a subsidiary that is a credit institution,

2. the holding company does not hold shares in any company other than a subsidiary that is a credit institution or an intermediate financial parent holding company or mixed financial parent holding company that controls the subsidiary,

3. the holding company does not have financial liabilities to a significant extent, and

4. the holding company does not have other liabilities to companies other than those referred to in 2. Act (2026:1072).

Time limit for adopting decisions

4 § The Swedish Financial Supervisory Authority shall, in matters concerning approval under Section 2 and concerning exemption from the approval requirement under Section 3, make a decision

1. within four months from the date an application has been received, if the decision means that the application is rejected, or

2. within six months from the date the application has been received, if the decision means that approval or exemption from the approval requirement is granted. If an application is incomplete, the time limit for a decision under the first paragraph 1 shall instead be that the decision is to be made within four months from the date a complete application has been received, but at the latest within six months from the date the application was received.

Act (2026:1072).

Cross-border groups

5 § If the Swedish Financial Supervisory Authority is the consolidating supervisory authority and an application concerns a holding undertaking established in another country within the EEA, the Authority and the competent authority in the holding undertaking's home country shall make a joint decision on approval, exemption from the approval requirement or exemption from consolidation. The Swedish Financial Supervisory Authority shall then submit an assessment of the application to the competent authority and notify the joint decision. If the Swedish Financial Supervisory Authority is not the consolidating supervisory authority and an application concerns a holding undertaking established in Sweden, the Authority and the consolidating supervisory authority shall make a joint decision on approval, exemption from the approval requirement or exemption from consolidation. If an application concerns a mixed financial holding undertaking, the joint decision shall be preceded by the consent of the authority referred to in Article 10 of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 relating to the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEG, 79/267/EEG, 92/49/EEG, 92/96/EEG, 93/6/EEG and 93/22/EEG as well as European Parliament and Council Directives 98/78/EG and 2000/12/EG, in the original wording.

Act (2026:1072).6 § The joint decision under Section 5 shall be made within two months from the date

  • the competent authority in the holding undertaking's home country has received the Swedish Financial Supervisory Authority's assessment of the application, or

  • the Swedish Financial Supervisory Authority has received the consolidating supervisory authority's assessment of the application. Act (2026:1072).7 § If a joint decision cannot be made under Section 5, the matter shall be referred to

1. the European Banking Authority, where a financial holding undertaking is concerned, or

2. the European Banking Authority or the European Insurance and Occupational Pensions Authority, where a mixed financial holding undertaking is concerned. If the Swedish Financial Supervisory Authority is the consolidating supervisory authority, the Authority shall thereafter make a decision in accordance with the decision of the European Banking Authority or the European Insurance and Occupational Pensions Authority. The matter may not be referred to the European Banking Authority or the European Insurance and Occupational Pensions Authority after the time limit under Section 6 has expired or a joint decision has been made. Act (2026:1072).

Significant holding

Application for authorisation for the acquisition of a significant holding

8 § The following undertakings shall apply in writing to the Swedish Financial Supervisory Authority for authorisation to, directly or indirectly, acquire shares or interests entailing that the acquirer's total holding constitutes 15 per cent or more of the eligible capital in accordance with Article 4.1.71 a of the Supervision Regulation (significant acquisition):

1. a credit institution referred to in Chapter 1 Section 2 first paragraph 7 a or g, or a corresponding foreign credit institution within the EEA, if the Swedish Financial Supervisory Authority is the consolidating supervisory authority,

2. a financial holding undertaking or mixed financial holding undertaking that is to apply for approval under Section 1 1 or 2, or a corresponding foreign holding undertaking within the EEA, if the Swedish Financial Supervisory Authority is the consolidating supervisory authority.

Act (2026:1072).9 § If the acquirer is a credit institution referred to in Chapter 1

Section 2 first paragraph 7 a or g, or a corresponding foreign institution within the EEA, the acquisition referred to in Section 8 shall be calculated at individual level and at group level. If the acquirer is a financial holding undertaking or mixed financial holding undertaking that is to apply for approval under Section 1 1 or 2 or a corresponding foreign holding undertaking within the EEA, the significant acquisition shall be calculated on the basis of the consolidated situation. Act (2026:1072).10 § The Swedish Financial Supervisory Authority may refrain from examining an application for authorisation for a significant acquisition if the acquisition covers undertakings that are part of the same institutional protection scheme as referred to in Article 113.6 or 113.7 of the Supervision Regulation. Act (2026:1072).

Conditions for authorisation

11 § The Swedish Financial Supervisory Authority shall grant the acquirer authorisation for a significant acquisition if the acquirer, after the acquisition, will have satisfactory control over its operations, particularly with regard to the risks to which the acquirer is or may become exposed. Act (2026:1072). In the assessment, the following shall be taken into account

1. whether there are reasons to assume that the acquirer's operations are conducted in a manner that is compatible with this Act and other enactments regulating its operations, and

2. whether there are reasons to assume that the acquisition is connected with or may increase the risk of

a) money laundering under Chapter 1 Section 6 of the Act (2017:630) on measures against money laundering and terrorist financing, or

b) terrorist financing under Section 6 of the Terrorist Offences Act (2022:666) or an attempt to commit such an offence, concerning a terrorist offence under Section 4 of the same Act. Prior to the assessment under the second paragraph 2, the relevant Swedish and foreign supervisory authorities shall be given the opportunity to submit comments within 30 working days. Act (2026:1072).12 § A decision on authorisation for a significant acquisition may be notified only after foreign competent authorities within the EEA have been given the opportunity to submit comments, if the acquisition concerns

1. a foreign

a) insurance undertaking,

b) management company,

c) electronic money institution,

d) credit institution, or

e) securities firms,

2. a parent undertaking of such an undertaking as referred to in 1, or

3. a legal person that controls such an undertaking as referred to in 1. Act (2026:1072).

Time limits

13 § The Swedish Financial Supervisory Authority shall, as soon as possible but no later than within ten working days after the application for authorisation for a significant acquisition has been received, confirm in writing that the application has been received. Act (2026:1072).14 § The Swedish Financial Supervisory Authority shall notify a decision on authorisation for a significant acquisition within 60 working days after the application was confirmed (the assessment period). If the Swedish Financial Supervisory Authority requests supplementary information, the assessment period may be extended.The Swedish Financial Supervisory Authority shall be deemed to have granted authorisation for the acquisition if the Authority has not, within the assessment period, notified a decision on the application. If the Swedish Financial Supervisory Authority grants authorisation for a significant acquisition, the Authority may decide within what period the acquisition shall be carried out. Act (2026:1072).15 § If, at the same time as an application for authorisation for a significant acquisition is being examined, an application for authorisation for a qualifying holding under Chapter 14 of the Act (2004:297) on banking and financial operations is being examined, the assessment period that expires last shall apply to both examinations.If, at the same time as an application for authorisation for a significant acquisition is being examined, an application by a financial holding company or mixed financial holding company under section 2 or 3 is being examined, the assessment period under section 14 shall run until a decision in the matter of approval or exemption from the approval requirement has been notified. Act (2026:1072).

Special supervisory powers

16 § If anyone has made a significant acquisition in contravention of a decision of the Swedish Financial Supervisory Authority, the Authority may decide that voting rights may not be exercised to the extent that the holding is in contravention of the decision. Act (2026:1072).

Cross-border groups

17 § If the Swedish Financial Supervisory Authority is the consolidating supervisory authority and an application concerns a significant acquisition at both individual and group level, the Authority shall, together with the competent authority for the acquirer, take a joint decision on the application. The Swedish Financial Supervisory Authority shall then submit an assessment of the application to the competent authority and notify the joint decision.If the Swedish Financial Supervisory Authority is the competent authority but not the consolidating supervisory authority and an application concerns a significant acquisition at both individual and group level, the Authority and the consolidating supervisory authority shall take a joint decision on the application. Act (2026:1072).18 § The joint decision under section 17 shall be taken within two months from the date on which

1. the competent authority in the home country of the credit institution or holding undertaking has received the Swedish Financial Supervisory Authority's assessment of the application, or

2. the Swedish Financial Supervisory Authority has received the coordinating authority's assessment of the application. Act (2026:1072).19 § If a joint decision cannot be adopted under 17 §, the matter shall be referred to the European Banking Authority.If the Swedish Financial Supervisory Authority is the coordinating supervisory authority or competent authority for a credit institution as referred to in Chapter 1

2 § first paragraph 7 a or g or a financial holding company or mixed financial holding company that shall apply for approval under 1 § and the application concerns an acquisition at group level, the authority shall thereafter adopt a decision in accordance with the European Banking Authority's decision.The matter may not be referred to the European Banking Authority after the time under 18 § has expired or a joint decision has been adopted. Act (2026:1072).

Disposal of a qualifying holding

20 § The following companies shall notify the Swedish Financial Supervisory Authority in writing if they intend to dispose of a qualifying holding:

1. a credit institution as referred to in Chapter 1, 2 § first paragraph 7 a or g,

2. a financial holding company or mixed financial holding company that shall apply for approval under 1 § 1 or 2. Act (2026:1072).

Qualifying transfer of assets or liabilities

21 § The following companies shall, in advance, apply in writing to the Swedish Financial Supervisory Authority for authorisation to carry out transfers corresponding to ten per cent or more of the total assets or liabilities through a sale or other transaction (qualifying transfer):

1. a credit institution as referred to in Chapter 1, 2 § first paragraph 7 a or g,

2. a financial holding company or mixed financial holding company that shall apply for approval under 1 § 1 or 2. Act (2026:1072).22 § If the transfer is made by a financial parent holding company or mixed financial parent holding company that shall apply for approval under 1 § 1 or 2, the qualifying transfer shall be calculated on the basis of the consolidated situation. Act (2026:1072).23 § If the transfer is made between companies within the same group, the transfer is qualifying if it corresponds to 15 per cent or more of the total assets or liabilities. Act (2026:1072).24 § The Swedish Financial Supervisory Authority shall, as soon as possible, but no later than within ten working days, confirm that an application has been received or supplemented. Act (2026:1072).

Merger

25 § A credit institution as referred to in Chapter 1, 2 § first paragraph 7 a or g may be the transferring company in a merger only if the acquiring company is such a credit institution or if the acquiring company is a corresponding foreign legal person within the EEA. The same applies to a financial holding company or mixed financial holding company that shall apply for approval under 1 § 1 or 2. Act (2026:1072).26 § The provisions in 27-37 §§ shall apply in a merger between

1. bank limited companies,

2. member banks,

3. credit market companies,

4. such securities companies as referred to in Chapter 1, 2 § first paragraph 7 g,

5. financial holding companies or mixed financial holding companies that are to apply for approval under Section 1, point 1 or 2. When applying Chapter 23, Section 45 b of the Companies Act (2005:551) and Chapter 16, Section 41 b of the Act (2018:672) on Economic Associations, what is stated about the Swedish Companies Registration Office shall instead refer to the Swedish Financial Supervisory Authority. In a merger between a member bank or a credit market association and a wholly owned subsidiary, Sections 27 and 28, Section 29, second paragraph, Section 30, first paragraph, point 2, and Sections 32 and 33 shall apply in the relevant parts. What is stated there about the transferring company shall then instead refer to the subsidiary. Act (2026:1072). Section 27 When the merger plan has become effective in all companies, both the transferring company or companies and the acquiring company shall apply to the Swedish Financial Supervisory Authority for permission to execute the plan. In a cross-border merger, the application shall be made by the Swedish company or companies participating in the merger. In a merger by combination, the companies shall also apply for the following permits or approvals for the acquiring company, if that company is to have its registered office in Sweden:

1. permission under Chapter 3, Section 2 and approval of the articles of association or the statutes under Chapter 3, Section 3 of the Act (2004:297) on Banking and Financing Operations, or

2. approval under Section 2 of this Act. Act (2026:1072). Section 28 An application under Section 27 shall be submitted within one month after the merger plan has become effective in all companies. If the plan has been registered under Chapter 23, Section 14, first paragraph of the Companies Act (2005:551) or Chapter 16, Section 12 of the Act (2018:672) on Economic Associations, it also applies that the application shall be submitted no later than two years after information that the plan has been registered was announced under Chapter 27, Section 3 of the Companies Act or Chapter 19, Section 5 of the Act on Economic Associations. Act (2026:1072). Section 29 The Swedish Financial Supervisory Authority shall as soon as possible, but no later than within ten working days, confirm in writing that an application has been received. The Swedish Financial Supervisory Authority shall notify the Swedish Companies Registration Office of a received application and of the decision that has been made as a result of it. If the Swedish Financial Supervisory Authority grants permission to execute the merger plan, the Authority may decide within what time the merger shall be carried out. Act (2026:1072). Section 30 When processing an application for permission to execute a merger plan, the Swedish Financial Supervisory Authority shall examine

1. whether the company after the merger will have satisfactory control over its operations, particularly with regard to the risks to which it is or may become exposed,

2. that the companies' creditors are assured satisfactory security, if such protection is needed with regard to the financial circumstances of the merging companies and the creditors do not already have such security,

3. whether there is reason to assume that the company's operations after the merger are conducted in a manner that is compatible with this Act and other statutes regulating the operations, and

4. whether there is reason to assume that the merger is connected with or may increase the risk of

a) money laundering under Chapter 1, Section 6 of the Act (2017:630) on Measures against Money Laundering and Financing of Terrorism, or

b) financing of terrorism under Section 6 of the Terrorist Offences Act (2022:666) or attempt at such an offence, with regard to terrorist offences under Section 4 of the same Act. In the assessment under the first paragraph, point 1, the Swedish Financial Supervisory Authority shall particularly consider

1. the companies' reputation, and

2. whether the companies' operations are conducted in a sound manner. Before the assessment under the first paragraph, point 4, the relevant foreign supervisory authorities shall be given the opportunity to submit comments within 30 working days. Act (2026:1072). Section 31 A decision on permission to execute a merger plan may be made only after the competent foreign authorities within the EEA have been given the opportunity to submit comments, if any of the companies participating in the merger is

1. a foreign

a) insurance company,

b) management company,

c) electronic money institution,

d) credit institution, or

e) securities company,

2. a parent company of such a company as referred to in 1, or

3. a legal person that controls such a company as referred to in 1. Act (2026:1072). Section 32 When examining an application for permission to execute a merger plan between companies belonging to the same group, the Swedish Financial Supervisory Authority may limit the examination to the circumstances referred to in Section 30, first paragraph, point 2. The Swedish Financial Supervisory Authority's decision on permission to execute a merger plan when the companies belong to the same group shall be made within 60 working days after the receipt of the application was confirmed (the assessment period). If the Swedish Financial Supervisory Authority requests supplementary information, the assessment period may be extended. The Swedish Financial Supervisory Authority shall be deemed to have granted permission for the merger if the Authority has not made a decision on the application within the assessment period. Act (2026:1072). Section 33 The Swedish Financial Supervisory Authority shall reject an application for permission to execute a merger plan, if

1. the merger plan has not been approved in the proper manner or its content conflicts with law or other statute or with the articles of association or the statutes,

2. the merger has been prohibited under the Competition Act (2008:579) or under Council Regulation (EC) No 139/2004 of 20 January 2004 on the control of concentrations between undertakings or if examination of the merger is ongoing under the Act or the Regulation,

3. the auditors' statements under Chapter 23, Section 11 of the Companies Act (2005:551) in a combination do not show that the transferring companies' combined real value for the acquiring company amounts to at least the share capital of the latter,

4. the companies' creditors have not been assured such satisfactory security as referred to in Section 30, first paragraph, point 2 or the financial circumstances of the merging companies are otherwise such that the merger cannot be considered compatible with the interests of depositors or other creditors,

5. the conditions under Section 30, first paragraph, point 1, 3 or 4 are not fulfilled,

6. it is justified with regard to the public interest,

7. it under Chapter 23, Section 36 c of the Companies Act or Chapter 16,

30 b § of the Act (2018:672) on Economic Associations there are obstacles to one or more of the Swedish companies participating in a cross-border merger,

8. the merger is carried out for purposes that are criminal or entail or aim at an improper circumvention of Union law or national law, or

9. the merger requires a procedure under the Act (2008:9) on Employees' Involvement in Cross-Border Mergers, Divisions and Conversions but no such procedure has been initiated. If the application cannot be granted because review is ongoing under the Competition Act or Council Regulation (EC) No 139/2004 and the review can be expected to be concluded shortly, the permit question may be declared dormant for a maximum of six months. Act (2026:1072). 34 § Instead of what is prescribed in Chapter 23, Section 25, second paragraph of the Companies Act (2005:551) or Chapter 16, Section 24, second paragraph of the Act (2018:672) on Economic Associations regarding the time for notification of the merger for registration, notification shall be made no later than two months from the date the Swedish Financial Supervisory Authority's permit to execute the merger plan has become final. Act (2026:1072). 35 § A merger by absorption of a wholly owned subsidiary or a merger between a credit market association and a wholly owned subsidiary limited company may take place even if the subsidiary holds property that the credit institution may not acquire under the Act (2004:297) on Banking and Financing Operations. Such property shall then be divested no later than one year from registration. If there are special reasons, the Swedish Financial Supervisory Authority may extend this period. Act (2026:1072). 36 § Upon absorption of a wholly owned subsidiary, Chapter 23, Sections 32 and 33 of the Companies Act (2005:551) do not apply. Instead, the parent and subsidiary company shall apply for a permit to execute the merger plan from the Swedish Financial Supervisory Authority. The application shall be submitted within one month after the merger plan has entered into force for the parent company. If the merger plan has been registered under Chapter 23, Section 30 of the Companies Act, the application shall also be submitted no later than two years after information that the plan has been registered was announced under Chapter 27, Section 3 of the same Act. In a matter concerning absorption of a wholly owned subsidiary, Sections 30, 32 and 33 apply in applicable parts. What is stated about the transferring company shall refer to the subsidiary and what is stated about the acquiring company shall refer to the parent company. The Swedish Financial Supervisory Authority shall notify the Swedish Companies Registration Office of an application under the first paragraph and of a decision issued as a result thereof. The Swedish Companies Registration Office shall, after such notification, register the permit under Chapter 23, Section 34 of the Companies Act. Act (2026:1072). 37 § What is stated in Chapter 23, Section 56, third paragraph of the Companies Act (2005:551) on bringing an action does not apply. Instead, in addition to what is stated in Chapter 7, Section 51, first paragraph and Chapter 23, Section 56, first paragraph of the Companies Act, an
action may not be brought after the Swedish Financial Supervisory Authority or a court, through a decision that has become final, has granted a permit to execute the merger plan. Act (2026:1072).

Division

Domestic division

38 § The provisions in Sections 39-45 shall apply when a bank limited company, a credit market company, a Swedish limited company that is such a securities company as referred to in Chapter 1, Section 2, first paragraph, item 7 g or a financial holding company or mixed financial holding company that shall apply for approval under Section 1, item 1 or 2 participates in a domestic division. The companies referred to in the first paragraph may not, through domestic division, transfer operations that may only be conducted after a permit or approval to a company that does not have a permit or approval for such operations. The transferring company shall notify the Swedish Financial Supervisory Authority when the division plan has entered into force for all companies. Act (2026:1072). 39 § The Swedish Financial Supervisory Authority shall as soon as possible, but no later than within ten working days, confirm in writing that a notification under Section 38 has been received. Act (2026:1072). 40 § The Swedish Companies Registration Office shall, when processing an application for a permit to execute a division plan, obtain an opinion from the Swedish Financial Supervisory Authority. Act (2026:1072). The opinion shall state whether

1. the companies after the division will have satisfactory control over their operations, particularly regarding the risks to which they are or may become exposed,

2. the creditors of the transferring company have been assured satisfactory security, if such protection is needed considering the financial circumstances of the participating companies and the creditors do not already have such security,

3. the financial circumstances of the participating companies are otherwise such that the division can be considered compatible with the interests of depositors or other creditors,

4. there is reason to assume that the companies' operations are conducted in a manner compatible with this Act and other statutes regulating the operations, and

5. there is reason to assume that the division is connected with or may increase the risk of

a) money laundering under Chapter 1, Section 6 of the Act (2017:630) on Measures against Money Laundering and Financing of Terrorism, or

b) financing of terrorism under Section 6 of the Terrorist Offences Act (2022:666) or attempt at such offence, regarding terrorist offences under Section 4 of the same Act. In the assessment under the second paragraph, item 1, the Swedish Financial Supervisory Authority shall particularly consider

1. the companies' reputation, and

2. whether the companies' operations are conducted in a sound manner.

Act (2026:1072). 41 § In a division between companies belonging to the same group, the Swedish Financial Supervisory Authority shall issue its opinion under Section 40 within 60 working days after the receipt of the notification was confirmed (the assessment period). If the Swedish Financial Supervisory Authority requests supplementary information, the assessment period may be extended. If the Swedish Financial Supervisory Authority has no objections to the division, the authority may specify a certain time within which the division shall be carried out. Act (2026:1072). 42 § The Swedish Financial Supervisory Authority's opinion under Section 40 shall be in writing. Finansinspektionen shall notify the companies participating in the division within two business days from the expiry of the assessment period. Lag (2026:1072).43 § When Finansinspektionen has submitted its opinion and the period during which creditors may object to the application under Chapter 24,

Section 25 of the Companies Act (2005:551) has expired, the Swedish Companies Registration Office shall refer the matter to the district court in the location where the board of directors of the transferring company has its registered office. Lag (2026:1072).44 § A general court shall reject an application for permission to execute the division plan if

1. it does not appear from Finansinspektionen's opinion that

a) the creditors of the transferring company have been assured such satisfactory security as referred to in Section 40, second paragraph, item 2,

b) the financial circumstances of the participating companies are otherwise such that the division can be considered compatible with the interests of depositors or other creditors, or

c) the conditions in Section 40, second paragraph, items 1, 4 or 5 are not fulfilled, and

2. it is not shown that the creditors who have objected to the application have received full payment or have satisfactory security for their claims. That any of the transferring company's creditors objects to the application does not prevent the application from being granted, if Finansinspektionen's opinion provides grounds for granting permission. If the court considers it necessary, it may request that Finansinspektionen supplement its opinion. Lag (2026:1072).45 § In the application of Chapter 24, Section 47 of the Companies Act (2005:551), what is stated about the Swedish Companies Registration Office shall instead refer to Finansinspektionen. Lag (2026:1072).

Cross-border division

46 § The provisions in Sections 47-55 shall apply when a bank limited company, a credit market company, such a securities company as referred to in Chapter 1, Section 2, first paragraph, item 7 g, or a financial holding company or mixed financial holding company that shall apply for approval under Section 1, item 1 or 2, carries out a cross-border division. Lag (2026:1072).47 § When a company referred to in Section 46 carries out a cross-border division, the company shall, after the division plan has become effective in the company, apply to Finansinspektionen for permission to execute the plan. The application shall be submitted within one month after the division plan has become effective in the company. If the division plan has been registered in accordance with Chapter 24, Section 16, first paragraph of the Companies Act (2005:551), it also applies that the application shall be submitted no later than two years after information that the plan has been registered was announced in accordance with Chapter 27, Section 3 of the same Act. Lag (2026:1072).48 § Finansinspektionen shall as soon as possible, but no later than within ten business days, confirm in writing that an application under Section 47 has been received. Finansinspektionen shall notify the Swedish Companies Registration Office of an application under the first paragraph and of a decision that has been issued as a result of it. Lag (2026:1072).49 § When processing an application for permission to execute a division plan, Finansinspektionen shall examine

1. whether the companies after the division will have satisfactory control over their operations, particularly with regard to the risks to which they are or may become exposed,

2. that the company's creditors are assured satisfactory security, if such protection is needed considering the circumstances of the divided company and the creditors do not already have such security,

3. whether there is reason to assume that the companies' operations after the division are conducted in a manner compatible with this Act and other regulations governing the operations, and

4. whether there is reason to assume that the division is connected with or may increase the risk of

a) money laundering under Chapter 1, Section 6 of the Act (2017:630) on measures against money laundering and financing of terrorism, or

b) financing of terrorism under Section 6 of the Terrorist Offences Act (2022:666) or attempt at such an offence, with regard to terrorist offences under Section 4 of the same Act. In the assessment under the first paragraph, item 1, Finansinspektionen shall particularly consider

1. the companies' reputation, and

2. whether the companies' operations are conducted in a sound manner. Before the assessment under the first paragraph, item 4, the relevant foreign supervisory authorities shall be given the opportunity to submit comments within 30 business days. Lag (2026:1072).50 § A decision on permission to execute a division plan may be issued only after the competent foreign authorities within the EEA have been given the opportunity to submit comments, if any of the companies participating in the division is

1. a foreign

a) insurance company,

b) management company,

c) electronic money institution,

d) credit institution, or

e) securities firm,

2. a parent company of such a company as referred to in 1, or

3. a legal person that controls such a company as referred to in 1. Lag (2026:1072).51 § Finansinspektionen shall reject an application for permission to execute a division plan, if

1. the division plan has not been approved in the proper order or its content conflicts with law or other regulation or with the articles of association,

2. the division has been prohibited under the Competition Act (2008:579) or Council Regulation (EC) No 139/2004 or if review of the division is ongoing under the Act or the Regulation,

3. the auditor's statements under Chapter 24, Section 13 of the Companies Act (2005:551) do not show that the part of the transferring company that is to be taken over by the newly formed company has a real value for this company amounting to at least its share capital,

4. the auditor's statements under Chapter 24, Section 13 of the Companies Act in the case of a partial division or division by separation do not show that the transferring company has full coverage for the restricted equity,

5. the company's creditors have not been assured such satisfactory security as referred to in Section 49, first paragraph, item 2, or the company's financial circumstances are otherwise such that the division cannot be considered compatible with the interests of depositors or other creditors,

6. the conditions in any of Section 49, first paragraph, items 1, 3 and 4 are not fulfilled,

7. it is justified by consideration for the public interest,

8. there is an obstacle under Chapter 24, Section 32 of the Companies Act to the transferring company participating in a cross-border division,

9. the division is carried out for purposes that are criminal or entail or aim at an improper circumvention of Union law or national law, or

10. the division presupposes a procedure under the Act (2008:9) on employees' involvement in cross-border mergers, divisions and conversions but no such procedure has been initiated. If the application cannot be granted because a review is ongoing under the Competition Act or under Council Regulation (EC) No 139/2004 and the review can be expected to be concluded shortly, the permit question may be declared dormant for a maximum of six months. Act (2026:1072). Section 52 The Financial Supervisory Authority's decision on permission to implement a division plan where the companies are part of the same group shall be announced within 60 working days after the receipt of the application was confirmed (the assessment period). If the Financial Supervisory Authority requests supplementary information, the assessment period may be extended. The Financial Supervisory Authority shall be deemed to have granted permission for the division if the authority has not announced a decision on the application within the assessment period. If the Financial Supervisory Authority grants permission for the division, the authority may decide within what time the division shall be carried out.

Act (2026:1072). Section 53 In the application of Chapter 24, Section 47 of the Companies Act (2005:551), what is stated about the Swedish Companies Registration Office shall instead refer to the Financial Supervisory Authority. Act (2026:1072). Section 54 If a transferee company that shall have its registered office in Sweden is to conduct banking or financing operations under the Act (2004:297) on banking and financing operations, conduct securities operations under the Act (2007:528) on the securities market or is a financial holding company or mixed financial holding company that shall apply for approval under Section 1, item 1 or 2, then, in addition to what is stated in Chapter 24, Section 53 of the Companies Act (2005:551), the Swedish Companies Registration Office may register the transferee company only if the Financial Supervisory Authority or a court through a decision that has become final has granted the company permission to conduct such operations or has granted the holding company approval under Section 2. Act (2026:1072). Section 55 What is stated in Chapter 24, Section 61, third paragraph of the Companies Act (2005:551) on bringing an action does not apply. Instead, in addition to what is stated in Chapter 7, Section 51, first paragraph and Chapter 24, Section 61, first paragraph of the Companies Act, it applies that an action may not be brought after the Financial Supervisory Authority or a court through a decision that has become final has granted permission to implement the division plan. Act (2026:1072).

Foreign companies domiciled outside the EEA

Licensing requirement

Section 56 /Enters into force I:2027-01-11/ A company established outside the EEA (third-country company) may conduct operations from a branch in Sweden (third-country branch) after permission from the Financial Supervisory Authority if

1. the company intends to provide any of the services referred to in points 2 and 6 of Annex 1 to the Capital Requirements Directive and the company would be a credit institution referred to in Chapter 1, Section 2, first paragraph, item 7 a or g if it had been established within the EEA, or

2. the company intends to receive repayable funds from the public. Act (2026:1072).

Exemption from licensing requirement

Section 57 /Enters into force I:2027-01-11/ Permission is not needed to conduct operations under Section 56 when the services are provided

1. as a result of contacts initiated by the customer,

2. to a credit institution referred to in Chapter 1, Section 2, first paragraph, item 7 a or g or a corresponding foreign company,

3. to a company in the same group as the third-country company, or

4. in connection with the third-country company offering the operations and services specified in Annex I, Section A to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as amended by Directive (EU)

2024/790 of the European Parliament and of the Council, and any ancillary services according to Annex I, Section B to the same Directive. Act (2026:1072).

Conditions for permission

Section 58 /Enters into force I:2027-01-11/ The Financial Supervisory Authority shall grant permission if

1. the third-country branch has sufficient capital and liquidity according to Chapter 5 b, Sections 4-7,

2. the third-country branch meets the requirements on risk management and documentation and has satisfactory internal control according to Chapter 5 b, Sections 8 and 9,

3. the third-country branch's operations outside Sweden but within the EEA are limited to financing of branches in the same group as the third-country company,

4. the third-country company has permission in its home country to provide the services and conduct the operations that the application concerns,

5. the third-country company is under reliable supervision by a supervisory authority in its home country and that authority has been informed that the company is establishing itself in Sweden,

6. the Financial Supervisory Authority assesses that it can exercise effective supervision over the third-country branch,

7. there is no reason to assume that the operations are connected with or may increase the risk of

a) money laundering according to Chapter 1, Section 6 of the Act (2017:630) on measures against money laundering and financing of terrorism, or

b) financing of terrorism according to Section 6 of the Terrorist Offences Act (2022:666) or attempt at such offence, regarding terrorist offences according to Section 4 of the same Act, and

8. deposits with a third-country branch referred to in Section 56, item 1 are covered by a guarantee according to the Act (1995:1571) on deposit guarantee or by a foreign guarantee that

a) covers deposits specified in Section 2 of the Deposit Guarantee Act, and

b) corresponds at least to the guarantee according to Sections 4 and 4 c of the Deposit Guarantee Act. Act (2026:1072). Section 59 /Enters into force I:2027-01-11/ The Financial Supervisory Authority shall revoke the permission if the third-country company

1. no longer meets the conditions for permission according to Section 58,

2. has obtained the permission by providing false information or in some other improper manner,

3. has declared that it waives the permission,

4. does not, within one year of the permit being granted, commence carrying on such business as the permit covers, or

5. has not carried on such business as the permit covers during a continuous period of six months. The Swedish Financial Supervisory Authority shall also revoke the permit in accordance with paragraph 1 of the first paragraph if it is probable that the undertaking will no longer meet its obligations under this Act or other enactments regulating the undertaking's activities within twelve months. The third-country branch shall notify the Swedish Financial Supervisory Authority if it does not meet the conditions under paragraph 1 of the first paragraph or the second paragraph. Act (2026:1072).

Chapter 2 Special capital base and liquidity requirements for credit institutions

Special capital base requirements

1 § The Swedish Financial Supervisory Authority shall decide that a credit institution, in addition to the capital base required under the Supervision Regulation, shall meet

1. a special capital base requirement for the risk of excessively low total solvency, and

2. a special capital base requirement for other risks. The first paragraph applies if

1. any of the requirements in Chapter 6, sections 1–3, 4a, 4b and 5 of the Act (2004:297) on banking and financing business is not met and it is not probable that any other measure will be sufficient to remedy the deficiency within a reasonable time,

2. a special capital base requirement is necessary to cover risks to which the institution is or may become exposed,

3. it is probable that the institution will no longer meet its obligations under 1 within twelve months,

4. the institution has on repeated occasions failed to comply with a notice under section 1c, or

5. circumstances have otherwise come to light that give rise to concerns from a supervisory perspective. The decision shall be in writing and shall be based on a review and evaluation of the institution. Act (2021:481). 1 a § A special capital base requirement under paragraph 1 of section 1 shall be met with Tier 1 capital. The capital base used to meet the special capital base requirement may not be used to

1. meet the capital base requirement under Article 92.1d of the Supervision Regulation,

2. meet the total solvency buffer requirement under Article 92.1a of the Supervision Regulation, or

3. comply with a notice under section 1c, if it concerns the risk of excessively low total solvency. The Swedish Financial Supervisory Authority may, in an individual case, determine that the special capital base requirement shall be met with a larger share of Common Equity Tier 1 capital, if the Authority considers this necessary. Act (2020:1213). 1 b § A special capital base requirement under paragraph 2 of section 1 shall be met to at least three quarters with Tier 1 capital, of which at least three quarters shall consist of Common Equity Tier 1 capital. The capital base used to meet the special capital base requirement may not be used to

1. meet the capital base requirements under Articles 92.1a–c of the Supervision Regulation,

2. meet the combined buffer requirement under section 2 of Chapter 2 of the Act (2014:966) on capital buffers, or

3. comply with a notice under section 1c, if it concerns risks other than the risk of excessively low total solvency. The Swedish Financial Supervisory Authority may, in an individual case, determine that the special capital base requirement shall be met with a larger share of Tier 1 capital or Common Equity Tier 1 capital, if the Authority considers this necessary. Act (2020:1213). 1 c § In connection with a review and evaluation of a credit institution, the Swedish Financial Supervisory Authority shall determine appropriate capital base levels for the institution. The Inspectorate shall inform the institution of the difference between these levels and the capital base requirements pursuant to the Supervision Ordinance, this Act and the Act (2014:966) on capital buffers. Act (2021:481).1 d § The capital base used to follow a notification concerning the management of the risk of excessively low gross solidity may not be used to fulfil

1. the capital base requirement in Article 92.1 d of the Supervision Ordinance,

2. a special capital base requirement pursuant to Section 1 first paragraph 1, or

3. the gross solidity buffer requirement in Article 92.1a of the Supervision Ordinance. The capital base used to follow a notification concerning risks other than the risk of excessively low gross solidity may not be used to fulfil

1. the capital base requirements in Article 92.1 a-c of the Supervision Ordinance,

2. a special capital base requirement pursuant to Section 1 first paragraph 2, or

3. the combined buffer requirement pursuant to Chapter 2 Section 2 of the Act (2014:966) on capital buffers. Act (2020:1213).1 e § The Financial Supervisory Authority may refrain from deciding on a special capital base requirement if a breach is minor or excusable, if the credit institution makes a correction or if another authority has taken measures against the institution and these measures are assessed to be sufficient. The provisions of Section 1 do not apply if the breach is so serious that the authorisation to operate should instead be withdrawn.

Act (2021:481).1 f § The Financial Supervisory Authority shall inform the National Debt Office and the relevant foreign resolution authorities of

1. decisions on special capital base requirements pursuant to Section 1, and

2. notifications pursuant to Section 1 c. Act (2021:481).

Special liquidity requirement

2 § The Financial Supervisory Authority shall decide that a credit institution shall fulfil a special liquidity requirement, if this is necessary to cover the liquidity risks to which the institution is or may become exposed. Act (2021:481).

Intervention

3 § The Financial Supervisory Authority may apply the provisions on intervention in the laws regulating the credit institution's operations, if the institution does not fulfil a special capital base requirement decided pursuant to Section 1 or a special liquidity requirement decided pursuant to Section 2. If a credit institution fulfils the capital base requirement pursuant to the Supervision Ordinance and the special capital base requirements resulting from a decision pursuant to Section 1, but not the gross solidity buffer requirement in Article 92.1a of the Supervision Ordinance or the requirements pursuant to the Act (2014:966) on capital buffers, the provisions on intervention in Chapter 8 of the Act on capital buffers shall be applied. Act (2021:481).

Chapter 2 a Special capital base and liquidity requirements for securities companies

Special capital base requirement

1 § The Financial Supervisory Authority shall decide that a securities company shall fulfil a special capital base requirement in addition to the capital base required pursuant to the Securities Companies Ordinance, if

1. any of the requirements in Chapter 8, Section 3, Section 4, first or third paragraph, 4 c and Sections 5-8 of the Act (2007:528) on the securities market are not met and it is not likely that any other measure will be sufficient to get the company to rectify the deficiencies within a reasonable time,

2. a specific capital base requirement is necessary to cover material risks to which the company is or may become exposed and material risks to which the company exposes the financial system,

3. the company, under normal market conditions, would not be able to unwind positions in the trading book within a short period without incurring significant losses,

4. the review of the internal models under Chapter 5 a shows that the company's deficiencies regarding the requirements for applying the internal models are likely to lead to inadequate capital levels, or

5. the company on repeated occasions fails to obtain or maintain adequate levels of additional capital under Section 3. A decision under the first paragraph shall be in writing and be based on a review and evaluation of the securities company. The Swedish Financial Supervisory Authority may take a decision under this Section also in respect of a small and non-interconnected securities company, if the Authority considers it justified. Act (2021:481). 2 Section The Swedish Financial Supervisory Authority may refrain from taking a decision on a specific capital base requirement under Section 1 if the breach is minor or excusable, if the securities company rectifies the breach or if another authority has taken measures against the company and these measures are assessed as sufficient. The provisions of Section 1 do not apply if the breach is so serious that the authorisation to carry on business should instead be withdrawn.

Act (2021:481). 3 Section The Swedish Financial Supervisory Authority may decide that a securities company shall have a capital base level that exceeds the requirements under the Securities Companies Ordinance with a sufficient margin, to ensure that cyclical fluctuations do not lead to breaches of the capital requirements or threaten the company's ability to wind down its business in an orderly manner. The Swedish Financial Supervisory Authority shall review the level that the securities company has established following a decision under the first paragraph and inform the company whether the level is adequate or needs to be adjusted. If the level needs to be adjusted, the Authority shall inform the company of the last day by which the adjustment shall have been made. The first and second paragraphs do not apply to a small and non-interconnected securities company. Act (2021:481). 4 Section With regard to such securities companies as referred to in Chapter 2,

Section 1 of the Act (2015:1016) on resolution, the Swedish Financial Supervisory Authority shall notify the National Debt Office and the relevant foreign resolution authorities of

1. decisions on a specific capital base requirement under Section 1, and

2. requirements for adjustments under Section 3, second paragraph.

Act (2021:481).

Specific liquidity requirement

Section 5 The Swedish Financial Supervisory Authority shall decide that a securities company shall meet a specific liquidity requirement, if it is necessary to cover the liquidity risks to which the company is or may become exposed. The first paragraph does not apply to a small and non-connected securities company that is covered by a decision on exemption under Article 43.1 second paragraph of the Securities Companies Regulation. Act (2021:481).

Intervention

Section 6 The Swedish Financial Supervisory Authority may apply the provisions on intervention in the laws regulating the securities company's business, if the company does not meet a specific own funds requirement decided under Section 1 or a specific liquidity requirement decided under Section 5. Act (2021:481).

Chapter 3. Requirements at group level

Responsible company

Section 1 For each consolidated situation there shall be a responsible company. A responsible company shall be

1. an EEA parent institution,

2. a financial holding company or mixed financial holding company that has been approved under Chapter 1 a, Section 2,

3. a credit institution or a corresponding foreign company within the EEA that

a) is a subsidiary of an EEA financial parent holding company or an EEA mixed financial parent holding company and that has been granted an exemption from the requirement for approval under Chapter 1 a, Section 3, and

b) is referred to in Chapter 1 a, Section 3 first paragraph 3, or

4. a credit institution or a corresponding foreign company within the EEA or a financial holding company or mixed financial holding company referred to in Chapter 8, Section 2 a first paragraph 2 d. Act (2026:1072).

Solvency and risk management

Section 2 The responsible company under Section 1 shall ensure that the requirements on solvency and risk management in Chapter 6, Section 1 and Section 2 second paragraph of the Banking and Financing Business Act (2004:297) or Chapter 8, Section 3 and Section 4 second paragraph of the Securities Market Act (2007:528) are met at group level in accordance with what follows from Articles 18-24 of the Supervision Regulation.

Act (2020:1213).

Requirements at sub-group level

Section 3 Even if a credit institution, a financial holding company or a mixed financial holding company is not a responsible company under Section 1, it shall ensure that the requirements in Section 2 are applied at sub-group level, if

1. the credit institution, the financial holding company, the mixed financial holding company or its parent company, when the parent company is a financial holding company or a mixed financial holding company, has a subsidiary or has a participating interest in a subsidiary, and

2. the subsidiary is established in a country outside the EEA, and is

a) a company corresponding to a credit institution,

b) a company corresponding to a financial institution, or

c) a management company. By management company is meant a foreign company that in its home country has authorisation to manage collective investment undertakings. Act (2021:481).

Requirements for parent and subsidiary companies

Section 4 A parent or subsidiary undertaking that is subject to supervision under this Act shall, at group or sub-group level, comply with the requirements in Chapter 6, Section 2, first paragraph, and Section 3 of the Act (2004:297) on Banking and Financing Business concerning risk management and transparency. Such an undertaking shall also introduce governance arrangements, processes and routines as referred to in the first paragraph in its subsidiary undertakings that are not subject to supervision under this Act. Such subsidiary undertakings shall comply with the requirements referred to in the first paragraph at individual level. Finansinspektionen shall, upon application by a responsible undertaking as referred to in Section 1, second paragraph, decide on an exemption from the requirement in the second paragraph, if the undertaking can show that such an introduction would be contrary to the law of the country in which the subsidiary undertaking is established.

Act (2021:481).

Persons with leading positions in a financial holding company or mixed financial holding company

Section 5 A person who is part of the management of a financial holding company or a mixed financial holding company shall have sufficient insight and experience to participate in the management of the company and shall also in other respects be suitable for such a task. The company's managing director may not be the chair of the board. Act (2026:1072). Section 6 Finansinspektionen supervises that the suitability requirements in this Act are met for

1. board members, managing directors and alternates for any of them in financial holding companies or mixed financial holding companies,

2. key persons in such financial holding companies or mixed financial holding companies that have been approved under Chapter 1 a, Section 2, and

3. the persons referred to in Section 11, first paragraph, item 2 in such financial parent holding companies or mixed financial parent holding companies that have not been granted an exemption from the approval requirement under Chapter 1 a, Section 3. The companies shall provide Finansinspektionen with the information that the authority requests. If Finansinspektionen during an inspection or in some other way has discovered a circumstance that can be assumed to be connected with or constitute money laundering or terrorist financing, the authority shall specifically verify that the persons referred to in the first paragraph meet the suitability requirements. Act (2026:1072). Section 7 A person who is a member of the board of a financial holding company or mixed financial holding company that has been approved under Chapter 1 a, Section 2, or is its managing director, may hold other assignments as board member or managing director if deemed appropriate. If the company is significant in terms of size, internal organisation and the nature, scope and complexity of its activities, a board member or managing director may only hold one of the following combinations of assignments:

1. one assignment as managing director and two assignments as board member, or

2. four assignments as board member. If a board member represents the state, the second paragraph does not apply. Act (2026:1072). Section 8 In the application of Section 7, second paragraph,

1. assignments within the same group or in companies in which the holding company has a qualifying holding shall be counted as a single assignment, and

2. assignments in activities and organisations that do not mainly have a commercial purpose shall not be taken into account. A board member or managing director may, after permission from Finansinspektionen, hold an additional assignment as board member beyond the assignments referred to in Section 7, second paragraph, item 1 or 2. Act (2026:1072). Section 9 A person who is a board member or managing director in a financial holding company or mixed financial holding company that has been approved under Chapter 1 a, Section 2, shall devote sufficient time to be able to perform their assignment. Act (2026:1072). Section 10 If the requirements in Chapter 1 a, Section 2, item 3 or 4 are not met, the financial holding company or mixed financial holding company that has been approved under Chapter 1 a, Section 2, shall

1. ensure that a proposed person does not begin an assignment or employment as board member, managing director or alternate for any of them or key person, or

2. decide that a board member, a managing director or an alternate for any of them or a key person may no longer be such. If the holding company takes measures to ensure that the requirements in Chapter 1 a,

Section 2, item 3 or 4 are met, the person may be a board member, managing director or alternate for any of them or key person. Act (2026:1072). Section 11 A financial parent holding company or mixed financial parent holding company that has not been granted an exemption from the approval requirement under Chapter 1 a, Section 3, and in whose group one or more large institutions are included, shall notify Finansinspektionen if the company

1. intends to appoint a board member or a managing director, or

2. appoints a key person responsible for

a) the management of financial resources, financial planning and financial reporting,

b) the risk management function,

c) the compliance function, or

d) the internal audit function. A notification under the first paragraph, item 1, shall be made no later than 30 working days before the assignment or employment is to begin. Act (2026:1072).

Chapter 3 a. Requirements for securities company groups

Requirements for parent and subsidiary undertakings

Section 1 When Article 7 of the Securities Companies Regulation is applicable, Chapter 8, Section 3, Section 4, first and third paragraphs, Sections 4 c and 5-8 of the Act (2007:528) on the Securities Market shall apply to a securities company group unless otherwise follows from a decision under Article 8 of the same Regulation. Finansinspektionen shall, upon application by a parent undertaking as referred to in Article 7 of the Securities Companies Regulation, decide on an exemption from the requirement in the first paragraph, if the undertaking can show that such an application would be contrary to the law of the country in which the subsidiary undertaking is established. Act (2021:481).

The management of a securities-oriented holding company

Section 2 A person who is part of the management of a securities-oriented holding company or a mixed financial holding company in a group as referred to in Section 1 shall have sufficient insight and experience to participate in the management of the company and otherwise be suitable for such a task. Act (2021:481).

Chapter 4. Supervisory responsibility at group level

Responsible supervisory authority

Section 1 The Swedish Financial Supervisory Authority shall exercise supervision over compliance with the group-based requirements, if

1. the parent undertaking is a credit institution,

2. the parent undertaking is a securities company and none of its subsidiaries is a credit institution,

3. a foreign securities firm within the EEA is the parent undertaking of a credit institution and in the consolidated situation there is no corresponding foreign firm within the EEA with a larger total balance sheet total,

4. a financial holding company or a mixed financial holding company within the EEA is the parent undertaking of a credit institution or a securities company,

5. a financial holding company or a mixed financial holding company within the EEA is the parent undertaking of two or more credit institutions, securities companies or corresponding foreign firms, and

a) one of the firms is a credit institution and in the consolidated situation there is no corresponding foreign firm within the EEA,

b) one of the firms is a credit institution and in the consolidated situation there is no corresponding foreign firm within the EEA with a larger balance sheet total, or

c) one of the firms is a securities company and in the consolidated situation there is no

  • corresponding foreign firm within the EEA with a larger balance sheet total, or

  • credit institution or corresponding foreign firm within the EEA, or

6. consolidation is required under Article 18.3 or 18.6 of the supervisory regulation and

a) a credit institution has the largest balance sheet total of the corresponding firms within the EEA, or

b) a securities company has the largest balance sheet total of the corresponding firms within the EEA and there is no credit institution or corresponding foreign firm within the EEA. However, the first paragraph 3, 5 b, 5 c and 6 do not apply if another competent authority exercises supervision at individual level over at least two foreign firms in the consolidated situation and the sum of the total balance sheet totals for these is higher than for the Swedish firm. Even if another competent authority is to exercise supervision over compliance with the group-based requirements under Article 111.1 third paragraph, 111.3 b or c or 111.4 of the Capital Requirements Directive, the Swedish Financial Supervisory Authority shall exercise such supervision if the authority at individual level is to exercise supervision over at least two credit institutions or securities companies in the consolidated situation and the sum of the total balance sheet totals for these is higher than those for the corresponding foreign firms within one and the same country within the EEA.

Act (2021:481). Section 2 When the Swedish Financial Supervisory Authority is to exercise supervision under Section 1 first paragraph 1-3, 5 and 6, the authority may agree with other competent authorities concerned that another competent authority within the EEA than the authority shall be responsible for the supervision. The Swedish Financial Supervisory Authority may enter into such an agreement if it is inappropriate for the authority to be responsible for the supervision with regard to the credit institutions, securities companies and corresponding foreign firms concerned and the relative importance of their activities in the different countries or the need to ensure continuity in supervision at group level. In such a case, the parent institution within the EEA, the financial parent holding company within the EEA, the mixed financial parent holding company within the EEA, or the credit institution, securities company or corresponding foreign firm that has the largest balance sheet total, as applicable, shall be given the opportunity to comment before the Swedish Financial Supervisory Authority and the other competent authorities concerned enter into the agreement. The European Commission and the European Banking Authority shall be notified of such an agreement. Act (2021:481). Section 3 If it would be inappropriate with regard to the credit institutions, securities companies or corresponding foreign firms concerned, the relative importance of their activities in the different countries or the need to ensure continuity in supervision at group level for the supervision to be exercised by the authority that under Article 111.1, 111.3 or 111.4 of the Capital Requirements Directive is to exercise the group-based supervision, the Swedish Financial Supervisory Authority may agree with the other competent authorities concerned that the authority or another competent authority shall be responsible for the supervision. In such a case, the parent institution within the EEA, the financial parent holding company within the EEA, the mixed financial parent holding company within the EEA, or the credit institution, securities company or corresponding foreign firm that has the largest balance sheet total, as applicable, shall be given the opportunity to comment before the Swedish Financial Supervisory Authority and the other competent authorities concerned enter into the agreement. The European Commission and the European Banking Authority shall be notified of such an agreement. Act (2021:481).

Decisions at group level on own funds and specific liquidity requirements

Section 4 When the Swedish Financial Supervisory Authority is responsible for supervision at group level under Section 1, the authority shall provide a report containing a risk assessment of the consolidated situation to the other competent authorities concerned. Act (2020:1213). Section 5 Within four months from the time the Swedish Financial Supervisory Authority has provided a report under Section 4, the authority shall try to agree with the other competent authorities concerned on what decision should be made

1. in accordance with Chapter 2, Section 2, on the basis of significant results of the liquidity supervision, and

2. whether the capital base at group level is sufficient with regard to the financial situation and risk profile and the capital base levels required to apply Chapter 2, Sections 1 and 1 c at individual level or group level. An agreement under the first paragraph, item 1, shall take into account the results that have emerged regarding the organisation, risk management and the need for specific liquidity requirements for specific institutions of credit institutions and corresponding foreign companies. Act (2021:481). Section 6 The Swedish Financial Supervisory Authority shall thereafter adopt a decision in accordance with the agreement. The decision and the reasons for it shall be reported in writing and sent to the other competent authorities and to the parent institution within the EEA. If an agreement cannot be reached, the Swedish Financial Supervisory Authority shall, at the request of any of the other competent authorities, consult with the European Banking Authority. The Authority may also consult with the European Banking Authority on its own initiative. Section 7 If an agreement under Section 5 has not been reached within the specified time limits, the Swedish Financial Supervisory Authority shall, taking into account the other competent authorities' assessment of the risk of the subsidiaries, alone adopt a decision at group level. If the Swedish Financial Supervisory Authority is responsible for the supervision of subsidiaries of a parent institution within the EEA, a financial parent holding company within the EEA or a mixed financial holding company within the EEA, the Authority shall adopt such a decision as referred to in Section 6 at individual level or sub-group level. Before the decision, the Authority shall take into account views expressed by the foreign competent authority responsible for the group-wide supervision. If one or some of the other concerned competent authorities, within four months from the Swedish Financial Supervisory Authority having submitted its report under Section 4, have referred the matter to the European Banking Authority in accordance with Article 19 of Regulation (EU) No 1093/2010 of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC, the Authority shall postpone its decision under the first paragraph and await the decision that the European Banking Authority may adopt under Article 19.3 of the same Regulation. The Swedish Financial Supervisory Authority shall comply with a decision in the matter from the European Banking Authority. The Swedish Financial Supervisory Authority may not refer a matter to the European Banking Authority after the four-month period has expired or a joint decision has been adopted. Section 8 Such a decision as referred to in Section 6 that is adopted by a foreign competent authority after an agreement with the other competent authorities or
because the competent authorities have not agreed within the time limits specified in Section 5 shall apply in Sweden. The decision is binding on the Swedish Financial Supervisory Authority, and it shall form the basis for the Authority's supervision. Section 9 Decisions adopted under Section 6 or 7 shall be reviewed annually.

A decision may also, in exceptional cases, be reviewed if a competent authority responsible for the supervision of subsidiaries of a parent institution within the EEA or a financial parent holding company within the EEA or a mixed financial parent holding company within the EEA requests it in writing from the Swedish Financial Supervisory Authority and at the same time states the reasons for the request. Section 10 If a mixed financial holding company is covered by equivalent provisions on group-based supervision and supervision of conglomerates, in particular with regard to risk-based supervision, the Swedish Financial Supervisory Authority may, after consultation with other competent authorities responsible for supervision of subsidiaries, grant exemptions from relevant parts of this Act and regulations issued in support of this Act so that the mixed financial holding company only needs to apply the relevant provisions for conglomerates. If a mixed financial holding company is covered by equivalent provisions on group-based supervision and on supplementary supervision of insurance undertakings that are part of an insurance group, in particular with regard to risk-based supervision, the Swedish Financial Supervisory Authority may, after consultation with the concerned authorities responsible for supervision of insurance undertakings, grant exemptions from relevant parts of this Act so that the mixed holding company only needs to apply the relevant provisions for the largest sector according to Chapter 2, Section 3 of the Act (2006:531) on special supervision of financial conglomerates. The Swedish Financial Supervisory Authority shall notify the European Banking Authority and the European Insurance and Occupational Pensions Authority of decisions that the Authority adopts under the first paragraph.

Certain financial holding companies and mixed financial holding companies

Section 11 When the Swedish Financial Supervisory Authority is the coordinating supervisory authority, the Authority shall supervise that a financial holding company or a mixed financial holding company fulfils its obligations under Chapter 1 a, Sections 1-3.

Act (2026:1072).

Chapter 4 a. Supervisory responsibility for securities company groups

Section 1 The Swedish Financial Supervisory Authority shall supervise that the requirements in Article 7 or, where applicable, the conditions in Article 8 of the securities companies regulation are fulfilled, if there is no credit institution or corresponding foreign company within the EEA in the group, and

1. a securities company is the parent company,

2. a securities-oriented holding company or a mixed financial holding company within the EEA is the parent company of a securities company and there is no corresponding foreign company within the EEA in the group,

3. a Swedish securities-oriented holding company or a Swedish mixed financial holding company is the parent company of a securities company and at least one corresponding foreign company within the EEA,

4. a securities-oriented holding company or a mixed financial holding company is the parent company of a securities company and at least one corresponding foreign company within the EEA, and

  • no such subsidiary is authorised in the same country within the EEA as the parent company is established in, and

  • the securities company has a larger balance sheet total than any of the corresponding foreign companies within the EEA, or

5. there are in the group two or more securities-oriented holding companies or mixed financial holding companies with head offices in different countries within the EEA that are parent companies to a securities company and at least one corresponding foreign company within the EEA, and

  • the subsidiaries are authorised in the respective countries within the EEA in which the parent companies have their head offices, and

  • the securities company has a larger balance sheet total than any of the corresponding foreign companies within the EEA. Law (2021:481).Section 2 When Finansinspektionen is to exercise supervision under Section 1, the authority may agree with the other competent authorities concerned that another competent authority within the EEA than the authority shall be responsible for the supervision. Finansinspektionen may enter into such an agreement if it is inappropriate for the authority to be responsible for the supervision with regard to the securities companies and securities firms concerned and the significance of their operations in the relevant countries within the EEA.

Law (2021:481).Section 3 If it would be inappropriate, with regard to the securities companies or corresponding foreign companies concerned in a securities firm group and the significance of their operations in the various countries within the EEA, for the supervision to be exercised by the authority that according to Articles 46.3-46.5 of the Securities Firms Directive is to exercise such supervision as referred to in Section 1, Finansinspektionen may agree with the other competent authorities concerned that the authority or another competent authority shall be responsible for the supervision. Law (2021:481).Section 4 Before Finansinspektionen and the other competent authorities concerned enter into an agreement under Section 2 or 3, the mixed financial parent holding company within the EEA, the securities-oriented parent holding company within the EEA or the securities company or corresponding foreign company that has the largest balance sheet total, as applicable, shall be given the opportunity to comment.The European Commission and the European Banking Authority shall be notified of the agreement. Law (2021:481).

Chapter 5. Supervision of internal methods for credit institutions

Ongoing review of internal methods

Section 1 Finansinspektionen shall continuously, at least every third year, review how a credit institution complies with the requirements for such methods that require permission from the competent authorities before they may be used to calculate the capital base requirements in accordance with Articles 92-386 of the Supervisory Regulation. In the assessment, the authority shall particularly consider changes in the institution's business operations and how internal methods are applied to new products. Law (2021:481).Section 2 If it emerges that a credit institution's internal methods according to Section 1 have significant deficiencies in terms of identifying risks, Finansinspektionen shall ensure that the institution remedies the deficiencies or takes necessary measures to reduce the consequences of them. Law (2021:481).Section 3 If a credit institution that has been granted permission to use a method as referred to in Section 1 no longer complies with the requirements for use of the method, Finansinspektionen shall require the institution to

1. show that the consequences of the requirements not being met are insignificant, or

2. present an action plan to again comply with the requirements in good time and state a time within which the plan shall be implemented.

Law (2021:481).Section 4 If it is assessed as unlikely that the action plan presented will lead to the requirements being met or if the time limit for implementing it is not satisfactory, Finansinspektionen shall require improvements to the plan. If it is unlikely that the credit institution will again comply with applicable requirements within an appropriate time limit or if the institution does not satisfactorily show that the consequences of identified deficiencies are insignificant, the permission to use the method shall either be revoked or limited to areas where the requirements can be met within an appropriate time limit. Law (2021:481).Section 5 If, for an internal market risk model, there are repeated exceedances as referred to in Article 366 of the Supervisory Regulation and this indicates that the model is not sufficiently accurate, Finansinspektionen shall revoke the credit institution's permission to use that model or take appropriate measures to ensure that the institution improves the model as soon as possible. Law (2021:481).

Corrective measures in supervision of internal methods

Section 6 Finansinspektionen may take corrective measures for a credit institution's internal methods, if it can be clearly established that the institution's methods lead to an underestimation of the capital base requirements that cannot be attributed to differences in the underlying risks of the exposures or positions.The corrective measures shall aim to maintain the objectives of an internal method. Law (2021:481).

Chapter 5 a. Supervision of internal models for securities companies

Section 1 Finansinspektionen shall continuously, at least every third year, review how a securities company complies with the requirements for obtaining permission to use the internal models referred to in Article 22 of the Securities Firms Regulation. In the assessment, the authority shall particularly consider changes in the securities company's business operations and how internal models are used for new products. Law (2021:481).Section 2 If it emerges that a securities company's internal models as referred to in Section 1 have significant deficiencies in terms of identifying risks, Finansinspektionen shall ensure that the company remedies the deficiencies or takes necessary measures to reduce the consequences of them. Law (2021:481).Section 3 If a securities company that has been granted permission to use internal models as referred to in Section 1 no longer complies with the requirements for use of the models, Finansinspektionen shall require the company to

1. show that the consequences of the requirements not being met are insignificant, or

2. present an action plan to comply with the requirements and state a time within which the plan shall be implemented.

Lag (2021:481).4 § If it is considered unlikely that the action plan presented will lead to the requirements being met or if the time limit for implementing it is not satisfactory, Finansinspektionen shall require improvements to the plan. If it is unlikely that the securities company will meet applicable requirements within an appropriate time limit or if the company does not satisfactorily demonstrate that the consequences of identified deficiencies are insignificant, the authorisation to use the internal models shall either be revoked or restricted to areas where the requirements can be met within an appropriate time limit. Lag (2021:481).5 § If, for an internal market risk model, there are repeated exceedances as referred to in Article 366 of the supervisory regulation and this indicates that the model is not sufficiently accurate, Finansinspektionen shall revoke the securities company's authorisation to use the model or take appropriate measures to ensure that the company improves the model as soon as possible within a specified timeframe.

Lag (2021:481)./The chapter enters into force I:2027-01-11/

5 b chap. Supervision of third-country branches

The supervision and its scope

1 § Finansinspektionen has supervision over third-country branches. The supervision covers that the business is conducted in accordance with

1. this law,

2. other statutes that regulate the branch's business, and

3. internal instructions that are based on statutes that regulate the branch's business.Finansinspektionen also has supervision over that the branch's managing directors meet the suitability requirements in this law. Lag (2026:1072).

Class 1 and class 2 branches

2 § A third-country branch is a class 1 branch,

1. if the total value of the assets attributable to the branch business amounts to at least an amount corresponding to 5 billion euro,

2. if the business includes receiving repayable funds from the public that

a) amount to at least 5 percent of the value of the liabilities attributable to the branch business, or

b) exceed an amount corresponding to 50 million euro, or

3. if it is not a qualified third-country branch according to Article 48b of the capital requirements directive.Other third-country branches are class 2 branches.3 § A branch that no longer meets the requirements in 2 § first paragraph is a class 2 branch. A class 2 branch that meets any of the requirements in 2 § first paragraph becomes a class 1 branch only four months thereafter. Lag (2026:1072).

Capital base requirements

4 § The capital base requirement for a class 1 branch shall amount to the highest of

1. 2.5 percent

a) of the branch's liabilities at the time of the decision on authorisation, or

b) of the branch's average liabilities according to the three preceding financial years, or

2. an amount corresponding to 10 billion euro.The first paragraph 1 a applies only during the first three financial years. Lag (2026:1072).5 § The capital base requirement for a class 2 branch shall amount to the highest of

1. 0.5 percent

a) of the branch's liabilities at the time of the decision on authorisation, or

b) of the branch's average liabilities according to the three preceding financial years, or

2. an amount corresponding to 5 billion euro.The first paragraph 1 a applies only during the first three financial years. Lag (2026:1072).

Liquidity requirements

6 § A third-country branch shall hold unencumbered and liquid assets that cover a liquidity outflow during a period of 30 days.When applying the first paragraph, a class 1 branch shall meet the liquidity requirements in Title I, Part 6 of the supervisory regulation.Requirement that funds be deposited in an account Lag (2026:1072).7 § The funds referred to in 4-6 §§ shall be deposited in an account with a credit institution referred to in 1 chap. 2 § first paragraph 7 a or g and that is not part of the same group as the third-country undertaking.The funds shall be used if the third-country undertaking goes into liquidation or if the branch's business ceases according to 8 chap. 12 § lagen (2015:1016) om resolution. Lag (2026:1072).

Requirements for risk management, documentation and internal governance and control

8 § A third-country branch shall identify, measure, manage, internally report and have control over the risks associated with its operations. The branch shall document its assets and liabilities and have satisfactory internal governance and control.The business shall be conducted in such a way that the branch's connections with other undertakings can be overviewed. Lag (2026:1072).

Managing directors

9 § There shall be at least two managing directors resident in Sweden, responsible for the business here.The managing directors shall have sufficient insight and experience and also otherwise be suitable for such a task. They shall also set aside sufficient time to be able to carry out the assignment. Lag (2026:1072).

Supervisory powers

10 § If the total value of the assets for the branches within the EEA that are part of the same group as the third-country undertaking amounts to an amount corresponding to at least 40 billion euro, Finansinspektionen shall assess whether the third-country branch is systemically important and whether its business can entail serious consequences for the stability of the financial system and the real economy in Sweden or within the EEA.The amount shall be calculated based on an average of the assets for the three most recent preceding financial years or in absolute terms for at least three of the five most recent preceding financial years. In its assessment, Finansinspektionen shall apply Articles 48i.2 and 131.3 of the Capital Requirements Directive. Act (2026:1072). Section 11 Finansinspektionen shall submit its assessment under Section 10 to the other competent authorities concerned and the European Banking Authority. If any of the competent authorities concerned objects to the assessment, Finansinspektionen shall, within three months and in cooperation with the European Banking Authority, seek to reach agreement with the authorities. Act (2026:1072). Section 12 Finansinspektionen may thereafter, if the authority assesses that the activities of the third-country branch entail serious consequences for the stability of the financial system and the real economy in Sweden or within the EEA, request that the branch

1. restructures or limits its activities, or

2. provides information under Chapter 6, Section 1, or takes such measures as referred to in Chapter 8, Section 1 a. If an agreement under Section 11, second paragraph, cannot be reached within the specified time limit, Finansinspektionen shall alone adopt a decision under the first paragraph. Finansinspektionen shall notify the other competent authorities concerned and the European Banking Authority if the authority assesses that a branch meets the conditions in Section 10, first paragraph, but the authority does not take measures under the first paragraph. Act (2026:1072). Section 13 If Finansinspektionen has objections to an assessment made by another competent authority regarding whether a branch in that country is systemically important, the authority shall object within ten working days from the receipt of the assessment.

Act (2026:1072). Section 14 If measures under Section 12, first paragraph, and Chapter 8, Section 1 a, are not or are not deemed to be sufficient, Finansinspektionen may, after the European Banking Authority and the competent authorities concerned have been given the opportunity to submit comments, require that the third-country undertaking, if it intends to continue conducting activities in Sweden, shall conduct the activities through a subsidiary that has authorisation for banking, financing or securities operations, if

1. the branch no longer meets the conditions for authorisation under Chapter 1 a, Section 58, point 3,

2. the total value of the branch's assets in Sweden amounts to at least EUR 10 billion,

3. the total value of the assets of the branches within the EEA that are part of the same group as the third-country undertaking amounts to at least EUR 40 billion,

4. the branch's activities meet the requirements for systemic importance referred to in Article 48i.2 or 131.3 of the Capital Requirements Directive and the activities may have serious consequences for the stability of the financial system and the real economy in Sweden or within the EEA, or

5. the branch's activities are assessed as meeting the conditions under Section 10, first paragraph. When applying the first paragraph, points 2 and 3, Article 48i.2, second paragraph, of the Capital Requirements Directive applies. Act (2026:1072).

Chapter 6. Undertakings' obligation to provide information to Finansinspektionen

Undertakings that shall provide information

Section 1 /Ceases to apply U:2027-01-11/ The following undertakings shall provide to Finansinspektionen the information about their activities and related circumstances that the authority requests for supervision:

1. undertakings that

a) are subject to supervision on the basis of their consolidated situation under this Act or under a foreign public regulation based on the Capital Requirements Directive,

b) are subject to supervision under Article 7 of the Securities Firms Regulation, or

c) are part of a securities firm group covered by a decision under Article 8 of the Securities Firms Regulation,

2. other subsidiaries of a credit institution, a securities firm, a financial holding company, a mixed financial holding company or a securities-oriented holding company than those referred to in 1,

3. mixed activity holding companies and subsidiaries of mixed activity holding companies,

4. mixed financial holding companies, and

5. undertakings commissioned by a credit institution, a securities firm, a financial holding company, a mixed activity holding company, a mixed financial holding company or a securities-oriented holding company to perform a certain task or certain functions. If the undertaking does not provide the information to Finansinspektionen, the authority may order the undertaking to do so. Act (2021:481). Section 1 /Enters into force I:2027-01-11/ The following undertakings shall provide to Finansinspektionen the information about their activities and related circumstances that the authority requests for supervision:

1. undertakings that

a) are subject to supervision on the basis of their consolidated situation under this Act or under a foreign public regulation based on the Capital Requirements Directive,

b) are subject to supervision under Article 7 of the Securities Firms Regulation, or

c) are part of a securities firm group covered by a decision under Article 8 of the Securities Firms Regulation,

2. other subsidiaries of a credit institution, a securities firm, a financial holding company, a mixed financial holding company or a securities-oriented holding company than those referred to in 1,

3. third-country branches,

4. mixed activity holding companies and subsidiaries of mixed activity holding companies,

5. mixed financial holding companies, and

6. companies that have been commissioned by a credit institution, a securities company, a financial holding company, a mixed-activity holding company, a mixed financial holding company or a securities-oriented holding company to perform a certain task or certain functions.If the company does not provide the information to the Swedish Financial Supervisory Authority, the authority may order the company to do so. Act (2026:1072).Section 2 /Ceases to apply U:2030-01-10/ A parent company shall, in respect of the consolidated situation, disclose information concerning legal structure, governance and organisational structure.A parent company referred to in Articles 7 and 8 of the securities companies regulation shall disclose such information about a securities firm group.

Act (2021:481).Section 2 /Enters into force I:2030-01-10/ A parent company shall, in respect of the consolidated situation, disclose information concerning legal structure, governance and organisational structure.A parent company referred to in Articles 7 and 8 of the securities companies regulation shall disclose such information about a securities firm group.A parent company shall also provide the information to the Swedish Financial Supervisory Authority. Act (2026:637).

Cooperation and exchange of information with foreign authorities

Section 3 The Swedish Financial Supervisory Authority shall, to the extent that follows from Sweden's membership in the European Union, in its supervisory activities cooperate and exchange information with

1. other competent authorities,

2. the European Banking Authority,

3. the European Systemic Risk Board,

4. the European Securities and Markets Authority,

5. the Authority for Combating Money Laundering and Financing of Terrorism,

6. authorities within the EEA that supervise insurance companies,

7. public bodies within the EEA referred to in Article 56 first paragraph h of the Capital Requirements Directive, and

8. other concerned authorities, if a critical situation arises in Sweden that may jeopardise the liquidity of the financial market or the stability of the financial system in any country within the EEA.The Swedish Financial Supervisory Authority may, to the extent that follows from Article 58a of the Capital Requirements Directive, in its supervisory activities cooperate and exchange information with

1. the International Monetary Fund,

2. the World Bank,

3. the Bank for International Settlements, and

4. the Financial Stability Board. Act (2026:1072).Section 4 The Swedish Financial Supervisory Authority may refer questions concerning a procedure of another competent authority within the EEA to the European Banking Authority for dispute resolution in the cases set out in Articles 112.2, 116 and 133 of the Capital Requirements Directive and Article 48 of the Securities Companies Directive. Act (2021:481).Section 5 The Swedish Financial Supervisory Authority may also refer such questions as referred to in Section 4 to the European Banking Authority for dispute resolution in accordance with Articles 41.2, 43.5, 50.4 and 51.2 of the Capital Requirements Directive and Article 13.5 of the Securities Companies Directive. Act (2021:481).Section 6 The Swedish Financial Supervisory Authority shall, upon request from a competent authority in another country within the EEA, within the framework of its powers provide or verify information needed for the foreign authority to be able to exercise its supervision.

The foreign authority may be present at a review carried out by the authority.Section 7 Companies that according to the supervisory regulation are subject to supervision based on their consolidated situation and subsidiaries of a credit institution or a corresponding foreign company within the EEA, a financial holding company or a mixed financial holding company that is not covered by the provisions on group-based supervision, shall provide the information required for supervisory reporting to the company that according to the supervisory regulation shall prepare group-based accounts or consolidated information.The first paragraph also applies to a Swedish company in relation to a foreign company within the EEA that shall prepare and submit a report according to the supervisory regulation. Act (2021:481).

Investigation

Section 8 The Swedish Financial Supervisory Authority may, when the authority considers it necessary for supervision, carry out investigations at

1. companies that according to Section 7 shall provide information and at financial holding companies, mixed-activity holding companies, mixed financial holding companies and securities-oriented holding companies in order to verify the group-based accounts or consolidated information that the companies are obliged to provide,

2. companies that have been commissioned by a credit institution, a securities company or a holding company referred to in 1 to perform a certain task or certain functions, and

3. companies that the Swedish Financial Supervisory Authority according to Chapter 4 Section 1 and Chapter 4a Section 1 shall supervise. Act (2021:481).

Information obligation for a credit institution that is exempted from group-based supervision

Section 9 If a subsidiary that is a credit institution is exempted from the scope of consolidated supervision pursuant to Article 19 of the supervisory regulation, the parent company shall provide the Swedish Financial Supervisory Authority with the information that the authority considers it needs for its supervision of the institution. Act (2021:481).

Duty of confidentiality

Section 10 A board member or officer of a financial holding company, a mixed financial holding company or a securities-oriented holding company who in that capacity obtains knowledge of business relationships in a company that according to Section 7 or Article 7.1 of the securities companies regulation shall provide information, may not without authorisation disclose what he or she has learned nor use the knowledge in conflict with the interest of the company providing the information. Act (2021:481).

Duty to provide information

Section 10 a A financial holding company, a mixed financial holding company and a securities-oriented holding company shall, at the request of the Police Authority, the Swedish Tax Agency, the Swedish Security Service or the Swedish Customs Service, provide information on individuals' relationships to the company, if the information is needed in an individual case in the authority's activities to prevent, avert or detect criminal activity that includes an offence for which imprisonment for one year or more is included in the scale of penalties. The information shall be provided without delay and in electronic form. A financial holding company, a mixed financial holding company or a securities-oriented holding company or a person active in any of those activities may not without authorisation disclose to the customer or to any outsider that an authority has made a request or that information has been provided under the first paragraph. Provisions on liability for a person who breaches the duty of confidentiality under the second paragraph are found in Chapter 20, Section 3 of the Penal Code.

Act (2025:186). Section 11 A financial holding company, a mixed financial holding company and a securities-oriented holding company are obliged to provide information on individuals' relationships to the company if it

1. during an investigation under the provisions on preliminary investigation in criminal cases is requested by the investigation leader,

2. during an investigation on independent forfeiture is requested by the prosecutor,

3. in a case on legal assistance in criminal matters is requested by the prosecutor on application by another state or an international court, or

4. in a case on recognition and enforcement of a European investigation order is requested by the prosecutor. The information shall be provided without delay and in electronic form. Act (2024:876).

Disclosure prohibition

Section 12 The investigation leader or prosecutor who requests information under Section 11 may decide that the holding company and its board members and employees may not disclose to the customer or to any outsider that information has been provided under Section 11 or that a preliminary investigation, an investigation on independent forfeiture, a case on legal assistance in criminal matters or a case on recognition and enforcement of a European investigation order is ongoing. Such a prohibition may be issued if it is required so that an investigation on an offence or independent forfeiture is not jeopardised or to fulfil an international agreement that is binding on Sweden. The prohibition shall be time-limited, with the possibility of extension, and may not cover a longer period than what is justified with regard to the purpose of the prohibition. In a case on legal assistance in criminal matters or on recognition and enforcement of a European investigation order, however, the prohibition may be time-limited only if the state or international court that has applied for legal assistance or the foreign authority that has issued the investigation order consents to this. If a prohibition is no longer justified with regard to the purpose of the prohibition, the investigation leader or prosecutor shall decide that the prohibition shall cease. Act (2024:876).

Chapter 7. Parent companies outside the EEA in respect of group-based supervision and intermediate holding companies

Group-based supervision

Section 1 If a credit institution or a corresponding foreign company within the EEA is not subject to group-based supervision under Article 111 of the Capital Requirements Directive and its parent company is a foreign company corresponding to a credit institution, financial holding company or mixed financial holding company that has its head office outside the EEA, Sections 2 and 3 apply in the case where the Financial Supervisory Authority under Chapter 4, Sections 1-3 would have exercised supervision over the consolidated situation if those provisions had applied. Act (2021:481). Section 2 The Financial Supervisory Authority shall check whether the group-based supervision exercised by the supervisory authority in the country outside the EEA is equivalent to the group-based supervision specified in Articles 11-24 of the Supervision Regulation and Chapter 4 of this Act. The Financial Supervisory Authority shall perform the check at the request of the parent company or of an EEA-authorised credit institution or electronic money institution in the consolidated situation. Before the Financial Supervisory Authority takes a position on whether the supervision is equivalent, the Authority shall hear the other affected competent authorities within the EEA. The Authority shall also, before the position is taken, have consulted the European Banking Authority. Act (2021:481). Section 3 If the supervision is not assessed as equivalent, the Financial Supervisory Authority shall apply the provisions on group-based supervision in Articles 11-24 of the Supervision Regulation and Chapter 4 of this Act as if the parent company had had its head office within the EEA. After having heard the other affected competent authorities, the Financial Supervisory Authority may instead decide to use other supervisory methods that ensure that credit institutions and foreign companies corresponding to credit institutions in the consolidated situation are subject to sufficient supervision. The Authority may then order an owner of a credit institution to establish a financial holding company or a mixed financial holding company with its head office within the EEA and apply the provisions of this Act to credit institutions and foreign companies corresponding to credit institutions in the consolidated situation, which is led by this holding company. The Financial Supervisory Authority shall notify the affected competent authorities, the European Commission and the European Banking Authority when such other supervisory methods as specified in the second paragraph are used. Act (2021:481).

Requirement for an intermediate parent company within the EEA

Section 4 A group shall establish an intermediate parent company within the EEA, if

1. the parent company in the group is established in a country outside the EEA,

2. there are in the group at least two credit institutions or securities companies or corresponding foreign companies within the EEA, of which at least one in Sweden, and

3. the total value of the group's assets within the EEA amounts to the equivalent of at least 40 billion euro. By the total value of the group's assets within the EEA is meant the sum of

1. the undertakings' assets according to a consolidated balance sheet or, if no such balance sheet exists, the individual balance sheets, and

2. the assets of the branches. Act (2021:481).Section 5 An intermediate parent undertaking shall be one within the EEA

1. an approved financial holding company or mixed financial holding company, or

2. an authorised credit institution or, if there is no such institution within the group, an authorised securities firm covered by Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU of the European Parliament and of the Council, and Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and of the Council, as amended by Directive (EU) 2019/879 of the European Parliament and of the Council. Act (2020:1213).Section 6 A group referred to in Section 4 may have an additional intermediate parent undertaking within the EEA, if the conditions in Article 21b.2 of the Capital Requirements Directive are met. Such an intermediate parent undertaking may be a securities firm referred to in Section 5, point 2. Act (2020:1213).

Chapter 7 a. Parent undertakings outside the EEA in respect of securities firm groups

Section 1 If a securities company, which is not subject to effective supervision in accordance with Article 46 of the Securities Firms Directive, is part of a group with at least one other securities company or an equivalent foreign undertaking within the EEA and their common parent undertaking has its head office outside the EEA, the Swedish Financial Supervisory Authority shall assess whether the supervision exercised by the supervisory authority in the country outside the EEA over the securities companies is equivalent to the supervision specified in Articles 1-8 of the Securities Firms Regulation and in this Act. Act (2021:481).Section 2 If the supervision is not assessed as equivalent, the Swedish Financial Supervisory Authority shall, in the event that it would have exercised supervision over the securities firm group under Chapter 4 a, Sections 1-3, had those provisions applied, decide on appropriate supervisory methods that achieve the supervisory objectives in Article 7 or 8 of the Securities Firms Regulation. The Swedish Financial Supervisory Authority may require the group to establish a securities-oriented holding company or a mixed financial holding company within the EEA. The Authority may then apply Article 7 or 8 of the Securities Firms Regulation to this company.

Act (2021:481).Section 3 Before the Swedish Financial Supervisory Authority makes a decision under Section 2, the Authority shall consult with other affected competent authorities. The Swedish Financial Supervisory Authority shall notify the affected competent authorities, the European Commission and the European Banking Authority of measures it takes pursuant to Section 2.

Act (2021:481).

Chapter 8. Interventions and provision on liability

Interventions

Section 1 If an undertaking does not comply with the requirements of the Supervision Regulation, the Securities Firms Regulation, this Act or regulations issued pursuant to the Act, the Swedish Financial Supervisory Authority shall order the undertaking to, within a certain time, limit its operations in some respect, reduce the risks in them or take some other measure to remedy the situation. If a credit institution or a securities company breaches the Supervision Regulation, the Securities Firms Regulation, this Act or regulations issued pursuant to the Act, the provisions on intervention in the laws regulating the undertakings' activities shall also apply. Act (2021:481).Section 1 a /Enters into force I:2027-01-11/ If a third-country branch does not comply with the requirements of this Act, regulations issued pursuant to the Act or other statutes regulating the branch's activities, the Swedish Financial Supervisory Authority shall order the branch to, within a certain time, limit its operations in some respect, reduce the risks in them or take some other measure to remedy the situation. The Swedish Financial Supervisory Authority may also intervene by deciding that

1. a branch, in addition to the capital and liquidity requirements applicable under Chapter 5 b, Section 4, 5 or 6, shall meet a specific capital or liquidity requirement, or

2. the branch or any of its managing directors shall pay an administrative fine, if there is reason to assume that the branch's activities are connected with or may increase the risk of money laundering or terrorist financing in accordance with Chapter 1 a.

58 § 7 or the branch fails to fulfil its obligations under Chapter 5, Section 8. In the event of intervention under the second paragraph, point 2, Sections 1 b, 1 c and 8–9 d of Chapter 15 of the Act (2004:297) on Banking and Financing Operations apply in the relevant respects. Act (2026:1072). 2 § The Swedish Financial Supervisory Authority shall issue a directive to a financial holding company, a mixed financial holding company, a holding company with mixed operations or a securities-oriented holding company to take measures to make corrections, if the holding company does not meet the requirements imposed on it under the Supervision Ordinance, the Securities Companies Ordinance, this Act or regulations issued pursuant to the Act. Such a directive shall also be addressed to a financial holding company, a mixed financial holding company or a securities-oriented holding company whose management does not meet the requirements of this Act. Act (2021:481). 2 a § The Swedish Financial Supervisory Authority shall intervene against a financial holding company or a mixed financial holding company that fails to fulfil its obligations under Chapter 1 a, Section 2 or 3 by

1. deciding that the company may not represent its shares or interests in subsidiary undertakings that are institutions at the general meeting, or

2. issuing a directive to the company to

a) within a certain period limit the risks in a certain respect,

b) divest or reduce its holdings in institutions or other subsidiary undertakings in the group,

c) transfer the ownership interests in subsidiary undertakings that are institutions to its shareholders,

d) appoint a company that is temporarily responsible for ensuring that the requirements in Chapter 3, Section 2 are met,

e) limit or refrain entirely from dividends or interest payments, or

f) submit a plan showing how the company will meet the requirement as soon as possible. In the event of intervention, Sections 5–7 of Chapter 1 a apply in the relevant respects, if

1. the Swedish Financial Supervisory Authority is the coordinating supervisory authority and the company is established in another EEA country, or

2. the Swedish Financial Supervisory Authority is not the coordinating supervisory authority and the company is established in Sweden. Act (2026:1072). 2 b § If a person who is a member of the management of a financial holding company or a mixed financial holding company does not meet the requirements set out in Chapter 1 a, Section 2, paragraph 3 a or Chapter 3, Section 5, the Swedish Financial Supervisory Authority may decide that the person or persons may no longer serve as a member of the board of directors or as chief executive officer. The first paragraph also applies if the board of directors as a whole does not meet the requirements set out in Chapter 1 a, Section 2, paragraph 4. The Swedish Financial Supervisory Authority may appoint a substitute. The substitute's assignment applies until the company has appointed a new member of the board of directors or chief executive officer. Act (2026:1072). 2 c § The Swedish Financial Supervisory Authority may intervene by deciding that a company referred to in Chapter 1 a, Section 1 or a person who is a member of the management of such a company shall pay a sanction fee, if

1. the company fails to fulfil its obligations under Chapter 1 a,

Section 1, 2 or 3,

2. the company fails to fulfil its obligations under Chapter 1 a,

Section 8, 20, 21, 27, 36, 38 or 47, or

3. the company is a financial ultimate holding company or a mixed financial ultimate holding company and does not meet the requirements in parts three, four, six or seven of the Supervision Ordinance or Chapter 2, Section 1 or 2 at group or sub-group level. In the event of intervention, Sections 1 b, 1 c and 8–9 d of Chapter 15 of the Act (2004:297) on Banking and Financing Operations apply in the relevant respects. In the event of a breach under the first paragraph, point 1, the Swedish Financial Supervisory Authority may also decide that the owner or owners of shares or interests who contributed to the breach may not represent the shares or interests at the general meeting. In the event of a breach under the first paragraph, point 2 or 3, the Authority may also decide that a person who is a member of the management of such a company may not, for a certain period of time, of not less than three and not more than ten years, serve as a member of the board of directors or as chief executive officer of a credit institution, or as a substitute for any of them.

Act (2026:1072). 2 d § If the requirements in Chapter 1 a, Section 2, paragraph 3 or 4 are not met for the persons referred to in Chapter 3, Section 11, the Swedish Financial Supervisory Authority may, in addition to what is stated in Section 1 regarding correction and in Section 2 b, first paragraph, decide that

1. a member of the board of directors or the chief executive officer may not commence the assignment or the employment, or

2. a key person referred to in Chapter 3, Section 11 may no longer be such. Act (2026:1072).

Fine

3 § If the Swedish Financial Supervisory Authority issues a directive pursuant to this Act, the Authority may combine the directive with a fine.

Late payment fee

4 § If a credit institution, a securities company, a financial holding company, a mixed financial holding company, a holding company with mixed operations or a securities-oriented holding company with its head office in Sweden fails to submit information in time pursuant to regulations issued pursuant to the Supervision Ordinance or the Securities Companies Ordinance, the Swedish Financial Supervisory Authority may decide that the company shall pay a late payment fee of up to 100 000 kronor. The fee shall accrue to the State. Act (2021:481). 5 § The late payment fee shall be paid to the Swedish Financial Supervisory Authority within thirty days after the decision has entered into force or the longer period specified in the decision. 6 § The Swedish Financial Supervisory Authority's decision to levy a late payment fee may be enforced without a prior judgment or order, if the fee has not been paid within the period specified in Section 5. 7 § If the late payment fee is not paid within the period specified in Section 5, the Swedish Financial Supervisory Authority shall submit the unpaid fee for collection. Provisions on the collection of State claims are set out in the Act (1993:891) on the Collection of State Claims, etc. 8 § A late payment fee shall be waived to the extent that enforcement has not taken place within five years after the decision entered into force.

Provision on liability

9 § Any person who intentionally or through gross negligence contravenes a prohibition on disclosure under Chapter 6, Section 12 shall be sentenced to a fine.

Chapter 9 Fees

1 § Credit institutions and securities companies that are subject to supervision under the Supervision Ordinance or the Securities Companies Ordinance and this Act shall, by means of annual fees, finance the operations of the Swedish Financial Supervisory Authority as well as the operations of Statistics Sweden under the Act (2014:484) on a database for the monitoring of and supervision over the financial markets. The Swedish Financial Supervisory Authority may levy fees for the examination of applications and notifications under the Supervision Ordinance, the Securities Companies Ordinance and this Act. If the Swedish Financial Supervisory Authority needs to engage someone with special professional knowledge for the assessment of a particular question in the supervision under this Act, the cost of this shall be paid by the credit institution or securities company to which the supervision relates.

Act (2021:481).

Chapter 10 Delegations of Powers

1 § The Government or the authority designated by the Government may issue provisions supplementing the provisions of the Supervision Ordinance on

1. publication of information and supervisory reporting,

2. the calculation of the capital requirement and the capital base,

3. large exposures,

4. exposures in real estate,

5. covered bonds,

6. liquidity requirements,

7. internal models for market risks,

8. the standardised method for market risks,

9. the standardised method for credit risks,

10. the IRB method for credit risks,

11. counterparty risks,

12. securitisation,

13. gross solvency,

14. consolidation of the group-based requirements,

15. reclassification of positions, and

16. classification of credit institutions.

Act (2021:481).1 a § The Government or the authority designated by the Government may issue provisions supplementing the provisions of the Securities Companies Ordinance on

1. the calculation of the capital requirement (Article 30.1 third paragraph), and

2. concentration risks (Article 41.2).

Act (2021:481).2 § /Ceases to be in force as of 10 January 2030/ The Government or the authority designated by the Government may issue provisions on

1. what requirements shall be imposed on a person who is to be part of the management of

a) a financial holding company or a mixed financial holding company under Chapter 1 a Section 2 paragraphs 3 and 4 and Chapter 3 Section 5, or

b) a securities holding company or a mixed financial holding company under Chapter 3 a Section 2,

2. what requirements shall be imposed on the person referred to in Chapter 1 a Section 2 paragraph 3 b,

3. which assets and liabilities shall be taken into account in the calculation of what constitutes a significant transfer under Chapter 1 a Section 21,

4. at what time, at which place and at what intervals

a) credit institutions shall publish such information as is specified in Articles 431-455 of the Supervision Ordinance, and

b) securities companies shall publish such information as is specified in Article 46 of the Securities Companies Ordinance,

5. what information a financial holding company or mixed financial holding company shall provide to the Swedish Financial Supervisory Authority,

6. diversity policy in the appointment of the board of directors as well as resources for the induction and training of board members for such financial holding companies or mixed financial holding companies as are referred to in Chapter 1 a Section 2,

7. which items may be included in the capital requirement under Chapter 5 b Sections 4 and 5,

8. the requirements for such an account on which the capital is to be deposited under Chapter 5 b Section 7,

9. what measures a third-country branch shall take to meet the requirements on risk management, documentation and internal governance and control and suitability referred to in Chapter 5b Sections 8 and 9,

10. what information third-country branches shall provide to the Financial Supervisory Authority,

11. what information a parent undertaking shall publish pursuant to Chapter 6 Section 2,

12. when the capital requirements in the Supervision Ordinance or Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and on establishing a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 shall not be considered to cover a risk and how the level of a specific capital requirement pursuant to Chapter 2 to cover such a risk shall be determined,

13. the circumstances to be taken into account, both in the assessment pursuant to Chapter 2 Section 2 as to whether a credit institution or a securities company shall meet a specific liquidity requirement, and in determining an appropriate level for such a specific liquidity requirement in connection with a review and evaluation of the undertaking, and

14. how information pursuant to Chapter 6 Section 10a first paragraph and Section 11 shall be provided. Act (2026:1072).2 § /Enters into force I:2030-01-10/ The Government or the authority designated by the Government may issue regulations on

1. what requirements shall be imposed on a person who is to be a member of the management in

a) a financial holding undertaking or a mixed financial holding undertaking pursuant to Chapter 1a Section 2 points 3 and 4 and Chapter 3 Section 5, or

b) a securities-oriented holding undertaking or a mixed financial holding undertaking pursuant to Chapter 3a Section 2,

2. what requirements shall be imposed on the person referred to in Chapter 1a Section 2 point 3b,

3. which assets and liabilities shall be taken into account in the calculation of what constitutes a significant transfer pursuant to Chapter 1a Section 21,

4. at what time, at which place and at what intervals

a) credit institutions shall publish such information as is specified in Articles 431-455 of the Supervision Ordinance, and

b) securities companies shall publish such information as is specified in Article 46 of the Securities Companies Ordinance,

5. what information a financial holding undertaking or mixed financial holding undertaking shall provide to the Financial Supervisory Authority,

6. diversity policy in the appointment of the board and resources for the induction and training of board members for such financial holding undertakings or mixed financial holding undertakings as are referred to in Chapter 1a Section 2,

7. which items may be included in the capital requirements pursuant to Chapter 5b Sections 4 and 5,

8. the requirements for such an account on which the capital shall be deposited pursuant to Chapter 5b Section 7,

9. what measures a branch shall take to meet the requirements on risk management, documentation and internal governance and control and suitability referred to in Chapter 5b Sections 8 and 9,

10. what information third-country branches shall provide to the Financial Supervisory Authority,

11. information that a parent undertaking shall publish and provide to the Financial Supervisory Authority pursuant to Chapter 6 Section 2,

12. when the capital requirements in the Supervision Ordinance or Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 on a general framework for securitisation and on establishing a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 shall not be considered to cover a risk and how the level of a specific capital requirement pursuant to Chapter 2 to cover such a risk shall be determined,

13. the circumstances to be taken into account, both in the assessment pursuant to Chapter 2 Section 2 as to whether a credit institution or a securities company shall meet a specific liquidity requirement, and in determining an appropriate level for such a specific liquidity requirement in connection with a review and evaluation of the undertaking, and

14. how information pursuant to Chapter 6 Section 10a first paragraph and Section 11 shall be provided. Act (2026:1081).3 § The Government may issue regulations on the handling of matters pursuant to Chapter 1a Sections 8, 21, 27, 36, 38 and 47 and on fees pursuant to Chapter 9 Section 1 first and second paragraphs.

Act (2026:1072).4 § The Riksbank may issue regulations on fees pursuant to Chapter 1 Section 4a. Act (2022:1584).

Chapter 11 Appeals

1 § A decision of the Financial Supervisory Authority pursuant to this Act or on the basis of regulations issued pursuant to the Act may be appealed to the general administrative courts. Leave to appeal is required for an appeal to the administrative court of appeal. The Financial Supervisory Authority may determine that a decision shall enter into force immediately. Act (2018:856).

Transitional Provisions

2017:705

1. This Act enters into force on 1 August 2017.

2. Earlier provisions apply to infringements committed before the entry into force.2020:1213

1. This Act enters into force on 29 December 2020.

2. An undertaking referred to in Chapter 1 Section 7 may, if it was established on 27 June 2019 and has submitted an application for approval or exemption from approval to the Financial Supervisory Authority no later than 28 June 2021, continue to carry on its business until the application has been finally determined.

3. A group referred to in Chapter 7 Section 4 shall establish an intermediate parent undertaking within the EEA no later than 30 December 2023 or, where applicable, two intermediate parent undertakings within the EEA, if the group included at least two institutions within the EEA on 27 June 2019, of which at least one was in Sweden, and the total value of the group's assets within the EEA at that time amounted to the equivalent of at least EUR 40 billion.2026:1072

1. This Act enters into force on 11 January 2027 with regard to Chapter 1a

Sections 56-59, Chapter 5b, Chapter 6 Section 1 and Chapter 8 Section 1a and otherwise on 1 July 2026.

2. The new provisions in Chapter 1a Sections 56-59 shall, however, apply to applications for authorisation pursuant to Chapter 1a Section 56 submitted to the Financial Supervisory Authority from 1 July 2026 and relating to a period from 11 January 2027.

3. The provisions of Chapter 1, Sections 56-59 concerning the requirement for a permit cover agreements entered into after 10 July 2026 and concerning new obligations.

4. The older provisions apply to violations that occurred before entry into force.

Swedish Code of Statutes

The Swedish Code of Statutes (SFS) contains current laws and ordinances. If an enactment is amended, the old text is replaced by the new text.

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Directive 2002/87/EC of theEuropean Parliament and of the Co…2002 · EUDirective 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (2002-12-16)Directive 2013/36/EU of theEuropean Parliament and of the Co…2013 · EUDirective 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC Text with EEA relevance (2013-06-26)Mentions (2)documents this one mentionsopen the list below the graph ▾Mentions (2): documents this one mentions without changing it — open the list below the graphLag (2014:968) om särskild tillsynöver kreditinstitut och värdepappersb…2014-07-03 · this documentLag (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag (Special Supervision of Credit Institutions and Investment Firms Act (2014:968)) (2014-07-03)Mentions (2)documents that mention itopen the list below the graph ▾Mentions (2): documents that mention it without changing it — open the list below the graphRegulations amendingFinansinspektionen’s regulations …2023 · FIRegulations amending Finansinspektionen’s regulations and general guidelines regarding prudential requirements and capital buffers (2023-05-04)Regulations amendingFinansinspektionen’s regulations …2025 · FIRegulations amending Finansinspektionen’s regulations and general guidelines regarding prudential requirements and capital buffers (2025-03-25)Regulations amending governance,risk management and control at cr…2025 · FIRegulations amending governance, risk management and control at credit institutions (FFFS 2024:28) (2025-09-17)+7 moresee all below the graph+7 more
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