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Operating a securities business in Sweden requires authorisation in accordance with the Securities Market Act (2007:528).
This Act sets out the rules that apply to the business, and these rules are further developed in FI's regulations regarding investment services and activities and operations on trading venues (FFFS 2017:2 and FFFS 2007:17).
The rules are based on 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 (MiFID II). The Directive, together with Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR), comprises a revised and partially new regulatory framework for securities institutions, stock exchanges, and trading venues for financial instruments.
In MiFID II and MiFIR, the European Commission has a mandate to adopt delegated acts and implementation acts to supplement the rules in MiFID II and MiFIR.
MiFID II and MiFIR are applicable to investment firms and regulated markets and specify the conditions for authorisation to perform investment services and activities as well as how such activities should be performed in the Home Member State and across borders. When the service or activity is related to financial instruments, it becomes an investment service or activity.