License to be registered as manager of units or shares

A fund company must keep, or arrange to be kept, a register of all holders of shares in the fund. If the Swedish Central Securities Depositories and Financial Instruments (Accounts) Act (1998:1479) is applicable to shares in the fund, the register is kept by a Swedish central securities depository (Chapter 4 (11) of the Swedish UCITS Act (2004:46) [LVF]).

If a shareholder of the fund has transferred management of the shares to an organisation which has been authorised as a manager of units or shares, may that manager of units or shares appear in the register instead of the shareholder. It must be explicitly stated in the register that the share in the fund is being managed on someone else's behalf (Chapter 4 (12) first paragraph of the LVF).

If the register of shareholders is kept by an organisation which is not a Swedish central securities depository, the Financial Supervisory Authority is responsible for the authorisation required for the registration as a manager of units or shares . Authorisation for registration as a fund manager may be made subject to special conditions in order to protect public and private interests (Chapter 4 (12) of the LVF).

The Financial Supervisory Authority has authorised registration as a manager of units or shares to applicants with authorisations as follows:

1. A) authorisation to receive and transmit orders in respect of one or more financial instruments as described in Chapter 2 (1) (1) of the Swedish Securities Market Act (2007:528) [LV], or B) authorisation to execute orders on the instruction of customers as described in Chapter 2 (1) (2) of the LV, and
2. as an ancillary service, the safekeeping of financial instruments on behalf of customers and the receipt of cash with accounting obligations, but not the provision or top-level securities accounts (central account-holding service) as described in Chapter 2 (2) (1) of the LV, or
3. authorisation to conduct banking or financing business as described in the Banking and Financing Business Act (2004:297).

What the application should include

To enable the Financial Supervisory Authority to assess your application, it should contain the following information:

• A statement that the application concerns authorisation for registration as a fund manager of fund shares as described in Chapter 4 (12) of the LVF.
• The name and organisation number of the organisation applying for authorisation.
• Details of the authorisations which the applicant already has.
• A description of why the applicant needs the authorisation in the conduct of its business.
• A description of how the authorisation is intended to be used in the business (e.g. a description of customer information routines, distribution routines, etc.).
• Information about the applicant's technical systems handling deposit management and the share register. There should be details of ways to add restrictions to the share register (for example information about pledged assets or trustees under family law).
• Information about the routines which are in place to reconcile fund shares against the fund company's registration of holdings. The reconciliation should comprise a regular (e.g. monthly) reconciliation of the holdings and also a reconciliation of the transactions executed.
• If the organisation applying for authorisation is a foreign institution, the application must also detail how the customer's funds is protected and how the right of separation is achieved.

Fee

A fee of SEK 16,800 is payable to the Financial Supervisory Authority. See the 'Payment procedure' info box.

Processing time

The Financial Supervisory Authority will normally reach a decision within 90 days after a completed application is received and payment of the fee is confirmed by the Financial Supervisory Authority.

Payment procedure

• The Financial Supervisory Authority confirms receipt of the application and assigns a reference number.
• The Financial Supervisory Authority will then send an official letter setting out the reference number, the fee and the payment information.

Do not pay the fee before you receive the letter and the reference number from the Financial Supervisory Authority.