FFFS 2013:10

Finansinspektionen’s regulations regarding alternative investment fund managers

In force from 2013-07-22

Summary

The regulations target Swedish fund management companies and other undertakings that manage non-UCITS funds such as special funds, venture capital funds and real estate funds. They also apply to a limited extent to foreign managers of alternative investment funds with operations in Sweden. Through the regulation, FI is implementing the parts of the Directive 2011/61/EU of the European Parliament and of the Council that have not been implemented into Swedish law through acts and ordinances. The new regulations contain provisions about the remuneration structures of managers of alternative investment funds (AIF managers), special funds and the content of key investor information documents and prospectuses. They also regulate what shall be included in the application documents submitted to FI as well as the content of notifications. The regulations also regulate some reporting to FI.

Amendments

FI must amend the regulations due to amendments to Finansinspektionen's regulations and general guidelines (FFFS 2014:12) regarding prudential requirements and capital buffers. The references to sections that have been repealed have been removed.

The regulations enter into force on 15 June 2019. Amendment 2019:5

An AIF manager shall apply certain provisions in Finansinspektionen's regulations (FFFS 2017:2) regarding investment services and activities. It applies when the AIF managers

  • provide the sale of and advice related to structured deposits,
  • receive funds with a reporting obligation, and
  • provide advice regarding units in funds in fund operations.

AIF managers, for each special fund managed by the company, shall also report the fund's holding, net asset value and other assets and liabilities Finansinspektionen every quarter.
The regulations are amended pursuant to Government Bill 2017/18:148 regarding money market funds.

The amended regulations enter into force on 1 October 2018 with regard to the reporting of holdings and with regard to the other amendments on 1 August 2018. Amendment 2018:14

Finansinspektionen is amending its regulations to adapt to the amendments to the Securities Market Act, Finansinspektionen's regulations (FFFS 2017:2) regarding investment services and activities and the Delegated Regulation for MiFID II. As a result of the amendments, AIF managers by reference must apply some of the provisions in the securities regulations. The regulations also contain changes as a result of the new Anti Money Laundering Act.

The amendments enter into force on 1 August 2017 in respect of Chapter 3, section 31, and the other amendments enter into force on 3 January 2018. Amendment 2017:7

Finansinspektionen has passed a decision to change the regulations regarding ownership, owner management and management suitability assessments. Under the new regulations, legal and natural persons must announce all sanction decisions levied against them, including decisions that are older than ten years. The statute of limitation has been removed from the new regulations. The information about the sanction decisions is provided in the forms for ownership, owner management and management suitability and are appendices to FI's regulations (FFFS 2013:10) regarding alternative investment fund managers.

Finansinspektionen also passed a decision under which non-UCITS funds and other alternative investment funds that are marketed to retail investors in Sweden are not subject to the new requirements in FFFS 2013:9 with regard to the content of prospectuses for investment funds.

The new regulations enter into force on 1 November 2016. Amendment 2016:27

FI is amending Finansinspektionen's regulations (FFFS 2013:10) regarding alternative investment fund managers (the AIFM regulations). The objective is to adapt the regulations to changes in the legislation.

A Swedish AIF manager who provides discretionary management of investment portfolios and other ancillary services in other countries within the European Economic Area (EEA) shall apply Chapter 6 of the AIFM regulations regarding Swedish AIF managers' operations in other countries. This chapter regulates in part the language in which notifications to FI must be prepared and the content of a notification of significant changes.

An AIF manager who receives and forwards orders in financial instruments must obtain information from its customers in order to be able to recommend suitable investment services and financial instruments.

The amendments enter into force on 3 July 2015. Amendment 2015:4

FI is adjusting terms and phrases in the appendices to agree with those used in the Capital Requirements Regulation. FI is also updating references to acts and regulations that have been repealed with references to the acts and regulations that replaced them. The amendments enter into force on 2 August 2014. Amendment 2014:29

Documents

Changes

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