All published material

Here you can find everything that has been published in different news lists on www.fi.se.

2020

Financial reporting supervision

2020-05-28 | Sanctions

Finansinspektionen intervens when issuers subject to Chapter 16, section 1, first paragraph of the Securities Market Act (2007:528) do not prepare their financial statements in accordance with current regulations. We issue a caution and an order of correction. We can also decide on an administrative fine and can combine the order with a fine.

Capital requirements of Swedish banks as of Q1 2020

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q1 2020.

JM receives a caution and an order to follow financial reporting rules

JM has been in violation of the international financial reporting standard IFRS 10 in its consolidated financial statements for 2017 by not including – consolidating – tenant-owners associations during the so-called production phase. FI is issuing JM a caution and ordering the company to take corrective action in future financial statements. The correction shall be implemented no later than in the company’s half-yearly report for 2020.

New collection of data in EIOPA’s ongoing impact assessment of the Solvency II Review

2020-05-05 | Coronavirus EIOPA ESMA

The European Insurance and Occupational Pensions Authority (EIOPA) will collect new data for its ongoing impact assessment to assess the effects of the coronavirus pandemic.

FI resumes work on supervision investigations

2020-04-28 | Coronavirus News Markets

FI decided on 1 April given the acute stage of the coronavirus pandemic to extend the freeze on new supervision investigations until 3 May. This decision will not be extended again, which means that the freeze on ongoing supervision meetings, investigations and information gathering will be lifted starting on 4 May.

EU authority publishes consumer guides on insurance

2020-04-27 | Coronavirus EIOPA News

Due to the coronavirus pandemic, the European Insurance and Occupational Pensions Authority (EIOPA) has published a consumer guide with tips that target insurance customers.

EIOPA on principles for mitigating the effects of the coronavirus pandemic in the occupational pensions sector

The European Insurance and Occupational Pensions Authority (EIOPA) has published a statement on principles that national competent authorities should consider to mitigate the impact of the coronavirus pandemic on the occupational pensions sector.

FI issues Skandia Liv a warning

Skandia Liv has not calculated its capital need and commitments to its customers realistically or correctly for several years. This has entailed that the company’s customer protection and the company’s solvency have not been fairly assessed. Skandia Liv is therefore receiving a warning and an administrative fine of SEK 35 million.

Skandia Liv receives a warning and an administrative fine

2020-04-22 | Sanctions Insurance

Skandia, ömsesidigt (Skandia Liv ) receives a warning and must pay an administrative fine of SEK 35 million.

The Swedish Bankers’ Association transfers administration of STIBOR to Swedish Financial Benchmark Facility

2020-04-17 | BMR News Markets

The Swedish Bankers’ Association has announced that the association is transferring the administration of the Swedish benchmark STIBOR to Swedish Financial Benchmark Facility (SFBF), whereupon the task of adapting STIBOR to the requirements set out in the EU Benchmarks Regulation falls to SFBF. Finansinspektionen will assess the application for authorisation of SFBF as administrator of STIBOR when it is submitted.

ESMA’s guidelines on alternative performance measures – questions and answers on COVID-19

Due to the coronavirus pandemic, the European Securities and Markets Authority (ESMA) has published new Q&As on its guidelines for alternative performance measures (APMs). ESMA aims with this document to continue to promote common application of the guidelines in the EU countries.

Minutes of the Financial Stability Council Meeting on 16 April

The minutes from the Financial Stability Council’s extraordinary meeting on 16 April have now been published on the Council’s website.

Financial Stability Council convenes an extraordinary meeting on 16 April

On Thursday, 16 April, the Minister for Financial Markets and Housing Per Bolund, Finansinspektionen, the Riksbank, and the Swedish National Debt Office will convene an extraordinary meeting of the Financial Stability Council.

FI’s view on the application of the EBA’s new guidelines on moratoria

2020-04-14 | Coronavirus EBA News

The European Banking Authority (EBA) published guidelines on 2 April on the criteria that must be fulfilled in order for measures taken to be viewed as general moratoria. FI considers exemptions from amortisation requirements for mortgages and payment reliefs for small and mid-sized firms in accordance with the Swedish National Debt Office’s loan guarantees to be measures that can be viewed as general moratoria under the guidelines.

Banks may now grant amortisation exemption

FI’s Board of Directors has decided that the proposal communicated on 2 April will go into effect as of today. This means that banks will now be able to grant both new and existing mortgagors exemption from the requirement on amortisation. The exemption gives mortgagors greater financial manoeuvrability in these uncertain times during the spread of COVID-19.

ESMA statement on publication of periodic reports for investment funds

The European Securities and Markets Authority (ESMA) has published a statement on the coronavirus pandemic’s impact on the possibilities for managers of different types of funds to fulfil the requirements on when publication of periodic reports is to occur according to their respective regulations.

Proposed general guidelines for exemption from amortisation requirements on special grounds

The proposal provides mortgage undertakings with the possibility of granting all new and existing mortgagors a temporary exemption from amortisation requirements. The exemption possibility applies during a severe downturn in the Swedish economy. The current situation due to the spread of the corona virus is a clear example of when the exemption may be granted to all mortgagors amortising in accordance with the amortisation regulations.

Banks may grant all mortgagors amortisation exemption

Banks will have the possibility of offering all new and existing mortgagors an exemption from the amortisation requirements due to the spread of the coronavirus and its effects on the Swedish economy. The exemption will be in force until the end of June 2021. This enables Finansinspektionen to provide all mortgagors with greater manoeuvrability in these uncertain times.

The Swedish Mortgage Market (2020)

The percentage of new mortgagors with a high level of debt in relation to either their income or the value of the home continues to be high. New mortgagors in 2019 increased their average loan-to-income ratio. The average loan-to-value ratio also increased in 2019 among new mortgagors, thus breaking the trend of falling loan-to-value ratios since 2013.

Reporting on money laundering postponed

2020-04-01 | Coronavirus EBA News

Due to the current situation with the ongoing spread of the coronavirus, Finansinspektionen has postponed the deadline for the annual reporting on money laundering and financing of terrorism. The deadline has been pushed forward from 31 March 2020 to 30 April 2020.

ESMA statement on extended deadlines for publishing financial statements

The European Securities and Markets Authority (ESMA) has published a statement on the coronavirus pandemic’s impact on the possibilities of listed companies to fulfil the requirements on when publication of financial statements is to occur according to the Transparency Directive. The Directive has been implemented into Swedish law through the Securities Market Act.

FI expects banks and credit market companies to stop dividend payments

The spread of the coronavirus has created immediate challenges for society and caused economic disruptions throughout Sweden and the global economy. The forecasts for the Swedish economy are rapidly deteriorating. Therefore, it is important the we safeguard a stable supply of credit to households and firms and maintain good resilience in the system. Banks and credit market companies play a crucial role in this respect.

FI delays decision on SEB until June

FI is delaying the decision that will conclude the ongoing sanction assessment in the investigation into the governance and control of anti-money laundering measures at Skandinaviska Enskilda Banken AB (SEB). FI is now planning to pass its decision in June.

EBA’s statement on payment delays linked to COVID-19

2020-03-25 | Coronavirus EBA News

The spread of the coronavirus has introduced considerable challenges for society as a whole, and even the financial system. We find ourselves in an exceptional situation, and uncertainty is widespread. These extraordinary circumstances demand appropriate application of existing regulations, including rules for forbearance and assessment of a significant increase in credit risk.

Swedbank receives a warning and an administrative fine of SEK 4 billion

Swedbank AB receives a warning and must pay an administrative fine of SEK 4 billion for serious deficiencies in its work to combat money laundering.

Swedbank fined for serious deficiencies in its measures to combat money laundering

Swedbank AB has had serious deficiencies in its management of the risk of money laundering in its Baltic operations. This is the conclusion of parallel investigations into parent company Swedbank AB and its subsidiary bank Swedbank AS in Estonia that were conducted by Swedish Finansinspektionen (FI) and Estonian Finantsinspektsioon.

FI will hold a press conference related to Swedbank

Finansinspektionen (FI) will hold a press conference on Thursday, 19 March, following the decision by FI’s Board of Directors regarding the investigation into Swedbank’s measures to combat money laundering.

Coronavirus

2020-03-17 | Coronavirus

All of FI’s publications related to the new COVID-19 virus can be found here.

Loss of income due to corona-virus a cause for exemption from amortisation

Due to the spread of the coronavirus disease (COVID-19), many households and firms may be exposed to economic stress. Even if the crisis is expected to be temporary, its effects can be far-reaching. Banks and borrowers may agree to reduce or suspend amortisation payments temporarily given special grounds. FI considers the loss of income linked to COVID-19 to qualify as special grounds.

Decision by FI’s Board of Directors: the countercyclical buffer rate is lowered to zero

During an extraordinary meeting today, Monday, 16 March, FI’s Board of Directors decided to adopt a countercyclical buffer rate of 0 per cent in accordance with the proposal presented on Friday, 13 March 2020.

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