Finansinspektionen has passed a decision to recognise the Finnish supervisory authority’s decision to implement an average, firm-specific risk weight floor of 15 per cent for Finnish mortgage exposures.
Finansinspektionen (FI) is changing its procedure for handling of applications for permission to use the IRB approach for credit risk.
Finansinspektionen (FI) has identified common errors in the AIFM reporting. FI includes below a list of the most common errors as well as a description of how AIF-managers should fill in the rows in ESMA’s reporting forms.
ESMA, the European Securities and Markets Authority, has published transparency calculations for equities and bonds prior to the entry into force of MiFIR/MiFID II on 3 January 2018. FI will also publish some supplementary calculations.
The last trading date for transactions in financial instruments that must be reported to FI’s current transaction reporting system, TRS, is 2 January 2018. The TRS system will be open until 23:59 PM on 12 January 2018 to receive transactions and/or cancellations of transactions in accordance with MiFID with trading dates up to an including 2 January 2018.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the third quarter 2017.
There will be operational disruptions in the TRS 1 system today, 20 November 2017. The disruptions affect rapporteurs submitting encrypted files.
FI is proposing changes to Finansinspektionen’s regulations (FFFS 2016:16) regarding amortisation of loans collateralised by residential property. The regulations cover mortgages granted by credit institutions, i.e. banks and credit market companies.
FI decided on 25 October not to change the countercyclical buffer rate. The buffer rate of two per cent, which has applied since 19 March 2017, shall thus continue to apply.
On 1 August, the new Money Laundering Act entered into force as well as FI’s new regulations. According to these new regulations, firms under FI’s supervision must report data that enables FI to assess the risk that firms will be used for money laundering and the financing of terrorism.
Finansinspektionen was late with its publication of a short-selling notification from Coatue Management.
The European Securities and Markets Authority (ESMA) has published instructions on how to access the reference data that is covered by the MAR and MiFID II/MiFIR regulations. The EU authority has also published current reference data that is available for download.
Nordea passed a decision today to move its head office to Helsinki. The bank represents a large part of the Swedish financial market, but it is too early to say how the decision will impact Finansinspektionen’s supervision.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the second quarter 2017.
FI decided on 14 July not to change the countercyclical buffer rate. The buffer rate of two per cent, which has applied since 19 March 2017, shall thus continue to apply.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the first quarter 2017.
A new webpage is now available with information about the transaction reporting required under MiFID 2/MiFIR.
FI decided on 27 April not to change the countercyclical buffer rate. The buffer rate of two per cent, which has applied since 19 March 2017, shall thus continue to apply.
FI has updated its supervision categorisation of Swedish credit institutions for 2017. Two credit institutions have changed category.
A feasibility study conducted by Finansinspektionen in collaboration with Mälardalen University has determined that it is possible to teach preschool children about money and finances. Small children are happy to talk about money, but preschool teachers are not experienced in talking to them about personal finances.
On Thursday, 11 May, it is once again time for FI’s Consumer Protection Day. Director General Erik Thedéen and Executive Director Malin Omberg will present FI’s work with consumer protection on the financial market. The agenda includes a discussion surrounding over-indebtedness and the measures available to counteract such a development. The moderator is Willy Silberstein. Please note that the programme will be held in Swedish.
FI decided on 29 March 2017 not to change the countercyclical buffer rate. The buffer rate of two per cent, which has applied since 19 March 2017, shall thus continue to apply. The countercyclical buffer guide is set at 0 per cent.
FI hereby presents the most recent operational year in its annual report for 2016. The following is a summary of the year by Director General Erik Thedéen that is included as the introduction to the annual report.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the fourth quarter 2016.
FI is sending out a letter and brochure today to all of the firms under its supervision about the requirement to report suspected money laundering and terrorism financing. In order to reach as many people as possible, the brochure is available in six languages (Swedish, English, Persian, Arabic, Finnish and French) and two short, informational videos (in Swedish and English) are available online.
The new www.fi.se has arrived - with new design, new structure and partially new content.
The next occasion on which Finansinspektionen (FI) will decide on the countercyclical buffer rate is in March. The preparatory work ahead of the next decision shall focus on maintaining the rate at its current level, which is currently 2 per cent.
The new www.fi.se will soon be unveiled - with completely new design, structure and (in places) content.
Starting on 23 January, Martin Noréus will take over as the new Executive Director of the Banking Section at FI. He will also continue in his role as the Deputy Director General.
In this memorandum, FI describes its view of securitisation and the risks (primarily flowback) that FI sees and that are not taken into consideration in the banks’ current capital requirements.
FI has published decisions regarding reciprocation of macroprudential measures in Estonia and Belgium.
Finansinspektionen’s stress test method to determine the capital planning buffers for the major banks, credit market companies and securities companies is divided into general overarching methodologies and a specific calibration of risk parameters. The specific calibration of risk parameters can be changed by FI on a year-by-year basis.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the third quarter 2016.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the second quarter 2016.
FI has now decided on the stress test methodology that will be used for determining the capital planning buffer for the largest Swedish bank companies. The methodology, which is described in more detail it in a new memorandum, is based on the proposal that FI published on the 9 May.
The major Swedish banks have resilience against a sharp deterioration of the economic environment. This is the result of an EU-wide stress test performed by the European Banking Authority (EBA).
The next occasion on which Finansinspektionen (FI) will decide on the countercyclical buffer rate is in September. FI’s Board of Directors has decided that the preparatory work ahead of the next decision shall focus on maintaining the rate at its current level, which is currently 2 per cent.
FI hereby clarifies that its public statement made on June 22, regarding the internal analysis which was unintendedly published in the media last week, is still valid:
Finansinspektionen is monitoring the developments following the EU referendum in the UK. We are continuing to maintain a dialogue with the Ministry of Finance, the Riksbank and the Swedish National Debt Office and keep close contact with the Swedish banks. FI always has contingency plans in place to take measures that will contribute to financial stability.
Finansinspektionen is following the development on the financial markets and is maintaining an ongoing dialogue with the Ministry of Finance, the Riksbank and the National Debt Office. We have contingency plans in place and are working closely with the Swedish banks.
The European Banking Authority (EBA) published its Opinion of the European Banking Authority on the application of customer due diligence measures to customers who are asylum seekers from higher-risk third countries or territories. Finansinspektionen provides its response to the opinion below.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Note: Capital requirements of the Swedish banks, first quarter 1 2016 has been revised. The outcome of the 2015 SREP for Skandiabanken is now accounted for in this memorandum. No other changes have been done."
In this memorandum, FI accounts for the stress test methodology that it intends to use to assess the size of the capital planning buffer for the largest firms.
New rules for insiders will be issued on 3 July 2016. On the 3rd of July 2016 the Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse (MAR) will enter into force and become directly applicable in Swedish law.
The International Monetary Fund (IMF) will visit Sweden at the invitation of the Ministry of Finance and Sveriges Riksbank both in mid-April and in August to make a special assessment of the financial sector and the public authorities' work on financial stability, what is known as an FSAP (Financial Sector Assessment Program).
The next occasion on which Finansinspektionen (FI) will decide on the countercyclical buffer rate is in June. FI's Board of Directors decided on 18 April 2016 that the preparatory work ahead of the next decision shall focus on maintaining the rate at its current level, two per cent.
As of February of this year, new rules apply for how notification is made about a home Member State. This text provides a brief description of what the new rules entail.
Nordea Bank AB (Nordea) has filed an application with Finansinspektionen to merge its wholly owned subsidiaries of Nordea Bank Norge ASA, Nordea Bank Finland Plc and Nordea Bank Denmark A / S with Nordea.
FI Director General Erik Thedéen has been named Vice-Chair of the International Organization of Securities Commissions' (IOSCO) European Regional Committee for the period 2016-2018.
The national risk assessment regarding the financing of terrorism that was published in June 2014 identified a need to become more informed about and aware of terrorism financing. With the aim of becoming more informed, FI commissioned a report from the Center for Asymmetric Threat Studies (CATS) on the threat from terrorism financing and the experiences of measures taken in other countries.
All telephone numbers to Finansinspektionen have been changed.
FI intends to introduce a maturity floor of 2.5 years under Pillar 2 for banks authorised to use the advanced IRB approach for exposures to corporates.
FI is implementing a new assessment method to evaluate the banks' calculations of risk weights both in general and for exposures to corporates.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the fourth quarter 2015.
Finansinspektionen proposes partial waiver from the requirements in Article 129 (1)(c) of the Capital Requirements Regulation (CRR) through a change in FI´s regulation (FFFS 2014:12) regarding prudential requirements and capital buffers.
An overview of some of the legislative amendments following the entry of the revised Transparency Directive (2013/50/EU) into Swedish law on 1 February 2016.
Finansinspektionen has announced that it will be extracting its HR Department from the Administration operational section and creating a shared function for HR issues.
The next occasion on which FI will decide on the countercyclical buffer rate is in March. FI's Board of Directors decided on 18 January 2016 that the preparatory work for the decision shall focus on enabling an increase in the rate if such is deemed necessary. The rate is currently at 1.5 per cent.
In response to the Opinion published by the European Banking Authority (EBA) on 18 December 2015 regarding restrictions on distributions linked to the combined buffer requirement (Opinion of the European Banking Authority on the interaction of Pillar 1, Pillar 2 and combined buffer requirements and restrictions on distributions), Finansinspektionen would like to comment as follows.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
FI today disclosed for the first time the actual capital requirements for the ten largest Swedish banks and credit institutions at the end of the third quarter of 2015. This is to increase clarity with regard to the effects of FI's capital requirements, including Pillar 2.
The Government has today appointed Erik Thedéen as the new Director General of Finansinspektionen.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Finansinspektionen publishes the capital needs of the ten largest Swedish banks and credit institutions as of the end of the second quarter 2015.
Finansinspektionen decides to recognize countercyclical buffer rates up to 2.5 per cent that are set by the designated authority of another EEA country. The firms concerned shall use these buffer rates to calculate their firm specific countercyclical capital buffers.
At the Financial Stability Council meeting of 15 June, Finansinspektionen presented its views on the future structure of banks' capital requirements.
When representatives of the Government, Finansinspektionen (the Swedish Financial Supervisory Authority), the Riksbank and the Swedish National Debt Office met on 15 June in the Financial Stability Council, the authorities all contributed reports as bases for discussion. A summary of the report on driving forces behind household indebtness is now published.
FI intends to comply with the European Banking Authority's (EBA) guidelines on criteria to assess other systemically important institutions (O-SIIs).
Finansinspektionen publishes the capital needs of the ten largest Swedish banks and credit institutions as of the end of the first quarter 2015.
The Government has today decided to appoint Martin Noréus as acting Director General until such time as an ordinary Director General is appointed.
Martin Andersson is leaving his post as Director General of Finansinspektionen (FI) to become a partner with the consultancy firm Oliver Wyman.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Finansinspektionen publishes today the capital needs of the ten largest Swedish banks and credit institutions as of the end of the fourth quarter 2014.
The European Banking Authority (EBA) has published its opinion regarding the Danish FSA's proposal of a partial waiver from the application of Article 129 (1)(c) of the Capital Requirements Regulation (CRR). Finansinspektionen will also implement the partial waiver within its jurisdicition.
Financial stability is the ability of the financial system to uphold its core functions in changing economic conditions. Besides resilience of the financial system, FI has been given responsibility for counteracting imbalances on the credit market.
This memorandum describes FI's methods for assessing the capital adequacy requirement within the framework of Pillar 2 for three different types of risk.
Finansinspektionen (FI) shall, in accordance with the Capital Buffers Act (2014:966), set a countercyclical buffer guide and a countercyclical buffer rate for each quarter.
Finansinspektionen (Swedish Financial Supervisory Authority – FI) considers that a leverage ratio requirement may serve an important function for establishing financial stability in Sweden as a back-stop, which sets a floor for how low the capital adequacy requirement can fall in relation to the banks' gross assets.
The European Insurance and Occupational Pensions Authority, EIOPA, has conducted EU-wide stress tests to assess the resilience of European insurance undertakings to adverse market developments. In the Swedish part of the exercise, ten large insurance groups and insurance companies, who account for more than half of the Swedish insurance market, participated.
Foreign insurance provider Victory Life has been put into liquidation as of 25 November 2014 by the order of a court of the British Virgin Islands.
FI has tested the resilience of the major Swedish banks to a sharp deterioration in the economy. The study is part of the extensive stress test of 123 European banks coordinated by EBA.
On 3 April, the Government presented a bill regarding strengthened capital adequacy rules.
Finansinspektionen's and The Riksbank's joint internal audit has assessed the supervision and oversight of the financial infrastructures in Sweden on the basis of the "Principles for financial market infrastructures” (PFMIs) which Finansinspektionen use in its supervision and The Riksbank in its oversight.
FI is expanding and strengthening its organisation with a new position. As of 1 February, Martin Noréus is Deputy Director General.