A stable, well-functioning financial market for allA stable, well-functioning financial market for allResult
2025
Central counterparty (Clearing)
2025-04-14 | Markets
Finansinspektionen is the competent authority according to Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI must also conduct supervision of central counterparties.
Central securities depository (settlement and account entry)
2025-04-14 | Markets
Finansinspektionen is the competent authority according to Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (CSDR). This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI must also conduct supervision of central securities depositories.
Lendix Finanx
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Lendix Finanx are offering loans and credits to Swedish residents.
Valbury Capital Group/Maxrich Ltd
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Valbury Capital Group/ Maxrich Ltd are offering Swedish investors to trade with securities.
CTI Market/Maxrich Group
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent CTI Market/ Maxrich Group are offering Swedish investors to trade with securities.
Luxanpros LTD/Luxan Capital company
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Luxanpros LTD/Luxan Capital company are offering Swedish investors to trade with securities.
EU-Loan
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent EU-Loan are offering loans and credits to Swedish residents.
Econam
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Econam are offering loans and credits to Swedish residents.
Aquila Markets
2025-04-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Aquila Markets are offering Swedish investors to trade with securities.
New street address for FI
On 14 April, FI will relocate to a new address, Sveavägen 44.
The Swedish Mortgage Market: Households need to have margins for an uncertain future
The conditions for household finances improved in 2024. As many as 8 out of 10 households chose a variable interest rate, which is a higher share than in previous years. But the economic development is uncertain. Households need to allow for continued high housing and living costs. These are some of the conclusions from this year’s report on the Swedish mortgage market.
Operational disruptions: FIDAC
2025-04-02 | Reporting
We are experiencing operational disruptions in FIDAC at the moment. We are investigating the issue and will inform when it has been resolved.
Reporting according to DORA
2025-03-31
Here you will find technical information for reporting of ‘Registers of Information’ and ‘ICT-related Incidents and Cyber Threats’, according to the DORA regulation. Registers of Information reporting is according to European Banking Authority (EBA) framework 4.0.
Swedish Trust Bank
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Swedish Trust Bank are offering loans and credits to Swedish residents.
Invest Kapital
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Invest Kapital are offering loans and credits to Swedish residents.
ECIBN
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent ECIBN are offering loans and credits to Swedish residents.
Suedfina
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Suedfina are offering loans and credits to Swedish residents.
Wolf Markets Services LTD
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Wolf Markets Services LTD are offering Swedish investors to trade with securities.
Globe Bitstrade
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Globe Bitstrade are offering Swedish investors to trade with securities.
Nordic Alliance Bank
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Nordic Alliance Bank are offering loans and credits to Swedish residents.
Somylan
2025-03-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Somylan are offering loans and credits to Swedish residents.
Operation disruptions FIDAC: Solved
2025-03-26 | Reporting
The operational disruptions in FIDAC are now solved. Please contact rapportering@fi.se if you continue to experience problems.
Operational disruptions: FIDAC
2025-03-26 | Reporting
We are experiencing operational disruptions in FIDAC at the moment. We are investigating the issue and will inform when it has been resolved.
Scheduled maintenance: FIDAC
2025-03-26 | Reporting
Wednesday 26 March, maintenance work will take place in FIDAC. Between 9:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Scheduled maintenance: FIDAC
2025-03-25 | Reporting
Tuesday 25 March, maintenance work will take place in FIDAC. Between 9:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Legal Position: Rule interpretation for deposits via digital platforms
An increasing number of banks and other credit institutions are offering savings via digital deposit platforms. This makes them more vulnerable since the deposits volume could decrease rapidly. FI notes in a report that some of the institutions do not sufficiently consider these risks, in part when calculating the liquidity buffer required for such deposits. A legal position specifies how we will interpret the rules.
Household savings in Sweden
Swedes hold a large amount of financial assets, but the distribution of these assets is very uneven. Most Swedes hold a small amount of financial assets, while 5 per cent of the population holds approximately half of all assets. Few have direct savings in shares or funds. Those with large loans can be vulnerable to weakened economic conditions and therefore in general have a greater need for a financial buffer. FI’s data indicates that many mortgagors hold a small amount of assets, at least with the same bank where they have their mortgage.
Nordic Finanx
2025-03-18
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Nordic Finanx are offering loans and credits to Swedish residents.
Agri Financial Company
2025-03-18
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Agri Financial Company are offering loans and credits to Swedish residents.
Jarifarl
2025-03-18
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Jarifarl are offering loans and credits to Swedish residents.
Trulann
2025-03-18
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Trulann are offering loans and credits to Swedish residents.
Anoto Group receives a caution and an administrative fine
Finansinspektionen has decided to issue Anoto Group a caution and an administrative fine of SEK 900,000 for violations of the rules governing the preparation of annual and consolidated accounts.
Swedish Pensions Agency receives a remark
Finansinspektionen (FI) is issuing the Swedish Pensions Agency a remark for deficient risk control of investments in Heimstaden Bostad AB.
Reciprocation of Norwegian systemic risk buffer
Finansinspektionen has reciprocated the Norwegian Ministry of Finance decision to maintain a 4,5 percent systemic risk buffer for exposures in Norway. The decision applies to Swedish institutions exposures in Norway.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the first quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Scheduled maintenance: Ansök
2025-03-11 | Reporting
From March 11 at 5 pm, to March 12 at 8 pm, maintenance work will take place in Ansök and the system will be unavailable.
How FI reviews money laundering risks in the financial sector in 2025
There is a high risk that the financial system is used by criminals to launder money and commit other crimes. In 2025, the Financial Supervisory Authority (FI) will prioritize its review to sectors and services where the risks of money laundering are elevated.
Notification by foreign UCITS regarding marketing of units in the undertaking in Sweden
2025-03-06 | Markets
A foreign UCITS which is domiciled within the EEA and has such authorisation in its home state as set out in 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) may market units in the undertaking here in Sweden without special authorisation.
FI is publishing banks’ effective capital headroom
Starting today, FI will now publish banks’ effective CET 1 capital headroom every quarter. This will show how much of the banks’ buffer is available to cover losses before a bank breaches a regulatory requirement or its Pillar 2 guidance. By publishing this information, FI will make it easier for market participants and other stakeholders to interpret the banks’ capital headroom.
Capital requirements for Swedish banks as of Q4 2024
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 Q4 2024.
FI Analysis No. 48: Share of consumer credit debt registered with Swedish Enforcement Authority increases during economic downturns
In 2020, almost 130,000 individuals had a debt registered with the Swedish Enforcement Authority that was related to consumer credit. Since the end of 2020, the general price level has increased (inflation) by almost 20 per cent. The Riksbank raised the policy rate during the same period, making it significantly more expensive to borrow money. In 2023, just over 160,000 individuals with consumer credit had new debts registered with the Swedish Enforcement Authority, which represents an increase of 23 per cent since 2020. The new debts, measured in SEK, that were related to consumer credit were 51 per cent higher than they were in 2020.
Handelstorget
2025-02-20
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Handelstorget are offering Swedish investors to trade with securities.
Skandova
2025-02-19
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Skandova are offering Swedish investors to trade with securities.
Scheduled maintenance: FIDAC
2025-02-19 | Reporting
Thursday 20 February, maintenance work will take place in FIDAC. Between 9:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Scheduled maintenance: FIDAC
2025-02-13 | Reporting
Monday 17 February, maintenance work will take place in FIDAC. Between 8:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Service Disruptions PDMR Reporting
2025-02-11 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on Monday 17 February between 9 am and 10 am.
Direct contributions to reserves from shareholders as CET1 capital
European Banking Authority (EBA) has clarified which conditions direct contributions to reserves from shareholders should meet in order to form part of firms’ Common Equity Tier 1 capital (CET1 capital) according to the rules laid down in the Capital Requirements Regulation (CRR). According to the CRR a contribution may be classified as CET1 capital if the contribution satisfies certain conditions.
MoU between SRB, ECB, SNDO and FI
A Memorandum of Understanding has been signed between the Single Resolution Board (SRB), the European Central Bank (ECB), the Swedish National Debt Office (SNDO) and Finansinspektionen (FI) to strengthen supervision and resolution cooperation.
Executive Director Åsa Larson to leave FI
Åsa Larson will step down from Finansinspektionen and her role as the executive director of Insurance.
Executive Director Per Nordkvist to leave FI
Per Nordkvist will step down from FI and his role as the executive director of Markets.
The TRS 2 system closed on 14 January
The TRS 2 system will be closed for maintenance Tuesday, 14 January 2025.
The TRS 2 system closed on 14 January
2025-01-08 | Reporting
The TRS 2 system will be closed for maintenance Tuesday, 14 January 2025.
2024
FI Analysis No. 47: The 2023 Banking Turmoil – Could What Happened in the US and Switzerland Also Happen in Sweden?
During the spring of 2023, one Swiss bank and several US banks failed. Multiple actors in both the US and internationally have analysed the underlying causes. We summarise the findings of these reports as follows: there was a lack of internal governance and control, there were deficiencies in the supervision, and several of the banks were not fully subject to the Basel regulations.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the fourth quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Partner Fondkommission receives a remark and an administrative fine
Finansinspektionen is issuing Partner Fondkommissionen AB (Partner) a remark and an administrative fine of SEK 100,000.
Klarna receives a remark and an administrative fine
FI is issuing Klarna Bank AB (Klarna) a remark and an administrative fine of SEK 500 million for violating the anti-money laundering regulations.
FI Supervision 30: The banks can strengthen their sanction screening
FI has tested the effectiveness of 19 banks' automated sanction screening systems. The result shows that the effectiveness of the systems that the banks use could be higher and that there is room for some banks to improve their work in this area.
AI increasingly common in the financial sector, but risk management is lagging behind
The new generative AI technology has spread rapidly and extensively throughout the Swedish financial sector. At the same time, the work to manage the risks accompanying the new technology is lagging behind. These are FI’s findings following a survey of firms’ use of AI.
FI maintains level of systemic risk buffer for major banks
The three major banks – SEB, Handelsbanken and Swedbank – will continue to maintain a systemic risk buffer of 3 per cent at group level. This decision was made following FI’s biennial review of the systemic risk buffer in accordance with the European Capital Requirements Directive.
Updated Q&A on reporting under the Anti-Money Laundering Act
As we approach the starting point for the 2025 periodic reporting under the Anti-Money Laundering Act, a number of new questions have arisen. We have therefore updated our Q&A about this periodic reporting.
TRS 2 system closed 4−5 December
2024-11-27 | Reporting
The TRS 2 system will be closed for maintenance Wednesday, 4 December and Thursday, 5 December 2024.
TRS 2 system closed 4−5 December
The TRS 2 system will be closed for maintenance Wednesday, 4 December and Thursday, 5 December 2024.
Scheduled maintenance: FIDAC
2024-11-26 | Reporting
On Wednesday, 27 November, FIDAC will undergo maintenance work. As a result, between 9:00 AM and 12:00 PM, FIDAC may be unavailable for short periods of time.
Capital requirements for Swedish banks as of Q3 2024
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 Q3 2024.
Stability in the Financial System (2024:2): Improved outlook, but risk of set-backs
The outlook for financial stability has improved somewhat in the past six months. Sweden continues to experience a mild economic downturn, but interest rate cuts are contributing to improved optimism about the future. At the same time, the uncertain global economic and geopolitical situation is leading to heightened risks, in part in the form of cyber attacks. These are the conclusions of FI’s second stability report for the year.
Swisscoinco/Online windows llc company
2024-11-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Swisscoinco/Online windows llc company, among other things, are offering Swedish investors to trade with securities.
Lloyd Markets
2024-11-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Lloyds Markets, among other things, are offering Swedish investors to trade with securities.
Handelsrummet
2024-11-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Handelsrummet, among other things, are offering Swedish investors to trade with securities.
BT-Norden
2024-11-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent BT-Norden, among other things, are offering Swedish investors to trade with securities.
Amal Express shall pay an administrative fine
Amal Express Ekonomisk förening shall pay an administrative fine of SEK 100,000.
FI proposes enhanced preventive work in efforts to prevent investment fraud
An increasing number of consumers are falling victim to investment fraud. In a report to the Government, FI proposes, among other things, enhanced work to prevent investment fraud.
Scheduled maintenance: Ansök
2024-11-04 | Reporting
On July 6, from 4 pm to 8 pm, maintenance work will take place in Ansök and the system will be unavailable.
TRS 2 system closed 7 November
The TRS 2 system will be closed for maintenance Thursday, 7 November 2024.
Service Disruptions PDMR Reporting 31 October
2024-10-28 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 31 October between 9 am and 10 am.
Scheduled maintenance: FIDAC
2024-10-28 | Reporting
Tuesday 29 October, maintenance work will take place in FIDAC. Between 9:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Financial education continues to be important for strengthening consumers
Many people find it difficult to make decisions about their finances. The majority of Swedes understand financial terms but are not knowledgeable about how these concepts impact their own finances. Finansinspektionen (FI) is releasing a report today that evaluates the authority’s work with financial education and identifies a number of areas where deficient financial literacy could impose significant risks on the consumer.
Scheduled maintenance: FIDAC
2024-10-11 | Reporting
Monday 14 October, maintenance work will take place in FIDAC. Between 8:00 AM to 12:00 AM, FIDAC can therefore be unavailable.
Scheduled maintenance: FIDAC Test Reporting
2024-10-07 | Reporting
Monday 7 October, maintenance work will take place in FIDAC Test Reporting. Between 9:00 AM to 12:00 AM, FIDAC Test Reporting can therefore be unavailable.
TRS 2 system closed 4−7 October
The TRS 2 system will be closed for maintenance from Friday, 4 October 2024, until Monday, 7 October 2024, due to a change of certificate at ESMA.
Two expert reports on macroprudential policy measures
Amortisation requirements, the LTI ratio, and the LTV cap are macroprudential policy tools that are used in Sweden and many other countries. But what are the potential effects of these borrower-based measures? To answer to this question, Finansinspektionen commissioned two expert reports on the topic.
Nordic Baltic Crisis Simulation Exercise, 2024
To test the preparedness for a potential crisis situation, authorities from the Nordic-Baltic countries responsible for financial stability during this week conducted a financial crisis simulation exercise in the Nordic-Baltic region, involving three fictitious banks with cross-border activities.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the third quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Service Disruptions PDMR Reporting
2024-09-16 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 18 September between 9 am and 10 am.
Operational disruptions FIDAC: Solved
2024-09-06 | Reporting
The issues that some reporters had with submitting national reports should now be fixed. Please contact reporting@fi.se if issues are still experienced.
Operational disruptions: FIDAC
2024-09-05 | Reporting
Some reporters can at the moment experience issues with submitting national reports. We are investigating the issue and will inform when it has been resolved.
Scheduled maintenance: FIDAC
2024-09-04 | Reporting
Wednesday 4 September, maintenance work will take place in FIDAC. Between 9:00 AM to 12:00 AM, FIDAC Test Reporting will be unavailable and between 1:00 PM to 5:00 PM FIDAC till be unavailable.
AIFMD and CSDR art. 9 reports are moving to FIDAC
Starting with the reference date 2024-09-30 (Q3), the alternative investment fund reporting concerning managers (AIFM), their underlying funds (AIF) and Internalised Settlement Reporting article 9, must be submitted in the FIDAC reporting system.
Capital requirements for Swedish banks as of Q2 2024
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 Q2 2024.
Emilia Högquist new head of sustainable finance at FI
Emilia Högquist is FI's new head of sustainable finance. She has worked extensively with sustainable development and comes to FI most recently from a management position at the Ministry of Climate and Enterprise. As the head of sustainable finance she will be FI's spokesperson in sustainability-reated matters.
Service Disruptions PDMR Reporting
2024-08-14 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 19 August between 9 am and 10 am.
Decisions regarding reciprocation of macroprudential measures in Denmark, Portugal, Germany and Italy
Finansinspektionen has passed decisions concerning reciprocation of macroprudential measures in Denmark, Portugal, Germany and Italy.
Chief Legal Counsel Eric Leijonram is leaving FI
Eric Leijonram is leaving FI and his role as head legal counsel to become the director general of the Swedish Authority for Privacy Protection.
Ansök is open again
2024-07-02 | Reporting
Ansök is open again, after the scheduled maintenance previously announced.
New members appointed to FI’s Board of Directors
The Government has appointed Martin Flodén and Roine Vestman, both professors in economics at Stockholm University, to FI’s Board of Directors.
Scheduled maintenance: Ansök
2024-07-02 | Reporting
Tuesday July 2 maintenance work will take place in Ansök and the system will be unavailable.
Major banks need to rectify deficiencies in the payments infrastructure
FI is ordering Handelsbanken, SEB and Swedbank to rectify deficiencies in the payments infrastructure no later than December 2026. FI has also contacted the supervisory authorities in Denmark and Finland and informed them of the need to take corresponding measures for Danske Bank and Nordea.
Nasdaq Stockholm receives a remark and an administrative fine
Finansinspektionen has decided to issue Nasdaq Stockholm Aktiebolag a remark and an administrative fine of SEK 100 million.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the second quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Stefan Lundgren new Board member of FI
The Government has appointed former Auditor General Stefan Lundgren to FI’s Board of Directors.
AIFMD reports will be moved to FIDAC
Starting with the reference date 2024-09-30 (Q3), the alternative investment fund reporting concerning fund managers (AIFM) and their underlying funds (AIF), must be submitted in the FIDAC reporting system.
FI identifies transition risks in banks’ lending portfolios
There are climate-related transition risks in Swedish banks’ lending portfolios. This is the conclusion of an analysis Finansinspektionen (FI) conducted by linking lending to individual firms to emissions data from firms that are included in the EU Emissions Trading System.
Service Disruptions PDMR Reporting
2024-05-31 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 4 June between 9 am and 10 am.
Fraud prevention in payment services
Fraud is a major and expanding societal problem that fosters organised crime. FI supervises that payment service providers follow the provisions set out in the Payment Services Act that aim to prevent fraud. Payment service providers do a lot to prevent their payments services from being used for fraud, but this problem is still growing.
Scheduled maintenance: All systems
2024-05-29 | Reporting
Tuesday 11 June, between 9:00 AM to 12:00 AM, there may be operational disruptions due to scheduled maintenance, which affects all of Finansinspektionen’s systems for reporting and applying for authorisation.
Interest rate puts pressure on indebted households
Households continue to be under pressure from both higher interest rates and other costs. This is evident in FI’s mortgage report. The report looks at new mortgagors during the autumn of 2023. We can see that there are fewer mortgagors than in previous years. Home buyers also bought slightly less expensive homes and borrowed slightly less. Total lending to households has stagnated, but despite this household indebtedness continues to be high.
FI intends to extend banks’ risk weights floors for mortgages and commercial real estate lending
Finansinpektionen currently assesses that risks to Swedish mortgages and commercial properties remain and these will not be fully addressed when the EU’s second banking package enters into force on 1 January 2025. Therefore, FI intends to start the process during next year to extend the risk weight floors for mortgages and commercial real estate lending to at least 2027.
FI Analysis 45: High risks in small and mid-sized commercial real estate firms
Many smaller, unlisted commercial real estate (CRE) firms have a high loan-to-value (LTV) ratio and a low interest coverage ratio (ICR). This makes them vulnerable to a scenario with high interest rates and lower earnings. A new FI Analysis concludes that, given such a scenario, smaller CRE firms would constitute the majority of banks’ real estate sector-related credit risks.
The TRS2 test environment closed 28 May for maintenance
On Tuesday, 28 May, the TRS2 test environment will be closed for maintenance. It will still be possible to submit TR files, but feedback will not be sent until the maintenance has been completed.
Stability in the Financial System (2024:1): A slightly better outlook in an uncertain environment
The outlook for financial stability has improved somewhat, and uncertainty has decreased, but we are still in the middle of a recession. Higher costs for both interest payments and other goods and services are putting pressure on households and firms. The worsened global security situation is also imposing increased demands on the operational resilience in the financial sectorn. These are the conclusions of this year's first stability report.
Capital requirements of Swedish banks as of Q1 2024
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 2024
FI Analysis No. 44: Most People Have Lost Money Trading Cryptocertificates
More than half of Swedes who traded in cryptocertificates over the past six years have lost money on their investments. This is despite the underlying market increasing by up to 500 percent during the studied period. This is shown in a new analysis by FI that examines Swedes' trading in cryptocertificates.
FI would like the financial market to shift its sustainability work into the next gear
There is a lot of work left to do before the financial market fully contributes to a sustainable economy. For example, firms need to be better at identifying and integrating sustainability risks. One condition for this is that they have the right competence in sustainability-related matters. Firms also are responsible for preventing their operations from being used for criminal purposes. These are several of the conclusions we draw in our sustainability report that is being published today.
Four reasons not to buy cryptoassets
Right now, the media is filled with reporting on cryptoassets, and various investment tips are being shared on social media. Even though regulations for the cryptomarket are under development, it will continue to be very risky for consumers to invest in crypto. We have listed four reasons not to invest in them.
FI notifies foreign supervisory authorities after complaints about misleading advice
FI has been receiving complaints from consumers in Sweden about four foreign investment firms. The foreign supervisory authorities who are responsible for the supervision of these companies have been notified about the complaints.
Firms continue to offer consumers unsuitable products
Expensive and complex products are unsuitable for most consumers. Despite this, firms offer such products on a broad front. This is one of the consumer risks that FI highlights in this year’s consumer protection report.
The TRS2 test environment closed May 16 for maintenance
On Thursday, 16 May, the TRS2 test environment will be closed for maintenance.
Operational disruptions in TRS 2 18–19 May
There may be minor disruptions to both the production environment and the test environment of the TRS 2 system on 18–19 May due to planned maintenance.
Daniel Barr: “We must continue to develop the work to combat money laundering”
The criminal economy feeds organised crime and introduces major challenges for society. Both firms and authorities therefore need to do more to reverse the development. The collaboration today between both authorities and firms needs to be developed and deepened. There also needs to be suitable tools to manage the cross-border risks associated with money laundering, particularly for cash-intensive businesses. These were some of the key points from Finansinspektionen’s Director General Daniel Barr as he participated in a panel discussion at Anti-Money Laundering Days 2024 (Penningtvättsdagarna).
Beatrice Ask new chair of the Board of FI
Beatrice Ask has joined and will be the chair of FI’s Board of Directors. The appointment runs until 24 April 2027.
DiamondCapitals.co
2024-04-23
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Diamond Capitals are offering Swedish investors to trade with securities.
FI prioritizes particularly vulnerable sectors to combat money laundering
Money laundering is a global problem that allows criminals to transact large sums of money without revealing their illegal activities. In order to counteract the risk of money laundering, FI has identified a number of areas where the risks are assessed to be particularly large and that we will have an extra focus on during the year.
The CF Global Trading (clone)
2024-04-11
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent The CF Global Trading (clone) are offering Swedish investors to trade with securities.
Scheduled maintenance: Fidac
2024-04-08 | Reporting
Thursday 11 April, between 2:00 PM to 4:00 PM, maintenance work will take place in Fidac and the system may be unavailable during that time.
FI Supervision 29: Advisors are not taking customers’ sustainability preferences into account
Six out of ten say that sustainability is important when saving money. Advisors at banks, investment firms and insurance intermediaries have an obligation to take into account consumers’ sustainability preferences. This does not always happen. Instead, many consumers currently face a risk of investing in products that do not correspond to their expectations when it comes to sustainability. This is the conclusion FI draws from its analysis, and we are now encouraging firms to devote a special focus to this topic.
Reporting calendar and information
2024-03-21
Markets
2024-03-21 | Reporting
Here we gather technical information about national reporting and according to ESMA's framework.
Scheduled maintenance: Ansök
2024-03-20 | Reporting
Wednesday 20 March, between 14:00 PM to 15.00 PM maintenance work will take place in Ansök and the system will be unavailable during that time.
Warning regarding Swisscap
2024-03-20
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Swisscap are offering Swedish investors to trade with securities.
FI Analysis No. 42: Gender differences in investment behaviour
The study confirms previous results showing that women are underrepresented in the stock market. The differences arise as early as three years of age, which shows that adults more often buy stocks for boys than for girls. We also see that men generally have larger stock portfolios than women throughout life, although women increase their stock wealth later in life.
Operational disruptions FIDAC: Solved
2024-03-18 | Reporting
We have now implemented a fix in FIDAC to solve the problem with failed uploads of the report Survey of household loans and savings. The problem should be solved but please contact rapportering@fi.se if you continue to experience problems.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the first quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Nordix Chain
2024-03-12
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Nordix Chain are offering Swedish investors to trade with securities.
Operational disruptions: FIDAC
2024-03-11 | Reporting
Some reporters are at the moment experiencing issues with uploading large files for the report Survey of household loans and savings. We are investigating the issue and will inform when it has been resolved.
Scheduled maintenance: Fidac
2024-03-08 | Reporting
Monday 18 March, between 9:00 AM to 11:00 AM, maintenance work will take place in Fidac and the system may be unavailable during that time.
Scheduled maintenance: Fidac Test reporting
2024-03-08 | Reporting
Tuesday 12 March, between 1:00 PM to 3:00 PM, maintenance work will take place in Fidac Test reporting and the system may be unavailable during that time.
WFM International
2024-03-06
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent WFM International are offering Swedish investors to trade with securities.
TradeVision365
2024-03-01
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent TradeVision365 are offering Swedish investors to trade with securities.
Nordic CT
2024-02-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Nordic CT are offering Swedish investors to trade with securities.
Scheduled maintenance: Fidac
2024-02-26 | Reporting
Wednesday 28 February, between 3:00 PM to 4:30 PM, maintenance work will take place in Fidac and the system may be unavailable during that time.
Capital requirements of Swedish banks as of Q4 2023
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 Q4 2023.
Comprehensive overview is important when changing the conditions on the housing market
FI has received an assignment from the Government to assess an increase in the loan-to-value (LTV) cap from 85 to 90 percent. At the same time, the Government proposes phasing out the tax deductibility for unsecured loans. We assess that an increase in the LTV cap would lead to higher household indebtedness and an increase in associated risks. This assessment holds even if interest rate deductions for unsecured loans are phased out. We also take the position that it is appropriate to await the results of the ongoing inquiry into both the LTV cap and the amortisation requirement and consider any changes to the measures comprehensively.
Guide and video guide
2024-02-16 | Reporting
FIDAC
2024-02-16
FIDAC (Finansinspektionen Data Collection) is the Swedish Financially Supervisory Authority reporting system for periodic reporting and some event driven reporting.
Marie Lindström new communications director
FI has named Marie Lindström its new communications director.
Ownership reporting
Financial entities are obligated to report larger holdings, for example subsidiaries and other ownership interests.
Our supervision priorities
2024-02-08 | About FI
FI’s mandate is to supervise the financial sector to ensure firms are compliant with the rules and the sector is functioning well. The financial market is large and complex, and we have limited resources. We cannot be everywhere, all the time. One condition for us to be able to carry out our mandate is that we conduct what we call effective and communicative supervision.
Our supervision priorities for 2024
Are consumers being offered the right services on the financial market? How is the sector delivering crucial services in an uncertain global environment? How are financial corporations protecting themselves from being used for criminal purposes? These are some of the questions we will focus on in our supervision this year.
Scheduled maintenance: Short selling reporting tool and register
2024-02-07 | Reporting
On Monday, 19th February after 3.30 PM, there will be operational disruptions due to scheduled maintenance.
Scheduled maintenance: Prospectus system and Prospectus register
2024-02-07 | Reporting
On Thursday, 15th February 11 AM to 1 PM, there will be operational disruptions due to scheduled maintenance.
Outsourcing contracts
2024-02-06 | Bank
If a credit servicer wants to outsource its credit servicing operations to a third party, FI must be notified.
Cross-border activities
2024-02-06 | Bank
A credit servicer authorised pursuant to the Credit Servicer Act (Purchase and Servicing of Non-Performing Credit Agreements Act [2023:714]) is entitled to conduct business in other EEA countries.
Credit servicers
2024-02-06 | Bank
In accordance with the Credit Servicer Act (Purchase and Servicing of Non-Performing Credit Agreements Act [2023:714]) authorisation from FI is required to conduct, on behalf of a credit purchaser, professional credit servicing of a non-performing credit agreement entered into between a credit institution with the EEA and a borrower.
Debt collection
2024-02-06 | Bank
According to the Debt Collection Act (1974:182), authorisation from FI is required to conduct debt collection operations related to the collection of debt on a third party’s behalf or debt that has been taken over for collection.
Jon Thor Sturluson new chief economist at FI
FI has named Jon Thor Sturluson its new chief economist. He will take over the role no later than 1 May 2024 and join FI’s management team.
Scheduled maintenance: Short selling reporting tool and register
2024-01-31 | Reporting
On Tuesday, 6th March after 3.30 PM, there will be operational disruptions due to scheduled maintenance.
Scheduled maintenance: Prospectus system and Prospectus register
2024-01-31 | Reporting
On Tuesday, 6th March 1 PM to 3.30 PM, there will be operational disruptions due to scheduled maintenance.
Moa Langemark is FI’s new consumer protection economist
A clear and independent voice is needed to help consumers on the financial market. Moa Langemark will now take on the role of consumer protection economist at Finansinspektionen. She will undertake overall responsibility for supporting and developing our consumer protection work. Together with Director General Daniel Barr, Moa will also be FI’s spokesperson in consumer protection-related matters.
Macroprudential measures in other countries
According to the capital adequacy regulations (Capital Requirements Regulation and Capital Requirements Directive), a country can ask other countries to reciprocate adopted macroprudential measures.
Capital requirements for Swedish banks
FI publishes the capital requirements for Swedish banks and credit institutions in supervision categories 1 and 2 every quarter.
TRS 2 system closed 10 January
The TRS 2 system will be closed for maintenance on 10 January 2024.
2023
Swesolution
2023-12-22
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent Swesolution are offering Swedish investors to trade with securities.
Swe-Csm
2023-12-21
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent Swe-Csm are offering Swedish investors to trade with securities.
Regulations amending Finansinspektionen’s regulations (FFFS 2017:22) regarding position limits
Read more
Elevated Markets
2023-12-14
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Elevated Markets are offering Swedish investors to trade with securities.
FI Analysis No. 43: d-SRI: A systemic risk indicator for Sweden
In this FI-analysis we adapt the systemic risk indicator d-SRI to Swedish conditions. d-SRI is intended to give an early warning signal before crises caused by domestic imbalances arise. d-SRI indicates build-up of risks during the years leading up to the crisis in the 1990s, the 2000 dot-com crash, and the 2008 financial crisis. In present time when we see reduced credit growth and lower asset prices, d-SRI is showing that financial conditions are tight.
FI extends the risk weight floor for Swedish mortgage exposures
FI has decided to extend the risk weight floor by two years, from 31 December 2023 to 30 December 2025.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged in the fourth quarter. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Aros receives warning and administrative fine
Finansinspektionen has decided that Aros Kapital will receive a warning and an administrative fine of SEK 45 million.
Banking package close to completion
On 6 December, the EU Member States approved a banking package that implements the last parts of the Basel III agreement in the EU. The European Parliament is also expected to approve the agreed rules in the near future.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Scheduled maintenance: Fidac Test reporting
2023-12-07 | Reporting
Thursday 7 December, between 1:00 PM to 4:00 PM, maintenance work will take place in Fidac Test reporting and the system may be unavailable during that time.
FI Analysis No. 41: Commercial real estate firms may need to reduce their debt
In this analysis, we estimate how much Swedish listed and larger privately owned commercial real estate firms need to reduce their debt in a climate of rising financing costs and falling property values. We calculate the firms need to reduce their debt to maintain certain levels of interest coverage ratio and loan-to-value.
Stability in the Financial System (2023:2): Adjustments to higher interest rates remain to be made
The higher interest rate means that households and companies need to make adjustments to their finances. Finansinspektionen (FI) is now seeing a decline in risk-taking. However, the change in the state of the economy and uncertainty regarding how long the higher interest rates will remain pose a risk to financial stability. Commercial real estate undertakings with high debt are particularly at risk should the interest rates remain high. These are the conclusions of the second Stability Report of the year.
Capital requirements of Swedish banks as of Q3 2023
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 Q3 2023.
Monitor what your funds are costing you
Today, almost all households invest in funds, either directly through private savings or indirectly through our pensions. However, close to one third of fund savers are unaware of how high the fund fee is and many risk paying too much for their savings. We are, therefore, now publishing the most common fees for some popular fund categories to help consumers monitor what certain funds cost.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
European Commission approves extension of the risk weight floor for Swedish mortgages
The European Commission has announced that it does not intend to object to FI's intention to extend the current risk weight floor for Swedish mortgages. This means that FI may implement the measure.
Protect consumers’ access to payment accounts
Banks restrict consumers’ access to payment accounts more than is necessary to manage money laundering risks. We want to see stricter requirements on banks to make assessments of consumers on an individual basis. Banks should also consider whether they can offer a more limited range of services instead of closing a customer’s account.
Fraudsters use Bitcoin as bait
It has become increasingly common for fraudsters to contact consumers by email saying there are cryptocurrencies registered at the person's email address. Consumers are told that these assets can be released for a fee. This is the conclusion of Finansinspektionen’s review of investment fraud cases during the third quarter of the year.
Legal positions
2023-10-24
To provide guidance in a legal issue, Finansinspektionen can decide to take a legal position. A legal position specifies FI's stance on how a particular legal rule should be applied, and will thus provide guidance to undertakings under FI's supervision.
Giltig Finanser
2023-10-11
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Giltig Finanser are offering financial services to consumers.
Warning regarding Stockholm Asset Management (clone)
2023-10-06
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Stockholm Asset Management (clone) are offering financial services to consumers.
Scheduled maintenance: All reporting systems
2023-10-05 | Reporting
On Saturday and Sunday 7-8 October, there may be operational disruptions due to scheduled maintenance, which affects all of Finansinspektionen’s systems for reporting and applying for authorisation.
FI Supervision 27: Non-life insurance undertakings’ product approval processes
The process for product approval is central from a consumer protection perspective. It aims to ensure that insurance undertakings focus on consumer interests when they develop and maintain insurance products. In an in-depth analysis that Finansinspektionen has conducted, we have seen a number of good examples of how undertakings work with and apply this process.
Scheduled maintenance: The Reporting Portal
2023-09-18 | Reporting
Wednesday 20 September there may be operational disruptions due to scheduled maintenance. The disruptions might affect login to the Reporting Portal.
License to be registered as manager of units or shares
If a fund company’s register of shareholders is kept by an organisation which is not a Swedish central securities depository, an authorisation from the Financial Supervisory Authority is required for registration as a manager of units or shares (nominee licence).
TRS 2 system closed on 27 September
TRS 2 system closed on Wednesday, 27 September.
FI notifies the EU regarding extension of the existing risk weight floor for Swedish mortgages
FI notifies the EU regarding extension of the existing risk weight floor for Swedish mortgages
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged. The buffer rate of 2 per cent, which was applied starting on 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
New risk weight floors for bank loans to commercial properties
Finansinspektionen has decided to introduce risk weight floors for exposures towards the commercial real estate sector according to article 458 in CRR. At the same time the current risk weight floor under Pillar 2 will be removed. The new floors will enter into force on 30 September 2023.
Scheduled maintenance: Fidac
2023-09-12 | Reporting
Wednesday 13 September, between 9:00 AM to 1:00 PM, maintenance work will take place in Fidac and the system may be unavailable during that time.
Scheduled maintenance: The Reporting Portal
2023-09-11 | Reporting
Today, Monday 11 September, there may be operational disruptions due to scheduled maintenance. The disruptions might affect login to the Reporting Portal.
List of covered bonds
2023-08-29 | Bank
Planned maintenance of the TRS 2-systems test environment
The TRS 2 system's test environment will be closed for maintenance on Wednesday, 6 September.
Capital requirements of Swedish banks as of Q2 2023
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 Q2 2023.
Warnings for investment fraud continue to increase
Last year, Finansinspektionen (FI) published a record number of warnings of firms suspected of investment fraud. The trend continues. During the first half of 2023, the number of warnings increased by nine per cent compared to the same period last year.
Henrik Braconier new executive director of Banking
Henrik Braconier is the new executive director of Banking. For the past nine years, Henrik has served as Finansinspektionen’s chief economist.
Large Swedish banks show resilience in EU stress test
The five largest Swedish banks are resilient and have the ability to withstand a sharp deterioration in market conditions, based on the stress test conducted by the European Banking Authority (EBA).
Consumer Protection Report 2023
The risks given the highest priority in FI’s consumer protection work for 2023 are unaffordable lending, unsuitable investment products and investment fraud.
European Commission approves introduction of risk weight floors for bank loans to commercial real estate
The European Commission has announced that it does not intend to object to FI's intention to introduce risk weight floors for bank loans to commercial real estate. This means that FI may implement the measure.
Daniel Barr new member of EIOPA’s Board of Supervisors
Finansinspektionen’s (FI) Director General Daniel Barr joined the Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) in July 2023.
Deputy director general Susanna Grufman leaving Finansinspektionen (FI)
Susanna Grufman, deputy director general and executive director of Markets, is leaving FI for the Riksbank.
Supervision and sustainability
2023-06-30
FI supervises firms that have received authorisation from FI to conduct business on the financial market. All of FI’s supervision is risk-based, and this also applies to sustainability.
Open finance in Sweden
Digitalisation introduces both opportunities and risks to the financial market. After conducting a new survey, FI has noted that broader regulation on how customer data can be shared with third-party providers could make it easier for consumers to compare financial products such as occupational pensions and mortgages.
FI leaves the countercyclical buffer rate unchanged
FI leaves the countercyclical buffer rate unchanged. The buffer rate of 2 per cent, which will be applied as of 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Report: Banks’ administration of amortisation requirement exemptions
Finansinspektionen has conducted a survey into banks' administration of amortisation requirement exemptions, as an assignment from the government. The survey shows that banks have primarily handled amortisation requirement exemptions well. Banks have improved their procedures for handling exemptions, which have increased due to increased pressure on households' finances and more widespread knowledge within society about the possibility of receiving an exemption. The banks' improved procedures are an adjustment to this change.
Deltascrypto
2023-06-15
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent Deltascrypto are offering Swedish investors to trade with securities.
Tierra500
2023-06-09
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent Tierra500 are offering Swedish investors to trade with securities.
Reciprocation of Norwegian systemic risk buffer
Finansinspektionen has reciprocated the Norwegian systemic risk buffer.
On Saturday, 10 June, until Sunday, 11 June, TRS 2 will be closed for maintenance
It will be possible to submit TR files, but feedback will not be sent until after 12 pm on Monday 12 June.
Stability in the Financial System (2023:1)
Since the publication of the stability report last autumn, inflation has slowed somewhat in the large economies but is still significantly higher than the central banks’ inflation targets. Monetary policy has therefore been tightened further, and interest rates continued to rise. High inflation and rising interest rates mean that the forecasts for global economic development continue to be weak.
Updated approach to assessing Pillar 2 guidance for Swedish banks
Finansinspektionen has decided on an updated approach for assessing the size of the Pillar 2 guidance for Swedish banks. The updated method contains in part new intervals and an upper limit on how much the outcome of the sensitivity-based stress test can contribute to the final guidance.
Currency exchanger My Change Scandinavia must cease its operations
Finansinspektionen has decided to issue an injunction to the currency exchange company My Change Scandinavia AB (My Change) to immediately cease its operations. The reason is extensive and severe deficiencies in the firm’s work to combat money laundering and terrorist financing.
My Change Scandinavia receives an injunction to cease its operations
Finansinspektionen is issuing an injunction to My Change Scandinavia AB (My Change) to cease its currency exchange operations. It shall have ceased its operations no later than 24 August 2023.
FI Analysis No. 40: Winners and losers in the trading of meme stocks
In 2021, Gamestop, a relatively unknown American company, experienced a sudden increase in its stock price. The price increase had been orchestrated by a group of investors who had collaborated via a social media platform and successfully drove up the price of the stock by 1,500 per cent within days. Other stocks, including AMC, had exhibited similar patterns, giving rise to the term "meme stocks" due to the humorous elements found in the online forums where these stocks were discussed.
Capital requirements of Swedish banks as of Q1 2023
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 2023.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Finansinspektionen’s regulations regarding a pan-European personal pension product
In force from 2023-01-01
Operational disruptions resolved: FIDAC
2023-05-19 | Reporting
The problem with the validation of XBRL files in Fidac is now fixed.
Finansinspektionen’s strategy to prevent greenwashing
2023-05-16
FI has a strategy to prevent greenwashing in the financial sector. Its aim is to safeguard confidence in sustainable investments and sustainable finance.
Finansinspektionen’s regulations and general guidelines regarding the Swedish Pensions Agency's insurance activities in the premium pension system
2023-05-16 | Insurance
Read more
FI notifies the EU regarding the introduction of new risk weight floor for commercial real estate
Finansinspektionen has notified the Commission and the European Systemic Risk Board (ESRB) that it intends to introduce weight floor for commercial real estate in accordance with Article 458 of the CRR. This will replace the current Pillar 2 risk weight floors for exposures secured by commercial real estate. The measure is planned to be effective from 30 September 2023.
Operational disruptions: FIDAC
2023-05-10 | Reporting
We have identified issues that may occur in the processing and validation of XBRL-files in FIDAC. Troubleshooting ongoing. We will notify you when the disruptions have been resolved.
Scheduled maintenance: Fidac
2023-05-03 | Reporting
Wednesday 3 May, between 11:00 AM to 3:00 PM, maintenance work will take place in Fidac and the system may be unavailable during that time.
Executive Director Karin Lundberg to leave FI
Per Nordkvist, currently the deputy executive director of the Banking section, will take over as acting executive director.
Van Tilburg Consultancy (Clone)
2023-04-28
It has come to the attention of Finansinspektionen, the Swedish Financial Supervisory Authority, that persons claiming to represent Van Tilburg Consultancy are offering financial services to consumers.
Swedish Financial Benchmark Facility AB receives authorisation as administrator of STIBOR under BMR
Finansinspektionen grants Swedish Financial Benchmark Facility AB (SFBF) authorisation as an administrator of STIBOR under the EU regulation on benchmarks (BMR).
FI welcomes inquiry into macroprudential policy
FI has taken several measures since 2010 to reduce the risks associated with households’ high levels of debt. These measures include the amortisation requirements and the mortgage cap. FI welcomes the Government’s announcement today presenting an inquiry to look more closely at how these measures have functioned.
More common for fraudsters to say they work at authorities and companies
Fraudsters want to establish a credible façade to be able to deceive consumers. One way of achieving this is to make it look like the consumer is being contacted by a real authority or a real company. This then creates trust, enabling the fraudster to convince consumers to pay made-up fees. Finansinspektionen has seen several examples of this during the first quarter of 2023.
FI Analysis 38: Loans and payment problems among women and men
2023-04-14 | Reports
Among borrowers over the age of 45, it is more common for women than men to have a debt registered with the Enforcement Authority. One explanation could be that major life events, like a divorce, have more of an adverse impact on women. This is the conclusion of an analysis by the Enforcement Authority and Finansinspektionen
Camilla Asp new member of FI’s Board of Directors
The Government has appointed Camilla Asp to Finansinspektionen’s Board of Directors.
FI proposes update to its approach for assessing Pillar 2 guidance for Swedish banks
Finansinspektionen presents a proposal for an update to its approach for assessing the size of the Pillar 2 guidance for Swedish banks. The proposal entails in part new intervals and an upper limit on how much the outcome of the sensitivity-based stress test can contribute to the final guidance. Comments on the proposal should be submitted to FI no later than 2 May.
RXK Capital
2023-03-29
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent RXK Capital are offering Swedish investors to trade with securities.
Proposal for new risk weight floors for bank loans to commercial properties
FI is proposing to introduce risk weight floors for exposures towards the commercial real estate sector according to article 458 in CRR. At the same time the current risk weight floor under Pillar 2 would be removed. The new floors are proposed to enter into force on 30 September 2023.
FI reciprocates the extension of Norwegian risk weight floors
Finansinspektionen (FI) has passed a decision to reciprocate the Norwegian Ministry of Finance’s decision to extend average risk weight floors of 20 per cent for retail exposures collateralised by real estate in Norway and of 35 per cent for corporate exposures collateralised by real estate in Norway.
Rising interest costs putting pressure on mortgagors
Mortgagors are under pressure from rising interest rates. At the same time, the majority of new mortgagors continue to have good margins in their personal finances. These are the conclusions drawn by Finansinspektionen in this year’s Swedish Mortgage Market report, which is being presented today.
The Swedish Mortgage Market 2023
Mortgagors are under pressure from rising interest rates. At the same time, the majority of new mortgagors continue to have good margins in their personal finances. These are the conclusions drawn by Finansinspektionen in this year’s Swedish Mortgage Market report, which is being presented today.
IMF assessment of the financial sector in Sweden is complete
During 2022, the International Monetary Fund (IMF) carried out a special assessment of the financial sector in Sweden, a so-called FSAP (Financial Sector Assessment Program). FSAPs are conducted regularly for member countries with systemically important financial markets. The most recent FSAP for Sweden by the IMF was in 2016.
Scheduled maintenance: The Reporting Portal
2023-03-16 | Reporting
On Saturday and Sunday, 18–19 March, there may be operational disruptions due to scheduled maintenance. The disruptions will affect all of Finansinspektionen’s reporting systems.
Alfabtc / Alfa-crypx
2023-03-16
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Alfabtc are offering Swedish investors to trade with securities.
Swedbank receives a remark and an administrative fine
Swedbank is being issued a remark and must pay an administrative fine of SEK 850 million.
FI leaves the countercyclical buffer rate unchanged
FI leaves the countercyclical buffer rate unchanged. The buffer rate of 2 per cent, which will be applied as of 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Swedbank receives a remark and an administrative fine
Swedbank is receiving a remark for the bank’s lack of internal control following a change to a business-critical IT system last year. The bank must also pay an administrative fine of SEK 850 000 000.
Operational disturbances in TRS 2 on March 18–19
There may be some minor disturbances in the TRS 2 system on March 18 and 19 in both the production environment and the test environment. The disturbances are due to planned maintenance. In the event of problems, rapporteurs are advised to try again later during the day.
TRS 2 system closed on Wednesday, 15 March
TRS 2 system closed on Wednesday, 15 March.
Payments
2023-03-01 | Payments
The payment system is a critical function. FI supervises clearing organisations for payments, payment institutions, registered payment service providers, financial institutions, electronic money institutions and registered electronic money issuers.
We have made some changes to our website
As of 1 March, we have a new heading in the main navigation panel of our website: Payments. Here you will find all information related to activities within the payments sector.
Apply for authorisation
2023-03-01 | Payments
Regulations
2023-03-01 | Payments
Capital requirements of Swedish banks as of Q4 2022
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 Q4 2022.
No extra insurance needed when buying a TV
You do not need special insurance when buying, for example, a new TV or a dishwasher. This is the conclusion of our review of so-called gadget insurance, which is often offered in retail. If you have home insurance, you have good protection.
Is there a need for supplementary and gadget insurance?
Consumers’ need for supplementary insurance differs by age. Younger consumers have a greater need for this type of insurance, while older consumers often have little need for it. The need for gadget insurance is limited, and there is often no need for it at all. These are the conclusions of an in-depth analysis conducted by Finansinspektionen (FI).
Malin Alpen new executive director of Payments
2023-02-10 | News
Malin Alpen is currently the head of compliance at Getswish AB, which provides the service Swish to participating banks. Malin has worked extensively in the financial market with payment-related matters, including at Handelsbanken, the Swedish Ministry of Finance and Sveriges Riksbank.
Daniel Barr new Director General of Finansinspektionen
The Government has today appointed Daniel Barr as the new Director General of Finansinspektionen.
FXY Trade
2023-02-01
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent FXY Trade are offering Swedish investors to trade with securities.
ESRB issues a recommendation on vulnerabilities in the commercial real estate sector
The European Systemic Risk Board (ESRB), the EU’s macroprudential overseer, has issued a general recommendation on risks linked to vulnerabilities in the commercial real estate (CRE) markets in the EU, Iceland, Liechtenstein and Norway. The recommendation calls for improved monitoring of such risks to the financial system, along with both micro- and macroprudential policy measures to address identified vulnerabilities where necessary.
Large increase in suspected cases of investment fraud in 2022
Despite the contracting economy and the uncertainty in both the Swedish economy and the world in general, investment fraud was on the rise last year. In 2022, FI issued 3,471 warnings – 25 per cent more than in 2021. One new observation during the year is that fraudsters more frequently demand payment in bitcoin to avoid detection.
Correction of TRS 2 validation
All submitting entities that received incorrect validations with error codes CON-070 and CON-160 may now resend the incorrectly rejected transactions.
Other systems
2023-01-17 | Reporting
Periodic reporting
2023-01-17 | Reporting
National and EU-regulated data collections (will be moved to Fidac)
New design
2023-01-17 | News
We have updated the design of our start page and several other pages. Much of the content on the pages has stayed the same, but some things have been given a new name and location.
E-services and forms
2023-01-17
FFFS
2023-01-17
FI’s regulatory code contains regulations and general guidelines that supplement and specify the fundamental rules set out in acts and regulations.
Our registers
2023-01-17
Online application in the e-service Applications
2023-01-17
It is now possible to perform management suitability assessments and owner management suitability assessments via a digital e-service.
Operational disruptions resolved: Fidac Test Reporting
2023-01-03 | Reporting
Fidac Test Reporting is back in operation.
Authorisation as an administrator of STIBOR – FI assesses that the application is complete
Swedish Financial Benchmark Facility AB 's (SFBF) application to become an authorised administrator of STIBOR in accordance with the EU’s Benchmark Regulation (BMR) has of 2 January 2023 been assessed to be complete.
Operational disruptions: Fidac Test Reportingportering
2023-01-02 | Reporting
Temporary disruptions may occur in Fidac Test Reporting. Troubleshooting is in progress. We will notify you when the disruptions have been resolved.
2022
Greatest risk for repayment problems at so-called instant loan firms
One out of six who borrow from a consumer credit institution, previously called instant loan firms, receives a collection notice. Among all lenders, one out of five unsecured loans was approved for a person who does not have any money left after paying their monthly subsistence costs. Given the expected economic development – high inflation and higher interest rates – this percentage could increase to every third borrower. All of these observations indicate that credit assessments are insufficient. This is the conclusion of a consumer credit survey that FI is presenting today.
Swedish Consumer Credit
A large portion of Swedish households’ loans is for their homes. But the households also use loans to finance some of their consumption. Consumption credit has grown rapidly in recent years. In terms of SEK, unsecured loans represent the largest share of consumer credit. In terms of volume, invoices are the most common form of consumer credit. These are some of the conclusions from Finansinspektionen’s (FI) survey of new consumer credit with data from 2021.
Royal Oak Investment
2022-12-21
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Royal Oak Investment are offering Swedish investors to trade with securities.
Fivestarpips
2022-12-21
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Fivestarpips are offering Swedish investors to trade with securities.
FI Analysis No. 39: Are the capital buffers fulfilling their purpose?
The minimum requirement for own funds and eligible liabilities (MREL) is designed in such a way that the banks can breach it before they breach the capital requirements. As a result, this can reduce the usability of the capital buffers. This is shown in FI’s analysis of how the capital buffers are impacted when a bank must meet both MREL and the capital requirements.
FI maintains level of systemic risk buffer for major banks
The three major banks, SEB, Handelsbanken and Swedbank, will continue to maintain a systemic risk buffer of 3 per cent at group level. This decision was made following FI’s biennial review of the systemic risk buffer in accordance with the European Capital Requirements Directive.
Länsförsäkringar Bank is issued a remark and must pay administrative fine
Länsförsäkringar Bank has been deficient in its work to prevent money laundering and terrorist financing. The bank is therefore being issued a remark and must pay an administrative fine of SEK 90 million.
FI leaves the countercyclical buffer rate unchanged
FI leaves the countercyclical buffer rate unchanged. The buffer rate of 2 per cent, which will be applied as of 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Länsförsäkringar Bank recieves a remark and must pay an administrative fine
Länsförsäkringar Bank has been deficient in its compliance with the anti-money laundering regulations. Finansinspektionen is therefore issuing Länsförsäkringar Bank a remark that will be accompanied by an administrative fine of SEK 90 million.
A strategy to prevent greenwashing
Finansinspektionen will prevent greenwashing in the financial sector through preventive measures and supervisory activities. Today, in a new report that is submitted to the government, FI presents a strategy to prevent greenwashing.
Finansinspektionen’s strategy to prevent greenwashing
FI’s strategy for preventing greenwashing in the financial sector aims to safeguard the trust in sustainable investments and a sustainable finance market.
Roadmap for sustainable finance
In 2019, FI’s overarching mandate was expanded to include a responsibility to ensure that the financial system contributes to sustainable development. FI is also the responsible supervisory authority for a number of new regulations related to sustainable finance that are the result of the EU’s ambitious sustainability agenda.
Therese Östling Waller new HR director
Therese Östling Waller is currently the HR manager at SVT. Therese has extensive experience within HR, including from the Swedish Public Employment Service, where she was head of the HR department for several years.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Macro-based stress tests of Swedish banks: results and method, Autumn 2022
Major Swedish banks demonstrate considerable resilience in the stress test Finansinspektionen (FI) conducted in 2022. The test identifies the potential effects on the five largest Swedish banks’ financial positions when interest rates and inflation increase. This memorandum (only available in Swedish) describes the method behind the stress test and its results.
Financial stability risks are increasing on the back of rising interest rates and a weakening economy
Rising interest rates, decreased risk-taking and a slowing economy are weighing on highly indebted commercial real estate firms and households. The rapid transition to higher interest rates and a decreased willingness to take risk means financial stability risks have increased since spring. At the same time, this transition may lead to lower risk-taking and indebtedness in the long run, thus lowering stability risks.
Stability in the Financial System (2022:2)
High inflation has led to rapidly rising interest rates. Given the current rapid change in conditions, both participants on the financial markets and borrowers need to transition quickly. In the short term, this means elevated risks and greater uncertainty. The already high risks in the commercial real estate sector have continued to increase.
FI Analysis No. 37: Stress tests of funds’ liquidity risks
FI’s stress tests show that the majority of Swedish funds appear to be able to handle relatively large outflows in an effective manner. However, some corporate bond funds and a relatively large share of high-yield bond funds may experience liquidity problems under stressed market conditions.
Capital requirements of Swedish banks as of Q3 2022
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 Q3 2022.
TRS 2 system closed on Wednesday, 23 November
The TRS 2 system will be closed for maintenance on Wednesday, 23 November. It will be possible to submit TR files, but feedback will not be sent until after the maintenance is completed.
Susanna Grufman takes over as acting director general
Susanna Grufman has been the deputy director general since March 2020 in addition to her role as executive director for Markets. She will take over today, 21 November, as acting director general as Erik Thedéen steps down from his role as director general to become the head of the central bank.
Aerofinancing
2022-11-18
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Aerofinancing are offering Swedish investors to trade with securities.
SIP Nordic receives a warning and an administrative fine
SIP Nordic Fondkommission AB (SIP Nordic) is receiving a warning and must pay an administrative fine of SEK 6.7 million.
Celina Fondförvaltning receives warning and administrative fine
Celina Fondförvaltning AB (Celina) is receiving a warning and must pay an administrative fine of SEK 10 million.
Borrower-based measures following high inflation and rising interest rates
Changing or pausing the amortisation requirements is not an accurate or appropriate measure for helping the households with the greatest need for financial support to handle their higher costs. This is the conclusion of FI’s evaluation of how the amortisation requirements impact households with lower incomes and small margins in today’s difficult economy.
Improperly issued error codes CON-070 and CON-160 may occur in the TRS 2 validation
From around the 26:th of October it has occurred that Buyer and Seller LEI have been wrongly validated, which has resulted in improperly issued error codes CON-070 and CON-160.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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The TRS 2 system’s test environment will be closed for maintenance on Wednesday, 9 November
It will be possible to submit TR files, but feedback will be sent first after the maintenance has been completed.
New operational section for payments and preparedness
FI will create a new operational section to focus on payments and preparedness.
Reciprocation of Norwegian systemic risk buffer
Finansinspektionen has reciprocated the Norwegian systemic risk buffer.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Funds with sustainable investment as its objective
The Swedish Financial Supervisory Authority, Finansinspektionen (FI) has conducted an in-depth analysis of how managers of funds registered in Sweden that have sustainable investment as its objective (so-called Article 9 funds) meet the requirements on sustainability-related disclosures in the pre-contractual information they must provide to investors.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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TRS 2 system closed on Wednesday, 5 October
The TRS 2 system will be closed for maintenance on Wednesday, 5 October.
Scheduled maintenance: The Reporting Portal
2022-09-28 | Reporting
On Monday, 28 September until 10.00 AM, there may be operational disruptions due to scheduled maintenance. The disruptions might affect login to the Reporting Portal.
TRS 2 closed 28 september
The FTP server for the TRS 2 system will not be available on 28 September 2022 due to a change in certificate.
The TRS 2 system’s test environment will be closed for maintenance on Wednesday, 21 September
It will be possible to submit TR files, but feedback will be sent first after the maintenance has been completed.
Erik Thedéen: Adjustments needed on the commercial real estate market
Erik Thedéen, Director General of Finansinspektionen (FI), spoke at the Öresundsmarknaden conference about FI’s view on the commercial real estate market.
FI leaves the countercyclical buffer rate unchanged
FI leaves the countercyclical buffer rate unchanged. The buffer rate of 2 per cent, which will be applied as of 22 June 2023, shall thus continue to apply. The countercyclical buffer guide is calculated at 0 per cent.
Money remittance provider Moneygram must resolve anti-money laundering deficiencies
The foreign money remittance provider Moneygram International SPRL has not had a sufficient scope in the general risk assessment of its operations in Sweden to its assessment of the risk of being used for money laundering or terrorist financing. Therefore, FI has decided to issue an injunction to Moneygram to resolve the deficiencies by 30 December of this year.
Moneygram receives injunction to take remedial action
Moneygram International SPRL has not applied a sufficient scope to its assessment of the risks of its operations in Sweden being used for money laundering. Moneygram must resolve these deficiencies no later than 30 December 2022.
Minutes from the extraordinary meeting of the Financial Stability Council held on 4 September 2022
The minutes from the Financial Stability Council’s extraordinary meeting on 4 September is now available.
Unclear information about sustainable funds
The disclosures provided about funds with sustainable investment as their objective are often unclear. This is the conclusion of an in-depth analysis conducted by Finansinspektionen (FI). In many cases, the disclosures provided in the funds’ prospectuses need to be clearer and more specific.
FI closes investigation into EQT AB
Finansinspektionen has closed an investigation into whether EQT AB was in violation of EU’s Market Abuse Regulation (MAR) when the company disclosed information on 7 September 2021 regarding a revision of the existing lock-up agreements. FI has closed the investigation.
Test environment for TRS 2 closed 14 september
The FTP server for the TRS 2 system's test environment will not be available on 14 September 2022 due to a change in certificate.
The Swedish Financial Stability Council agrees on measures to safeguard financial stability
The Swedish Financial Stability Council agrees on measures to safeguard financial stability. The council met on Sunday the 4th of September for an extraordinary meeting due to the liquidity problems in the market for electricity derivatives.
Commercial real estate debt, non-banks, and the stability of the financial system
Karin Lundberg, Executive Director of Banking, FI, talked about commercial real estate debt, non-banks, and the stability of the financial system in a speech at the UBS Annual Nordic Financial Services Conference.
Walletsafe
2022-08-26
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent the company are offering financial services to Swedish investors.
Do you need insurance for your new TV?
When purchasing a mobile telephone, TV or appliances, for example, you often receive an offer to buy insurance for the newly purchased item. FI will now review whether so-called product insurances create unnecessary costs for customers without providing extra protection.
Capital requirements of Swedish banks as of Q2 2022
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 Q2 2022.
Erik Thedéen: Current assessment of financial stability
FI’s Director General Erik Thedéen participated in a panel discussion on the opportunities and risks associated with increased application of artificial intelligence and machine learning within lending and advice to households. Before he described FI’s view on this topic, Thedéen commented briefly on FI’s current assessment of the stability of the Swedish financial system.
Do loyal policyholders pay more?
Finansinspektionen has analysed whether loyal policyholders pay higher premiums for the three non-life insurance products that are most important for consumers: home insurance (contents), home insurance (building) and private car insurance. The analysis shows that premiums for home insurance (contents) are raised significantly more for loyal customers than for new customers. The premiums for home insurance (building) also are raised more for loyal customers, but this does not apply to private car insurance.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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FI presents new Pillar 2 method for pension risk in credit institutions
Finansinspektionen presents here a new Pillar 2 method for assessing an additional own funds requirement for pension risk in credit institutions.
Supervisory disclosure
2022-06-30 | Markets
The purpose of the supervisory disclosure framework is to enhance the transparency of supervisory practices and to provide a comprehensive overview of regulatory rules adopted.
Rules and guidance
2022-06-30 | Markets
This section contains information concerning national laws, regulations and administrative rules adopted in Sweden in the field of prudential supervision.
Options and national discretions
2022-06-30 | Markets
This section contains information concerning how options and national discretions embedded in Directive (EU) 2019/2034 and Regulation (EU) 2019/2033 are exercised in the Swedish legislation.
Supervisory review
2022-06-30 | Markets
This section contains information concerning the general criteria and methodologies used in the supervisory review and evaluation process by the Swedish Financial Supervision Authority.
Statistical data
2022-06-30 | Markets
This section contains statistical data on key aspects of the implementation of the prudential framework in Sweden. For an overview regarding statistical data of each EU Member State see the corresponding section on the EBA's website.
Decisions regarding reciprocation of macroprudential measures in three EU countries
Finansinspektionen has passed decisions concerning reciprocation of macroprudential measures in Lithuania, Belgium and the Netherlands.
Jacob Henriksson new executive director for Administration and Operational Support
Jacob Henriksson comes most recently from the Swedish Fortifications Agency where he worked for almost five years as CFO and deputy director general.
Svea Bank receives a remark and an administrative fine
Svea Bank is being issued a remark and must pay an administrative fine of SEK 45 million.
Resurs Bank receives a remark and an administrative fine
Resurs Bank is being issued a remark and must pay an administrative fine of SEK 50 million.
The countercyclical buffer rate will be raised
FI has decided to raise the countercyclical buffer rate to 2 per cent, which is its neutral level. This was already communicated in the report Stability in the Financial Markets. Due to the 12-month implementation period, this rate will start to go into effect at the end of June 2023.
Svea Bank and Resurs Bank receive remarks for insufficient credit assessments
Svea Ekonomi, which has now merged with Svea Bank, and Resurs Bank have been deficient in their credit assessments of consumers who received large unsecured loans. Both banks are therefore receiving a remark and an administrative fine of SEK 45 million and SEK 50 million, respectively.
Erik Thedéen to step down from FI
Erik Thedéen will step down from his role as director general at FI on 1 January 2023 to become the head of Sweden’s central bank.
FI would like to see data on declined bank accounts
Finansinspektionen views seriously the complaints from consumers who have been denied a bank account, and the authority is now encouraging banks to carefully maintain data on how many people are experiencing problems opening an account. This data will give a clearer overview of the situation and help find solutions.
Start of regular publication of aggregate short positions
Starting today, Finansinspektionen will regularly publish the total of all short positions that must be reported to FI.
It is now possible to update the installed application for periodic reporting
Rapporteurs need to update the application for periodic reporting that they have installed locally. The new version is now available to download and install.
Rising interest rates put pressure on indebted households and firms
Interest rates are rising rapidly in the wake of high inflation. High interest rates and lower risk appetite are placing downward pressure on risk-taking and asset prices. In the long term, this can slow the growth of debt and benefit financial stability. However, the large debts that built up over the extended period of low interest rates are putting pressure on highly indebted households and firms.
FI intends to raise the countercyclical buffer rate to 2 per cent
Finansinspektionen (FI ) intends to raise the countercyclical buffer rate to 2 per cent in Q2 2022.
Stability in the Financial System (2022:1)
Interest rates and interest rate expectations have increased in 2022 due to high and rising inflation. One sector that is vulnerable to rising interest rates is the commercial real estate sector. FI has also noted that liquidity on the bond markets has decreased, and the functionality of the corporate bond market is once again impaired.
Service disruptions in Fidac
2022-05-30 | Reporting
Due to maintenance, there may be service disruptions in Fidac on 30 May between 3 am and 5 am.
Operational interruption in TRS 2 for maintenance
The TRS 2 system will be closed for maintenance on Tuesday, 31 May, due to the roll-out of the European Securities and Markets Authority’s (ESMA) updated validation rules.
FI publishes aggregate short positions
Starting today, and on every Wednesday at 1:00 PM, Finansinspektionen will publish aggregate outstanding short positions.
Nordnet Bank receives a remark and an administrative fine
Nordnet Bank is being issued a remark and must pay an administrative fine of SEK 100 million.
Nordnet receives a remark and an administrative fine
Finansinspektionen (FI) is issuing Nordnet Bank AB a remark for violations related to the bank's intraday short selling service. Nordnet must also pay an administrative fine of SEK 100 million.
Capital requirements of Swedish banks as of Q1 2022
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 2022.
FI appoints auditor after IT incident at Swedbank
Finansinspektionen (FI) is appointing an auditor to map the IT incident that occured at Swedbank AB during the night between 28 and 29 April and resulted in incorrect balances being shown in customers’ accounts.
Discussion with banks on the right to open payment accounts
Finansinspektionen has invited several banks to a roundtable discussion on Friday, 20 May, on the right to open payment accounts. The background is that the number of complaints FI is receiving from consumers who are being denied a payment account is increasing. Some also have their accounts blocked or closed.
Increased cyber security in the finance sector is needed
The financial sector must quickly become better at preventing and handling cyber threats. Customers and society at large must be able to trust that the critical services offered by financial corporations will function even during periods of uncertainty and in the presence of threats. As commissioned by the government, Finansinspektionen (FI) therefore has proposed a number of measures to increase resilience to cyber attacks in the financial sector.
Foreign business operation in Sweden
2022-05-09 | Bank
Foreign firms with authorisation in their home country to conduct business as a credit institution may conduct cross-border business in Sweden.
TRS 2 system continues to experience disruptions
The TRS 2 system has been experiencing operational disruptions following the technical maintenance performed on Wednesday. Some rapporteurs are having difficulty connecting or not receiving feedback.
Consumer Protection Report 2022
Unsound lending practices and commission from the sale of financial instruments are the highest prioritised risks in Finansinspektionen’s (FI) consumer protection assignment for 2022.
Erik Thedéen: More active economic policy can strengthen financial stability
"FI has a mandate to safeguard financial stability. This means that we are prepared to further enhance resilience in the financial system to manage the growing risks associated with household and corporate debt. However, I would rather see structural reforms on the construction and housing market and a more suitable housing tax since both of these would improve the functionality of the housing market and benefit financial stability."
Are banks refusing to open payment accounts for too many customers?
Are banks correct in refusing to open accounts for certain consumers? And what role do credit intermediaries play in many consumers taking large unsecured loans? These are two of the issues that Finansinspektionen (FI) will look more closely at in 2022 and that we present in this year's Consumer Protection Report.
FI Analysis No 36: Has FI’s risk weight floor had an impact on banks’ CRE lending?
In this FI Analysis, we study how the risk weight floor has impacted the banks’ lending to CRE firms using detailed lending data. The aim is to analyse whether the risk weight floor impacted the banks’ interest margins and the risk in their lending. We also investigate how the volume of bank loans and bonds to CRE firms has changed before and after the introduction of the risk weight floor.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance the 4 May.
Finansinspektionen introduces new online tool for applications
The objective of the new online tool is to facilitate and streamline the application process at FI. It should be easy to submit an application to Finansinspektionen correctly and difficult to submit an application incorrectly. It will also be possible to track an application through the different stages of FI’s processing. The first applications that can be submitted via the new online tool will be management and owner management suitability assessments, and this module is expected to be operational in the autumn.
Many households are sensitive to higher interest rates
New mortgagors took out loans that were 12 per cent larger last year than in 2020. The average loan-to-value ratio for new mortgagors rose from 307 to 327 per cent. This is the highest figure since FI started its mortgage survey. The stricter amortisation requirement has slowed rising loan-to-income ratios. The high debt means that borrowers’ personal finances are under more pressure when interest rates rise.
The Swedish Mortgage Market 2022
Swedish households continue to take increasingly larger loans. More new mortgagors than in previous years had both a high loan-to-income ratio and a high loan-to-value ratio. Higher inflation and rising interest rates mean that mortgagors have smaller margins in their personal finances. This decreases the consumption capacity at the same time as the mortgagors’ ability to repay their loan is impaired.
FI reviews sustainable funds
Demand for green and sustainable investments is increasing rapidly. This increases the risk of greenwashing, i.e. presenting organisations and products as more sustainable than what they are in reality. Finansinspektionen (FI) will therefore review that the disclosures provided about the funds classified as the most sustainable fulfil the strict requirements placed on them.
Climate-related transition risks must be given priority
The data and methods available for measuring climate-related transition risks are under development. There is a lot of work going on in this area, in the banks and in organisations at national and international level, but it is important that the banks calculate and manage these risks already today. It is no good waiting for better data and fully standardised and harmonised methods to become available. Finansinspektionen (the Swedish Financial Supervisory Authority) and the Riksbank have jointly applied the Paris Agreement Capital Transit Assessment Tool (PACTA) to measure climate-related transition risks in the banks' credit portfolios. The results show that there are transition risks that banks have to take into account.
Do loyal policyholders pay more?
Insurance companies in the United Kingdom and Ireland raise their premiums more for loyal customers than they do for policyholders who change their provider frequently. Finansinspektionen (FI) will now look more closely at what happens in Sweden for home and auto insurance customers.
Johanna Fager Wettergren: Social factors are important for sustainable investments
“A lot is about common sense; there isn't time to wait for the perfect solutions. This obviously applies to the climate, but it also clearly applies to social issues. Politicians may be equipped with the sharpest tools – but the financial sector has a very important role to play.”
FI leaves the countercyclical buffer rate unchanged
In accordance with the assessment in the most recent stability report, FI leaves the countercyclical buffer rate unchanged. The buffer rate of 1 per cent that was decided on 28 September 2021 will be applied as of 29 September 2022. Until then, the buffer rate is 0 per cent, which is the rate that has applied since 16 March 2020. The countercyclical buffer guide is calculated at 0 per cent.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Finansinspektionen’s general guidelines regarding reporting of events of material significance
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Erik Thedéen's speech at the A4S Roundtable
Erik Thedéen, Finansinspektionen's Director General made a speech at the A4S Reporting Roundtable the 1 March in London.
New EU sanctions in response to the situation in Ukraine
EU is implementing new and expanded sanctions in response to the situation in Ukraine. Sanctions issued by the European Union in the form of regulations are directly applicable in Sweden.
Regulations amending Finansinspektionen’s regulations (FFFS 2019:19) regarding pension foundations
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Capital requirements of Swedish banks as of Q4 2021
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 Q4 2021.
Installed application for periodic reporting will be upgraded this spring
The application that is used for some periodic reporting to Finansinspektionen and that rapporteurs have installed locally on their computers will need to be upgraded later this spring. The reason for the upgrade is security improvements.
Trustly and ClearOn each receive a warning and an administrative fine
Finansinspektionen (FI) issues payment service companies Trustly Group AB (Trustly) and ClearOn AB (ClearOn) warnings for severe deficiencies under the anti-money laundering regulatory framework.
ClearOn receives warning and administrative fine
ClearOn is receiving a warning and must pay an administrative fine of SEK 14 million.
Trustly Group receives warning and administrative fine
Trustly Group AB is receiving a warning and must pay an administrative fine of SEK 130 million. The company is also ordered to address certain deficiencies.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance Wednesday the 16 February.
FI’s prioritised areas for 2022
Do firms lend money to people who cannot pay back the loan? Do financial firms work enough with their IT security? How green are green funds, in reality? These are three areas that Finansinspektionen (FI) will investigate more closely in 2022.
Sustainability
2022-02-01 | Sustainability
FI’s assignment includes a responsibility to ensure that the financial system contributes to sustainable development. We base this sustainability work on FI’s mandate, the regulations governing sustainable finance, and the tools at our disposal as a supervisory authority.
The threshold for notifing net short positions is lowered
The notification threshold is permanently lowered from 0.2 per cent to 0.1 per cent.
Postponed maintenance of the TRS 2 system
TRS 2 will be closed for maintenance on Monday the 31 January.
TRS 2 closed for maintenance
TRS 2 will be closed for maintenance on Monday the 24 January.
Global
2022-01-18
The transition to a sustainable economy and the threat to the climate require global solutions. The world’s capital markets are also interconnected. This means that international rules and standards are required to steer the development in the proper direction. FI is therefore pursuing sustainability-related efforts together with other supervisory authorities around the world.
EU
2022-01-18
The EU and the European Financial Stability Facility (ESFS) prepare rules that are very important for the financial market’s role in sustainability developments.
International work
2022-01-18
Sustainability is a central matter for FI in its international work. Matters related to the link between sustainability and the financial market (sustainable finance) are high on the agenda in several of the international organisations to which FI belongs. We are working actively with these matters at both within the EU and globally.
Taxonomy
2022-01-18
The Taxonomy Regulation contains rules for determining when an economic activity should be considered environmentally sustainable. As of 1 January 2022, the Taxonomy Regulation is applicable to the first two climate-related environmental objectives. As of 1 January 2023, its application will be expanded to include water and marine resources, the transition to a circular economy, pollution, and biodiversity.
Sustainability-related disclosures
2022-01-18
The EU Sustainable Finance Disclosure Regulation (SFDR) regulates, among other things, how Swedish fund management companies, insurance companies, and financial advisors must inform their investors and customers on sustainability factors (ESG factors).
Sustainability reporting
2022-01-18
Rules on accounting and reporting of sustainability-related information are laid down in international, EU and Swedish law.
Sustainability regulations
2022-01-18
Rules on accounting, reporting and disclosures of sustainability-related information are set out in international, EU and Swedish law. The aim is to create a more uniform design for the presentation of sustainability-related information and promote transparency on the financial market.
FI and sustainability
2022-01-18
FI has a roadmap for its work with sustainable finance. It sets out three goals that will guide our work through 2025. We will base this sustainability work on FI’s mandate, the regulations related to sustainable finance, and the tools at our disposal as a supervisory authority.
Management team expands
As of 1 March, HR will become its own office and report directly to FI’s director general. Following this change, HR Director Karolina Lirón Källåker will become an executive director and join FI’s management team.
Susanna Grufman new executive director of Markets
On 1 February, Susanna Grufman will become the executive director of FI’s Markets section. She will continue to serve as the deputy director general and maintain responsibility for consumer protection matters.
2021
Application for administrator authorisation – STIBOR may continue to be used while FI evaluates the application
Swedish Financial Benchmark Facility AB (SFBF) submitted an application to Finansinspektionen (FI) on 27 December 2021 to become an authorised administrator in accordance with the EU’s Benchmark Regulation (BMR).
Erik Thedéen: Crypto-assets today and in the future
” Ultimately, this is about energy efficiency. Energy is a scarce resource, and as a society, we have invested heavily in energy-efficiency improvements across all sectors. We need to consider a similar technology shift for crypto-assets.”
Recommended actions in the event STIBOR is no longer provided
The Swedish Bankers’ Association published a recommendation yesterday on the actions users of the STIBOR reference rate should take if STIBOR were no longer provided. Finansinspektionen (FI) would therefore like to clarify how we will issue statements, if necessary, in the event STIBOR ceases to be provided.
FI extends the risk weight floor for Swedish mortgage exposures
FI has decided to extend the risk weight floor by two years, from 31 December 2021 to 30 December 2023.
FI leaves the countercyclical buffer rate unchanged
In accordance with its assessment in the most recent stability report, FI is leaving the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 0 per cent.
Updates in reporting AML
New reporting questions in 2022
FI Supervision 19: Credit institutions’ management of counterparty risk and CVA risks
FI has conducted an investigation into a number of credit institutions’ exposures, risk measurement and management of counterparty risk and credit valuation adjustment (CVA) risk related to positions in financial derivatives.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Finansinspektionen’s regulations and general guidelines regarding occupational pension undertakings
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FI Analysis 35: Lender significance for repayment problems and debt at the Swedish Enforcement Authority
There are different types of lenders. They offer different types of loans, and their risk tolerance varies. The risk tolerance is evident in their business model, which consists in part of how they conduct their credit assessment. There are also different types of borrowers. Some want small loans, and others want big loans. Both the lender’s credit assessment and the borrower’s repayment capacity are often better for large loans. The small loans represent a large share of early repayment problems – reminders and collection notices. But the borrower can often pay back small loans before they are registered with the Swedish Enforcement Authority.
Service Disruptions PDMR Reporting
2021-12-07 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 8 December between 9 am and 12 am.
European Commission approves extension of the risk weight floor for Swedish mortgages
The European Commission has announced that it does not intend to object to FI's intention to extend the current risk weight floor for Swedish mortgages. This means that FI may implement the measure.
Capital requirements of Swedish banks as of Q3 2021
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 Q3 2021.
Resilience is needed as the risks in the commercial real estate sector increase
The economic recovery has been stronger than expected this year, in part due to strong support measures during the pandemic. At the same time, risks are building up, writes Finansinspektionen (FI) in its second stability report of the year. The report is being presented today by Director General Erik Thedéen and Chief Economist Henrik Braconier at a press conference.
Stability in the Financial System (2021:2)
Sweden’s economy has largely recovered and there is good access to financing in the financial system. The Riksbank should therefore begin the phase-out of asset purchasing to avoid further increase of risk-taking. Amongst others, FI sees growing risks within the commercial real estate companies.
IMF to assess financial stability in Sweden
The International Monetary Fund (IMF) will conduct a review of the financial sector and the work of the authorities on financial stability, a so-called FSAP (Financial Sector Assessment Program) in 2022. FSAPs are conducted regularly for countries with systemically important financial markets. In its report, the IMF will highlight any flaws and risks in the system and propose measures to deal with them.
Continued problems with credit assessments of consumer credits
Borrowers of consumer credits have higher incomes and pay less for their loans in relation to their income compared to previous years. But we are seeing deficiencies in the credit assessment, and many borrowers are still receiving collection notices. Young borrowers are still overrepresented among those that experience early repayment problems. These are the conclusions from this year’s consumer credit survey.
Swedish Consumer Credit
One of Finansinspektionen’s (FI) assignments is to promote a high level of protection for consumers on the financial markets. FI does this in part by conducting an annual survey of new consumer credit. The survey helps enhance our understanding of consumer credit and the risks it entails for borrowers. Loans and loan service payments have a major impact on household finances. For a borrower with an average income that takes out a large consumer credit, the monthly payment for the interest and amortisation payments can correspond to the payment of a significantly larger mortgage.
TRS 2 closed for maintenance 18 November
TRS 2 will be closed for maintenance the 18 November.
Service Disruptions PDMR Reporting
2021-11-16 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 17 November between 9 am and 12 am.
Crypto-assets are a threat to the climate transition – energy-intensive mining should be banned
The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions. Crypto-asset producers are keen to use more renewable energy, and they are increasing their presence in the Nordic region. Sweden needs the renewable energy targeted by crypto-asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement. Energy-intensive mining of crypto-assets should therefore be prohibited. This is the conclusion of the director generals of both the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency.
Service disruptions in the Reporting Portal
2021-11-02 | Reporting
Due to maintenance, there may be service disruptions in the Reporting Portal on the morning of Wednesday 10 November.
Erik Thedéen talks about sustainability reporting at COP26
A global standard for sustainability reporting will make it possible for the finance sector to steer investments from harmful activities to activities that contribute to the climate transition. Finansinspektionen’s (FI) Director General Erik Thedéen will be at the UN’s climate conference (COP26) in Glasgow to talk about this work.
The TRS2 test environment closed on Monday for maintenance
On Monday, 1 November, the TRS2 test environment will be closed for maintenance.
Service Disruptions PDMR Reporting
2021-10-26 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 27 October between 9 am and 12 am.
Incident in the TRS 2 test environment resolved
The incident entailing missing or incomplete feedback in the TRS2 test environment has been resolved today the 22 October. FF- and FD-files are now generated normally.
FI increases sustainability efforts with new manager
Finansinspektionen (FI) is creating a new position to strengthen its work within sustainability. Johanna Fager Wettergren will be the new Head of Sustainable Finance.
Ongoing incident in the test environment for TRS 2
There has been an ongoing incident since 18 October in the test environment for TRS 2. Submitting entities are either not receiving all expected feedback or receiving no feedback at all (neither FF nor FD files). Troubleshooting is in progress.
Danske Bank has deficiencies in its anti-money laundering work
Danske Bank has not sufficiently assessed the risk of how the bank’s products and services in Sweden may be used for money laundering and terrorist financing. Danske Bank must therefore rectify these deficiencies no later than June 30, 2022.
Danske Bank receives injunction to take remedial action
Danske Bank has not sufficiently assessed the risk of how the bank’s products and services in Sweden may be used for money laundering and terrorist financing. Danske Bank therefore must rectify this deficiency no later than 30 June 2022.
Service Disruptions PDMR Reporting
2021-10-13 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 13 October between 9 am and 12 am.
FI withdraws the authorisation of securities company Nordic Fondkommission AB
Finansinspektionen (FI) is withdrawing the authorisation of securities company Nord Fondkommision AB (Nord) due to severe deficiencies in the company’s advisory activities and other areas. This decision means that the company must cease all regulated activities. As a result, it may no longer provide financial advice or sell financial products. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Wednesday, 13 October, at 10:00 AM.
Nord Fondkommission AB’s authorisation is withdrawn
Finansinspektionen (FI) is withdrawing all of Nord Fondkommission AB’s (Nord) authorisations due to severe deficiencies, in part in the company’s advisory services.
FI Supervision 24: Complaints handling in insurance firms
Finansinspektionen (FI) conducted a survey of twenty insurance firms and determined that the firms in general handle complaints in a satisfactory manner, but there is room for improvement.
Children can understand money’s value even without cash
Cash is not necessary for children to understand the value of money. This is the outcome of a study by KTH Royal Institute of Technology that was commissioned by Finansinspektionen (FI). Parents therefore should not let the decreasing use of cash stand in the way of teaching children about money, a knowledge that children need to have for a good understanding of their personal finances as adults.
FI raises the countercyclical buffer rate to 1 per cent
Finansinspektionen (FI) has decided to raise the countercyclical buffer rate to 1 per cent. The new buffer rate will be applied as of 29 September 2022. Until then, the buffer rate will remain at 0 per cent.
FI opens investigation into EQT AB
Finansinspektionen has decided to open an investigation into EQT AB for suspected breach of the Market Abuse Regulation (MAR) in conjunction with a delayed disclosure of inside information. FI’s handling of this matter is thus entering a new phase.
FI notifies the EU regarding extension of the existing risk weight floor for Swedish Mortgages
Finansinspektionen has notified the Commission and the European Systemic Risk Board (ESRB) that it intends to adopt a decision to extend the current risk weight floor for Swedish Mortgages for a period of two years, in accordance with Article 458 of the CRR.
TRS 2 closed for maintenance
On Friday, 24 September, until Sunday, 26 September, TRS 2 will be closed for maintenance.
New guidelines regarding consumer credit assessments
Many consumer credit assessments need to improve to fulfil the requirements of the Consumer Credit Act. Finansinspektionen (FI) is therefore now clarifying what information lenders should gather for a credit assessment and how this information should be used. The new general guidelines will go into effect on 1 November 2021.
FI reviews EQT’s handling of delayed disclosure
On 7 September, FI received a notification from EQT AB regarding a delayed disclosure of inside information. On 14 September, FI requested that the company submit an account of the circumstances that served as a basis for the delayed disclosure. FI will analyse the response from EQT AB in order to decide if there are grounds for further action.
Scheduled maintenance: All reporting systems
2021-09-09 | Reporting
On Saturday and Sunday 18-19 September, there may be operational disruptions due to scheduled maintenance, which affects all Finansinspektionen’s reporting systems.
FI intends to raise the countercyclical buffer rate to 1 per cent
Finansinspektionen (FI) intends to raise the countercyclical buffer rate to 1 per cent in Q3 2021.
FI wants the EU to comply with Basel III
During the autumn, the European Commission will publish a proposal for updated capital adequacy rules for banks within the EU. Finansinspektionen (FI) now urges the EU Commission to stick to the Basel III agreement.
Karin Lundberg: Finansinspektionen’s view on capital and distributions
Karin Lundberg, Executive Director of Banking, talked about Finansinspektionen’s view on capital and distributions in a speech at the UBS Annual Nordic Financial Services Conference.
New procedures for submission of Key Investor Information Document for foreign UCITS
Pursuant to Article 93 (7) and (8) of Directive 2009/65/EC, a foreign UCITS established in another Member State authorised for marketing in Sweden must submit to Finansinspektionen annual updates of KIID(s) or updated KIID(s) of share class(es) authorised for distribution in Sweden.
LEI validation in the TRS 2 system is functional again
FI has received and input all GLEIF LEI data files that were missing in the TRS 2 system due to an incident that occurred at ESMA during the period 2021-08-10–2021-08-27.
Service Disruptions PDMR Reporting
2021-08-31 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 1 September between 9 am and 12 am.
The TRS 2 system has an ongoing IT incident
ESMA has had an ongoing IT incident since 10 August 2021 that has prevented it from delivering to national supervisory authorities LEI reference data files for transaction validation.
Capital requirements of Swedish banks as of Q2 2021
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 Q2 2021.
Proposal to repeal regulations regarding MREL reporting
FI proposes that the regulations (FFFS 2019:1) regarding periodic reporting of data on the minimum requirement for own funds and eligible liabilities (MREL) be repealed.
Mortgages must be amortised again
The rules on amortisation go into effect as normal again after 31 August. The temporary exemption that Finansinspektionen (FI) introduced due to the exceptional uncertainty in the economy during the spring of 2020 is now ending. This means that households with high loan-to-value and debt-to-income ratios must amortise their mortgages.
Verksamt and Your Europe
2021-08-20
Some of FI’s information about applying for authorisation is also available on other websites.
FI will not extend its recommendation regarding dividends
Uncertainty is decreasing, and the economy is continuing to recover. Therefore, the recommendation regarding restrictions on dividends will not be extended. The recommendation ends on 30 September 2021.
Large Swedish banks show resilience in EU stress test
The five largest Swedish banks are resilient and have the ability to withstand a sharp deterioration in market conditions, based on the stress test conducted by the European Banking Authority (EBA).
Cross-border distribution of collective investment undertakings [EU] 2019/1156
This page contains information on the national laws, regulations and administrative provisions governing the marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Updated Pillar 2 method for assessing flowback risk associated with securitisation
FI has updated its method for assessing flowback risks associated with securitisation for individual banks. The aim is to decide, where applicable, on an additional own funds requirement under Pillar 2 for flowback risks associated with securitisation. This enables us to safeguard that a bank is sufficiently covering the flowback risks to which it is exposed.
FI investigates IT incident at Klarna
FI will investigate whether Klarna violated its duty of confidentiality in conjunction with an IT incident in May when the bank’s customers were able for a limited time to access information about one another. This matter will be added to the investigation that FI has already opened into Klarna’s work with information and cyber security.
Overall assessment of macroprudential measures
Since 2010, FI has implemented a number of macroprudential measures aimed at increasing the resilience in the financial system and subduing the risks associated with high and rising household debt. These measures include tightening the capital requirements on banks and introducing a mortgage cap and two amortisation requirements. In this report, we present an overall assessment of these measures, with a focus on the measures that, via lenders, place restrictions on households’ mortgage borrowing.
Macroprudential measures subdue household loans
The mortgage cap and amortisation requirements have had intended effect and subdued household debt. They are slowing a scenario where new mortgagors borrow more, taking larger loans in relation to the value of the home or their income. These are the conclusions of Finansinspektionen’s (FI) evaluation of the macroprudential measures implemented in Sweden.
FI Analys No 34: Temporary amortisation exemption led to new mortgagors borrowing
The temporary amortisation exemption resulted in new mortgagors borrowing almost 4 per cent more and buying homes that were approximately 1 per cent more expensive, concludes a new FI Analysis.
Maiden Life receives warning and administrative fine
Finansinspektionen is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.
Maiden Life receives warning and administrative fine
Finansinspektionen (FI) is issuing Maiden Life Försäkrings AB a warning. The company must also pay an administrative fine of SEK 5.5 million.
FI reciprocates Norwegian risk weight floor
Finansinspektionen has passed a decision to reciprocate the Norwegian Ministry of Finance’s decision to implement an average risk weight floor of 20 per cent for retail exposures collateralised by real estate in Norway and of 35 per cent for corporate exposures collateralised by real estate in Norway.
Service Disruptions PDMR Reporting
2021-06-21 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 23 June between 9 am and 12 am.
FI Supervision Report 23: Observations from anti-money laundering reporting
FI has analysed and compared information that firms under FI’s money laundering supervision reported to the authority during the years 2018-2021. The analysis indicates areas where the companies need to develop their processes to better handle the risk of being misused for money laundering or terrorist financing.
Erik Thedéen: Crypto-assets – risks and opportunities
“The technology behind crypto-assets has the potential to create value for society, but crypto-assets like Bitcoin also pose significant risks,” said Erik Thedéen, when he spoke about the development of crypto-assets today at a seminar arranged by the Swedish Investor Relations Association.
Service Disruptions PDMR Reporting
2021-06-11 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 16 June between 9 am and 12 am.
FI Analysis No. 33: Household debt and resilience
The ability to borrow is beneficial to households in many ways. At the same time, debt can make their consumption more sensitive to unexpected changes in interest rates, income, and house prices. This, in turn, can affect how the economy evolves in a crisis. But measures that lead to lower debt don’t necessarily increase the resilience of all households. To assess the effects of borrower-based measures, it is necessary to also consider households’ balance sheets, in particular their liquid assets.
TRS 2 closed for maintenance
On Wednesday, 16 June, TRS 2 will be closed for maintenance.
Stability in the Financial System (2021:1)
The economy is continuing to recover. Support measures have been necessary to speed up the recovery, but they need to be gradually phased out as the economy strengthens. This applies primarily to measures that are associated with the build-up of stability risks.
Support measures can build up stability risks
The support measures have been important for offsetting the economic impact of the crisis and speeding up the recovery. However, they can also contribute to greater stability risks in the long run, concludes Finansinspektionen (FI) in this year’s first report on the stability in the financial system, which is being published today.
Liquidity tools in UCITS and special funds
Finansinspektionen concludes in a new report that fund managers need access to additional tools to manage liquidity risks in Swedish UCITS and special funds. We consider there to be a certain type of swing pricing that could be used already today. The report outlines a suggestion for how to regulate this and other liquidity management tools in legislation and regulations. FI takes the position that Swedish UCITS only need to be open for redemptions once a week. We suggest that the funds instead only need to be open for redemptions twice a month.
FI leaves the countercyclical buffer rate unchanged
Finansinspektionen (FI) leaves the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 1.6 per cent.
Driftstörningar: Rapporteringsportalen
2021-05-31 | Reporting
On Wednesday, 2 June, there may be operational disruptions in the morning in the Reporting Portal due to maintenance.
FI’s approach to assess suitable level of own funds in Swedish banks (Pillar 2 guidance)
FI has decided on a general approach to assess the size of a bank’s so-called Pillar 2 guidance. The approach is based on a two-step assessment that starts with a sensitivity-based stress test.
Capital requirements of Swedish banks as of Q1 2021
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 2021.
Memorandum Legislative Measures due to the EU’s Green Taxonomy Regulation
Finansinspektionen (FI) supports in general the proposals in the memorandum. However, FI has some feedback points about the proposals.
Low income the greatest risk factor for loans leading to debt with the Swedish Enforcement Authority
One fifth of all debts with the Swedish Enforcement Authority come from loans. And people with low incomes run the greatest risk of suffering repayment problems. Repayment problems often start with life events such as unemployment or illness. This is shown by a new analysis from Finansinspektionen (FI), the Swedish Consumer Agency and the Swedish Enforcement Authority.
FI Analysis 32: Loans, Repayment Problems and Debts with the Swedish Enforcement Authority
Loans and other debts are of significance to repayment problems. This analysis focuses on the significance of loans to individual’s repayment problems.
TRS2 Test environment will be closed 19 May
On Wednesday, 19 May, the test environment of the TRS 2 system will be closed for maintenance.
FI Analysis 31: Funding structure of the major banks – historical trends
This FI analysis describes the funding structure of the major Swedish banks in the period 2002–2019. Consequently, the period analysed does not cover the ongoing pandemic and its impact on the financial markets through central banks’ and supervisory authorities’ various monetary policy and supervision measures.
Disruptions: the Reporting
2021-05-03 | Reporting
On Monday 3 May, there may be operational disruptions in the Reporting Portal due to maintenance.
Appointment of FI’s Director General has been extended
The Government has decided to extend Erik Thedéen’s employment as director general and head of Finansinspektionen by three years.
FI introduces new reporting system
FI has decided to replace several of our existing reporting systems with a new system with the aim of better meeting current and future legal requirements and enhancing user-friendliness for the companies that report via the systems. The new reporting system, FIDAC, will be used for both periodic and event-driven reporting.
Service Disruptions PDMR Reporting
2021-04-26 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 28 April between 9 am and 12 am.
Erik Thedéen: The private sector can and should take the chance to speed up the transition
Climate change is an existential threat to mankind. In order to meet this threat, we need extensive policy decisions. In particular, carbon prices must go up. The private sector and the financial market can contribute, said Finansinspektionen’s Director General Erik Thedéen at the Hållbara Finanser 2021 conference (Sustainable Finances). By already preparing now to be able to quickly report in accordance with future international standards on corporate sustainability reporting and also voluntarily using and reporting internal carbon pricing.
Service Disruptions PDMR Reporting 21 April
2021-04-09 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on 21 April between 9 am and 12 am.
New borrowers are taking larger mortgages
New borrowers are continuing to take larger mortgages in relation to their income and the value of their home, according to this year’s Swedish Mortgage Market, which is being presented today by Finansinspektionen (FI). FI also announces in the report that the temporary exemption from the amortisation requirement will end on 31 August.
The Swedish Mortgage Market (2021)
New borrowers continue to take larger mortgages in relation to their income and the value of their home. At the same time, they have good margins for servicing their loans under weaker economic conditions.
FI’s approach to setting the countercyclical capital buffer
In a new memorandum, Finansinspektionen describes the general principles for the application of the countercyclical capital buffer. FI is also leaving the countercyclical capital buffer unchanged at 0 per cent.
New memorandum and level of the countercyclical buffer rate
Today Finansinspektionen (FI) publishes a new memorandum, describing its approach for setting the countercyclical buffer rate. FI also leave the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 2.1 per cent.
FI’s approach to setting the countercyclical capital buffer
In a new memorandum, Finansinspektionen describes the general principles for the application of the countercyclical capital buffer.
Service Disruptions PDMR Reporting 24 March
2021-03-19 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on the 24 March between 9 am and 12 am.
FI Analysis 30: Internal price on carbon – what and why?
To reach the climate goals in the Paris Agreement, carbon emissions must go down. The most efficient way to achieve this is by raising the cost of emissions compared to today.
Sustainability Report 2021 – the climate in focus
Finansinspektionen has an assignment to promote the financial system’s contribution to sustainable development. The sustainability report outlines the current sustainability issues that are related to the financial sector and lists examples of what FI is working on in this area.
Enhanced review of sustainability in banks
FI will include a sustainability perspective when reviewing business models and credit risks of banks, according to a report published by FI today.
Temporary lowering of notification threshold expires
The European Securities and Markets Authority (ESMA) has decided not to renew its decision to temporarily lower the notification threshold for when net short positions are to be notified to the relevant national competent authority.
FI extends the risk weight floor for Swedish mortgage exposures
FI has decided to extend the risk weight floor by one year, from 30 December 2020 to 30 December 2021.
Cyber threats and financial stability – FI’s roll and assignments
In recent years, a number of legislative proposals and other initiatives have been presented to strengthen the financial sector’s resilience to cyberattacks. Given this background, Finansinspektionen has prepared a memorandum to describe FI’s role in terms of contributing to strong cyber security and its work to prevent cyber threats to the Swedish financial sector.
FI clarifies obligations for third-party payment service providers
Finansinspektionen would like to clarify the obligations of third-party payment service providers when gathering information about bank customers’ payment accounts via digital interfaces. FI has also contacted the banks and reminded them about their obligations as an account servicing payment service provider (ASPSP).
IOSCO takes important step towards global sustainability disclosure
An important step has now been taken towards a global standard for sustainability reporting. The Board of Directors of the International Organization of Securities Commissions (IOSCO) voted during its meeting yesterday for IOSCO to actively work to achieve a unified and comparable global standard for sustainability disclosure. IOSCO’s work in this area is being carried out within the work group led by Finansinspektionen’s Director General Erik Thedéen.
Capital requirements of Swedish banks as of Q4 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 Q4 2020.
Young adults and low-income earners face greatest risk of debt trap
Young borrowers and borrowers with low income run a higher risk of experiencing payment problems when they take non-mortgage loans, even if they only borrow small amounts. At the same time, the risk that consumers will get trapped in debt decreases if credit providers conduct thorough credit assessments. These are the conclusions of a new analysis from Finansinspektionen that is presented in conjunction with this year’s consumer protection report.
FI Analysis 29: Why do some borrowers experience payment problems?
Young borrowers and borrowers with low income have a higher risk of experiencing payment problems when taking non-mortgage loans. The risk decreases if the credit providers conduct more thorough credit assessments. These are the conclusions drawn in a new report from Finansinspektionen (FI).
Consumer Protection Report 2021
Paying by invoice or with other credit-based offers is becoming an integral part of shopping online. Young adults are unique with their small margins and large number of payment reminders and collection notices. Unaffordable loans are a prioritised consumer risk in this year’s report.
Service Disruptions PDMR Reporting
2021-02-22 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on February 24 between 9 am and 12 am.
FI warns consumers of risks connected to cryptoasset products
Think carefully before buying a financial product containing cryptoassets. The risks are significant and the protections for you as a consumer are weak, FI warns today.
FI Supervision Report 21: Financial instruments with crypto-assets as underlying asset
FI conducted a thematic review of the market for financial instruments with crypto-assets as an underlying asset. FI is of the view that there is a lack of adequate consumer protection regulation for crypto-assets. Valuing them is also challenging and the instruments are volatile. This makes the products unsuitable for most, if not all, retail consumers.
FI proposes approach to assess Pillar 2 guidance for Swedish banks
FI is presenting a proposal for a general approach to assess the size of the Pillar 2 guidance for Swedish banks. The proposal is based on a two-step approach that starts with a sensitivity-based stress test. Comments on the proposal may be submitted to FI no later than 12 March.
FI’s prioritised areas for 2021
Are the banks conducting thorough credit assessments when customers apply for consumer credit? Are smaller banks and payment service firms taking sufficient measures to prevent money laundering? What risks will the coronavirus pandemic pose in the future? These are three areas that Finansinspektionen (FI) will look more closely at in 2021.
Finansinspektionen’s prioritised areas for 2021
Consumer protection, money laundering and risks that the coronavirus pandemic may pose in the future are three areas that FI will look more closely at in 2021.
Other authorities and organisations
2021-02-03 | Consumer
We share the responsibility for consumer protection with several other authorities and organisations.
Don’t be fooled again
Have you been the victim of investment fraud? Then there is a risk that you will be targeted again. You might be contacted with new investment offers, or you might receive a fake offer to help recover previous losses. Sometimes these offers come right after the first fraud, but other times they come several years later.
Service Disruptions PDMR Reporting
2021-02-01 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on Wednesday 3 February between 9 am and 12 am.
Clarification of Finansinspektionen's sanction decision against Nasdaq Clearing AB
By its decision of 26 January 2021, Finansinspektionen (FI) issued Nasdaq Clearing AB a warning for serious deficiencies in its operations. According to the decision, Nasdaq Clearing must also pay an administrative fine of SEK 300 million.
Nasdaq Clearing receives warning and administrative fine of MSEK 300
Finansinspektionen (FI) is issuing Nasdaq Clearing AB a warning for serious deficiencies in its operations, in part in conjunction with a member of the firm’s commodities market being declared in default in 2018. Nasdaq Clearing must also pay an administrative fine of SEK 300 million.
Nasdaq Clearing Aktiebolag receives a warning and an administrative fine
Nasdaq Clearing Aktiebolag is receiving a warning and must pay an administrative fine of SEK 300 million.
FATF and other entities
2021-01-25 | Payments
FATF and other entities
2021-01-25 | Insurance
FATF and other entities
2021-01-25 | Markets
In Sweden and abroad, there are many more entities which are, in some way, concerned with or work with combating money laundering and terrorist financing. Some of them are presented here. More information can be found on the relevant websites.
International sanctions
2021-01-25 | Payments
International sanctions
2021-01-25 | Insurance
International sanctions
2021-01-25 | Markets
International sanctions limit the discretionary actions of a state, a region, a group or individuals. The sanctions that apply in Sweden are decided by the UN or the EU.
Reporting to the Financial Intelligence Unit
2021-01-25 | Markets
Reporting to the Financial Intelligence Unit
2021-01-25 | Payments
Monitoring
2021-01-25 | Markets
A firm shall review transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing.
Monitoring
2021-01-25 | Payments
Monitoring
2021-01-25 | Insurance
Risk classification
2021-01-25 | Markets
Customer due diligence measures shall be adapted based on an assessment of the extent of the risk of being used for money laundering and terrorist financing.
Risk classification
2021-01-25 | Payments
Risk classification
2021-01-25 | Insurance
Customer due diligence
2021-01-22 | Payments
Customer due diligence
2021-01-22 | Insurance
Customer due diligence
2021-01-22 | Markets
The firm must possess solid knowledge about its customers and their affairs so as to make it more difficult for the business to be used for, and to prevent, money laundering or terrorist financing.
Training
2021-01-22 | Markets
A firm’s employees shall receive training to provide them with sufficient knowledge to follow the firm’s anti-money laundering procedures and guidelines.
Procedures
2021-01-22 | Payments
Procedures
2021-01-22 | Insurance
Procedures
2021-01-22 | Markets
A firm shall have in place procedures and guidelines in terms of measures for customer due diligence, monitoring, reporting and processing of personal data.
Firms subject to the Act
2021-01-22 | Markets
Both financial firms and non-financial business operators are subject to the Money Laundering and Terrorist Financing (Prevention) Act.
Terrorist financing
Activities that constitute “terrorist financing” are described in the Money Laundering and Terrorist Financing (Prevention) Act (the Anti-Money Laundering Act).
Risk assessment
2021-01-22 | Markets
Banks, insurance companies and other financial firms must perform an assessment of the risk of the products and services they offer being used for money laundering or terrorist financing. The firm must also assess the scope of this risk.
Risk assessment
2021-01-22 | Payments
Risk assessment
2021-01-22 | Insurance
Process – work method for measures to counteract risks of money laundering
2021-01-22 | Markets
These steps should be included in a comprehensive process to avoid the risk of being used for money laundering and the financing of terrorism.
Firms subject to the Act
2021-01-22 | Payments
Both financial firms and non-financial business operators are subject to the Money Laundering and Terrorist Financing (Prevention) Act.
Firms subject to the Act
2021-01-22 | Insurance
Terrorist financing
2021-01-22 | Payments
Terrorist financing
2021-01-22 | Insurance
FI Analysis 28: Liquid assets of Swedish households
Aggregate statistics indicate that Swedish households are holding significant assets in the form of cash, bank savings, fund shares and securities. The overall value corresponds today to an average of SEK 1 million per household. However, because these economic buffers are unevenly distributed between households, the average is a poor measure for assessing the risk of a significant drop in consumption following an economic shock.
Service Disruptions: the Reporting Portal
2021-01-20 | Reporting
On Wednesday January 20, there may be operational disruptions in the Reporting Portal due to maintenance.
FI Analysis 27: Non-financial firms and financial stability: a description of vulnerabilities
This FI Analysis describes how vulnerabilities from lending to non-financial firms arise and why FI needs to follow them to fulfil its assignment to safeguard financial stability.
TRS 2 closed for maintenance
On Tuesday, 26 January, TRS 2 will be closed for maintenance.
Update of FI’s Company Register
Due to the United Kingdom’s withdrawal from the European Union, financial actors’ right to conduct cross-border operations in or from the United Kingdom that are based on European Union law was repealed on 1 January 2021.
2020
New procedures to enhance transparency
As of 1 January 2021, FI will implement new procedures for how it announces opened and closed supervision investigations.
Reporting to FI
2020-12-21 | Markets
Firms must report information annually in FI's system for periodic reporting.
Money Laundering
2020-12-21 | Markets
Many of the firms that are subject to Finansinspektionen's supervision must comply with the regulations intended to prevent the firms being misused for money laundering and terrorist financing. Information is presented here about what the firms in the financial industry need to do to comply with the regulations.
Money Laundering
2020-12-21 | Payments
Money Laundering
2020-12-21 | Insurance
Reporting to FI
2020-12-21 | Payments
Reporting to FI
2020-12-21 | Insurance
Households’ finances and financial literacy 2020
Single-adult households with children continue to have a more difficult financial situation than other households. FI has measured households’ financial literacy and found that it has improved in almost all areas compared to previous surveys.
Financial firms must be restrictive with dividends until September 2021
In light of the economic uncertainty caused by the ongoing coronavirus pandemic, FI expects banks, including credit institutions and other financial firms such as insurance companies, to be restrictive with dividends and share buybacks until 30 September 2021. During this period, total dividends from and buybacks by the banks should not exceed 25 per cent of their aggregate net earnings for the two financial years 2019–2020.
Maintenance of TRS2 system planned for beginning of January 2021 in conjunction with Brexit
Due to Brexit, ESMA will have a maintenance window from 31 December 2020 through (preliminarily) 7 January 2021.
US central bank joins NGFS
FI welcomes the Federal Reserve to the Network for Greening the Financial System (NGFS), which celebrates its third anniversary today.
Reminder: what a hard Brexit will entail
What will happen in the event that the transition period ends without an agreement between the EU and the UK.
Service Disruptions PDMR Reporting
2020-12-04 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on December 9 between 9 am and 12 am.
Macro-based stress test of Swedish banks: results and methodology, autumn 2020
Finansinspektionen (FI) presents in this memorandum a stress test of the Swedish banks that we conducted in the autumn of 2020. The results indicate that the major banks have significant resilience to the credit losses that could arise and also a capacity to maintain the supply of credit.
Stability in the Financial System (2020:2)
The pandemic has triggered a deep economic recession in many countries, even if a slight recovery has begun. Extensive support measures have mitigated the economic impact and reduced the uncertainty on the financial markets. During the autumn, infection rates have once again begun to increase and several countries have introduced new restrictions, which will dampen the economic recovery, even though it is uncertain to which extent.
Dampened recovery can weaken financial stability
An increase in the spread of the coronavirus will dampen the recovery in European economies and, in the long run, this could impact financial stability, writes Finansinspektionen (FI) in this year’s second stability report, which will be published today.
Capital requirements of Swedish banks as of Q3 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 Q3 2020.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 24 November not to change the countercyclical buffer rate. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 1.7 per cent.
FI Analysis 26: Macro-based credit loss model for major Swedish banks
Large credit losses can result in otherwise profitable banks reporting a loss. This FI Analysis describes a methodology for estimating how large credit losses can be in a stressed macroeconomic scenario.
FI has decided on a change in the application of banks’ capital requirements
FI has decided to change the application of capital requirements for Swedish banks in order to adapt to the EU’s so-called banking package.
European Commission approves extension of the risk weight floor for Swedish mortgages
The European Commission has announced that it does not intend to object to FI's intention to extend the current risk weight floor for Swedish mortgages. This means that FI may implement the measure.
FI Analysis 25: Interest rate deductions and households’ loans
The tax rebate for interest expenses – the interest deduction – means that households borrow more, and can and want to pay more for homes. This means that the households experience an increase in both their liabilities and assets, which in turn could have an impact on the stability of the financial system. In this FI Analysis, we calculate the impact of a change to the interest deduction. The reason for this analysis is the direct link between interest deductions and households’ loans.
Service Disruptions PDMR Reporting
2020-11-16 | Reporting
Due to maintenance, the system for reporting PDMR transactions may cause service disruptions on November 17 between 9 am and 12 am.
FI Analysis 24: Stress test of bank lending to commercial real estate firms
Commercial real estate firms are sensitive to changes in interest rate expenses and income. Following a shock, vulnerable commercial real estate firms could lead to credit losses for the banks.
Bank dividends not appropriate until the situation has stabilised
As the crisis unrolled this past spring in full force, it required fast and extraordinary measures. For example, FI lowered the countercyclical buffer requirement for the banks and encouraged them at the same time to postpone their dividend payments until the situation had become clearer. During the autumn, FI repeated its message to the banks to not make any dividend payments in 2020.
Service Disruptions PDMR Reporting
2020-10-27 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on October 28 between 9 am and 12 am.
FI Supervision 20: Distribution of Life Insurance
The majority of the distribution on the life insurance market occurs through external distribution channels. It is therefore important for insurance firms to fulfil their responsibility to choose suitable distribution channels for the target market and follow up that the insurance products are distributed to the proper target group.
Henrik Braconier's speech at SNS/SHOF Finance Panel: Corporate Finance in a Low Interest Rate Environment
Henrik Braconier, Chief Economist at FI, spoke on risks related to low interest rates at SNS/SHOF’s Finance Panel: Corporate Finance in a Low Interest Rate Environment.
Periodic reporting will be closed Tuesday 20 October, 8 am – 12 am
2020-10-15 | Reporting
Due to maintenance, the system of periodic reporting will be closed on Tuesday 20 October from 8 am until 12 am.
FI Analysis 23: Can the bond market dampen the credit cycle?
The access of non-financial firms to credit is central for financial stability, particularly during financial crises. In recent years, the market for corporate bonds has grown steadily and currently plays an important role in firms’ financing. This analysis shows that it has not been easier to issue corporate bonds in Swedish krona during financial crises than to take a bank loan. This pattern deviates from previous research on the USA and the euro zone.
Service Disruptions PDMR Reporting
2020-10-14 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on October 15 between 9 am and 12 am.
AK Nordic receives a remark and an administrative fine
Finansinspektionen (FI) is issuing credit market company AK Nordic AB a remark. The company must also pay an administrative fine of SEK 20 million.
AK Nordic AB receives a remark and an administrative fine
Finansinspektionen is issuing AK Nordic AB a remark. AK Nordic AB shall also pay an administrative fine of SEK 20,000,000.
TRS 2 closed for maintenance
On Friday, 16 October, from 1:00 PM to 4:00 PM, TRS 2 will be closed for maintenance.
Regulations amending Finansinspektionen’s regulations (FFFS 2019:19) regarding pension foundations
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Acquisition and disposal of own shares
2020-10-05 | Markets
An issuer whose shares are admitted to trading on a regulated market and that acquires or disposes its own shares is obliged to disclose information about this to the public under certain circumstances.
The new Short Selling Register is launched today
Today, FI launches a new Short Selling Register for significant net short positions.
Erik Thedéen's speech at Driving Global Standards on Sustainable Finance
Erik Thedéen, Finansinspektionen's Director General and Chair of IOSCO's Task Force on Sustainable Finance made a speech at the conference Driving Global Standards on Sustainable Finance.
Swedish Consumer Credit
Even though consumer credit only constitutes a small portion of households’ total credit, the interest rate and amortisation payments for these credits amount to more than half of the households’ total debt service payments. The analysis also shows that individual consumers are having difficulty paying for their consumer credit. Overall, this means that the consumer credit market could impact many households, which makes it important for consumer protection on the financial markets.
FI Analysis 22: Fewer high-cost short-term credits after new rules
After the provisions regarding high-cost short-term credits were changed in 2018 – in part by introducing an interest rate ceiling and cost ceiling – these types of loans decreased sharply. It is probable that the reform has led to a decrease in the supply of high-cost short-term credits. It is also evident that several companies have stopped offering such loans.
Credit checks must be improved
Large credits are growing, but the smallest credits are growing faster. More borrowers are having difficulty making their payments soon after the credits are granted, and these payment difficulties are more prevalent among younger borrowers than older borrowers. These are some of the conclusions from Finansinspektionen's report this year on consumer credit. These conclusions indicate that lenders’ credit checks are not working as they should, and FI is therefore now reviewing the guidelines.
Driftstörningar Insynsrapportering
2020-09-29 | Reporting
Due to maintenance, the system of PDMR transactions may cause service disruptions on October 1 between 9 am and 12 am.
FI proposes amended rules and a change in the application of banks’ capital requirements
FI is proposing regulatory amendments and a change in the application of capital requirements for Swedish banks in order to adapt to the EU’s so-called banking package.
New reporting system for short selling is launched today
Today, FI launches a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
New reporting system for short selling to be launched this week
This week, FI will launch a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
Regulations amending Finansinspektionen’s regulations (FFFS 2007:24) regarding technical bases
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Regulations amending Finansinspektionen’s regulations (FFFS 2007:24) regarding technical bases
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FI confirms investigation into Swedbank
Swedbank has written in a press release that FI is investigating potential breaches of the Market Abuse Act. Given that the company has chosen to disclose information about the investigation, FI confirms that the information is correct. FI has opened an investigation.
FI notifies the EU regarding extension of the existing risk weight floor for Swedish Mortgages
Finansinspektionen has notified the EU Parliament, the Council, the Commission, the European Systemic Risk Board (ESRB) and the European Banking Authority (EBA) that it intends to adopt a decision to extend the current risk weight floor for Swedish Mortgages for a period of one year, in accordance with Article 458 of the CRR.
17 September: Periodic Reporting via the installed Java application closed until noon
2020-09-14 | Reporting
Due to maintenance, the system of periodic reporting via the installed application will be closed on Thursday 17 September until noon. The system is scheduled to be available at 12 o'clock.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 9 September not to change the countercyclical buffer rate. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 1.3 per cent.
Reminder: New log-in method for periodic reporting replaces reporting card
Finansinspektionen would like to remind rapporteurs that FI has introduced a new log-in method for periodic reporting filed via an application on the computer that previously required a card and card reader. The new method requires users to log in using Bank ID.
Continued grounds for suspension of dividend payments for the rest of the year
Despite positive signals, there is still considerable uncertainty about how the coronavirus pandemic will develop in the next few months in both Sweden and the rest of the world. To ensure the banks’ resilience in a situation that continues to be uncertain, the banks should suspend the payment of dividends to shareholders in 2020. This was the message from Finansinspektionen’s Director General Erik Thedéen at Fastighetsdagen today.
Capital requirements of Swedish banks as of Q2 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 Q2 2020.
Erik Thedéen: How can consumer welfare be improved in financial markets?
FI's Director General Erik Thedéen took part in a panel discussion during the conference "Consumer Behavior in Financial Markets", arranged by the Swedish House of Finance at the Stockholm School of Economics today.
FI's Director General Erik Thedéen - Consumer Behavior in Financial Markets 2020
2020-08-24 | About FI
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TRS 2 closed for maintenance
On Friday, 28 August, TRS 2 will be closed for maintenance.
Friday, 28 August: TRS 2 will be closed for maintenance.
2020-08-24 | Reporting
It will be possible to submit TR files, but you will not receive any feedback until at the earliest Monday, 31 August.
New log-in method for periodic reporting replaces reporting card
Finansinspektionen has introduced a new log-in method for periodic reporting filed via an application on the computer that previously required a card and card reader. The new method requires users to log in using Bank ID.
ESRB recommendation on distribution
The COVID-19 pandemic has incurred large human and economic costs and also affected the financial sector. Maintaining own funds in financial institutions is important both for ensuring the resilience of the financial system and supporting banks' lending through this crisis.
FI Analysis 21: New liquidity indicators for the fixed-income market
The Swedish fixed-income market – which consists of the bond market, the money market and interest rate derivatives – is important for the government, municipalities, banks and firms to be able to finance their operations and manage risks. It is therefore of central importance to understand how these markets function and, more specifically, how liquid they are. This FI Analysis presents a new method for measuring market liquidity that focuses on government bonds and covered bonds.
New reporting system for short selling
In the autumn of 2020, Finansinspektionen will introduce a new reporting system for the reporting of net short positions: the Short Selling Online Reporting tool.
UCITS holdings now published
The first publication occasion covers UCITS holdings for Q1 2020 and older figures for the period Q4 2018 onward. The data will from now on be published with a two-month delay. This means that the holdings for Q2 2020 will be published on 1 September.
SEB receives an administrative fine for deficiencies in its work to combat money laundering in the Baltics
SEB has not sufficiently identified the risk of money laundering in its Baltic operations and has had deficiencies in its governance and control of the Baltic subsidiary banks’ anti-money laundering measures. SEB is therefore being issued a remark and an administrative fine of SEK 1 billion.
SEB receives remark and administrative fine of SEK 1 billion
SEB receives a remark and must pay an administrative fine of SEK 1 billion for deficiencies in its work to prevent money laundering risks.
FI will hold press conference about SEB
Finansinspektionen (FI) will hold a press conference on Thursday, 25 June, following the Board of Directors’ decision regarding the investigation into SEB AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
JAK Medlemsbank receives a remark and an administrative fine
JAK Medlemsbank (JAK) has been deficient in its work to prevent money laundering and terrorist financing. The bank is therefore being issued a remark and must pay an administrative fine of SEK 1.6 million.
JAK Medlemsbank receives a remark and an administrative fine
Finansinspektionen is issuing JAK Medlemsbank (516401-9969) a remark. JAK Medlemsbank must also pay an administrative fine of SEK 1.6 million.
Wednesday, 15 June: Possible operational disruptions in the Reporting Portal
2020-06-12 | Reporting
There can be operational disruptions in the Reporting Portal during the evening hours due to an update. The reporting systems linked to the portal may be affected by the update.
New log-in method for periodic reporting replaces reporting card
On 18 August 2020, FI will introduce a new log-in method for periodic reporting filed via an application on the computer and that previously required a card and card reader. The new method requires users to log in using Bank ID.
FI Supervision 18: Continuity management at banks
Many banks are working actively with continuity management and have implemented key measures to reduce the risk of serious disruptions. At the same time, FI sees a need for the banks to further strengthen their continuity management. FI expects the banks to continue to focus on enhancing the resilience of their critical functions. This supervision report describes the areas where FI would like to see improvements.
Measures stabilised the financial situation
Governments, central banks, and authorities around the world have taken powerful measures to mitigate the economic impact of the coronavirus pandemic. These measures also helped dampen uncertainty on the financial markets. By utilising available buffers and continuing to lend to firms and households, the financial sector can dampen the impact of the crisis. It is also important to remember that the economic crisis is not over, and uncertainty is therefore high, notes Finansinspektionen (FI) in its first stability report of the year.
Stability in the Financial System (2020:1)
The coronavirus pandemic has resulted in an exceptional stress for the real economy. Governments, central banks and supervisory authorities have implemented significant measures to dampen the crisis. This has helped to reduce the uncertainty on the financial markets. But we are in still in the middle of the crisis, and there is considerable uncertainty going forward.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 3 June not to change the countercyclical buffer rate. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 0.48 per cent.
FI withdraws the authorisation of investment firm Exceed
Finansinspektion (FI) immediately withdraws the authorisation for Exceed Capital Sverige AB. Under FI’s decision, the company loses all its authorisations and may no longer conduct regulated business. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Tuesday, 2 June, at 2:00 PM.
Withdrawn authorisation for Exceed Capital Sverige AB
Finansinspektionen withdraws all Exceed Capital Sverige AB’s (Exceed) authorisations to conduct securities business and its authorisation for ancillary services, authorisation to conduct insurance distribution, and authorisation to be registered as a manager of fund units.
Wednesday, 3 June: Possible operational disruptions in the Reporting Portal
2020-06-01 | Reporting
There can be operational disruptions in the Reporting Portal during the morning hours due to an update. The reporting systems linked to the portal may be affected by the update.
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.
Global sustainability network NGFS publishes status report and guide for supervisors
The global sustainability network NGFS (Network for Greening the Financial System) is publishing today a report on how banks around the world consider climate-related risks in their lending. The report shows that this is occurring more frequently, but it is at the same time difficult to see which loans constitute a lower risk. This is because, for example, there is no international classification and a shared perception of which assets are “green” and “brown”.
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.
Periodic reporting will be closed Thursday 7 May, 8 am – 12 am
2020-05-05 | Reporting
Due to maintenance, the system of periodic reporting will be closed on Thursday 7 May from 8 am until 12 am.
New collection of data in EIOPA’s ongoing impact assessment of the Solvency II Review
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
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
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
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
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
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
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
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.
Extra Board Meeting, new time
The agenda for this meeting includes the investigation into Swedbank AB’s governance and control of anti-money laundering measures in the bank’s subsidiaries in the Baltic countries.
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.
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.
Measures to improve effectiveness of anti-money laundering supervision
“There are interesting ideas about placing parts of this supervision at the EU level. I believe that joint analytical resources and supervision methods in the long run could lead to more effective supervision, in part due to improved insight into cross-border payment flows”, asserted Erik Thedéen at the international conference Finance Summit 2020 in Paris.
FI on liquidity coverage ratios (LCR) for Swedish banks
Given the current circumstances, FI would like to clarify that it will temporarily allow banks to fall below the liquidity coverage ratio (LCR) for individual currencies and total currencies.
Proposed amendment to regulations due to reduction in countercyclical buffer rate
Finansinspektionen proposes that the buffer rate be lowered by 2.5 percentage points and set at 0 per cent.
FI lowers the countercyclical capital buffer to zero
The spread of the coronavirus disease is sending serious economic shocks throughout the world and in Sweden. There is currently widespread uncertainty about the future course of events and how far-reaching the economic impact will be. The economic disruptions and the greater uncertainty are also affecting the financial system. Finansinspektionen (FI) will therefore lower the countercyclical capital buffer requirement for banks from 2.5 per cent to 0 per cent. This corresponds to a reduction of around SEK 45 billion. The buffer is being lowered pre-emptively to ensure a well-functioning supply of credit, which helps firms and households maintain production, consumption and investments.
FI comments on COVID-19 and the banks
The spread of the coronavirus disease (COVID-19) is having a financial impact on firms and households around the world. There is considerable uncertainty about how much the disease will impact the global economy. This economic uncertainty also affects the financial system.
Erik Thedéen: FinTech and cyber threats – what impact do they have on financial stability?
The rate at which household debt is increasing has slowed the past three years. The two amortisation requirements that FI introduced contributed to this change. But the low interest rates entail risks. The debt of commercial real estate companies has been increasing sharply, and the banks have large exposures to the sector. FI decided today to raise the capital requirements for bank loans for commercial real estate. Erik Thedéen also noted that cyber threats are a challenge facing society as a whole, and cooperation is needed on a broad front.
Capital requirements of Swedish banks as of Q4 2019
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 Q4 2019.
Wednesday 19 February: The Reporting Portal is closed
2020-02-19 | Reporting
The Reporting Portal will be closed during the morning for an update. The reporting systems connected to the Reporting Portal will also be closed as a result.
Consumer Protection Report 2020
Finansinspektionen (FI) will prioritise two consumer protection risks for further work in 2020: unaffordable lending and unsuitable advice and distribution of financial products to consumers who were not part of the product’s original intended target market. FI will also assess the adequacy of claims handling for home insurance.
Extra Board Meeting on 19 March at 9:00 AM
The agenda for this meeting includes the investigation into Swedbank AB’s governance and control of anti-money laundering measures in the bank’s subsidiaries in the Baltic countries.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
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Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 29 January not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which has applied since 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.18 per cent.
Increased capital requirements on bank loans for commercial real estate
Finansinspektionen (FI) considers there to be elevated risks in the banks’ lending for commercial real estate. The banks should hold more capital for these exposures, which is why FI is raising the capital requirements.
Finansinspektionen is changing SFTP connection for TRS 2
The IP addresses for the production and test environment will change for TRSII SFTP. This change will go into effect on 24 February.
Increased transparency on carbon pricing can strengthen the financial system
FI will explore the possibility of advocating both nationally and internationally increased disclosure of firms’ internal carbon pricing.
New log-in for reporting stock exchange information and major shareholding notifications
On 17 February 2020, FI is introducing a new portal for reporting stock exchange information (previously called “financial reports”) and major shareholding notifications. The new log-in requires BankID and will completely replace the old method of logging in. However, the reporting procedure itself has not been altered and reports are submitted exactly the same way as before.
Securities
2020-01-03 | Markets
Operating a securities business in Sweden requires authorisation in accordance with the Securities Market Act (2007:528).
Savings and loans associations
2020-01-03 | Bank
Stock exchanges
2020-01-03 | Markets
Rules regarding authorisation for stock exchanges are set out in chapter 12 of the Securities Market Act (2007:528). Chapter 13 of the same act contains provisions specifying the fundamental requirements for the business of a stock exchange. Furthermore, there are additional requirements in a number of EU regulations.
Pension foundations
2020-01-03 | Insurance
A pension foundation is a foundation founded by an employer with the exclusive purpose of safeguarding the payment of pension to employees or employees’ survivors. The foundation’s assets must therefore be invested prudently.
Payment services
2020-01-03 | Payments
Providing payment services requires authorisation from FI. An entity with a turnover for payment services exceeding an equivalent of EUR 3 million per month must have authorisation to conduct payment services operations and is referred to in the Act as a “payment institution”. An entity with a turnover less than this amount may apply to be exempt from the authorisation obligation and is referred to as a “registered payment service provider”.
Mortgage institutions
2020-01-03 | Bank
To issue or broker mortgages to consumers, firms must have authorisation from FI pursuant to the Mortgage Business Act (2016:1024).
Insurance undertakings
2020-01-03 | Insurance
A firm that wants to conduct insurance business must first receive authorisation from Finansinspektionen in accordance with the Insurance Business Act (SFS 2010:2043). Authorisation can be granted to an insurance company, mutual insurance company or an insurance association.
Insurance distribution
2020-01-03 | Insurance
Insurance intermediaries are covered by the Insurance Distribution Act (2018:1219).
Electronic money
2020-01-02 | Bank
Issuing electronic money requires authorisation in accordance with the Electronic Money Act (2011:755).
Deposit institutions
2020-01-02 | Bank
“Deposit operations” refers to the receipt of funds from the general public, for example via deposits in accounts or the issuance of bonds.
Data reporting services
2020-01-02 | Markets
Providing data reporting services as APA providers, ARM providers or CTP providers requires authorisation in accordance with the regulation on markets in financial instruments 600/2014 (Mifir). The regulation specifies the fundamental rules that apply to the operations.
Currency traders or other financial operations
2020-01-02 | Payments
Natural and legal persons who would like to carry out currency trading on a large scale or other financial operations are considered to be financial institutions.
Consumer credit institutions
2020-01-02 | Bank
Issuing or brokering loans to consumers requires authorisation from FI in accordance with the Certain Consumer Credit-related Operations Act (2014:275) (corresponding operations with mortgages require authorisation in accordance with the Mortgage Business Act (2016:1024)).
Banking or financing business
2020-01-02 | Bank
Banking business includes processing payments via general payment systems and receiving money on account, which after termination should be available to the claim holder within a maximum of 30 days.
Administrator (BMR Benchmarks)
2020-01-02 | Markets
Finansinspektionen (FI) is the competent authority under the BMR. This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI shall also conduct supervision of administrators, contributors and users.
FAQs
2020-01-02
Here are answers to some of the most frequently asked questions about applying for authorisation or submitting notification to FI.
Return authorisation
2020-01-02
Have you decided to close your business? Read below about how to return your authorisation to FI.
Post-decision
2020-01-02
Have you received authorisation to conduct business that is subject to an authorisation obligation? What does it mean to be under FI’s supervision, and what happens now? Keep reading to learn more.
Decision
2020-01-02
After the handling period is over, FI will decide on your matter. You can read an overview here about how we make our decisions.
Handling
2020-01-02
FI reviews and assesses your application during the handling period. This page describes in more detail what this means and what steps are included in the process.
Submit and pay
2020-01-02
The following page describes how to submit your application and pay the application fee.
Before applying
2020-01-02
Have you decided to apply for authorisation or do you want to know more about what it entails? Here you can find information that you should know before you apply for authorisation. See a list of the authorisations and rules that apply to different types of institutions, such as banks, insurance intermediaries and currency exchangers. You will also find helpful Q&As and information about handling times and fees.
Apply for authorisation
2020-01-02
Does your firm need authorisation from FI to conduct your proposed operations? Would you like to apply for exemption from a regulation? Do you have new owners or members of management who need to be assessed for their suitability? Here you can find what you need to submit a notification or apply for or return an authorisation.
2019
Clarification on the impact for Swedish banks from revised Basel standards
In relation to the report published by the European Banking Authority (EBA) in August Finansinspektionen would like to make the following clarification on the impact for Swedish banks of the revised Basel standards. According to Finansinspektionen’s calculation, the increase in tier 1 minimum required capital would be about 30 per cent instead of 53 per cent as shown in the report from the EBA (keeping the assumptions and methodology set by EBA, but taking into account the current Swedish mortgage floor for the current risk-weighted assets).
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
FI opens sanction case in SEB investigation
FI is opening a sanction case in the investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
FI Analysis 20: Fewer home equity withdrawals after amortisation requirements
This FI Analysis shows that households’ tendency to use mortgages for purchases other than buying a home decreased following the amortisation requirements.
FI Analysis 19: Young adults and the housing market
This FI Analysis shows that the the increase in house prices is the primary reason it has become more difficult for young adults to buy a home.
11 December: Fee reporting is closed.
2019-12-11 | Reporting
We will make an announcement as soon as the system is available again.
Stock Exchange Information Database will be closed 5 - 6 December
2019-12-02 | Reporting
Including reporting of major shareholding notification announcements
PDMR Reporting will be closed 8:00–12:00 on 5 December
2019-12-02 | Reporting
Potentially followed by service disruptions.
Periodic Reporting via the installed Java application will be closed 5 - 9 December
2019-12-02 | Reporting
Read more
Planned service disruptions in FI’s reporting systems
From Monday, 2 December, to Tuesday, 10 December, all of FI’s reporting systems will experience service disruptions or closures due to planned maintenance and updates. The extent to which individual systems will be affected will vary.
Stability in the Financial System (2019:2)
The low interest rates are expected to remain low for a longer period of time. It could lead to greater risk-taking among various actors, and increased challenges for insurance undertakings.
Capital requirements of Swedish banks as of Q3 2019
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 Q3 2019.
Erik Thedéen: How we need to work to fight money laundering
“We need to make advancements in the fight against money laundering here and now, within the current system and regulatory framework,” asserted Erik Thedéen at the Swedish Bankers’ Association’s annual Bank Meeting.
FI’s work to combat money laundering and terrorist financing
Finansinspektionen (FI) strengthened its anti-money laundering supervision in 2019, in part by dedicating considerable resources to reviewing major Swedish banks’ governance and control of anti-money laundering measures in Baltic subsidiaries.
Euroclear Sweden AB receives authorisation to be central securities depository under CSDR
Finansinspektionen is granting Euroclear Sweden AB authorisation to act as a central securities depository under Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR).
Statistics: FI’s insurance supervision and firms under supervision
FI publish here statistics of our supervision and general information about the insurance undertakings subject to our supervision.
Periodic reporting will be closed Wednesday 13 November, 8 am – 12 am
2019-11-11 | Reporting
Due to maintenance, the system of periodic reporting will be closed on Wednesday 13 November from 8 am until 12 am.
FI opens sanction case in Swedbank investigation
FI is opening a sanction case in the investigation into Swedbank AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 24 October not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which has applied since 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.16 per cent.
Periodic reporting will be closed Thursday 24 October, 8 am – 12 am.
2019-10-22 | Reporting
Due to maintenance, the system of periodic reporting will be closed on Thursday 24 October from 8 am until 12 am.
FI Supervision 15: decreased transparency in bond trading
Transparency on the Swedish bond markets has decreased. This is the conclusion of Finansinspektionen’s (FI) analysis of the impact of the transparency rules that were introduced when the Directive and the Regulation for the securities market entered into force in 2018.
Cancelled: Periodic reporting will be closed Wednesday 16 October, 8 am – 12 am
2019-10-11 | Reporting
The planned maintenance of the online Periodic Reporting system has been cancelled and will be held at a later point in time.
FI Analysis 18: Swedish risk premia and monetary policy
A disorderly and abrupt increase in international market rates could lead to significantly higher term and equity risk premia. This is the conclusion of an analysis conducted by FI.
Liquidity coverage ratio requirements and diversification of the liquidity buffer
FI presents its view on the specific requirements for liquidity coverage ratios in individual currencies. The authority also provides its interpretation of the diversification requirement on the liquidity buffer’s composition for Swedish covered bonds. FI will apply this approach to its supervision of banks belonging to Supervision Categories 1 and 2 on 1 October 2019.
ESRB recommendation to Sweden for vulnerabilities in the residential real estate sector
The European Systemic Risk Board (ESRB) has issued warnings to five EEA countries and recommendations to six EU countries for medium-term vulnerabilities in their respective residential real estate sectors. Sweden is one of the countries that receives a recommendation. The recommendation suggests appropriate actions to address the identified vulnerabilities. In 2016, the ESRB issued a warning to Sweden regarding risks in the residential real estate sector.
Service Disruptions PDMR Reporting
2019-09-19 | Reporting
Service disruptions in the system for PDMR Reporting may occur on Wednesday, 25 September, 9:00AM–12:00PM.
Martin Noréus resigns from FI
FI’s Deputy Director General and Executive Director of Banking, Martin Noréus, has resigned from his position at FI to become Chief Compliance Officer at Handelsbanken.
Reinhold Europe AB must pay administrative fine
Finansinspektionen (FI) has decided that Reinhold Europe AB must pay an administrative fine of SEK 750,000.
StrateVic Finance Group AB must pay administrative fine
Finansinspektionen (FI) has decided that StrateVic Finance Group AB must pay an administrative fine of SEK 1,500,000.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Regulations regarding product intervention with regard to contracts for differences (CFDs)
Read more
New rules on contingency mechanisms for a dedicated interface
New rules enter into force in the EU on 14 September 2019 on contingency mechanisms for a dedicated interface. Finansinspektionen would therefore like to provide the following information for firms under supervision.
New rules on strong customer authentication
FI is publishing a Q&A on new rules that will go into effect on 14 September.
Erik Thedéen: Climate and sustainability in focus at FI
FI’s Director General spoke today at the Finansdagen conference in Stockholm.
Martin Noréus: Capital and AML - current topics in bank supervision
At a conference today, Deputy Director General Martin Noréus shared his views on capital adequacy in Swedish banks and how capital adequacy will be impacted by forthcoming regulations. Mr. Noréus also gave a process update on ongoing AML investigations and concluded that money-laundering risks will become a bigger consideration in prudential supervision.
NASDAQ’s supervision 2008–2018
Documentation of the financial reporting supervision for periodic financial information that NASDAQ Stockholm was responsible for up through 2018.
Comments to questions about conflict of interest in the supervision of Swedbank
Due to the announcement that Folksam’s CEO Jens Henriksson has been named President and CEO of Swedbank, FI has received questions about whether this gives rise to a conflict of interest since FI’s Director General Erik Thedéen was previously Managing Director of KPA, which Folksam owns together with SKL.
Excerpts from European Enforcers Coordination Sessions decision database – for harmonised financial reporting supervision in the EU
The European Securities and Markets Authority (ESMA) regularly publishes supervision decisions regarding issuers’ financial reports that are made by individual countries’ supervision organs and that all EU countries have at a later date committed their support to publish.
Timeframe for investigations into Swedish banks’ management of money laundering risks in the Baltics
During the month of July, FI sent notification letters to SEB and Swedbank as part of the investigations into the banks’ management and control of money laundering risks in Estonia, Latvia and Lithuania.
Capital requirements of Swedish banks as of Q2 2019
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 Q2 2019.
New Chief Legal Counsel
Eric Leijonram named Chief Legal Counsel at Finansinspektionen.
Issues with the Reporting Portal
2019-07-22 | Reporting
Temporary issues with the Reporting Portal which affects both login with SMS and Personal Mobile.
FI’s Director General Erik Thedéen reappointed to ESMA’s Management Board
FI’s Director General Erik Thedéen was reappointed to the Management Board of the European Securities and Markets Authority (ESMA) for a further 2½ year term.
Issues with reporting status
2019-07-10 | Reporting
Currently no status messages are being sent from the application.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 5 July not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which will be applied as of 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.04 per cent.
Tuesday 25 of June 8 am–12 am: System updates for Periodic reporting
2019-06-24 | Reporting
Between 8 am and 12 am on Tuesday 25 of June, maintenance updates will be done on the system for Periodic reporting. During this time, minor disruptions in the system may occur.
Erik Thedéen's introductory speech at IOSCO SFN Stakeholder Meeting
Erik Thedéen made the introductory speech at the first IOSCO SFN Stakeholder Meeting in Stockholm.
Hoylu AB receives an administrative fine
Finansinspektionen (FI) has decided that Hoylu AB (Hoylu) must pay an administrative fine of SEK 2.1 million due to deficiencies in following the EU Market Abuse Regulation (MAR). Hoylu, a company in the field of communication, is an issuer listed on Nasdaq First North.
Swedish loans for consumption
The majority of consumption loans (non-mortgage loans) are small and have a high interest rate and a short maturity. However, it is households with large loans that represent the largest share of new lending, and these loans are growing at the fastest rate. The households with the highest income take out the largest loans. If the interest rate increases, many borrowers will need to use a large part of their income to make their interest and amortisation payments. This is evident in Finansinspektionen’s (FI’s) analysis of consumption loans, Swedish Consumption Loans.
Stability in the Financial System (2019:1)
Both the global and the Swedish economies appear to be slowing down. Low interest rates – which have resulted in high risk-taking and rising asset prices – are expected to remain low for a prolonged period of time. Resilience in the Swedish financial system is satisfactory in general. However, even if the banks’ resilience is satisfactory overall, FI makes the assessment that they need more capital to cover the risks in their lending to commercial real estate firms.
Banks’ lending to commercial real estate firms requires more capital
Finansinspektionen (FI) considers the firms in the Swedish financial system to have sufficient resilience for withstanding a weaker economy. However, commercial real estate firms are vulnerable to shocks. FI therefore makes the assessment that the banks need more capital for these exposures. This is one of the conclusions in FI’s first stability report for the year, which is being presented today.
The Commercial Real Estate Market and Financial Stability
The commercial real estate market plays a key role in financial stability. The financial position of commercial firms is currently satisfactory, but many firms are vulnerable to higher interest rates and weaker economic growth.
Requirement on IRB models for exposures to commercial real estate
FI has analysed the commercial real estate market and makes the assessment that it is vulnerable to shocks.
Capital requirements of Swedish banks as of Q1 2019
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 2019.
Nordic and Baltic financial supervisors enhance cooperation to fight money laundering
Heads of the Nordic and Baltic financial supervisors met today in Stockholm. They agreed on measures to enhance the cooperation between the authorities with the aim of fighting money laundering and terrorist financing.
FI Supervision 12: Insurance Undertakings’ Own Risk and Solvency Assessments
Finansinspektionen (FI) has conducted a survey of how insurance undertakings are performing their own risk and solvency assessments. FI is of the opinion that many undertakings’ assessments can be improved.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 6 May not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which will be applied as of 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.15 per cent.
FI’s comments following publication in the media of extracts from verification letters
FI sends verification letters at an early stage of its investigation process, and the aim of this letter is to verify the facts of the case. Verification letters may at times also include preliminary assessments, but these assessments assume that the information FI received is correct and has been understood correctly.
TRS2 Test environment will be closed for an upgrade
On Wednesday, 29 April 2019, the test environment of TRS2 will be closed and not available due to an upgrade to a new version of the system. Finansinspektionen will announce when the system is available again.
Periodic reporting will be closed Tuesday 16 April, 8 am - 12 am.
2019-04-15 | Reporting
Due to maintenance, the system of periodic reporting will be closed on Tuesday 16 April from 8 am until 12 am.
Whistleblowers
2019-04-11 | About FI
Notification about suspected breaches to the rules on the financial markets.
Personal injury claims handling – a follow-up review
Insurance undertakings have taken steps to develop IT systems, customer communication and quality assurance since FI published its previous report on personal injury claims handling in 2017.
Official documents
2019-04-11 | About FI
Through the Swedish principle of public access, the public and the media are entitled to insight into public activities, i.e. government authorities, municipalities and regions. As a government authority, Finansinspektionen is subject to the principle of public access.
Erik Thedéen: Diversity on the mortgage market is healthy
FI’s Director General participated in the seminar Evolution of Mortgage Finance arranged by Stabelo for a broad group of institutional investors.
Consumer Protection Report 2019
In this report, Finansinspektionen (FI) presents the most prioritised consumer risks it has identified for 2019. FI also presents the experiences from its consumer protection work over the past year. Finally, FI identifies two areas on the financial market where consumer protection is clearly deficient and proposes regulatory changes to fill these gaps.
FI comments on the recent events involving Swedbank
Over the past few weeks, the media has reported on potentially major problems related to money laundering primarily in Swedbank’s Estonian operations. These reports have caused the bank’s share price to fall and had a negative impact on the bank’s reputation.
The Swedish Mortgage Market (2019)
High debt can mean risks for individual households, banks, financial stability and macroeconomic development. The mortgage survey serves as an important basis for the assessment of the risks associated with household debt.
FI-analysis 17: Fewer Vulnerable Households after Stricter Amortisation Requirement
Under FI's stricter amortisation requirement, which went into effect on 1 March 2018, new mortgagors with debt in excess of 450 per cent of gross income must amortise 1 percentage point more of their loan per year in addition to the existing requirement. The objective of the stricter requirement is to strengthen resilience of households by decreasing the number of mortgagors who have high debt in relation to their income.
More households are amortising, but households still have high debt
New mortgagors are amortising, borrowing less and buying less expensive homes, but many still have high debt. These are FI’s conclusions in this year’s mortgage report. FI is also publishing an FI Analysis that shows the stricter amortisation requirement has reduced the percentage of borrowers with high debt in relation to their income.
FI Analysis 16: How do covered bonds function?
This FI Analysis describes how Swedish covered bonds function, how the regulation governing the cover pool is designed and how the cover pool is affected by a fall in house prices.
Report from Forensic Risk Alliance is part of FI’s investigation
FI has received a copy of Swedbank’s external review that was initiated by reports in the media of suspected money laundering in the Baltics.
FI has received report on suspected money laundering
FI confirms that it received a report from Swedbank on 1 March regarding suspected money laundering.
Erik Thedéen: Swedish perspectives on the Banking Union
Erik Thedéen, Director General of Finansinspektionen, took part in a seminar on “The Banking Union from a Nordic-Baltic perspective” arranged today by SIEPS and the Swedish Government’s “Committee on Potential Participation in the European Banking Union”.
FI strengthens its international supervisory collaboration against money laundering
“We are taking the initiative to strengthen our international supervisory collaboration against money laundering and we are redistributing our own resources to increase our supervision capacity,” says FI’s Director General Erik Thedéen after today’s meeting with Minister for Financial Markets and Housing Per Bolund.
FI’s liquidity coverage ratio requirements in individual currencies and diversification of covered bonds in the liquidity buffer
In this memorandum, Finansinspektionen (FI) develops its view on several specific areas of the EU regulatory framework for liquidity regulation.
FI’s comments regarding customer relationships and confidentiality
SVT’s investigative journalism program Uppdrag Granskning has reported on certain transactions that occurred through Swedbank’s operations in the Baltics.
Capital requirements of Swedish banks as of the fourth quarter 2018
Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to the supervisory categories 1 and 2 as of the end of the fourth quarter 2018.
FI’s comments on the supervision of anti-money laundering activities in the Baltics
Due to the reports in the media regarding suspected money laundering in Swedbank’s Estonian operations, FI is issuing the following comments.
Joint statement by the Estonian and Swedish Financial Supervisory Authorities
Eesti Finantsinspektioon (the Estonian FSA) and Finansinspektionen (the Swedish FSA) consider the reports regarding suspected money laundering that yesterday were made public yesterday on Swedish television (SVT) to be very serious. It is extremely important that the banks’ senior management and boards of directors view these matters seriously and take all necessary actions to ensure compliance with laws and regulations.
FI’s comments on Uppdrag Granskning’s disclosures regarding suspected money laundering
FI considers the disclosures regarding suspected money laundering presented by SVT’s program Uppdrag Granskning to be very serious. FI’s Director General Erik Thedéen has made the assessment in several interviews in conjunction with the events in Danske Bank that the possibility of Swedish banks being involved in money laundering cannot be ruled out entirely, but that the scope is most likely more narrow than what has been identified in Danske Bank.
FI's comments regarding the supervision of money laundering
We consider the recent disclosures regarding money laundering and other regulatory infringements in Swedish banks to be very serious. It is extremely important for the banks' management teams and boards of directors to take these matters seriously and ensure that the banks are following the laws and regulations.
The right to a deposit account and the right to a payment account with basic functionality
2019-02-20 | Consumer
Everyone (including firms) is entitled to a deposit account according to the Deposit Insurance Act, and all consumers residing in the EEA are entitled to a payment account with basic functionality, such as a debit card, payment and transfer services and other supplemental services if the firm offers such as part of its product range.
Avanza Pension receives warning and administrative fine
FI is issuing Avanza Pension a warning for insufficient management of technical provisions and reporting. Avanza Pension must also pay an administrative fine of SEK 35 million.
TRS 2 will be closed for servicing
On Wednesday, 20 February, the TRS 2 system will not be available at the beginning of the day due to a service window. The system is planned to reopen after 4 p.m.
Finansinspektionen’s regulations regarding supervision of issuers’ periodic financial information
Read more
ESMA postpones changes to transaction reporting
The European Securities and Markets Authority (ESMA) has announced that the transition to the new XML Schema and updated validation rules will not occur on Monday, 18 February 2019, as earlier planned. It will now be postponed until Q3 2019.
Request for the release of documents, FI’s decision and the rulings of the Administrative Court of Appeal
FI would like to clarify which decisions FI has made, which decisions were appealed and which rulings the courts announced with regard to a number of investigations into money laundering at Swedish banks.
FI’s View on Preconditions for Mortgage-Based Business Activities
In Sweden, the traditional bank-based financing model for issuing and financing mortgages is currently being supplemented by models where mortgages are being financed in new ways, e.g. alternative investment funds (AIF).
Statement regarding Nordic-Baltic financial crisis simulation, January 2019
The Nordic and Baltic financial stability authorities have conducted a joint financial crisis management exercise. The exercise was held from 22 to 23 January 2019 and involved 31 authorities from Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden as well as relevant European Union authorities. A staff member of the International Monetary Fund observed the simulation.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 30 January not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which will be applied as of 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.29 per cent.
FI Analysis 15: Do banks still benefit from an expectation of an implicit state guarantee?
A new report from Finansinspektionen and the Swedish National Debt Office shows that the value of an implicit state guarantee for the major Swedish banks has decreased since the financial crisis in 2008–2009. This decrease is due to higher capital and liquidity requirements on the banks, a new regulation for managing banks in crisis and improved market conditions.
The Administrative Court of Appeal rejects Svenska Dagbladet’s appeal
The newspaper Svenska Dagbladet previously appealed FI’s decisions regarding drafts of assessments in investigation matters. The Administrative Court of Appeal of Stockholm announced its ruling in the case today. The Administrative Court of Appeal upholds FI’s decision and thus rejects Svenska Dagbladet’s appeal.
Banks need to prepare for new requirements on the IRB approach
Finansinspektionen (FI) is encouraging institutions that apply the IRB approach to analyse their rating systems to ensure that these systems meet forthcoming new requirements. Under the new requirements, Swedish institutions will need to change their rating methods. Such changes require FI’s approval.
How FI will continue to handle the event where a member was declared in default on the commodity market
FI is continuing to analyse the event that occurred in September 2018 when a member on the commodity market was declared in default. We describe here several of the issues that FI is currently analysing. We are also publishing a discussion paper that FI wrote to contribute to an ongoing international discussion on auctions as a method to manage a default in a central counterparty.
2018
FI has not manipulated public documents
2018-12-18 | News
“The assertion that Finansinspektionen (FI) supposedly manipulated public documents related to money laundering investigations and that were requested by the newspaper Svenska Dagbladet is incorrect,” says FI’s Director General Erik Thedéen. An internal legal assessment that FI is publishing today shows that the documents and their release have been handled correctly. FI’s Board of Directors convened for an extraordinary meeting to receive information about this matter and how it will be handled.
The TRS 2 system is unable to create FD files at the moment
At the moment, Friday, 7 December, the TRS 2 system is unable to create FD files (daily feedback).
FI Supervision 9: Banks’ work on information and cyber security
Several banks are working to develop and enhance their information and cyber security. Some have not yet fully adapted their work to the changed conditions introduced by increased digitalisation and an increased level of cyber threats. FI expects that the banks will continue to focus on developing their information- and cyber security abilities, and keep managing and monitoring their information and cyber risks.
Periodic reporting will be closed Tuesday 18 December, 8 am - 11 am.
2018-12-03 | Reporting
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FI Analysis 14: Reference rates are changing
Reference rates are important since they are used in many financial contracts, and it is therefore crucial that they are fair, transparent and accurately reflect the underlying market.
Erik Thedéen: Household Debt and the Role of Macroprudential Policy
Thedéen discussed the impact of high household debt on financial stability and sustainable economic growth as well as the role of macroprudential policy at the 7th FIN-FSA conference on EU Regulation and Supervision.
Higher interest rates test resilience
Low interest rates have contributed to high risk-taking, rising asset prices and increasing debt. Higher interest rates in the next few years could reduce risk-taking and thus dampen the build-up of risk. However, unexpectedly large interest rate fluctuations and uncertain global developments could also test the financial sector’s resilience. These are some of the conclusions Finansinspektionen (FI) draws in this year’s second report on the stability in the financial system. The report will be presented at a press conference today.
Stability in the Financial System (2018:2)
The economy continues to be strong, both in Sweden and globally, but it is now showing signs of a slow-down. Interest rates have been low for a long period of time, which has led to high risk-taking and rising asset prices. As a result, the risks in the financial system are elevated. The resilience in the Swedish financial system is satisfactory in general but continued high growth in debt fuelled by lending and investments related to residential property and commercial real estate require monitoring.
TRS 2 upgraded to a new system version
On Monday, 26 November, TRS 2 was upgraded to a new system version.
Klas Granlund: Brexit, positive progression not a reason to stop preparations
Despite the positive progression over the past few weeks, there is still some uncertainty surrounding Brexit. FI has previously identified the limited access to clearing services as one of the consequences of Brexit that could have a major impact on Swedish firms. The European Commission’s communication that it will take action to manage risks to financial stability that are associated with clearing is therefore welcomed. At the same time, though, a hard Brexit could create other types of frictions that affect Swedish firms. It is therefore of utmost importance that Swedish firms continue to prepare for Brexit.
Erik Thedéen: Macroprudential policy and healthy housing markets
Affordable housing and household indebtedness is increasingly the focus of the public debate in many countries. Erik Thedéen participated in a plenary panel together with representatives from Australia, Canada and Ireland to discuss what can be done to manage systemic risks and maintain healthy housing markets.
Capital requirements of Swedish banks as of Q3 2018
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 Q3 2018.
Extended system maintenance in TRS 2 system
FI is extending the ongoing maintenance and upgrade of the production environment in the TRS2 system until further notice.
Periodic reporting will be closed Wednesday 28 November from 1 am - 12 pm
2018-11-20 | Reporting
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Press
2018-11-16 | About FI
Contact our Press Office via email at press@fi.se or by telephone at +46 (0)8–408 980 33.
FI Supervision 8: Governance and control of information and communication technology operations in insurance undertakings
In general, the insurance undertakings employ adequate governance and control practices in their ICT operations. But FI has also observed that some undertakings have difficulties identifying and managing the consequences of outsourced ICT operations.
Biennial Review of the Systemic Risk Buffer
As outlined in the capital requirements directive, FI must review the systemicrisk buffer on an biennial basis. FI has reviewed the arguments originally setout to support a SRB buffer level of 3 % at consolidated level for the major banking groups and finds the arguments to still hold today for the three remaining major banking groups, following Nordea’s re-domicile.
About financial reporting supervision
Monitoring of periodic financial information (financial reporting supervision) helps both provide protection for investors and generate confidence in the capital market. The supervision should also ensure that the accounting regulations are applied in a harmonised manner in all regulated markets within the EEA.
Work with sustainability is progressing – but there is still much to be done
FI is publishing today three reports on sustainability. The reports show that the work with sustainability is progressing on several fronts and that the industry’s own initiatives, where relevant, are working. But there is still a lot of work left to be done. FI is also publishing a follow-up report for the Government on FI's work with sustainability-related matters in 2018.
FI Supervision 7: Sustainability perspective in lending to corporates – a follow-up review
The banks give greater consideration to sustainability aspects in their lending to corporates. However, FI sees a need for more transparency and comparability in the area of sustainability.
FI Supervision 6: Sustainability Information in Funds
2018-11-07 | Reports
The fund industry has created through its self-regulation an information standard that fund managers must use when providing the information needed for a consumer to understand a fund’s management with regard to sustainability. Finansinspektionen (FI) conducted a survey in the summer of 2018 to follow up on and evaluate the industry’s self-regulation in the area.
Integration of sustainability in corporate governance
Sustainability-related risks and opportunities do not differ from the other risks and opportunities that can be linked to financial firms’ operations. Therefore, sustainability should not be managed in limited areas of corporate governance, but rather be an integral part of corporate governance as a whole. In this survey, FI studied how financial firms describe their management of sustainability aspects in corporate governance and how these aspects are integrated into the operations.
Finansinspektionen’s work in 2018 to contribute to sustainable development
FI has conducted a number of supervision activities related to sustainability at the same time as the organisation has been partly restructured and received additional resources. During the year, FI's work has focused on integrating sustainability-related matters into its ongoing supervision, a project that will continue and be intensified.
Issuers
2018-11-05 | Markets
We have compiled information here about the various requirements that are placed on issuers.
Major Swedish banks show resilience in EU stress test
The major Swedish banks are resilient and have the ability to withstand a sharp deterioration in the market, according to the stress test conducted by the European Banking Authority (EBA).
Change in total number of shares or voting rights
2018-11-01 | Markets
An issuer whose shares are admitted to trading on a regulated market is obliged to disclose changes in the issuers total number of shares or voting rights.
Periodic financial information
2018-11-01 | Markets
Companies listed on a regulated market within the EEA that have Sweden as their home member state shall disclose and report financial reports to FI in accordance with the Securities Market Act (2007:528). Reporting to FI shall take place at the same time as the company discloses this information.
Home member state
2018-11-01 | Markets
The purpose of the rules concerning home member state is to specify a competent authority for supervision under the regulations in the Transparency Directive. The member state that is the issuer’s home member state is therefore responsible for conducting supervisions pursuant to the provisions of the Transparency Directive.
Insider lists
2018-11-01 | Markets
Issuers on a regulated market or a multilateral trading facility (MTF) shall continually maintain a list of persons who have access to inside information. This list is called an “insider list”.
Inside information
2018-11-01 | Markets
An issuer on a regulated market (stock exchange – e.g. Nasdaq Stockholm and NGM Main Regulated) or a multilateral trading facility (MTF) (e.g. Spotlight Stock Market and Nordic MTF) shall inform the public as soon as possible about inside information that directly affects that issuer. This shall be done in a manner which gives the public fast access to the information and enable them to make a complete and correct assessment of the information.
List of persons discharging managerial responsibilities
2018-11-01 | Markets
An issuer shall draw up a list of all persons discharging managerial responsibilities and persons closely associated with them. The same obligation applies to emission allowance market participants. This list is not to be confused with an issuer’s insider list. This list is not to be sent to FI. However, FI is permitted to request this list should the need arise.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 31 October not to change the countercyclical buffer rate. The buffer rate of 2.5 per cent, which will be applied as of 19 September 2019, shall thus continue to apply. The countercyclical buffer guide is set at 0.41 per cent.
Investment recommendations
2018-10-22 | Markets
These regulations apply to persons who produce or disseminate investment recommendations or other information recommending or suggesting a certain investment strategy.
Short selling
2018-10-22 | Markets
Short selling involves the sale of a security that the seller does not own at the time the sale takes place. Instead, the seller has borrowed, or ensured that the security can be borrowed, before the transaction is conducted. When short selling takes place, a short position arises in the security in question.
Major shareholding notifications
2018-10-22 | Markets
Major shareholders are obliged to submit major shareholding notifications concerning changes to their holdings in companies whose shares are admitted to trading on a regulated market (stock market – e.g. Nasdaq Stockholm and NGM Main Regulated). The obligation to submit a major shareholding notification arises when a change results in the proportion of all shares or voting rights in a company reaching or passing, upwards or downwards, certain set thresholds.
Trading ban
2018-10-19 | Markets
Persons discharging managerial responsibilities within an issuer may not conduct transactions in financial instruments issued by the issuer – or related financial instruments – for a period of 30 calendar days prior to the announcement of an interim financial report or year-end report. An issuer may grant exemptions from the ban on trading under certain circumstances.
PDMR transactions
2018-10-19 | Markets
Persons discharging managerial responsibilities within an issuer or an emission allowance market participant shall report transactions they have made in securities that are issued by or linked to this issuer. This also applies to persons closely associated with persons discharging managerial responsibilities. The notification shall be made to both FI’s PDMR transactions register and to the issuer in question.
Investors
2018-10-19 | Markets
This is where you can find information about the requirements placed on people who trade in securities, in other words conduct transactions in issuers.
The Network for Greening the Financial System has published its first report
The members of the international Network for Greening the Financial System (NGFS) acknowledge in their first report that climate-related risks are a source of financial risk. The Network therefore clarifies that it is within the mandates of central banks and supervisors to ensure the financial system is resilient to climate-related risks.
FI’s Use of Macroprudential Tools
Household debt is not primarily a direct threat to financial stability. However, if the economy takes a turn to the worse, many households may be forced, or even choose, to reduce their consumption in order to continue to be able to pay off their loans. This could exacerbate a crisis and threaten financial stability, determines FI in a report on FI’s use of macroprudential tools.
IOSCO creates a sustainable finance network chaired by Erik Thedéen
The International Organization of Securities Commissions (IOSCO) decided today to create a Sustainable Finance Network (SFN).
Erik Thedéen: Will the banks withstand the next crisis – what role will capital requirements play?
Discussing how the banks will withstand the next crisis is undoubtedly asuitable topic in October 2018, which marks exactly ten years since the mostdifficult phase of the financial crisis.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
Regulations amending Finansinspektionen’s regulations (FFFS 2014:33) regarding the countercyclical buffer rate
FI has decided to raise the buffer rate from 2.0 to 2.5 per cent. The reason for this change is that the systemic risks have increased. The amendments will enter into force on 19 September 2019.
FI raises the countercyclical buffer rate
FI has decided to raise the buffer rate from 2.0 to 2.5 per cent. The reason for this change is that the systemic risks have increased.
Finansinspektionen follows closely the developments at Nasdaq Clearing
Finansinspektionen has an ongoing dialogue with Nasdaq Clearing given that the company decided to declare a member in the firm’s commodity market in default. Finansinspektionen is also in contact with other affected authorities and organisations.
Erik Thedéen: On the Agenda: The Swedish FSA’s mandate and current challenges
The procyclical nature of the financial sector tends to amplify cycles and may turn a severe downturn into a financial crisis. One of FI’s tasks is to mitigate this pro-cyclicality.
FI's comments on Nasdaq Clearing's decision today
Nasdaq Clearing AB has decided to declare a clearing member in the firm’s commodity market in default. The member is active in the electricity derivatives markets through trading on the Norwegian Stock Exchange, Nasdaq Oslo ASA. These financial instruments are centrally cleared in Nasdaq Clearing AB, a firm under Finansinspektionen’s (FI’s) supervision.
Erik Thedéen: Higher countercyclical capital buffer?
A speech given by Erik Thedéen, FI's Director General, at the UBS Annual Nordic Financial Services Conference in Stockholm today.
Authorisation to execute merger plan for Nordea
Finansinspektionen grants Nordea Bank AB authorisationto execute the merger plan prepared with its subsidiary, Nordea Bank Abp, under which Nordea Bank AB is absorbed by NordeaBank Abp.
Capital requirements of Swedish banks as of the second quarter 2018
Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to the supervisory categories 1 and 2 as of the end of the second quarter 2018.
Changed method for the application of the risk weight floor for Swedish mortgages
FI’s Board of Directors decides to change the method used to apply the current risk weight floor for Swedish mortgages through Pillar 2 by replacing it with a corresponding requirement under Article 458 of the Capital Requirements Regulation. The change will enter into force on 31 December 2018.
FI grants Nordea authorisation to move to Finland
Finansinspektionen (FI) grants Nordea Bank AB authorisation to execute its merger plan and thus move the bank’s head office to Finland.
European Commission’s decision regarding the risk weight floor for Swedish mortgages
The European Commission has decided not to propose to the European Council a rejection of Finansinspektionen’s proposal to change the method for the application of the current risk weight floor for Swedish mortgages. This means that the measure may be implemented in Sweden.
Proposal to change Finansinspektionenʼs Regulations (FFFS 2014:33) regarding the countercyclical buffer rate
Finansinspektionen proposes to raise the countercyclical buffer rate to 2,5 percent. The rate is currently at 2 percent. The change will be effective from the 19 September 2019.
FI open to raising the countercyclical buffer rate in September
The next occasion on which FI will decide on the countercyclical buffer rate is in September. FI's Director General has decided that the preparatory work for the decision shall focus on enabling an increase in the rate to 2.5 per cent if such is deemed necessary. The countercyclical buffer is currently 2.0 per cent.
Preconditions for newcomers to the mortgage market
Sweden’s traditional bank-based model for granting and financing mortgage loans is challenged by new firms with alternative financing models.
ESMA on the exemption for pension scheme arrangements from the clearing obligation
The European Securities and Markets Authority (Esma) published on 3 July 2018 a statement on the exemption for pension scheme arrangements (PSAs) from the clearing obligation. The objective of the statement is to avoid, to the extent possible, disruption after 17 August 2018 when the current exemption for PSAs from the clearing obligation expires.
Opinions from the ESRB and the EBA regarding changed method for application of the risk weight floor for Swedish mortgages
The ESRB and the EBA have submitted their Opinions to the European Council, the European Commission and Finansinspektionen regarding Finansinspektionen's intention to change its method for the application of the current risk weight floor for Swedish mortgages.
Esma publishes new information regarding the LEI requirements under MiFIR
ESMA published new information on 20 June 2018 regarding the LEI requirements under MiFIR. The publication confirms that the last day for the temporary period that was brought-in in December 2017 to allow for a smooth introduction of the LEI requirements will be 2 July 2018.
Operational disruptions in TRS 2 Production
On Wednesday, 27 June, there will be operational disturbances in the TRS2 production environment due to an upgrade to a new system version.
Changes in reporting of holdings
Finansinspektionen is making changes to the reporting of holdings for funds. The changes will go into effect in January 2019.The changes to the reporting aim to achieve more effective supervision of both individual funds and the fund market as a whole.
Consequences of Brexit for the Swedish financial market
Brexit will become a reality when the UK leaves the EU on 29 March 2019. This will change conditions for cross-border trade in financial services to and from the UK. FI describes in this report its analysis of a number of significant economic and legal aspects related to Brexit.
FI Supervision 5: Market Abuse 2017–2018
Over the past year, FI has primarily intervened against small-volume trading and ”wash trades” that were carried out deliberately or negligently by private individuals. The financial undertakings’ reporting plays a key role in FI’s possibilities for intervening against market abuse. FI’s cooperation with EBM has contributed to the development of this work. These are the three conclusions in FI’s report, Market Abuse 2017–2018.
Swedish loans for consumption
Most loans for consumption are small and have a high effective interest rate and a short maturity. Households with large loans represent the largest share of new lending, though, and the large loan segment is growing the fastest. Households with high income have the largest loans. Borrowers with mortgages normally have larger consumption loans than borrowers without mortgages. These are some of the results from FI’s mapping of consumption loans, Swedish Consumption Loans 2018.
Förlängt underhåll och driftstörningar i TRS 2 Produktion
On Friday, 8 June, the TRS 2 production environment will still be closed for maintenance.
Operational disruption in TRS 2 Production
On Thursday, 7 June, the TRS 2 production environment will be closed for maintenance.
International sanctions
2018-05-30 | Money laundering
International sanctions limit the discretionary actions of a state, a region, a group or individuals. The sanctions that apply in Sweden are decided by the UN or the EU.
Terrorist financing
2018-05-30 | Money laundering
Activities that constitute “terrorist financing” are described in the Money Laundering and Terrorist Financing (Prevention) Act (the Anti-Money Laundering Act).
Firms subject to the Act
2018-05-30 | Money laundering
Both financial firms and non-financial business operators are subject to the Money Laundering and Terrorist Financing (Prevention) Act.
Stability in the Financial System
The Swedish economy continues to be strong, and resilience in the financial system is satisfactory. However, a long period of low interest rates and strong growth has resulted in an elevated risk appetite, high asset prices and high debt globally, among Swedish households and on the commercial real estate market. The high level of indebtedness makes the financial sector more sensitive to shocks, and, if necessary, FI will take additional measures to strengthen the resilience.
Risks can build up when the economy is strong
The Swedish economy continues to be strong, and resilience in the financial system is satisfactory. However, a long period of low interest rates and strong growth has resulted in an elevated risk appetite, high asset prices and high debt. This makes the financial sector more sensitive to shocks, writes Finansinspektionen (FI) in the first Stability Report of the year, which is being presented today.
EU notification regarding changed method for the application of the risk weight floor for Swedish mortgages
Finansinspektionen has notified the European Parliament, the EU Council, the European Commission, the ESRB and EBA on the intended measure to change the method for the application of the risk weight floor for Swedish mortgages under Article 458 of the CRR.
Capital requirements of Swedish banks as of the first quarter 2018
Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to the supervisory categories 1 and 2 as of the end of the first quarter 2018.
Major upcoming changes to banks’ credit risk modelling
The regulatory and supervisory frameworks for banks’ internal rating based (IRB) approaches will be significantly adjusted over the coming years. The overall objective is to increase the robustness of capital requirements and ensure consistency across banks. Well-functioning IRB models are key to the capital assessment of the larger Swedish banks and hence a supervisory priority for FI.
FI Supervision 4: Survey of Funds of Funds
FI has surveyed 25 funds of funds managed by 25 fund management companies and AIF managers. FI has scrutinised how the consumer is informed about fees and how the managers have reported their funds of funds’ objectives and performance.
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS
Read more
FI-analysis 13: Low for long and large annuity payments
Theprevailing low interest rate environment is challenging for pension managers who pledge a guaranteed rate of return to their beneficiaries.
Finansinspektionen’s general guidelines regarding reporting of events of material significance
Read more
Regulations amending Finansinspektionen’s regulations (FFFS 2017:22) regarding position limits
Read more
FI Supervision 3: Survey of Market Risks in Savings Banks
Finansinspektionen (FI) has conducted a survey of the management of market risks by savings banks and of their holdings in financial assets. FI’s assessment is that the majority of savings banks are managing their market risks in an acceptable manner.
Operational disruption in TRS 2 Production
On Thursday, 3 May, the TRS 2 production environment will experience operational disruptions due to an upgrade to a new system version.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 26 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. The countercyclical buffer guide is set at 0 per cent.
FI Supervision 2: Audit supervision of public-interest entities
Pursuant to the Supervision of Public-Interest Entities (Audit) Act (2016:429), FI is responsible for conducting certain audit supervision activities. FI has conducted an investigation into this supervisory area in 2017. This report provides an overview of the investigation’s results and describes FI’s view on how the regulations can be applied.
Solidar Fonder AB receives a warning and an administrative fine
Finansinspektionen (FI) is issuing Solidar Fonder AB (Solidar) a warning. The company must also pay an administrative fine of SEK 10 million.
Contact us
2018-04-13 | Fintech
Here you will find information about how to contact FI’s Innovation Center.
Contact us
2018-04-13 | Fintech
Here you will find information about how to contact FI’s Innovation Center.
Examples
2018-04-13 | Fintech
Here you can see a list of the authorisations that may be needed for certain types of activities.
Examples
2018-04-13 | Fintech
Here you can see a list of the authorisations that may be needed for certain types of activities.
Innovation-related cooperation
2018-04-13 | Fintech
We cooperate with industry organisations, governmental authorities, and international task groups to exchange knowledge and influence the development of regulations and innovations on the financial market.
Innovation-related cooperation
2018-04-13 | Fintech
We cooperate with industry organisations, governmental authorities, and international task groups to exchange knowledge and influence the development of regulations and innovations on the financial market.
TRS 2 closed for maintenance
On Friday,13 April, TRS 2 will be closed for maintenance.
FI Supervision 1: Experiences from money laundering supervision 2016–2017
It is FI’s assessment that firms in general have a greater awareness of the regulations than in previous investigations and are committing more resources to their work to prevent money laundering. But more needs to be done.
Households continue to take on large mortgages
Household debt is continuing to rise. The number of new mortgagors with a high level of debt in relation to their income or the value of their home continues to be high. These are the conclusions drawn by Finansinspektionen (FI) from this year’s mortgage survey, which is being presented today. FI also highlights how tenant-owner associations’ debt increases the risks for households.
FI-analysis 12: The mortgage cap reduced household debt
This FI Analysis presents an assessment of the Swedish mortgage cap. The analysis indicates that the mortgage cap has changed household behaviour. Households with new mortgages borrow less than what they would have done if FI had not implemented the mortgage cap. They are also buying less expensive homes.
The Swedish Mortgage Market
Finansinspektionen (FI) follows the development of household debt on an ongoing basis. The mortgage survey serves as an important source of data for this work. High debt can mean risks for individual households, banks, financial stability and the macroeconomic devel-opment.
Erik Thedéen re-elected Vice-Chair of IOSCO's European Regional Committee
Finansinspektionen's Director General Erik Thedéen has been re-elected as Vice-Chairman of the International Organization of Securities Commissions' (IOSCO) European Regional Committee (ERC) for the period 2018-2020.
How the Innovation Center works
2018-04-03 | Fintech
We are an easy point of contact for companies. We offer a simple dialogue for questions related to financial innovation.
About the Innovation Center
2018-04-03 | Fintech
We are the first point of contact for companies that are unsure about the regulations, processes and principles that apply to financial innovations.
About the Innovation Center
2018-04-03 | Fintech
We are the first point of contact for companies that are unsure about the regulations, processes and principles that apply to financial innovations.
Proposal to change method for the application of the risk weight floor for Swedish mortgages
Finansinspektionen (FI) is proposing to change the method it currently uses to apply the current risk weight floor for Swedish mortgages through Pillar 2 by replacing it with a requirement within the framework of Article 458 of CRR. The change is proposed to enter into force on 31 December 2018.
Priorities in FI’s supervision to strengthen consumer protection
Finansinspektionen (FI) presents in this report the risks consumers are facing on the financial market and that FI is prioritising in its supervision. One recurring prioritised risk is that consumers will be granted loans that are larger than what their personal finances can handle. Another risk that has been prioritised for a long time is the risk that consumers will be advised to invest in products that are not suitable for them.
Prime Financial Partners
2018-03-20
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Prime Financial Partners are offering Swedish investors to trade with securities.
FI updates information about periodic reporting required by the Anti-Money Laundering Act
FI has updated the instructions and FAQs about the periodic reporting firms under Finansinspektionen’s supervision are required to file according to the Anti-Money Laundering Act.
FI’s 2017 Annual report: A word from the Director General
The following is a summary of the year by Director General Erik Thedéen that is included as the introduction to the annual report.
Capital requirements of Swedish banks as of the fourth quarter 2017
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the fourth quarter 2017.
New Senior Advisor at FI
Anders Kvist has been named a Senior Advisor to FI’s Director General.
Videos about anti-money laundering now in English
FI has translated into English its educational videos about efforts to combat money laundering and terrorist financing.
Martin Noréus: Current challenges facing the banking sector
“The Swedish banking sector is profitable and has satisfactory resilience, but it is clearly undergoing a major transformation,” said Martin Noréus in a speech at SvD Bank Summit in Stockholm.
New Nordic-Baltic Memorandum of Understanding
The Swedish Ministry of Finance, the Riksbank, Finansinspektionen (the Swedish Financial Supervisory Authority) and the Swedish National Debt Office in its role as resolution authority, have produced, together with their equivalents in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania and Norway a new Memorandum of Understanding on cooperation and coordination on cross-border financial stability.
Erik Thedéen: Rules prevent crises
Finansinspektionen is responsible for macroprudential policy in Sweden, which includes both promoting financial stability and counteracting financial imbalances. We are also tasked with promoting a high level of consumer protection on the financial markets. One of the reasons that we have been given the responsibility for macroprudential policy is that financial crises have proven themselves to be very expensive.
Decision regarding the countercyclical buffer rate
Finansinspektionen (FI) decided on 29 January 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.
Monitoring
2018-01-29 | Money laundering
A firm shall review transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing.
Customer due diligence
2018-01-29 | Money laundering
The firm must possess solid knowledge about its customers and their affairs so as to make it more difficult for the business to be used for, and to prevent, money laundering or terrorist financing.
Training
2018-01-29 | Money laundering
A firm’s employees shall receive training to provide them with sufficient knowledge to follow the firm’s anti-money laundering procedures and guidelines.
Procedures
2018-01-29 | Money laundering
A firm shall have in place procedures and guidelines in terms of measures for customer due diligence, monitoring, reporting and processing of personal data.
First meeting of the Network for Greening the Financial System
The international Network for Greening the Financial System (NGFS) held its inaugural meeting in Paris last week.
Risk classification
2018-01-25 | Money laundering
Customer due diligence measures shall be adapted based on an assessment of the extent of the risk of being used for money laundering and terrorist financing.
Process – work method for measures to counteract risks of money laundering
2018-01-25 | Money laundering
These steps should be included in a comprehensive process to avoid the risk of being used for money laundering and the financing of terrorism.
Risk assessment
2018-01-25 | Money laundering
Banks, insurance companies and other financial firms must perform an assessment of the risk of the products and services they offer being used for money laundering or terrorist financing. The firm must also assess the scope of this risk.
Financial stability and macroprudential policy
Finansinspektionens Director General Erik Thedéens speech in the Standing Committee on Finance the 23 januari 2018.
Application of transparency rules in accordance with MiFID II/MiFIR for Swedish trading venues and investment firms
FI establishes its adaptation to the new transparency rules that will go into effect on 3 January 2018 in conjunction with the new European regulatory framework: the Directive and the Regulation on markets in financial instruments (MiFID II/MiFIR).
Regulations amending Finansinspektionen’s regulations (FFFS 2013:9) regarding Swedish UCITS;
Read more
Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2005:11) regarding insurance mediation
2018-01-11 | Insurance intermediaries
Read more
FI publishes supplementary transparency calculations for MiFIR/MiFID II
In accordance with the announcement published on 7 December 2017, FI has carried out supplementary transparency calculations for equity instruments and bonds admitted for trading on a Swedish trading venue in November and December 2017.
2017
FI recognises the risk weight floor for Finnish mortgage exposures
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.
More efficient handling of applications to use the IRB approach for credit risk
Finansinspektionen (FI) is changing its procedure for handling of applications for permission to use the IRB approach for credit risk.
AIFM reporting to Finansinspektionen
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.
Reporting to FI
2017-12-15
Firms must report information annually in FI's system for periodic reporting.
Conclusions from FI’s analysis of personal injury claims handling
The outcome of personal injury claims can have a considerable effect on the injured party. Some injured parties do not have confidence for the claims handling process at insurance undertakings. Given the total number of personal injury claims, there are relatively few complaints regarding claims handling.
PRIMECFDS / WM Option / Orion Solutions SRL
2017-12-08
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent PRIMECFDS (former WM Option) are offering Swedish investors to trade with securities in terms of binary options.
Vogel Capital / Commercial Support LP
2017-12-08
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Vogel Capital are offering Swedish investors to trade with securities in terms of binary options.
ESMA and FI publish transparency calculations for MiFIR/MiFID II
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.
FI establishes an innovation centre
FI is establishing a fintech innovation centre that will provide information to and maintain a dialogue with companies conducting innovation-based business. This centre and additional initiatives are presented in FI's report to the Government regarding an assignment.
Stability in the Financial System (2017:2)
The Swedish economy continues to be strong and interest rates are extremely low, which contributes to high asset prices and low risk premiums. As global interest rates rise in the future, there is a risk for an abrupt increase in risk premiums and a fall in asset prices, which could be stressful for the financial system.
Proposed capital requirement regulation for undertakings for occupational retirement provision
Finansinspektionen (FI) received a mandate from the Government to propose a capital requirement regulation for undertakings providing occupational retirement. The objective is to provide comprehensive protection for consumers (beneficiaries) while at the same time enabling effective management of occupational pensions.
Important information about transaction reporting in accordance with MiFID
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.
Submitting invoices to Finansinspektionen
2017-11-27 | About FI
Suppliers can send e-invoices to Finansinspektionen. We prefer invoices in the format PEPPOL BIS Billing 3 sent via the PEPPOL network. Finansinspektionen does not accept invoices in PDF format that are sent by email.
Summary of the rules
Finansinspektionen (FI) is the competent authority under the BMR. This means that FI assesses the applications, registrations and notifications that can or must be submitted according to the regulation. As the competent authority, FI shall also conduct supervision of administrators, contributors and users.
About BMR
The EU regulation on benchmarks (Benchmarks Regulation (BMR)) came into effect on 1 January 2018 and it applies directly, without any implementation via Swedish law. The regulation will be supplemented with additional EU legislation in the form of delegated acts and implementing acts, which will specify the details in certain areas of the Benchmarks Regulation.
Benchmarks (BMR)
On 1 January 2018, new rules for benchmarks started to apply in the EU via the Benchmarks Regulation (BMR). The new regulation affects all firms providing indices that are used as benchmarks and the firms that contribute input data to such indices. The regulation affects firms that use the benchmarks if the firms are subject to FI’s supervision.
Capital requirements of Swedish banks as of the third quarter 2017
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the third quarter 2017.
Operational disruptions in the TRS 1 system
There will be operational disruptions in the TRS 1 system today, 20 November 2017. The disruptions affect rapporteurs submitting encrypted files.
Proposal for a stricter amortisation requirement for households with high loan-to-income ratios
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.
Erik Thedéen: Incentives vs. risk
“The fundamental problem is the potential conflict that inherently arises from the interplay between economic incentives and excessive risk-taking”, said Erik Thedéen in a speech on Thursday at the School of Business, Economics and Law at the University of Gothenburg. Erik Thedéen analysed the causes underlying this problem and presented some of the measures introduced to mitigate it.
Supervision of insurance firms 2017 (Summary)
In order for an insurance firm to be able to fulfil its obligations to its customers, the firm needs to have sufficient capital to manage its risk, good internal governance and good control of its risks. Ensuring that these requirements are met is the focus of FI’s supervision of insurance firms.
Reporting of insurance firms (Summary)
Finansinspektionen (FI) has identified extensive quality deficiencies in the reporting of insurance firms. These deficiencies are a sign that the internal governance and control of many of the firms’ reporting procedures are unsatisfactory. Through this document, FI provides guidance for insurance firms for how they can strengthen their reporting procedures.
Decision regarding the countercyclical buffer rate
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.
Information about forthcoming periodic reporting in accordance with Finansinspektionen’s regulations FFFS 2017:11
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.
Delayed publication of short-selling notification
Finansinspektionen was late with its publication of a short-selling notification from Coatue Management.
ESMA publishes reference data and instructions for downloading files
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.
Commercial real estate and financial stability
FI:s director general Erik Thedéens speech about commercial real estate and financial stability held at the conference DI Bank in Stockholm 10 maj 2017.
Thedéen: The role of macroprudential policy in Sweden
The financial crisis in 2008-09 demonstrated just how vulnerable the international financial system was and had enormous consequences for the economies in the western hemisphere. Even if traditional stabilisation policy tools, such as monetary and fiscal policy, were able to mitigate the crisis, they did not successfully prevent the build-up of risk that occurred over a long period of time prior to the crisis. The crisis therefore triggered the development of macroprudential policy, which aims to reduce the risk of financial crises and their subsequent effects.” It is with these words that Erik Thedéen began his speech at Finansdagen in Stockholm.
FATF and other entities
2017-09-18 | Money laundering
In Sweden and abroad, there are many more entities which are, in some way, concerned with or work with combating money laundering and terrorist financing. Some of them are presented here. More information can be found on the relevant websites.
Money Laundering
2017-09-18 | Money laundering
Many of the firms that are subject to Finansinspektionen's supervision must comply with the regulations intended to prevent the firms being misused for money laundering and terrorist financing. Information is presented here about what the firms in the financial industry need to do to comply with the regulations.
CMC Gao Hua
2017-09-11
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent CMC Gao Hua are offering Swedish investors to trade with securities.
ITO Ventures
2017-09-11
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent ITO Ventures are offering Swedish investors to trade with securities.
Finansinspektionen’s regulations regarding measures against money laundering and terrorist financing
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Comments on Nordea's decision to move its head office
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.
Banking capital in times of stress
Erik Thedéen, FI's Director General, speech at the UBS conference: 20th Annual Nordic Financial Services Conference in Stockholm.
The financial sector's role for sustainabilty
Erik Thedéen, FI's Director General, took part in a panel discussion arranged by Alecta today entitled Incentives for significant allocation of long term capital towards investments for a resilient and sustainable society. Erik Thedéen talked about sustainability work within the financial sector.
Capital requirements of Swedish banks as of the second quarter 2017
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the second quarter 2017.
Decision regarding the countercyclical buffer rate
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.
Nihon International
2017-06-30
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Nihon International are offering Swedish investors to trade with securities.
FI’s Pillar 2 capital assessment method for systemic risk associated with securitisation
Finansinspektionen considers it to be necessary to implement a back-stop within Pillar 2 to limit effects on the total credit supply from systemically critical securitisation. FI is publishing today a method that it intends to use during its capital requirements assessment.
Progression Trust and Department of Securities and Exchange Regulation
2017-06-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Progression Trust are offering Swedish investors to buy securities. Progression Trust also refer to the fake regulator, Department of Securities and Exchange Regulation, to increase its credibility to buy securities.
Pimmit Partners
2017-06-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Pimmit Partners are offering Swedish investors to buy securities.
Excon Fuji Securities
2017-06-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Excon Fuji Securities are offering Swedish investors to buy securities.
Verent Capital
2017-06-28
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Verent Capital are offering Swedish investors to buy securities.
FI:s response to the EU Consultation on FinTech: A more competitive and innovative European Financial Sector
Finansinspektionen has responded to the Commission Consultation Document on FinTech: A more competitive and innovative European Financial Sector.
Woori Bridgewater Brokerage
2017-06-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Woori Bridgewater Brokerage are offering Swedish investors to buy securities.
CTI China Renaissance
2017-06-13
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent CTI China Renaissance are offering Swedish investors to buy securities.
FI’s view on financial stability and the risks for financial imbalances
Erik Thedéen visited the Committee on Finance today for a Q&A session. He discussed the unprecedented economic conditions that Sweden is currently experiencing.
Stability in the Financial System
The Swedish economy is thriving, but a strong economy combined with low interestrates has resulted in high asset prices and rapidly rising household debt.
FI Analysis 11: Consequences of a stricter amortisation requirement
Households with high loan-to-income ratios, i.e. large loans in relation to income, are vulnerable. They are sensitive to rising interest rates since their monthly expenses are affected more than households with lower loan-to-income ratios. They are also somewhat more sensitive to a loss of income, for example if they become unemployed.
Capital requirements of Swedish banks as of the first quarter 2017
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the first quarter 2017.
New page about transaction reporting for MiFID2/MiFIR
A new webpage is now available with information about the transaction reporting required under MiFID 2/MiFIR.
Test reporting in the TRS2 system
On 3 January 2018, when the MiFID II Directive and the MiFIR Regulation enter into force, a new transaction reporting system (TRS2) will open for reporting. Transaction reporting as required by MiFID II and MiFIR will occur only in the new TRS2 system. All firms intending to file transaction reports in accordance with MiFID II/MiFIR starting on 3 January are encouraged to have filed test reports in the test environment of the TRS2 system before reporting live. The test environment is open 24/7, with the exception of service disruptions.
Transaction Reporting MiFID2/MiFIR
The MiFID II directive and the MiFIR regulation entered into force on 3 January 2018. The new rules apply to all firms providing investment services or activities. Transaction reporting in accordance with MiFID II/MiFIR occurs through the TRS 2 system that entered into operation on 3 January 2018. The system is open 24/7, except during service disruptions.
A framework for consumer protection (summary)
Finansinspektionen (FI) works to ensure that the financial system is stable and characterised by high confidence. It should also have well-functioning markets that meet the needs for financial services while at the same time ensuring a high level of protection for consumers. This requires stable financial firms, clear information for consumers and consideration for consumers' needs and circumstances when developing and selling products.
Consumer Protection on the Financial Market (2017)
Finansinspektionen (FI) presents in this report the risks consumers are facing on the financial market and that FI is prioritising in its supervision. One example is the risk that consumers will be granted larger loans than what their personal finances allow.
Izumi Ventures / Monetary and Investment Authority
2017-05-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Izumi Ventures are offering Swedish investors to buy securities. Izumi Ventures also refer to the fake regulator, Monetary and Investment Authority, to increase its credibility to buy securities.
The Alden Group
2017-05-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent The Alden Group are offering Swedish investors to buy securities.
Suisse Option / Primary Stream Limited
2017-05-10
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent Suisse Option are offering Swedish investors to buy securities.
Swedish banking requirements for financial stability should be safeguarded
The design of the Swedish regulations for capital adequacy and crisis management is appropriate for reducing the risk of financial crises and ensuring effective management if a crisis were still to occur. This is the conclusion reached by Finansinspektionen (FI) and the Swedish National Debt Office in a joint report. The report emphasises that Sweden should safeguard national discretions in the framework of banking requirements in ongoing EU negotiations.
Notification
A financial institution that is authorised in another EEA State may conduct financial activities in Sweden if it is within the scope of a relevant EU Single Market Directive. In order to do so, the institution must first contact its home-state regulator which will notify Finansinspektionen.
Notification
A financial institution that is authorised in another EEA State may conduct financial activities in Sweden if it is within the scope of a relevant EU Single Market Directive. In order to do so, the institution must first contact its home-state regulator which will notify Finansinspektionen.
Decision regarding the countercyclical buffer rate
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.
Updated categorisation of Swedish credit institutions
FI has updated its supervision categorisation of Swedish credit institutions for 2017. Two credit institutions have changed category.
Preschool children can learn about personal finances
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.
Welcome to FI’s Consumer Protection Day on 11 May 2017
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.
FDS Research Group
2017-04-26
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent FDS Research Group are offering Swedish investors to buy securities.
PSI Research
2017-04-26
It has come to the attention of Finansinspektionen (FI), the Swedish Financial Supervisory Authority, that persons claiming to represent PSI Research are offering Swedish investors to buy securities.
Erik Thedéen speaks to EU Parliament about new banking rules
Erik Thedéen is commenting today on the EU Commission’s proposed changes to banking regulations during a Q&A session in Brussels in EU Parliament’s Committee on Economic and Monetary Affairs (ECON).
Supervision of the banks
This year’s supervision report describes, at an overarching level, the Swedish banking system, how FI works with supervision and a number of topical risk areas currently in focus.
FI Analysis 10: Amortisation requirement reduced household debt
This FI Analysis shows that the amortisation requirement has helped households with new mortgages change their behavior. New mortgagors are taking smaller mortgages than what they would have done if FI had not implemented the amortisation requirement. These households are also buying less expensive homes.
The Swedish Mortgage Market (2017)
Household debt is a crucial matter which FI monitors closely, and the mortgage survey is an important part of this work. Household debt has increased sharply in recent years. During the same period, mortgage rates have fallen and are now at historically low levels, and house prices have also risen rapidly. Finansinspektionen (FI) judges there to be an elevated risk that house prices will fall compared to a normal state, and it is more likely that interest rates will rise than that they will fall.
Supervisory review process
2017-03-31 | Insurance
FI´s supervision process adopts a forward-looking approach and applies a risk-based methodology.
Decision regarding the countercyclical buffer rate
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 Analysis 9: Households’ interest rate adjustment periods – an economic vulnerability?
SUMMARY: In Sweden, both the percentage of mortgages that have a variable interest rate and household debts have risen sharply. This combination has made house-holds sensitive to rising interest rates.
