Changes were implemented on 1 July 2009 in the regulations governing the ownership assessment that FI is obligated to carry out in applications to conduct financial operations and in acquisitions of shares in companies under FI's supervision.
FI's regulations governing ownership assessment
Before a qualifying holding of shares is acquired, or a company commences licensed operations, an application for a licence shall be submitted to FI. Qualifying holding refers to a direct or indirect ownership of a company, if the ownership represents ten per cent or more of the capital or of all votes or otherwise enables a significant influence over the company's management. Under the new legislation, a qualifying holding will be calculated in the manner stated in the operating legislation for the respective institution.
According to the new regulations, FI will grant a licence for acquisition or financial operations if the acquirer is assessed to be suitable and the planned acquisition is financially sound. The assessment will be based on different criteria, of which some are equivalent to the current regulations while others are further developed or completely new. For example, the acquirer's good financial strength and possible connection to money laundering and financing of terrorism will be investigated.
In conjunction with this legislative change, FI will draft new regulations governing ownership assessment and management assessment. The new regulations are expected to enter into force in November 2009. The changes mainly deal with the contents of the regulations' appendices.
Between 1 July and until the new regulations enter into force, the information that shall be provided in an application will be summarised in special lists. (The lists are attached below.) As for the management assessment, the current regulations will be applied during the transitional period.
Fee
A fee of SEK 120,000 shall be paid to FI in conjunction with the submitted application to Bankgiro account: 5050-6922. Please indicate on the payment advice what the payment is for. As for ownership assessments in an application to conduct financial operations, the ownership assessment is included in the application fee charged for the licence.
Time from payment to a decision
FI makes decisions within 60 days from when a complete application has been received provided that the fee has been paid.
A confirmation from FI will be sent within two days from when the application was received.
The confirmation will show the final date for the processing.
In conjunction with the ownership assessment, Finansinspektionen will obtain information from, for example, Rikspolisstyrelsen (Swedish National Police Board), Bolagsverket (Swedish Companies Registration Office), Skatteverket (Swedish National Tax Board) and Kronofogdemyndigheten (Swedish Enforcement Authority).
As of 1 July 2009, the application shall contain the information contained in the respective lists.
