EEA-based AIF managers

A foreign AIF manager based in a country within the EEA is able to pursue its activities in Sweden.

It is then in some cases required that the AIF manager is authorised by FI for the activity; in other cases it is sufficient for the authority in the AIF manager's home member state to have notified FI about the activity. A requirement for authorisation or notification depends on the type of activity being pursued by the AIF manager.

The following provides further information about FI's processing of matters under LAIF for foreign EEA-based AIF managers and what should be included in an application for each type of matter.

Marketing of non-EEA-based alternative investment funds to professional investors

A foreign EEA-based AIF manager, who has such authorisation in its home member state as referred to in the AIFM Directive may, following authorisation from FI under Chapter 5, Section 5 LAIF, market units or shares in a non-EEA-based alternative investment fund managed by a manager in Sweden to professional investors in Sweden. The same applies if the AIF manager wants to market units or shares in a feeder fund to an alternative investment fund managed by a manager whose master fund, or its manager, is not based within the EEA.

The application should include

1. a certificate from the competent authority in the manager's home member state stating that the AIF manager has authorisation in its home member state as referred to the AIFM Directive,

2. a business plan with information about the fund that will be marketed and where it is established,

3. the fund's fund rules, articles of association or equivalent regulations,

4. information identifying the fund's depositary,

5. information about where the master fund is established, if the marketing refers to a feeder fund to an alternative investment fund,

6. the information set out in Article 23 of the AIFM Directive, and

7. information about the measures the AIF manager has adopted and taken to prevent units and shares in the alternative investment fund from being marketed to retail investors.

Where the requirements on depositaries under Chapter 9 LAIF are not fulfilled and the AIF manager has ensured that one or more units has/have been appointed to perform the tasks in accordance with Chapter 9, Sections 9, 10 and 12 LAIF, the application shall include the following instead of information identifying the fund's depositary under item 4 above:

  • information regarding the name, legal form, registered office and primary business for the party responsible for performing the tasks, and
  • a description of how the party referred to in the aforementioned item has the knowledge and resources required to perform the tasks in a satisfactory manner.

Fee

A fee of SEK 22,000 is to be paid to FI in conjunction with the application to bank giro 5050-6922. Indicate what the payment relates to as a message/reference.

Processing time

FI normally makes a decision within 60 days subject to the precondition that the application is complete. FI will start processing the matter when the fee has been paid.

 

Marketing of alternative investment funds that do not constitute special funds to retail investors in Sweden

A foreign EEA-based AIF manager, who has such authorisation in its home member state as referred to in the AIFM Directive may, following authorisation from FI under Chapter 5, Section 6 LAIF, market units or shares in an alternative investment fund managed by a manager to retail investors in Sweden. Such authorisation is applicable for an alternative investment fund that does not constitute a special fund.

The application should include:

  1. a certificate from the competent authority in the manager's home member state stating that the AIF manager has authorisation in its home member state as referred to the AIFM Directive,
  2. a business plan with information about the fund that will be marketed and where it is established,
  3. the fund's fund rules, articles of association or equivalent regulations,
  4. information identifying the fund's depositary,
  5. about where the master fund is established, if the marketing refers to a feeder fund to an alternative investment fund,
  6. the information set out in Article 23 of the AIFM Directive,
  7. a key investor information document in accordance with Chapter 10, Section 2 LAIF,
  8. the most recent annual report,
  9. information about the measures the AIF manager has taken to be able to redeem units or shares and make payments to unit holders or shareholders in Sweden,
  10. information about how the AIF manager shall submit the information it is obligated to provide, and
  11. a description of how the AIF manager intends to fulfil the requirement that the fund apply the risk diversification principle.

If the marketing refers to units or shares in a non-EEA-based alternative investment fund or a feeder fund to an alternative investment fund whose master fund, or its manager, is not EEA-based and the requirements of Chapter 5, Section 5, third paragraph LAIF are fulfilled, the following information shall be provided in the application instead of information identifying the fund's depositary under item 4 above:

  • information regarding the name, legal form, registered office and primary business for the unit responsible for performing the tasks
  • a description of how the unit in question has the knowledge and resources required to perform the tasks in a satisfactory manner.

If the fund's units or shares are admitted to trading on a regulated market or an equivalent market outside of the EEA and there is a key investor information document for the fund fulfilling the requirements of Chapter 10, Section 2 LAIF, the application shall include:

  • the information described in Chapter 5, Section 4, first paragraph, items 1-8. and second paragraph FFFS 2013:10, and
  • information demonstrating that the fund's units and shares are admitted to trading on a regulated market or an equivalent market outside of the EEA.

Fee

A fee of SEK 28,000 is to be paid to FI in conjunction with the application to bank giro 5050-6922. Indicate what the payment relates to as a message/reference.

Processing time

FI normally makes a decision within 60 days subject to the precondition that the application is complete. FI will start processing the matter when the fee is paid in.

About payment procedures

  • FI registers the application, which is assigned a reference number.
  • FI then sends an administrator letter, which specifies the reference number, the applicable fee and instructions for how to pay the fee.

Do not pay any fees until you have received the letter from your administrator and a reference number!

Last reviewed: 2017-01-27
Laddar sidan