Cross-border distribution of collective investment undertakings [EU] 2019/1156

Summary

UCITS and management companies referred to in Directive 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) are regulated by the Swedish UCITS Act (2004:46). Additional rules are set out in Finansinspektionen's regulations (FFFS 2013:9) regarding Swedish UCITS.

Lag (2004:46) om värdepappersfonder (only in Swedish)

Finansinspektionen's regulations (FFFS 2013:9) regarding Swedish UCITS

Managers of alternative investment funds referred to in Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (the AIFMD) are regulated by the Swedish AIFM Act (2013:561). The Act is supplemented by Finansinspektionen’s regulations (FFFS 2013:10) regarding alternative investment fund managers.

Lag (2013:561) om förvaltare av alternativa investeringsfonder (only in Swedish)

Finansinspektionen’s regulations regarding alternative investment fund managers

For operations conducted through a branch, the Foreign Branch Offices Act (1992:160) shall otherwise apply.

Lag (1992:160) om utländska filialer m.m. (only in Swedish)

Consumer rights legislation regulates the rights and obligations of both companies and consumers. The Swedish Consumer Agency supervises compliance with the provisions of the Marketing Act (2008:486).

Marknadsföringslag (2008:486) (only in Swedish)

The Swedish Consumer Agency (Konsumentverket)

Branschöverenskommelse: BÖ 2022:08 Marknadsföring av fonder (Konsumentverket) (only in Swedish)

Marketing requirements for UCITS

Marketing of foreign UCITS in Sweden

A foreign UCITS which is domiciled within the EEA and has such authorisation in its home state as set out in Directive 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.

More information about the marketing of foreign UCITS in Sweden is provided on the link below.

Notification by foreign UCITS regarding marketing of units in the undertaking in Sweden

Foreign business operations – management company passport

A management company, authorised by its home Member State, may pursue the activity for which it has been authorised as set out in Directive 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), either

•    by the establishment of a branch as stated in Chapter 1, Section 6, first paragraph, point 1 of the Swedish UCITS Act (2004:46), or
•    under the freedom to provide services as stated in Chapter 1, Section 6, first paragraph, point 2 of the Swedish UCITS Act (2004:46).

More information is provided on the link below.

Foreign business operations – management company passport

Marketing of Swedish UCITS in another member state

Marketing of Swedish UCITS in another member state is regulated by Chapter 2, Section 15 c of the Swedish UCITS Act (2004:46).

More information about the marketing of Swedish UCITS in another member state is provided on the link below.

Marknadsföring av värdepappersfonder inom EES (only in Swedish)

Disclaimer: Finansinspektionen has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for UCITS in Sweden included on this webpage is up-to-date and complete. Finansinspektionen is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Marketing requirements for AIFs

EEA-based AIFM

A foreign AIF manager based in a country within the EEA may conduct business in Sweden. In some cases, the AIF manager is required to obtain authorisation from FI for its business, and in other cases it is sufficient for the AIF manager’s home state authority to notify FI of the business. The type of business the AIF manager wants to conduct is what determines if authorisation or a notification is required.

More information about process and the required content for an application is provided on the link below.

EEA-based AIF managers

Non-EEA-based AIFM

A foreign AIF manager based in a country outside the EEA may market units or shares in an alternative investment fund it manages to investors in Sweden. Such marketing activity requires authorisation from FI.

More information about this process and the required content of an application is provided on the link below.

Non-EEA-based AIF managers

Swedish AIFM

More information about the marketing by a Swedish AIFM and the required content of an application is provided on the link below.

Svenska AIF-förvaltare (only in Swedish)

Disclaimer: Finansinspektionen has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for AIFs in Sweden included on this webpage is up-to-date and complete. Finansinspektionen is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Other requirements

In addition to the provisions referred to above, which are set out specifically for the marketing of UCITS and AIFs, there may be other legal provisions that may apply when marketing them in Swede , although they are not specifically designed for the marketing of UCITS and AIFs, depending on the individual situation of those involved in the marketing of shares or units of UCITS or AIFs. Marketing in Sweden may trigger the application of other requirements, such as marketing, consumer or tax related requirements.

For operations conducted through a branch, the Foreign Branch Offices Act (1992:160) shall otherwise apply.

Lag (1992:160) om utländska filialer m.m. (only in Swedish)

Consumer rights legislation regulates the rights and obligations of both companies and consumers. The Swedish Consumer Agency supervises compliance with the provisions of the Marketing Act (2008:486).

Marknadsföringslag (2008:486) (only in Swedish)

The Swedish Consumer Agency (Konsumentverket)

Branschöverenskommelse: BÖ 2022:08 Marknadsföring av fonder (Konsumentverket) (only in Swedish)

Disclaimer: The list in this template is a non-exhaustive list of national laws that could be applicable and Finansinspektionen is not liable for any omission in that list. Supervision of the requirements deriving from these laws is not under the supervision of Finansinspektionen. The applicability of these requirements, and any other legal requirements, should be assessed before marketing or investing in a UCITS or an AIF. Where uncertainty exists, those marketing or investing in UCITS or AIFs should obtain independent advice as to the applicable requirements to their individual situation.