FFFS 2007:17

Regulations governing operations on trading venues

In force from 2007-11-01

Summary

These regulations contain, among other things, provisions regarding information requirements for exchanges, trading facilities and securities institutions that apply for trading of other financial instruments than shares. They also regulate information obligations for issuers of transferable securities on a regulated market or a trading facility.

The new regulations entered into force on 1 November 2007, at which time the following regulations were repealed:

  • Finansinspektionen's Regulations (FFFS 1995:43) governing official listing of transferable securities, etc.
  • Finansinspektionen's Regulations (FFFS 1998:16) governing disciplinary boards for securities exchanges,
  • Finansinspektionen's Regulations (FFFS 2001:5) governing market surveillance at securities exchanges, authorised marketplaces and securities institutions,
  • Finansinspektionen's Regulations (FFFS 2005:6) governing acquisition and disposal of own shares by limited liability companies,
  • Finansinspektionen's Regulations (FFFS 2006:4) governing that the Swedish Securities Council shall decide on certain issues pertaining to public takeovers in the securities market and publish certain such decisions.

Amendments

The amendments have been made primarily to adapt the regulations to the Prospectus Regulation and the new act that supplements the Regulation. The amendments entail, for example, new rules governing the language in the prospectus and new rules governing the calculation of the minimum amount that requires a prospectus for some offers.

The amendments also entail that language requirements are once again introduced for the publication of insider information and supplement the language provisions in Chapter 10, section 8.

The amendments enter into force on 21 July 2019. Amendment 2019:10

FI is amending Regulations (FFFS 2007:17) governing operations on trading venues. The amendment entails the removal of the provisions regarding the stock exchanges' supervision of periodic financial information.

The amendments enter into force as of 1 January 2019. Amendment 2018:19

Finansinspektionen is amending the regulations due to MiFID II and to adapt them to MiFIR as well as changes to the Securities Market Act. The amendments entail in part that the provisions regarding post trade information, exemption and dispensation from the obligation to disclose information pre and post trade and systematic internalisers are repealed. New requirements are also being introduced with regard to the information that shall be appended to an application for authorisation.

The amendments enter into force on 3 January 2018. Amendment 2017:5

The amendments relate to provisions regarding information requirements for transferable securities issuers and market surveillance as well as documentation and reporting requirements for stock exchanges and securities institutions. The reason for the amendment is that the regulations must be adapted to amendments to both the law decided by the Riksdag and the EU Market Abuse Regulation. The amendments enter into force on 1 February 2017. Amendment 2016:36

Finansinspektionen amends the regulations regarding owner, owner management and management suitability assessments. Under the new regulations, legal and natural persons shall provide information about all sanction decisions that have targeted them, including decisions that are more than ten years old. The time limitation that was previously included has been removed in the new regulations. The information about the sanction decisions is submitted in the forms for owner, owner management and management suitability assessments that are appendices to e.g. FI's regulations (FFFS 2007:17) governing operations on trading venues.

The new regulations enter into force on 1 November 2016.

FI is making minor amendments to Finansinspektionen's regulations (FFFS 2007:17) governing operations on trading venues. As a result of the amendment, the provisions prescribing when a notification of the acquisition and transfer of treasury shares must be made will be removed. The provisions regarding the content of the notification will also be removed.

The reason for the amendment is that the regulations must be adapted to both the amendments to the law decided by the Riksdag and the EU Market Abuse Regulation. Detailed rules will be provided in technical standards for supervision.

The regulatory amendments enter into force on 3 July 2016. Amendment 2016:19

FI is amending the regulations governing activities on marketplaces. The amendments primarily entail that central securities depositories are no longer included in the scope of the regulations. Central securities depositories are instead governed by 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), which is applied directly in Sweden. Given the harmonisation of the settlement cycle to T+2 through CSDR, the provision about the short holding period has also been amended.

The amendments enter into force on 1 March 2016 with some transition regulations.
Amendment 2016:11

FI is amending the rules for activities on marketplaces due to the changes made to the 2004 Transparency Directive and the subsequent amendments that enter into force on 1 February 2016 in the Securities Market Act (2007:528) and the Financial Instruments Trading Act (1991:980).

The amendments to the marketplace regulations are related to the provisions on financial reporting in the form of interim reports and quarterly reports, disclosures of new issue decisions, notification of changes to articles of association, home member states and major shareholder notifications. FI is also adding a new chapter to the regulations about notification of certain acquisitions. The regulations regarding the notification of certain acquisitions will be introduced through the new regulations (FFFS 2016:1) regarding notification of certain acquisitions.

The amendments enter into force on 1 February 2016. Amendment 2016:2

FI has amended the transition provision in FI's regulations (FFFS 2007:17) governing operations on marketplaces, which was introduced through the amendment regulations (FFFS 2012:3) governing operations on market places. FI amended the provision because the Transparency Directive had been implemented incorrectly, and the error has now been rectified.

After the amendments, the transition regulations will no long include issuers of shares. Also, the transition regulations cannot be applied by issuers whose bonds were issued during the period 31 December 2010–1July 2012. For most of the issuers in question, the amendments entail that they must disclose price-sensitive information in Swedish instead of being able to choose between Swedish, English and another language.

The amendments enter into force on 1 January 2015. Amendment 2014:37

FI is adjusting terms and phrases in the appendices to agree with those used in the Capital Requirements Regulation. FI is also updating references to acts and regulations that have been repealed with references to the acts and regulations that replaced them. The amendments enter into force on 2 August 2014. Amendment 2014:17

The regulations are being adapted to amendments to the Financial Instruments Trading Act. FI is also introducing its practice of language exemption when preparing a prospectus. To facilitate the process for issuers, the language requirements for prospectuses are coordinated with the regulations for ongoing provision of information. In addition, the threshold for when an issuer of certain securities may be exempt from the language regulations in their ongoing provision of information has been changed. The amendments enter into force on 1 July 2012. Amendment 2012:3

The regulations regarding ownership and management suitability assessment in Chapter 2 have been amended due to the new Acquisition Directive in the EU. The biggest change is in the appendices to the regulations, which contain an exhaustive list of the information that must be provided to FI during an ownership and management suitability assessment (Appendix 1a-c and Appendix 2). An exemption is possible if the information does not correspond to the benefit FI experiences during the assessment or if the requirements are not adapted to the party that is the acquirer and the nature of the acquirer. The amendment will enter into force on 15 November 2009. Amendment 2009:5

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