An overview of some of the legislative amendments following the entry of the revised Transparency Directive (2013/50/EU) into Swedish law on 1 February 2016.
The laws governing major shareholding notifications and the related criteria for the content of a notification are first and foremost listed in Chap. 4 of the Financial Instruments Trading Act (1991:980) and Finansinspektionen's regulation (FFFS 2007:17) governing operations on trading venues. The Transparency Directive has been revised and there are therefore several new notification-related features that will be incorporated into Swedish Law as of 1 February 2016.
The following changes are of particular importance:
As a result of these amendments, Finansinspektionen's electronic reporting system for major shareholding notifications and the alternative paper form will also change.
The requirement for issuers of instruments admitted to trading on a regulated market to publish and submit quarterly financial statements or reports to the competent authority in its home member state is removed. The principal reason for this is to ease the administrative burden for small- and medium sized enterprises, as well as to facilitate their access to financing through regulated markets. Another reason is that less of a focus on the issuer's short-term financial statements will promote more long-term, sustainable investment strategies.
The definition of which country is to be regarded as an issuer's home member state has been partly altered. A major reason for this amendment is to be able to link issuers to a home member state within the EEA, even if the issuer in question has not opted to actively select one. This will make it harder for issuers to avoid supervision by refraining from making an active choice about the home member state to which they belong in cases where one is not appointed to them by default.
For issuers who according to the Directive have the possibility of actively choosing and announcing their home member state but do not do so within the prescribed time frame, the home member state(s) will be the state in which the issuers' instruments are admitted to trading on a regulated market.