SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
• payment and transfer – eg, bill payments, domes - tic transfers, neobanks, transaction accounts and international transfers; • wealth and cash management – eg, crowdfunding equity, debt investment, execution only, invest - ment advisory, robo-advisory, marketplace, private equity and savings accounts; • capital debt and equity – eg, consumer lending, crowdfunding and real estate mortgage lending; • regtech – financial crime, actor management, e-identification, market transaction reporting, legal tech, etc; • innovation accounting – eg, invoice trading, invoice management, payment monitoring, payment reminders, brokers and debt management; and • insurtech – eg, claims management and process - ing, risk detection and prevention, underwriting and reinsurance, personalisation (insurance wal - lets, financial partners), on-demand insurance and product insurance. 2.2 Regulatory Regime Fintech companies in Sweden are subject to a wide range of laws and regulations. The exact regulations depend primarily on the type of business that the individual fintech company operates. Sweden does not have a specific fintech regime that applies to all fintech companies. Most fintech companies are subject to authorisation or registration requirements and are supervised by the Swedish Financial Supervisory Authority (SFSA). Some examples of regulations that apply to different fintech business models follow: • the Payment Services Act (PSA), applicable to pay - ment services – licence or registration requirement; • the Mortgage Business Act (MBA), applicable to consumer mortgage origination and intermediation – licence requirement; • the Crowdfunding Regulation, applicable to crowd - funding – licence requirement; • the Certain Financial Operations Act (CFOA), appli - cable to certain financial operations – registration requirement;
• the Electronic Money Act (EMA), applicable to the issuance of electronic money – licence or registra - tion requirement; • the Banking and Financing Business Act (SBFBA), applicable to banking and financing services – licence requirement; • the Securities Market Act (SMA), applicable to securities business – licence requirement; • the Insurance Distribution Act (IDA), applicable to insurance distribution – licence and registration requirement; • the Insurance Business Act (IBA), applicable to insurance business – licence requirement; • the UCITS Act, applicable to fund operations – licence requirement; • the Alternative Investment Fund Managers Act (the “AIFM Act”), applicable to alternative investment fund management – licence or registration require - ment; • DORA, applicable to financial entities and providers of information and communication technology (ICT) services to financial entities; and • MiCA, applicable to crypto-asset issuance – licence requirement. The SFSA also issues various regulations and guide - lines clarifying and supplementing the aforementioned Acts. In addition to the foregoing, general regulations such as data protection regulations, cybersecurity regula - tions, the AI Act and regulations regarding measures against money laundering and terrorist financing will be applicable to most fintech business models. Lastly, on 1 March 2026, a new law imposing penal - ties for unlawful financial activities will enter into force. It will then be a criminal offence to intentionally, or through gross negligence, conduct financial activities without a licence or registration with the Financial Supervisory Authority, where such a licence or reg - istration is required. This criminalisation could have a deterrent effect on the development of new products and services within the fintech space. 2.3 Compensation Models Compensation and remuneration models vary between the different fintech business models and
784 CHAMBERS.COM
Powered by FlippingBook