SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
2.16 Reverse Solicitation Certain regulations have specific reverse solicitation rules. One example of this is the reverse solicitation provision applicable to investment services set out in Article 42 of the Markets in Financial Instruments Directive (MiFID) II. Another example is ESMA’s guide - lines on reverse solicitation under MiCA. For other financial firms, there are no clear reverse solicitation rules, which means that the circumstances under which reverse solicitation may occur must be decided on a case-by-case basis. 3. Robo-Advisers 3.1 Requirement for Different Business Models There are no specific legal definitions of “robo-advis - er” or “robo-portfolio manager” in Sweden. Companies that provide robo-advisory services or robo-portfolio management services in relation to financial instruments must be authorised by the SFSA to provide investment advice or portfolio management in accordance with the SMA. Different financial instruments would normally not require different business models and would in gen - eral be subject to the same authorisation requirement and ongoing regulatory demands. Companies that provide robo-advisory services or robo-portfolio management services in relation to crypto-assets must normally be authorised by the SFSA in accordance with MiCA, unless the company is exempt from such authorisation requirement under MiCA. 3.2 Legacy Players’ Implementation of Solutions Introduced by Robo-Advisers The initial development in the robo-adviser area was to a large extent driven by niche actors. However, estab - lished actors such as banks and existing investment firms entered the market at a relatively early stage, and several of the major banks as well as internet banks have now implemented robo-adviser and robo-port - folio management services in their business models. Robo-business models range from offering full-scale
private financial advice that covers the customer’s entire finances to only offering simpler so-called sort - ing services. 3.3 Issues Relating to Best Execution of Customer Trades Robo-advisers and robo-portfolio managers are sub - ject to the same best execution rules as traditional actors. The SFSA’s supervisory focus in this area has largely been the same as for traditional investment advice business models. In other words, the supervisory focus has been on, among other things, commission- based remuneration models, suitability assessments, conflict of interest and customer information. 4. Online Lenders 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities Most consumer and business lending in Sweden is provided by banks or credit market companies that are authorised in accordance with the SBFBA. A company that intends to provide credits to busi - nesses must only be registered with the SFSA, while a company that intends to provide or intermediate loans to consumers must be authorised by the SFSA. Up until 2025, the provision or intermediation of con - sumer credits required authorisation according to the Consumer Credit Operations Act (CCOA) or the SBF - BA. However, on 1 July 2025, the CCOA was repealed. This means that the authorisation for consumer credit institutions has been abolished and that companies wishing to continue to conduct consumer credit oper - ations must apply for authorisation as a credit institu - tion under the SBFBA. The repealed act will continue to apply to authorised companies until the end of July 2026. If such a company has submitted an application for authorisation for banking or financing operations before the end of July 2026, the repealed act will con - tinue to apply to that company until the application has been finally assessed.
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