SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
• capital debt and equity – eg, consumer lend - ing, 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 man - agement; and • insurtech – eg, claims management and processing, risk detection and prevention, underwriting and reinsurance, personalisation (insurance wallets, 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 busi - ness that the individual fintech company oper - ates. Sweden does not have a specific fintech regime that applies to all fintech companies. Most fintech companies are subject to authori - sation or registration requirements and are supervised by the Swedish Financial Supervi - sory Authority (SFSA). Some examples of regulations that apply to dif - ferent fintech business models follow: • the Payment Services Act (PSA), applicable to payment services – licence or registration requirement; • the Consumer Credit Operations Act (CCOA), applicable to consumer credit origination and intermediation – licence requirement (pro - posed to be repealed in 2025); • the Mortgage Business Act (MBA), applicable to consumer mortgage origination and inter - mediation – licence requirement;
• the Crowdfunding Regulation, applicable to crowdfunding – licence requirement; • the Certain Financial Operations Act (CFOA), applicable to cryptocurrency trading, cur - rency trading and other financial operations – registration requirement; • the Electronic Money Act (EMA), applicable to the issuance of electronic money – licence or registration 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), appli - cable 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 requirement; • 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. In addition to the foregoing, general regulations such as data protection regulations, cyberse - curity regulations, the AI Act and regulations regarding measures against money laundering and terrorist financing will be applicable to most fintech business models. Lastly, the SFSA also issues various regulations and guidelines clarifying and supplementing the above-mentioned Acts.
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