SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
form of dialogue-based guidance, in which the Authority highlights grey area issues regarding data protection and privacy. The Privacy Protec - tion Authority refers to this approach as a regu - latory sandbox and states that the method can reduce uncertainty among innovation actors and contribute to privacy-friendly innovation, which in turn can lead to sustainable digitalisation. To participate, a declaration of interest must be submitted to the authority in advance, and the potential participants shall meet certain criteria. The Swedish Companies Registration Office, the Swedish Tax Agency, the Swedish Public Employment Service and the Privacy Protection Authority have initiated work on a pilot AI regula - tory sandbox. The aim of the project is, among other things, to increase knowledge about how AI regulatory sandboxes should be established and function in Sweden. The pilot released its The SFSA is the supervisory authority that authorises and supervises companies operat - ing regulated activities on the financial market. The SFSA’s mission is to contribute to a stable financial system characterised by high confi - dence, well-functioning markets and a high level of consumer protection, as well as sustainability. The SFSA monitors and analyses trends in the financial market, assesses the risks and control systems in financial companies and supervises compliance with statutes, ordinances and other regulations. The SFSA furthermore issues regu - lations and guidelines and contributes to dis - cussions regarding whether existing legislation needs to be amended. first interim report in June 2024. 2.6 Jurisdiction of Regulators Main Swedish Regulators The Swedish Consumer Agency (the “Agency” ) is specifically tasked with safeguarding con -
sumer interests. The Agency is headed by the consumer ombudsman, who may represent con - sumer interests in relation to businesses as well as pursue legal action in court. The Agency’s responsibilities include receiving and following up complaints from consumers, providing guid - ance and information to consumers, identifying consumer issues in different markets, etc. The Swedish Authority for Privacy Protection is an authority tasked with ensuring the protection of personal privacy. This is done by informing and training those who process personal data, ensuring that applicable laws are complied with and exerting influence so that new legislation contains rules that aim to protect privacy. The Agency may also issue sanctions against com - panies who do not comply with applicable data protection rules. The Swedish Economic Crime Authority is responsible for fighting economic crime such as embezzlement, insider trading, tax fraud and the like. EU Regulators Sweden is a member of the EU. The three Euro - pean supervisory authorities (ESAs; the EBA, ESMA and EIOPA) issue guidelines and techni - cal standards that are applicable in Sweden and co-operate with the Swedish competent authori - ties to harmonise financial supervision in the EU. 2.7 No-Action Letters Regulatory “no-action” letters are used in various jurisdictions, for example the USA, to confirm that a relevant regulator will not take enforce - ment action against a person or company for failure to comply with a specific obligation. The SFSA does not issue formal no-action let - ters, nor binding advance ruling in authorisation
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