SWEDEN Law and Practice Contributed by: Robert Karlsson, Helena Rönqvist, Caroline Landerfors and Vilma Slättegård, Magnusson Law
• Regulated markets: there are currently two regulated markets in Sweden: Nasdaq Stock - holm and NGM. • Multilateral trading facility (MTF) platforms: There are currently three MTF platforms in Sweden – First North, Nordic MTF and Spot - light Stock Market. MTF platforms are trad - ing systems organised by an exchange or by an investment firm that normally have lower requirements than regulated markets, such as in the area of disclosure of information. • Organised trading facility (OTF) platforms: OTF platforms are similar to MTF platforms. However, OTF platforms may not arrange trading in stocks and similar equity instru - ments. There are currently no authorised OTF platforms based in Sweden. 6.2 Regulation of Different Asset Classes The main legislation for all financial instrument asset classes is the SMA. MiCA classifies crypto-assets into three catego - ries: e-money tokens, asset-referenced tokens and other crypto-assets. 6.3 Impact of the Emergence of Cryptocurrency Exchanges Sweden has historically not had any comprehen - sive regulation of cryptocurrency exchanges or other crypto-asset-related operations. However, this changed when MiCA entered into force in Sweden in December 2024. The aim of MiCA was to establish uniform rules for crypto-assets on the EU market. MiCA cov - ers crypto-assets not previously regulated by, for instance, the SMA. Undertakings that have pre - viously engaged in unregulated activities relat - ing to crypto-assets will now have to apply for authorisation and implement systems to ensure
compliance with the new regulatory require - ments. MiCA offers an option for member states to implement transitional measures in accordance with a grandfathering clause. The clause allows entities already providing crypto-asset services (eg, operation of a trading platform for crypto- assets) in accordance with applicable national law to continue to do so until 1 July 2026 or until they are granted or refused a MiCA authorisa - tion. 6.4 Listing Standards The SMA contains rules for the admission of shares and other financial instruments on regu - lated markets or other trading platforms. Securi - ties exchanges that operate regulated markets are obligated to have clear and openly reported rules for admission to trading, and financial instruments may, in general, only be admitted to trading if conditions exist for fair, orderly and efficient trading. Each regulated market or MTF publishes its own set of listing rules that apply for admis - sions to trading on the respective trading plat - form. For share listings, such listing rules com - monly include, among other things, the following requirements: • profitability and financial ability; • that the shares are freely transferable and registered with a central securities depository (CSD); • a sufficient number of shares in public own - ership and requirements for the minimum number of shareholders; • the appointment of a certified auditor and the application of certain accounting standards; • capacity within the company to supply infor - mation to the market; and
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