SWEDEN Law and Practice Contributed by: Richard Engblom, Per Josephson, Anna Cumzelius and Amin Bell, Harvest Advokatbyrå
Swedish Central Bank With a mandate to promote a stable financial system, the Central Bank focuses on maintain - ing a secure payment system and addressing potential financial crises. Regular monitoring includes analysis of risks to the financial sys - tem’s stability, encompassing payment systems, major banking groups, borrower profiles, and Tasked with managing banks in crisis and over - seeing the deposit insurance scheme, the Swed - ish Debt Office plays a critical role in financial stability. Ministry of Finance Responsible for formulating laws and regulations applicable to the financial system, the Ministry of Finance plays a key role in shaping the legal framework for the banking sector. macroeconomic developments. Swedish National Debt Office 2. Authorisation 2.1 Licences and Application Process Types of Licences Banking or financing operations, with some exceptions, may only be conducted following the granting of authorisation by the SFSA. The prerequisites for conducting banking or financing business are set out by the Banking and Financ - ing Business Act (2004:297) and the Banking and Financing Business Ordinance (2004:329). Special rules for savings banks are set out in the Savings Banks Act (1987:619) and for members’ banks in the Members’ Banks Act (1995:1570).
Definitions Banking business encompasses: • payment services via general payment sys - tems; and • receipt of funds which, following notice of ter - mination, are available to the creditor within not more than 30 days. Financing business encompasses: • accepting repayable funds from the public; and • granting loans, providing guarantees for loans or, for financing purposes, acquiring claims or granting rights of use in personal property (leasing). Foreign Banks Credit institutions (which include both banks and credit market undertakings) domiciled in an EEA country may conduct business in Sweden either through a branch or by providing servic - es in Sweden from their home country. Credit institutions domiciled in a non-EEA country may conduct business in Sweden through a branch or a representation office. Activities and Services Covered A bank may engage in a broad range of activi - ties, which include, inter alia: • borrowing funds, for example by accepting deposits from the general public or issuing bonds or other comparable debt instruments; • granting and brokering loans, for example in the form of consumer credit and loans secured by charges over real property or claims; • participating in financing, for example by acquiring claims and leasing personal prop - erty;
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