SWEDEN Law and Practice Contributed by: Richard Engblom, Per Josephson, Anna Cumzelius and Amin Bell, Harvest Advokatbyrå
• providing payment services pursuant to the Payment Services Act (SFS 2010:751); • providing means of payment; • issuing guarantees and assuming similar obligations; • participating in the issuance of securities; • providing financial advice; • holding securities in safekeeping; • conducting letters of credit operations; • providing bank safety deposit services; • engaging in currency trading; • providing investment services and activities subject to the conditions prescribed in the Securities Market Act (SFS 2007:528); • providing credit information subject to the conditions prescribed in the Credit Informa - tion Act (SFS 1973:1173); and • issuing electronic funds pursuant to the provisions of the Electronic Money Act (SFS 2011:755). This list is merely illustrative, and consequently a bank may conduct other financing operations and operations, provided that these have a natu - ral connection with the financing operations. Conditions for Authorisation A licence to conduct financing business may be granted to Swedish limited companies and co- operative associations. Such entities are referred to as credit market undertakings. A licence to conduct banking business may be granted to Swedish limited liability companies, co-opera - tive associations, and savings banks. Other general conditions that need to be fulfilled in order to have a licence granted include: • the articles of association contain the specific provisions required taking into consideration the scope and nature of the planned opera - tions;
• there is reason to assume that the planned business will be conducted in accordance with the provisions of banking regulation and other statutes that govern the company’s operations; • the holder or anticipated holder of a qualified holding in the company is deemed suitable to exercise a significant influence over the management of a bank; • any person who is to serve on the company’s board of directors or serve as managing director, or be an alternate for any of the aforesaid, possesses sufficient insight and experience to participate in the management of a bank and is otherwise suitable for such duties; • the board of directors as a whole has suf - ficient expertise and experience to run the company; and • an initial capital which, at the time of the deci - sion regarding a licence, corresponds to not less than EUR5 million. In conjunction with an assessment of whether a holder is suitable, such person’s reputation and financial strength shall be taken into considera - tion. It shall also be taken into consideration as to whether there is reason to believe that: • the holder will impede the bank’s ability to operate in compliance with the requirements that regulate the business; or • the holding has a connection with, or can increase the risk of, money laundering or ter - rorist financing. Filing Documents The Banking and Financing Business Ordinance (2004:329) lays down the formalities that apply to the application and the information that should be included in the application. This is further outlined in the SFSA’s general guidelines (FFFS
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