SWEDEN Law and Practice Contributed by: Richard Engblom, Per Josephson, Anna Cumzelius and Amin Bell, Harvest Advokatbyrå
2011:50) regarding an application for authorisa - tion to conduct banking or financing business, which stipulate that the application shall include the following: • articles of association; and • a business plan. The business plan should contain, and append to the plan, the information set out below: • an organisational chart; • outsourcing agreements; • a group or ownership chart; • documentation for ownership and manage - ment assessment; • annual reports, interim reports, forecasts and lending instructions; • guidelines and instructions regarding risk management, customer protection, ethical rules, events of material significance, meas - ures against money laundering and financing of terrorism and audit function; • a description of operations; • a detailed description of the operations to be conducted; the description should, inter alia, contain: (a) a general outline (organisational chart) regarding the manner in which the opera - tions are organised; (b) a general description of the areas of op - eration and functions; (c) information regarding the number of em - ployees, broken down by various areas of operation and functions; and (d) a description of the responsibility and po - sitions of employees with special respon - sibility for a particular function or area of operation; and • information regarding the manner in which IT operations will be organised, the systems used and the strategy which may be relevant;
information should also be provided regard - ing how the company intends to organise and structure the responsibility for IT support and
information security. Application Process
The original application and one copy should be submitted to the SFSA. An additional copy should be furnished to the company’s auditor. Applicants must pay a fee of SEK1,400,000 in conjunction with the application. Once the application has reached the SFSA, an application becomes a matter and is assigned a reference number. An administrator is then appointed as responsible for the matter and con - firmation that the application has been received by the SFSA is sent out. After the application fee has been paid, the administrator conducts a formal review of the application to verify if it is complete. If there are any formal deficiencies, the SFSA will request supplementary information. Once the applica - tion is deemed formally complete, the SFSA initi - ates its material review of the documentation to assess whether the conditions for the authorisa - tion are met. The SFSA may, during the handling process, also request supplementary informa - tion before a decision is reached. Provided that the application is formally com - plete and the fee has been paid, the SFSA will make a decision within six months.
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