SWEDEN Law and Practice Contributed by: Richard Engblom, Per Josephson, Anna Cumzelius and Amin Bell, Harvest Advokatbyrå
• there is reason to believe that the acquisition has a connection with, or may increase the risk of, money laundering or terrorist financ - ing. Information to Include in the Application The SFSA’s regulations regarding ownership, ownership management and management assessment in credit institutions (FFFS 2023:13) set out the information that a company must submit to the SFSA in conjunction with own - ership assessments. These regulations apply during ongoing ownership assessments, but are not applicable at the time of applying for authorisation. During the authorisation phase, the following applies: the Commission Del - egated Regulation (EU) 2022/2580 of 17 June 2022 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards that specify the information to be submitted in a credit institute’s authorisation application and the factors that can prevent competent authori - ties from conducting efficient supervision. The information to be submitted includes: • information about the acquirer; • registration certificate; • financial position (including annual reports); • information about the board of directors and senior management; • description of the ownership chain; • relations and interests; • information about the acquisition; • financing of the acquisition; and • business plan and detailed information about the acquisition. As a part of the ownership assessment, the SFSA collects information from, for example, the Swedish Police, the Swedish Companies
Registration Office, the Swedish Tax Agency, the Swedish Enforcement Authority and firms that provide credit assessments. Application Process A decision of the SFSA regarding an authorisa - tion to an acquisition shall be issued within 60 working days after the confirmation has been sent (the evaluation period). Where the SFSA requests supplementary information, the evalua - tion period may be extended. The SFSA shall be deemed to have given consent to the acquisition where the authority has not issued a decision in respect of the application during the evaluation period. The fee is currently SEK30,800. 4. Governance 4.1 Corporate Governance Requirements Governance Rules The main corporate governance rules applicable to banks are set out in the SFSA’s regulations and general guidelines (FFFS 2014:1) regard - ing governance, risk management and control. The guidelines on internal governance issued by the European Banking Authority (EBA) are also applicable (EBA/GL/2021/05) in relation to banks’ governance arrangements, includ - ing their organisational structure and the cor - responding lines of responsibility, processes to identify, manage, monitor and report all risks they are or might be exposed to, and the internal control framework. Due to domestic legislation being incompatible with the guidelines in a few areas, some of the provisions are not applicable (nomination committee and independent board members). The main governance rules are summarised below.
546 CHAMBERS.COM
Powered by FlippingBook