SWEDEN Law and Practice Contributed by: Richard Engblom, Per Josephson, Anna Cumzelius and Amin Bell, Harvest Advokatbyrå
EU • In 2023, the European Commission pub - lished a legislative proposal for a framework for Financial Data Access, which will estab - lish clear rights and obligations to manage customer data sharing in the financial sector beyond payment accounts. The European Commission has further published a proposal to modernise the current Payment Services Directive (PSD2), by establishing PSD3 together with a Payment Services Regulation (PSR). • The new Banking Package (CRR3/CRD6) was published in the Official Journal of the European Union on 19 June 2024. The Bank - ing Package is designed to strengthen the risk-based capital framework, enhancing the focus on ESG risks in the prudential frame - work, further harmonise supervisory powers and tools and reduce public disclosure-relat - ed costs and improve access to prudential data. The CRR3 and the CRD6 will enter into force on 9 July 2024 (ie, the 20th day follow - ing their publication in the Official Journal of the European Union). The CRR3 will generally be applicable from 1 January 2025 (NB: some provisions will already start to apply from 9 July 2024). Some provisions of the CRR3 are also subject to transitional arrangements and will be phased in over the coming years. With regard to the market risk rules and the so-called Fundamental Review of the Trad - ing Book (FRTB), the European Commission announced on 18 June 2024 that the date of application in the EU has been postponed by one year, to 1 January 2026. This delay will be adopted by way of delegated act later dur - ing 2024. The CRD6 must be transposed into national law by member states by 10 January 2026. In general, it will be applicable from 11 January 2026, apart from provisions on third-
• The Ministry of Finance has proposed that the Certain Consumer Credit-related Opera - tions Act (SFS 2014:275) should be repealed from 1 July 2025, which would entail that only authorised credit institutions, such as banks and credit market companies, would be allowed to conduct consumer credit activities in the future. The proposal, which concerns both lenders and credit brokers, has been strongly criticised by several consultation bodies and will be subject to further consid - eration within the framework of the legislative procedure. • In August 2024, a Swedish Government Official Report (SOU) was published on a new regulatory framework for preventing money laundering and the financing of terrorism. Among other things, the government inquiry has investigated what measures are required in Swedish law to adapt the changes in the regulatory framework against the background of Regulation (EU) 2024/1624 on the preven - tion of the use of the financial system for the purposes of money laundering or terrorist financing (AMLR), Regulation (EU) 2024/1620 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA-R) and Directive (EU) 2024/1640 on the mechanisms to be put in place by member states for the prevention of the use of the financial system for the pur - poses of money laundering or terrorist financ - ing (AMLD 6). The public inquiry proposes, among other things, that the current Money Laundering Act and the Register Act be replaced with a new common law on money laundering. The investigation is very extensive and will be subject to further consideration within the framework of the legislative proce - dure.
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