SWEDEN Law and Practice Contributed by: Albert Wållgren, Henrik Ossborn and Lionardo Ojeda, Advokatfirman Vinge KB
4.3 Credit Risk Retention There are currently no specific Swedish laws or regulations regarding credit-risk retention, other than the rules pursuant to the Securitisation Regulation. However, in accordance with Arti - cle 30.1 of the Securitisation Regulation, certain supplementary legislation has been adopted in order to ensure that the relevant competent authority – ie, the SFSA ( Finansinspektionen ) – has the necessary supervisory, investigatory and sanctioning powers to fulfil its duties under the Securitisation Regulation. On 1 February 2020, the Supplementary Act to the Securitisation Regulation ( Lag (2019:1215) med kompletterande bestämmelser till EU:s förordning om värdepapperisering ) entered into force in Sweden. The Act gives the SFSA cer - tain investigative and supervisory powers, and establishes interventions and sanctions for viola - tions of the Securitisation Regulation. 4.4 Periodic Reporting As outlined in 4.1 Specific Disclosure Laws or Regulations and 4.2 General Disclosure Laws or Regulations , Swedish companies are subject to the transparency requirements of the Securiti - sation Regulation and to local law requirements pursuant to the Companies Act, the Accounting Act and the Annual Reports Act. In addition, regulated entities such as financial institutions are subject to the regulatory regimen under which they operate. Such requirements can include, but are not limited to, reporting regarding capital adequacy and liquidity, and anti-money laundering. 4.5 Activities of Rating Agencies Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies is directly appli -
are applicable in relation to a Swedish securiti - sation. 4.2 General Disclosure Laws or Regulations In addition to the transparency requirements under the Securitisation Regulation, Swedish limited liability companies are subject to man - datory disclosure rules in accordance with: • the Companies Act; • the Accounting Act ( bokföringslag (1999:1078)); and • the Annual Reports Act ( årsredovisningslag (1995:1554)). Such disclosure rules include obligations to dis - close annual reports and the company’s articles of association (for example), and to keep avail - able an updated shareholders’ register. In addition, publicly listed companies are subject to certain disclosure rules in accordance with: • the Swedish Securities Act ( Lag (2007:528) • om värdepappersmarknaden ); • Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the “Market Abuse Regula - tion”) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC; and • the rules and regulations of the relevant regu - lated market where their shares are traded, as applicable. Furthermore, financial institutions such as banks are subject to applicable disclosure provisions pursuant to the EU’s capital adequacy and liquidity regulation (CRR/CRD), which is directly applicable in Sweden.
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