SWEDEN Law and Practice Contributed by: Björn Wendleby, Rico Benavides, Per Josephson and Stellan Koch, Harvest Advokatbyrå
A more extensive prospectus is required if an AIF is to be marketed to retail investors. Marketing towards retail investors resident in Sweden is possible if the manager is managing a special fund or has been granted a specific additional licence to market a fund that is a company and has its shares listed on a regulated market. The prospectus must contain the following mini - mum information, where applicable: • general information on the investment fund; • the investment policy of the investment fund; • risks and investor profile; • the manager, depositary and auditor; • outsourcing; • the issue, redemption and conversion of units; and • past performance. There are also specific minimum information requirements for the prospectus of closed-end public AIFs. In addition to the prospectus, so-called key investor information must also be provided. The key investor information was supplemented by the key information document (KID) in accord - ance with the European Packaged Retail and Insurance-based Investment Products (PRIIP) Regulation. For retail funds, the prospectus shall inform the investors about the “facilities” established for local investors under the EU Directive on cross- border distribution of investment funds (Directive (EU) 2019/1160). Reporting Requirements Each AIFM must, within six months from the end of each fiscal year, submit an annual report for:
• each EEA-based AIF managed by the AIFM; and • each AIF marketed by the AIFM within the EEA. The annual report must be made available to the AIF’s investors upon request. Additionally, the SFSA and, if applicable, the home country authority of the AIF (if domiciled outside Swe - den), must receive the report. For special funds, an AIFM must submit a quar - terly report to the SFSA at the end of each cal - endar quarter. This report must include: • a profit and loss account and a balance sheet with specifications; and • information on the calculation of own funds and capital requirements. The quarterly report must reflect the conditions as of the last day of the quarter and be submit - ted by the following deadlines: 21 April, 21 July, 21 October and 21 January. In addition, AIFMs must provide regular reports to the SFSA regarding: • the principal markets where the AIFM oper - ates; • the financial instruments traded; and • each fund’s principal exposures and risk con - centrations. AIFMs must provide the SFSA with the following information for each EEA-established AIF they manage, and for each fund they market within the EEA: • the percentage of the fund’s assets that are illiquid;
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