SWEDEN Law and Practice Contributed by: Björn Wendleby, Rico Benavides, Per Josephson and Stellan Koch, Harvest Advokatbyrå
2.3.10 Investor Protection Rules For AIFMs authorised in Sweden under the fully licensed regime, the investor protection rules pursuant to the AIFMD apply. Generally speak - ing, no gold plating of the AIFMD has taken place in Sweden, which means that, inter alia, AIFMD investor protection rules on the following topics should be taken into account: • operating conditions, including requirements regarding remuneration, conflict of interest and risk management; • the requirement to appoint a depositary; • fair treatment of investors; and • transparency requirements. 2.3.11 Approach of the Regulator The SFSA generally complies with established deadlines but retains discretion to determine when sufficient material has been submitted in a given case, marking the start of the processing period. As a result, actual processing times may in practice exceed those prescribed by laws and regulations. The SFSA does include face-to-face meetings in their supervisory activities, as well as during the application process. Such meetings are also possible before an application is filed. 2.4 Operational Requirements For Swedish-licensed AIFMs, the operational requirements under the AIFMD apply. Swe - den does not impose additional requirements beyond the AIFMD. There are no restrictions on the types of activities or investments for the AIF, provided they align with the investment strategy covered by the AIFM’s licence. Licensed AIFMs must appoint a depositary for each AIF they manage. In Sweden, such deposi - taries are subject to licensing requirements.
More information about the application process can be found in 3.3.8 Marketing Authorisation/ Notification Process . Non-EES-Based AIFMs Non-EU managers that want to market a non- EEA AIF in Sweden towards professional inves - tors must apply for an approval by the SFSA. More information about the application process can be found in 3.3.8 Marketing Authorisation/ Notification Process . . 2.3.8 Marketing Authorisation/Notification Process Authorisation or registration is required by the SFSA prior to the marketing of alternative funds. Please see 2.1.2 Common Process concerning the setting-up of investment funds. 2.3.9 Post-Marketing Ongoing Requirements For Swedish authorised AIFMs, ongoing post- marketing requirements include, inter alia, informing investors of material changes in the information provided to investors in the mar - keting phase. Furthermore, a licensed AIFM needs to notify the SFSA of material changes in the documents submitted thereto, to obtain approval from the SFSA for the marketing and management of the AIF. The SFSA in principle has one month to decide as to whether it will object to the change, which can be extended by another month. In addition, investors need to be informed of certain types of conflicts of inter - est before conducting business on their behalf. Finally, investors need to be provided with an AIF report, on an annual basis, which complies with the requirements of Article 22 of the AIFMD.
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