SWEDEN Law and Practice Contributed by: Björn Wendleby, Rico Benavides, Per Josephson and Stellan Koch, Harvest Advokatbyrå
All marketing shall be designed and formulated in accordance with good marketing practice (laws and other ordinances, legal precedents, good business practice, etc). In the marketing of funds to customers, relevant and factual infor - mation shall be provided, and the risks associ - ated with the product offered shall be explained. The information shall be expressed clearly. In the marketing of funds, it shall always be made clear that such investments involve a risk. 3.3.7 Marketing of Retail Funds Retail funds are free to be marketed to the gen - eral public. However, restrictions are stipulated in the so-called target market rules in MiFID II, as implemented in the Swedish Securities Act (SFS 2007:528) and the SFSA regulations regard - ing investment services and activities (FFFS 2017:2), which are applicable to securities firms as well as AIFMs and fund companies with ancil - lary authorisation for portfolio management or investment advice. 3.3.8 Marketing Authorisation/Notification Process UCITS There is no authorisation required for Swedish fund companies to market Swedish-domiciled UCITS funds in Sweden. The marketing licence for EEA-domiciled UCITS can be passported into Sweden according to the UCITS Directive, as implemented in the member state of the fund manager. AIFs Marketed to Retail Investors Foreign counterparts to special funds (AIFs) established within the EEA An EEA-based AIFM may, with permission from the SFSA, market units or shares in a foreign EEA-based AIF managed by the AIFM to non-
professional investors in Sweden. Permission may only be granted if: • the fund’s sole purpose is to make collective investments in UCITS assets with capital from the general public or from a certain specified and defined circle of investors; • the fund applies the principle of risk diversifi - cation; • at the request of the unit or shareholders, the fund’s units or shares are repurchased or redeemed with funds from the fund’s assets; • the AIFM provides functions in Sweden to (i) process orders to subscribe, repurchase or redeem units or shares and make payments to the unit or shareholder owners; (ii) provide investors with information on how orders can be placed and on payment for the repur - chase or redemption of units or shares; (iii) facilitate the handling of information on how investors can exercise the rights arising from their investments in the fund; (iv) provide the information that the fund manager is required to provide; and (v) provide investors with rel - evant information about the tasks performed by the functions; and • there is a fact sheet (KID) for the fund. An EEA-based AIFM may, with permission from the SFSA, market units or shares in a non-EEA- based AIF managed by the AIFM to non-profes - sional investors in Sweden. Permission may only be granted if: • there is reason to assume that the AIFM will fulfil all requirements according to AIFMA and other statutes that regulate the business; • the requirements for foreign EEA-based AIFs (as stated in the foregoing) are met; • there are appropriate co-operation arrange - ments between the SFSA and the supervisory authority in the country where the fund or
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