SWEDEN Law and Practice Contributed by: Björn Wendleby, Rico Benavides, Per Josephson and Stellan Koch, Harvest Advokatbyrå
recipient fund or its manager is established; and • the country where the fund or recipient fund, or its AIFM, is established has taken the nec - essary measures to counter money launder - ing and terrorist financing. Permission to market units or shares in a non- EEA-based AIF may also be granted if the requirements regarding depositaries are not ful - filled, and if the AIFM has ensured that one or more entities have been appointed to monitor the AIF’s cash flows; deposit all financial instru - ments; monitor the ownership rights of other assets; execute the instructions of the AIFM; ensure the accurate sale, issuing, repurchase, redemption and cancellation of units; ensure the correct valuation of units/shares; ensure immediate remuneration of transactions affect - ing the AIF; and ensure the AIF’s income is used in accordance with the provisions of AIFMA and the AIF’s prospectus or equivalent regulations. The trustee must inform the SFSA regarding who is responsible for these tasks. Foreign EEA-based AIFMs may also, with per - mission from the SFSA through the approval of the fund’s rules, manage a Swedish special fund. AIFs admitted to trading on a regulated market or an equivalent market outside the EEA An EEA-based AIFM may, with permission from the SFSA, market units or shares in an AIF man - aged by the AIFM to non-professional investors in Sweden in cases other than those mentioned in the foregoing, if the units or shares in the fund are admitted to trading on a regulated market or an equivalent market outside the EEA and there is a fact sheet (KID) for the fund.
If the marketing concerns units or shares in a non-EEA-based AIF – or in a feeder fund to an AIF whose recipient fund, or its manager, is not EEA-based – the same requirements that apply to non-EEA based AIFs, as detailed in the fore - going, also apply here (except the requirements for foreign EEA-based AIFs). Other AIFs that may be marketed towards certain non-professional investors An EEA-based AIFM may, with permission from the SFSA, market units or shares in an EEA-based AIF managed by the AIFM to non- professional investors that commit to investing an amount equivalent to at least EUR100,000 and confirm in writing that they are aware of the risks associated with the commitment or invest - ment (“semi-professional” investors) if the AIF is closed for redemptions, for at least five years from the first investment, and generally invests in companies to acquire control. Such marketing is also permitted for a non-EEA- based AIF if there are appropriate co-operation arrangements between the SFSA and the super - visory authority in the country where the fund or recipient fund – or its manager – is established, and the country where the fund or recipient fund, or its AIFM, is established has taken the neces - sary measures to counter money laundering and terrorist financing. 3.3.9 Post-Marketing Ongoing Requirements Upon request, the full prospectus, the key inves - tor information document, the most recent annu - al report and, where applicable, the half-yearly report published thereafter shall be provided or sent free of charge to any party intending to pur - chase units in a UCITS or special fund. An inves - tor shall also, without request, be offered the KID in due time prior to investment in a retail fund.
434 CHAMBERS.COM
Powered by FlippingBook