SWEDEN Law and Practice Contributed by: Björn Wendleby, Rico Benavides, Per Josephson and Stellan Koch, Harvest Advokatbyrå
Upon demand by a unit holder or a party intend - ing to purchase units in a Swedish UCITS or spe - cial fund, the management company shall pro - vide supplemental information regarding the risk management of the fund, including the quantita - tive limitations applicable to investments of fund assets, the management methods chosen and the most recent trends in risk levels and yields in the most important categories of assets in which fund assets are invested. 3.3.10 Investor Protection Rules There are no particular investor protection rules related to certain categories of investors in cer - tain types of retail funds. However, the fund manager must act exclusively in the common interest of the fund unit owners. UCITS A fund management company must provide investors with: • an annual report within four months of the expiry of the financial year; and • a half-yearly report on the first six months of the financial year within two months following the expiry of the half-year. The annual and half-yearly report must contain all information necessary to assess the fund’s development and financial position. A fund management company shall submit a quarterly report for its operations to the SFSA at the end of every quarter. The quarterly report shall contain a profit and loss account and a bal - ance sheet with specifications, as well as infor - mation regarding the calculation of own funds and capital requirements. The quarterly report shall relate to the conditions on the last day of every calendar quarter (the report date), and the
SFSA shall have received the report no later than 21 April, 21 July, 21 October or 21 January. A fund management company must also be able to present a list of each UCITS’ asset holdings (as stated in the Swedish UCITS Act) at any time. Special Funds Each AIFM shall, within six months of the end of each fiscal year, provide an annual report for each: • EEA-based AIF managed by the AIFM; and • AIF marketed by the AIFM within the EEA. The fund’s investors shall be provided with the annual report on request. The SFSA shall sub - sequently be provided with the annual report, as well as the home country authority if the fund’s home country is not Sweden. An AIFM that manages a special fund shall sub - mit a quarterly report for each special fund to the SFSA at the end of every quarter. The quarterly report shall include the same information as the quarterly report for UCITS. An AIFM shall provide regular reports to the SFSA on: • the principal markets where the AIFM trades; • the financial instruments the AIFM trades in; and • each fund’s principal exposure and concen - tration of risks. AIFMs shall, for each EEA-established AIF man - aged by the AIFM and for each of the funds it markets in the EEA, provide the following infor - mation to the SFSA:
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