Aggregated News From Investment Management Regulators

Sweden

Low income the greatest risk factor for loans leading to debt with the Swedish Enforcement Authority

One fifth of all debts with the Swedish Enforcement Authority come from loans. And people with low incomes run the greatest risk of suffering repayment problems. Repayment problems often start with life events such as unemployment or illness. This is shown by a new analysis from Finansinspektionen (FI), the Swedish Consumer Agency and the Swedish Enforcement Authority. This analysis is the first of its type and the authorities investigate how loans influence the risk of having financial difficulties. Repayment problems are divided up into different stages – early problems as repeated reminders and collection notices, and later problems as injunctions...

TRS2 Test environment will be closed 19 May

  On Wednesday, 19 May, the test environment of the TRS 2 system will be closed for maintenance.   It will still be possible to submit TR files, but feedback will not be sent until the maintenance has been completed. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

Appointment of FI’s Director General has been extended

The Government has decided to extend Erik Thedéen’s employment as director general and head of Finansinspektionen by three years. Erik Thedéen's current appointment expires on 31 October 2021. The Government decided today to extend his appointment until 31 October 2024. Erik Thedéen became the director general of FI in 2015. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

FI introduces new reporting system

FI has decided to replace several of our existing reporting systems with a new system with the aim of better meeting current and future legal requirements and enhancing user-friendliness for the companies that report via the systems. The new reporting system, FIDAC, will be used for both periodic and event-driven reporting. Initially, EU-regulated reporting for credit institutions and securities companies and the national quarterly reports for occupational pension undertakings will be reported via FIDAC. We describe below the rules that apply to the EU-regulated reporting for credit institutions and securities companies. Companies that must submit the national quarterly report for occupational...

New borrowers are taking larger mortgages

New borrowers are continuing to take larger mortgages in relation to their income and the value of their home, according to this year’s Swedish Mortgage Market, which is being presented today by Finansinspektionen (FI). FI also announces in the report that the temporary exemption from the amortisation requirement will end on 31 August. Webcast Presentation 10AM Digital Q&A for Media 10:30AM "The coronavirus pandemic caused a sharp economic downturn, but we are now seeing signs that that the economic recovery has begun. There was widespread uncertainty in 2020. Despite this, both housing prices and household debt continue to increase faster,"...

New memorandum and level of the countercyclical buffer rate

Today Finansinspektionen (FI) publishes a new memorandum, describing its approach for setting the countercyclical buffer rate. FI also leave the countercyclical buffer rate unchanged. The buffer rate of 0 per cent, which was applied starting on 16 March 2020, shall thus continue to apply. The countercyclical buffer guide is set at 2.1 per cent. In connection with the publication, FI is changing to a new process for determining the countercyclical buffer rate. From this point onwards, FI will not be making quarterly decisions about the buffer rate. FI will still be making an assessment on a quarterly basis, but a...

FI’s approach to setting the countercyclical capital buffer

In a new memorandum, Finansinspektionen describes the general principles for the application of the countercyclical capital buffer. FI is also leaving the countercyclical capital buffer unchanged at 0 per cent. In the memorandum Tillämpning av den kontracykliska kapitalbufferten, Finansinspektionen (FI) describes the general principles that serve as a basis for how the authority's sets the buffer rate for the countercyclical capital buffer. The countercyclical capital buffer is a buffer requirement that is intended to vary over time. The buffer should be built up when circumstances allow so that it can be lowered – for example in financial crises – to...

Enhanced review of sustainability in banks

FI will include a sustainability perspective when reviewing business models and credit risks of banks, according to a report published by FI today. FI will review this year the extent to which banks consider sustainability risks when assessing the profitability of their business plans and in their risk management. FI will also analyse climate-related cedit risks in the banks' credit portfolios. "Financial firms cannot solve the climate problem on their own, but they can definitely contribute to the resolution by working in the right way. A lot is happening, but FI sees a need for financial firms to be more transparent...

Temporary lowering of notification threshold expires

The European Securities and Markets Authority (ESMA) has decided not to renew its decision to temporarily lower the notification threshold for when net short positions are to be notified to the relevant national competent authority. This means that the last reporting where the lower threshold of 0.1 per cent applies will be in relation to positions as of Friday 19 March 2021, and must be reported to Finansinspektionen by 15.30 Monday 22 March 2021. From 20 March 2021 onwards, positions holders will need to send notifications only if they reach or exceed the 0.2 per cent threshold again, while any outstanding...

FI clarifies obligations for third-party payment service providers

Finansinspektionen would like to clarify the obligations of third-party payment service providers when gathering information about bank customers’ payment accounts via digital interfaces. FI has also contacted the banks and reminded them about their obligations as an account servicing payment service provider (ASPSP). Third-party payment service providers (TPP) are firms that provide payment initiation services and/or account information services. Requirements on third-party providers TPP:s must communicate with an ASPSP – most often a bank – through an interface designated by the bank. They must also identify themselves when requesting and receiving access to information about one or more specific payment accounts and...

Capital requirements of Swedish banks as of Q4 2020

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q4 2020. The capital requirements are published in order to illustrate the effect of Finansinspektionen's total capital requirement, including Pillar 2. Pillar 2 is a collective term for the rules that govern the firms' internal capital assessments and Finansinspektionen's supervisory review and evaluation process, of which Finansinspektionen's capital assessment forms an integral part. Finansinspektionen decided to strengthen the capital requirements in September 2014. The capital requirements are published for Sweden's three major banks, Handelsbanken, SEB...

IOSCO takes important step towards global sustainability disclosure

An important step has now been taken towards a global standard for sustainability reporting. The Board of Directors of the International Organization of Securities Commissions (IOSCO) voted during its meeting yesterday for IOSCO to actively work to achieve a unified and comparable global standard for sustainability disclosure. IOSCO’s work in this area is being carried out within the work group led by Finansinspektionen’s Director General Erik Thedéen. "The decisions the IOSCO Board of Directors has taken mark an important milestone and show that there is now strong consensus regarding the need for a global standard for sustainability reporting and for...

Regulator Information

Abbreviation: FI
Jurisdiction: Sweden

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