Aggregated News From Investment Management Regulators

FI SE

The countercyclical buffer rate will be raised

FI has decided to raise the countercyclical buffer rate to 2 per cent, which is its neutral level. This was already communicated in the report Stability in the Financial Markets. Due to the 12-month implementation period, this rate will start to go into effect at the end of June 2023. Rising inflation has driven up interest rates globally since last summer, and Russia's invasion of Ukraine has led to rising energy and commodity prices, which further contributed to inflationary pressure. Overall, this means that the economic recovery after the pandemic has slowed and that interest rate expectations have increased significantly. Many firms...

Svea Bank and Resurs Bank receive remarks for insufficient credit assessments

Svea Ekonomi, which has now merged with Svea Bank, and Resurs Bank have been deficient in their credit assessments of consumers who received large unsecured loans. Both banks are therefore receiving a remark and an administrative fine of SEK 45 million and SEK 50 million, respectively. FI's investigation shows that Svea Ekonomi and Resurs Bank often did not base their credit assessments on sufficient information about the consumers' personal finances. The firms used incomplete information regarding the consumers' debt, and, as a result, did not have information about all of the debt that a consumer may have had. For example, the...

Erik Thedéen to step down from FI

Erik Thedéen will step down from his role as director general at FI on 1 January 2023 to become the head of Sweden’s central bank. Erik Thedéen has been employed as the director general of FI since October 2015. He will remain as the director general for the authority until 20 November 2022. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

FI would like to see data on declined bank accounts

Finansinspektionen views seriously the complaints from consumers who have been denied a bank account, and the authority is now encouraging banks to carefully maintain data on how many people are experiencing problems opening an account. This data will give a clearer overview of the situation and help find solutions. "The lack of data is a big problem. We currently do not know if the complaints that FI and the Swedish Consumers' Banking and Finance Bureau are receiving are the top of an iceberg," says Karin Lundberg, the executive director of the Banking section at FI. At FI's meeting with the banks...

Start of regular publication of aggregate short positions

Starting today, Finansinspektionen will regularly publish the total of all short positions that must be reported to FI. The new aggregate data in FI's short-selling register contains all outstanding short positions that have been reported to Finansinspektionen in accordance with the EU's Short Selling Regulation (EU) 236/2012. This means that all short positions that exceed 0.1 per cent of the issued share capital are included in the total short positions. This makes it possible to gain a better overview of how much of the share capital for each issuer is sold short. However, the total does not include positions that are...

It is now possible to update the installed application for periodic reporting

Rapporteurs need to update the application for periodic reporting that they have installed locally. The new version is now available to download and install. The final date on which it will be possible to log in to the current version of the application is 12 June. After this date, it will no longer be possible to log in without having installed the update. We therefore recommend that you install the update as quickly as possible, given the approaching holiday season. The new version uses OpenJDK as its Java platform. Log in to the application for more information on where to do...

FI intends to raise the countercyclical buffer rate to 2 per cent

Finansinspektionen (FI ) intends to raise the countercyclical buffer rate to 2 per cent in Q2 2022. The countercyclical capital buffer was lowered during the pandemic to ensure that banks would be able to maintain the supply of credit even if they experienced large credit losses. These losses have not been realised, and FI sees no signs that banks are experiencing difficulties in maintaining the supply of credit. Rather, the continued high growth in household debt and the rapidly rising growth in the debt of non-financial corporations indicates that systemic risks are rising, eventhough it is likely that the growth...

Rising interest rates put pressure on indebted households and firms

Interest rates are rising rapidly in the wake of high inflation. High interest rates and lower risk appetite are placing downward pressure on risk-taking and asset prices. In the long term, this can slow the growth of debt and benefit financial stability. However, the large debts that built up over the extended period of low interest rates are putting pressure on highly indebted households and firms. "Interest rates are rising, and the vulnerabilities that have built up over an extended period of low interest rates and high risk-taking are now being exposed. Even if stability can be strengthened in the...

Operational interruption in TRS 2 for maintenance

The TRS 2 system will be closed for maintenance on Tuesday, 31 May, due to the roll-out of the European Securities and Markets Authority’s (ESMA) updated validation rules. It will be possible to submit TR files, but feedback will be sent out first when the maintenance is finished. The updated validation rules are available on ESMA's website. MiFir Reporting Instructions (ESMA) This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

FI publishes aggregate short positions

Starting today, and on every Wednesday at 1:00 PM, Finansinspektionen will publish aggregate outstanding short positions. The new data will include the aggregate outstanding short positions reported to Finansinspektionen pursuant to the Short Selling Regulation (EU) 236/2012. This means that Finansinspektionen will publish for each individual issuer their percentage of short positions, not including positions that are less than 0.1 per cent and thus are not reported to Finansinspektionen. The data will be published on the page for our short-selling register. We are currently working to make it possible to update this data on a daily basis. Net short positions This news...

Nordnet receives a remark and an administrative fine

Finansinspektionen (FI) is issuing Nordnet Bank AB a remark for violations related to the bank's intraday short selling service. Nordnet must also pay an administrative fine of SEK 100 million. FI's investigation shows that Nordnet has not met the requirements laid down in the Short Selling Regulation in terms of its service for intraday short selling. The bank has had deficiencies in its internal guidelines, procedures, risk management and risk assessment as well as in its duty of care to its customers. Through an intraday short selling service, Nordnet has offered a small group of its customers a larger selection of...

Capital requirements of Swedish banks as of Q1 2022

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 Q1 2022. 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 change the application of capital requirements for Swedish banks in October 2020 in order to adapt to the...

Regulator Information

Abbreviation: FI
Jurisdiction: Sweden

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