Title: Navigating Sweden’s Complex Banking Compliance Landscape with Harvest Advokatbyrå

Introduction

Sweden’s regulatory landscape for banking institutions has gained international attention, with numerous financial players aiming to enter or expand their operations in the Nordic country. One law firm, Harvest Advokatbyrå, has been a trusted advisor for financial institutions navigating Sweden’s intricate banking compliance landscape since 2016.

About Harvest Advokatbyrå

Based in Stockholm, Harvest Advokatbyrå is Scandinavia’s largest independent specialist law firm focusing exclusively on advising financial institutions. The firm’s 20-lawyer-strong banking and finance team delivers expertise in a wide range of legal and regulatory matters critical to the finance sector.

Harvest Advokatbyrå’s Areas of Expertise

Harvest Advokatbyrå offers comprehensive legal advice to various financial institutions, from start-ups and payment institutions, to fintech companies, banks, fund managers, and credit providers. Their services include:

1. Compliance
2. Internal audits
3. Application procedures
4. AML and CTF regulations
5. Sustainable finance
6. Outsourcing of technology services

Sweden’s Regulations and Legal Framework

Swedish banking regulations largely align with EU directives and regulations due to Sweden’s EU membership. Key domestic legislation includes:

1. Banking and Financing Business Act (SFS 2004:297)
2. Money Laundering and Terrorist Financing Prevention Act (SFS 2017:630)
3. Payment Services Act (SFS 2010:751)
4. Electronic Money Act (SFS 2011:755)
5. Securities Market Act (SFS 2007:528)
6. Investment Funds Act (SFS 2004:46)

Swedish Regulatory Bodies and Supervision

Key Swedish regulatory bodies overseeing banks include:

1. Swedish Financial Supervisory Authority (Finansinspektionen, SFSA)
2. Swedish Central Bank (Riksbanken)
3. Swedish National Debt Office (Riksgälden)
4. Ministry of Finance (Finansdepartementet)

The Finnish Financial Supervisory Authority (SFSA) primarily handles micro and macro-level supervision, conducting on-site inspections and monitoring systemic risks, while Swedish Central Bank focuses on maintaining a secure payment system and addressing potential financial crises. Riksgälden plays a critical role in managing banks during crises and overseeing the deposit insurance scheme.

Application Process and Conditions

Harvest Advokatbyrå aids financial institutions in applying for authorization in Sweden’s complex regulatory environment. Swedish banking operations, with some exceptions, require authorization from the SFSA.

Application Documentation

Application documentation includes:

1. Articles of association
2. Detailed business plan
3. Demonstrated ability to conduct business in accordance with regulations
4. Initial capital of EUR5 million

Application Process

1. Submit the original application and one copy to the SFSA
2. Pay a fee of SEK1,400,000
3. Aim for a decision within six months

Acquiring or Increasing Control over a Bank

A separate procedure applies to acquiring or increasing control over a bank, requiring prior authorization.

Conclusion

Harvest Advokatbyrå’s extensive knowledge of Sweden’s banking regulations makes them an indispensable partner for financial institutions looking to operate, expand, or maintain compliance in Sweden. By providing expert guidance on legislative requirements, regulations, application processes, and ongoing supervision, the firm confidently navigates the complexities of the Swedish financial landscape.