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Sweden Introduces New Financial Reporting Supervision Regime to Enhance Investor Protection and Market Confidence

As of January 1, 2019, Sweden has implemented a new regulatory framework for financial reporting supervision aimed at strengthening investor protection and market confidence. The amended legislation removes the statutory requirement for stock exchanges to conduct financial reporting supervision, instead delegating this task to an expert body under the Swedish Association for Generally Accepted Principles in the Securities Market.

New Regulatory Body Established

The Board for Swedish Financial Reporting Supervision was established on January 9, 2019, and is responsible for monitoring annual reports, consolidated reports, and interim reports from issuers subject to Chapter 16 of the Securities Market Act. The Board reviews financial statements for compliance with applicable regulations, instructs issuers to rectify reporting as necessary, and represents Sweden in European Securities and Markets Authority (ESMA) working groups.

Role of Finansinspektionen

Finansinspektionen (FI), Sweden’s financial supervisory authority, remains ultimately responsible for financial reporting supervision and has the power to intervene against infringements. FI will primarily turn over matters to the Board when an issuer is not cooperating or when the infringement cannot be considered negligible. The agency represents Sweden in ESMA’s corporate reporting working groups and board.

Fees Introduced

Fees for the supervision have been introduced, with issuers paying an annual fee of SEK 10,000 to FI. The Board is also entitled to charge fees for its supervision activities, which must be reasonable by law.

Transition Period

In a transition period, older provisions will continue to apply to periodic financial information published prior to January 1, 2019, with the stock exchanges and FI remaining responsible for this supervision.

Contact Information

For inquiries about financial reporting supervision, please email finansiellinformation@fi.se.