UCITS passporting in Sweden

1. EEA UCITS Schemes

EEA UCITS can be marketed in Sweden after a notification has been made. EEA UCITS Schemes and their EEA Management Companies are governed by the Swedish UCITS Act (Swe: Lagen 2004:46 om värdepappersfonder) and regulations issued by the Swedish Financial Supervisory Authority (“SFSA”). The Swedish Legislator has implemented Directive (EU) 2019/1160 of the European Parliament and of the Council of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings. No legislation has been introduced regarding pre-marketing of UCITS. 

2. Marketing of a UCITS fund in Sweden

An EEA UCITS Scheme with relevant authorisation in its home Member State, which intends to market units or shares in Sweden, must inform the HMSA of its intention. The notification must be accompanied by the EEA UCITS Scheme rules or instrument of incorporation, the prospectus, KIID (in Swedish), and an annual report, or biannual report (if applicable). HMSA thereafter submits the notification to the SFSA.
The EEA UCITS Scheme that markets units in Sweden must provide functions in Sweden to perform the following tasks:

  1. process orders to subscribe and redeem units and make payments to the unit holders,
  2. provide investors with information on how orders can be placed and how redemptions are paid,
  3. handle complaints,
  4. provide the information that the EEA UCITS is obliged to provide according to the rules in the home Member State,
  5. provide investors with relevant information about the tasks performed by the functions according to 1-4, and
  6. Act as a contact point for communication with the Financial Supervisory Authority. 

The SFSA must be informed prior to any change of the original application or of the accompanying documents.

3. Handling times

The EEA Management Company may start marketing the EEA UCITS Scheme in Sweden as soon as the HMSA has informed the EEA Management Company that a notification has been sent to the SFSA.

4. Fees

There are no fees for marketing of an EEA UCITS Scheme charged by the SFSA.