AIFMD II Implementation in Sweden

The legislative process in Sweden is ongoing. The first-step preparatory expert report (SOU 2025:60) has been published and is currently subject to consultation. The final preparatory bill has not yet been published. The amendments will mainly concern the Swedish laws on alternative investment fund managers (2013:561) and mutual funds (2004:46). The first set of amendments is expected to enter into force on 16 April 2026, followed by amendments on liquidity management tools on 16 October 2026 and reporting from 16 April 2027. As the final bill has not yet been submitted, there is a risk that entry into force may be delayed.

The Swedish approach is to implement the amendments in conformity with the Directive while avoiding gold-plating. However, there are a few clarifications relating to substance:

• Substance requirements: the preparatory work sets out requirements for the two full-time officers employed or appointed by the AIFM. Those officers must be authorised to decide on operational matters and will be subject to a formal assessment by the Swedish Financial Supervisory Authority.
• Supervisory discretion: the Swedish Financial Supervisory Authority may impose higher requirements, meaning that an AIFM may need additional officers, and further provisions on substance requirements are expected to be laid down in FSA regulations.

The AIFMD II amendment in Article 15(4) requiring retention of an economic interest of 5% of the notional value of any loan applies to all AIFs engaging in loan origination and not only to those falling within the definition of a “loan-originating AIF”. The preparatory work also states that this rule cannot be circumvented by using derivatives. The bill deliberately omits consumer credits, stating that AIFMD cannot and does not intend to change the right to conduct consumer lending activities, which remains regulated by other Swedish legislation.

No guidance or supervisory position has been issued.