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The new Securities Market Act entered into force in Sweden on 1 November. Finansinspektionen's regulations regarding securities operations and activities on marketplaces enter in force on the same day.
The purpose of the new regulations is to increase competition in the European securities markets, improve surveillance and strengthen consumer protection.
Investment firms shall report all transactions to an authority in their home country. In Sweden, Finansinspektionen is the selected authority. The reporting obligation applies to all transactions with financial instruments that are traded on regulated markets. In Sweden, the regulated markets are operated by stock exchanges.
The regulations for a license to engage in securities operations have been modified. For example, firms that would like to offer investment advice or operate a MTF must apply for a license. The license in the home country applies throughout the entire EU and the firm only needs to report cross-border activities to the authority in the home country.
The fees FI charges for licenses and applications are also affected. In addition, FI will charge a fee for approving systems for transaction reporting.
