As a result of the Government's proposed amendments to the Act on Currency Exchange and Other Financial Services (1996:1006) (”LVA”), the Swedish Financial Supervisory Authority has produced a proposal for regulations and general guidelines. The amendment of LVA strengthens the regulation of so-called ”financial institutions” by expanding the registration requirements to also cover actors that conduct currency exchange or other financial services, even if the operation is not extensive or is the operator's principal activity. The aim is for more operators to be included so that they are brought under the relevant requirements in the Money Laundering and Terrorist Financing (Prevention) Act. In addition, general eligibility requirements are being introduced for those who conduct, have a qualified holding in or are part of the management of a financial institution.
In light of this, the Swedish Financial Supervisory Authority is proposing new regulations and general guidelines that will specify in more detail what an application for registration according to LVA should contain. Information that needs to be provided in the registration procedure includes general company details, information on ownership structure and which persons constitute the company's executive management. The proposal is currently subject to consultation and is proposed to enter into force on 1 January 2024.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
