Chapter 1. Scope of application and definitions
The scope of the law
section 1 of this Act provides for the issuance of
electronic money and for electronic money institutions
and the registered Publisher.
The law does not apply to electronically stored monetary value
1. stored on instruments that can be used only within a
limited network of suppliers, with a vendor in his
place of business or, in the case of a limited supply or
service offerings, or
2. used for payment transactions by means
of equipment for telecommunication, digital or
information technology, when they purchased the goods or services
delivered to and are intended to be used with the help of such
equipment, provided that the operator of equipment not
acting solely as an intermediary between the payment service user
and the supplier of goods or services.
Definitions
section 2 of this Act means
1. payment instruments: a debit card or any other
personal instruments or a personal routine used for
to initiate a payment order,
2. electronic money: an electronically stored monetary value
as
(a)) represents a claim on the issuer,
b) given out in Exchange for funds to implement the
payment transactions under the Act (2010:751) if
payment services, and
c) accepted as a means of payment other than the issuer,
3. EEA: European economic area,
4. branch "means a branch office with independent management,
also taking a foreign institution for electronic money
establishment of multiple places of business must be regarded as a single branch;
5. Group: same as in Chapter 1. section 7 of the Act (2006:531) if
special supervision of financial conglomerates,
6. country of origin: the country where an undertaking has been authorised to
pursuit of the activities referred to in this Act,
7. electronic money institutions: a Swedish limited liability company
or a Swedish Business Association that has been authorised to
issue electronic money in accordance with this Act,
8. consumer: a natural person who is acting primarily for
purposes which are outside business activities,
9. qualifying holding: the same as in Chapter 1. paragraph 5 of the 14 teams
(2004:297) on banking and finance law,
10. start-up capital: the same as in Chapter 1. paragraph 5 of the 17 law about banking
and financing business,
11. issuers of electronic money: Institute for electronic
money, registered publishers, which publishes electronic
money and is exempt from the permit requirement referred to in Chapter 2.
2 § and companies in accordance with Chapter 3. section 28 received permission to give out
electronic money.
section 3 of an electronic money institution and another company
shall be considered to have close links, if
1. one company directly or indirectly through subsidiaries
owns at least 20 per cent of the capital or disposes of at least
20% of all votes in the other company,
2. one company directly or indirectly represents the parent company
to the other or there is another similar relationship
between undertakings, or
3. both companies are subsidiaries of or have a similar
relationship with the one and the same legal entity or a
the corresponding relation to one and the same natural person.
Close relations are also an Institute for electronic
money and a natural person shall be considered to have, if
1. the natural person
a) owns at least 20 per cent of the capital of the Institute for
electronic money,
b) disposes of at least 20 percent of all votes in
Institute of electronic money,
c) otherwise has such influence over the Institute for
electronic money to the person's position is the same as that
a parent has in relation to a subsidiary,
or
2. There is another similar connection between this personal
and the Institute for electronic money.
Chapter 2. Licence, the conditions for authorization and
exemption from permit requirement
Obtain a permit
1 § Electronic money may be given out only with the permission of
The Swedish financial supervisory authority, without prejudice to paragraph 2 or 3.
Permission may be given to a Swedish limited company or a Swedish
Economic Association.
Exemption from permit requirement
section 2 of the State to issue electronic money is not needed for
1. banks and credit market companies under the Act (2004:297) om
banking and finance law,
2. State and municipal authorities, when they engage in
public authority,
3. foreign physical and legal persons and
authorities in the EEA that correspond to them in 1 and 2,
4. the European central bank and national central banks in
other EEA-countries, when not acting in their capacity as monetary
or public authority,
5. Post Office Giro institutions within the EEA, in accordance with national law
has the right to issue electronic money, and
6. branches of credit institutions from countries outside the EEA.
Special provisions on foreign companies, see Chapter 3.
26-28 sections.
section 3 a Swedish legal entity may apply to the
The Swedish financial supervisory authority to be exempted from the permit requirement referred to in
§ 1. The inspection shall decide on such an exception if
1. it should be included in a corporation or an Association's Board of Directors,
be the ceo or head of operations
with the issuance of electronic money have not been convicted of crimes
relating to money laundering, terrorist financing or other
economic crime,
2. There is reason to believe that the planned activities
will be operated in accordance with this Act and regulations
regulates activities,
3. for legal entities are reasons to assume that the
have a qualifying holding in the company is suitable to exercise
a significant influence over the management of the company,
4. it should be included in a company's Board of Directors, be
Chief Executive Officer, responsible for operations with
the issuance of electronic money or be a substitute for
one of them, have sufficient knowledge and experience to
participate in the management of the company or be responsible for the business
with the issuance of electronic money and otherwise is
suitable for such a task, and
5. the planned activities have such limited scope
the average outstanding liabilities related to
electronic money never exceed EUR 5 million.
paragraph 4 of the financial supervision authority shall record those that have been granted
exemption under section 3 (registered publishers).
A registered Publisher shall notify the financial supervision authority if the
such changes affect the Publisher's ability to
meet the conditions for exemption provided for in paragraph 3.
Provisions relating to the registry can be found in Chapter 5. § 5.
§ 5 a registered Publisher that no longer meet the
the conditions laid down in paragraph 3, shall apply for a permit referred to in paragraph 1. Application
must be made within 30 days from the date on which the terms no longer
were met.
A registered Publisher must be removed from the register, if the Publisher
reports that it no longer issuing electronic money or
If it otherwise appears that Publisher's business has
ceased.
Conditions for authorisation
section 6 of the State to issue electronic money shall be given, if
1. the articles of association or rules not inconsistent with this Act
or any other statutes,
2. There is reason to believe that the planned activities
will be driven
(a)) with adequate command and control forms for business
with the issuance of electronic money, and
(b)) in accordance with this Act and the regulations
regulating the company's activity,
3. There is reason to believe that the person has a qualifying
holding in the company to exercise a significant
influence over the management of the company,
4. it should be included in the company's Board of Directors, to be Executive
Director, or be a substitute for any of them, is suitable for
such a task, and
5. the person responsible for the activity with the issuance of
electronic money or a replacement for this person is
suitable for such a task and have the necessary insight and
experience.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute
for the European company or articles 37 to 41 of Council regulation
(EC) No 1435/2003 of 22 July 2003 on the Statute for a European
cooperative society (SCE), the provisions which
the Board intends to in the first subparagraph 4 If aptitude testing
apply to the Supervisory Board.
section 7 of the assessment under paragraph 3 (3) and (6) paragraph 3 of
If a tenant is suitable to his reputation and
capital strength is taken into account. It should also be taken into account if there are reasons
to assume that
1. the holder will counteract the activity of
the issuance of electronic money is managed in a way that is
consistent with the requirements of this Act and regulations
regulating the company's activity,
2. the holding in connection with, or may increase the risk of
a) money laundering as referred to in Chapter 1. paragraph 5 of the 6 teams (2009:62) if
measures against money laundering and the financing of terrorism, or
b) offences under paragraph 2 of section 2, 3 or 4 § lagen (2002:444) if
punishment for the financing of particularly serious crime in
some cases, with respect to offences under the Act (2003:148) if
terrorist offences.
If your company has or likely to get near
relations with anyone else, is authorized under section is given
only if the relationship does not hinder an effective supervision of
the company.
paragraph 8 of the financial supervision authority shall notify the decision authorising the
to issue electronic money or derogating from
permit within three months from the date on which a
complete receipt of the application and the application fee has been paid.
If the decision is not notified in time, the condition shall be deemed to have
communicated or exclusion shall be deemed to have been granted by
The Swedish financial supervisory authority.
Chapter 3. The business of electronic money institutions and in
registered Publisher
Starting capital
(1) an electronic money institution shall begin
its activities have initial capital which, at the time of decision on
condition is equivalent to at least EUR 350 000.
Capital requirements
section 2 of an electronic money institution shall at all
time to have a capital base not less than the initial capital
According to § 1 or a capital requirement calculated in accordance with paragraph 3.
Institution's own funds may not fall below the highest of
These amounts.
For the calculation of own funds and its composition shall
European Parliament and Council Regulation (EC) no 575/2013 of
on 26 June 2013 on prudential requirements for credit institutions and
investment firms and amending Regulation (EC) no
648/2012 shall apply. In addition, the following applies at
calculation:
1. Electronic money institutions belonging to the same
together as another electronic money institutions, or
a payment institution, a credit institution, a
investment firms, a fund management company, the aifm which
manage special funds or insurance companies may
calculation of own funds does not include such items included
in the calculation of any of the company's capital base.
2. An electronic money institution engaged in other
activities in accordance with paragraph 5, for the purpose of calculating
the capital base does not include such items included in
the calculation of the own funds of the other activity.
3. For electronic money institutions which have changed
accounting currency, equity capital shall not be less than the
maximum of the amount resulting from 6 and 7 of the Act (2000:35)
If the change of accounting currency in financial companies.
Law (2014:989).
section 3 capital requirement amounts to two per cent of the average
liabilities related to outstanding electronic money.
Where an electronic money institution is providing
payment services which are not linked to the issue of
In addition, the electronic money institution shall calculate a
capital requirements for the operations with the application of Chapter 3. paragraph 3 of the
Act (2010:751) on payment services.
On the basis of an evaluation of the risk management processes and
internal control mechanisms in an institution for electronic
money, the financial supervision authority may decide that the capital requirement pursuant to
section 2 should be raised or lowered. The amount of the increase or reduction,
not exceed 20 per cent of this amount.
Examination of the suitability of owners
section 4 Provisions for review of the appropriateness of the owner in
credit institutions in chapter 14. Act (2004:297) on banking and
finance law applies also to institutions for
electronic money.
Nearby services and other activities
section 5 of an electronic money institution and a registered
Publishers must also provide payment services and related
services and other activities.
A registered Publisher may, however, provide payment services
that are not linked to the issuance of electronic money only
If the average of the total amount of payment transactions in
the past 12 months does not exceed an amount equivalent
EUR 3 million per month.
The financial supervision authority may prohibit an institution for electronic
money or a registered Publisher running other
activity. Such a decision shall be notified about the operation
impair or might impair the financial
the financial soundness of the institution or the Publisher or
FSA's ability to supervise
institution or Publisher.
Deposits and loans
section 6, an electronic money institution or a registered
Publishers may in their operations with the issuance of electronic
money or the provision of payment services do not
1. receive deposits or other repayable
funds from the public, or
2. offer non-payment accounts used exclusively
for payment transactions.
An electronic money institution and a registered
Publishers may in their operations with payment services grant credit
for such payment services referred to in Chapter 1. 2 § 2 – 4 and 6
Act (2010:751) on payment services if
1. credit will only be used in connection with the implementation of a
payment transaction,
2. the credit is not granted from the funds held for
conduct a payment transaction, or out of funds that have been
received in Exchange for electronic money, and
3. the credit used for payment with
payment instrument, provided within the framework of the
cross-border activities within the EEA, be repaid within 12
months.
Electronic money institutions may grant credit in accordance with
second subparagraph only if the institution's capital base is
satisfactory with regard to the total amount of credit.
Protection requirements etc.
paragraph 7 of an electronic money institution and a registered
the Publisher shall take measures to protect the funds that have
received in Exchange for electronic money issued. Such
agents should
1. be kept separate from the institution's or Publisher's own
assets and funds held on behalf of someone else than
the holder of the electronic money, or
2. covered by an insurance policy or guarantee which gives the same protection
for the holder of the electronic money as if the funds
been separated according to 1.
The funds referred to in the first subparagraph 1, which are still held by
Institute of electronic money or the registered
the Publisher at the end of the banking day following the day on which the funds
was received, should be separated in a special account with a Swedish
Bank, a Swedish credit market company or a foreign
Bank or credit company or be invested in liquid assets
assets with low risk.
Funds received in the form of a payment by a
payment instrument need not be protected until they have
credited to a payment account with the institution or Publisher
or otherwise made available to an institution for
electronic money or a registered Publisher. The funds will be
However, protected within five business days after the
electronic money payment concerned was released.
Electronic money institutions and registered publishers
provide payment services which are not linked to
the issuance of electronic money, for the business
to apply the provisions on protection in Chapter 3. section 7 of the Act
(2010:751) on payment services.
section 8 of the electronic money institution and registered Publisher
shall inform the financial supervision authority in advance of any significant
changes in measures to protect the funds received in
Exchange for electronic money issued.
Retention of data
section 9 of an electronic money institution shall keep all
relevant information relating to the circumstances covered by
Chapter 2. 1, 6 and 7, §§ 1-8, 10-25, 29 paragraphs in this chapter
for at least five years.
Rules of procedure and instructions on the Division of labour between
corporate bodies
9 a § the obligation under Chapter 8. 46 (a) of the Swedish companies act
(2005:551) of the Board of Directors of a public company to annually
establish written rules of procedure for its work concerns
also for the Board of an electronic money institution
or a registered Publisher that is a private limited company.
However, this does not apply in the case of companies whose Board has
only one member.
The obligation under Chapter 8. 46 (b) of the Swedish companies act for
the Board of Directors of a public company that in written
instructions specify the Division of labour between the bodies
also applies to the Board in an institution for electronic
money or a registered Publisher that is a private
joint-stock company.
The Chairman of the Board shall see to it that the Board fulfils the
information listed in this section. Law (2014:551).
Audit, accounting, etc.
section 10 of an electronic money institution shall have at least one
auditor appointed by the general meeting. Only the authorized
or approved auditor may be certified. At least one auditor who
the meeting designated to be certified.
An electronic money institution which also runs other
activities other than issuance of electronic money as referred to in Chapter 1.
2 § 2 shall provide separate accounting information over the
activities involving the issuance of electronic money.
Team (2013:236).
Head Office
section 11 of an electronic money institution and a registered
Publisher shall have its head office in Sweden.
Professional secrecy
section 12 of that which is or has been affiliated with an Institute for
electronic money or a registered Publisher who worker
or the contractor must not improperly disclose or exploit
what he or she is in the employment or during the Mission in
operations with the issuance of electronic money or
payment services have been told if individuals ' conditions to
institution or Publisher.
Liability under Chapter 20. paragraph 3 of the criminal code should not follow the
who violate the ban.
In the public activities apply instead the provisions
in publicity and secrecy (2009:400).
In Chapter 6. section 9 of the Act (2010:751) on payment services are special
provisions on confidentiality in the treatment of
personal data in the register kept by a
payment service provider, or the person responsible for a
payment system in accordance with Chapter 6. section 1 of the Act on payment services.
In 5 a of the credit information Act (1973:1173) contains provisions
If the applicable on professional secrecy referred to in the first subparagraph
does not prevent the data in some cases are exchanged for
credit reference purposes.
Measures against money laundering and financing of terrorism
paragraph 13 of the Provisions on the obligation of the issuing
electronic money to help to prevent
money laundering and terrorist financing Act
(2009:62) on measures against money laundering and the financing of
terrorism.
Information obligations
section 14 of the electronic money institution and registered
issuers are required to disclose such information as referred to in
paragraph 12, if during an investigation in accordance with
the provisions concerning pre-trial investigation in criminal matters requested by the
investigators or if, in the case of legal
assistance in criminal matters at the request of another State or a
International Court requested by prosecutors.
Message ban
section 15 of The investigators or prosecutors request
functions under section 14 may decide to Institute of
electronic money or the registered Publisher and its
Directors and employees shall not disclose to the customer or
to any third party that the information has been provided pursuant to section 14 of the
or that there is an investigation or case if
legal assistance in criminal matters.
Such a ban may be communicated if required to a
investigation of crimes should not be compromised or to meet
an international agreement which is binding for Sweden.
The ban should be limited in time, with the possibility of
extension, and may not be for longer than is
justified by the purpose of the ban. In a case if the
legal assistance in criminal matters may, however, be limited only to the prohibition
If the State or international court applied for
legal assistance agrees to this.
If a prohibition is no longer justified with regard to the purpose of the
with the ban, the-patient basis or the Prosecutor may decide
the ban is repealed.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 or articles 37 to 41 of the Council
Regulation (EC) No 1435/2003, as set out on the
Board members in the first subparagraph shall apply to members of the
the regulatory body.
The liability provision
section 16 of the fined person who willfully or through gross
negligence violates a prohibition notice under section 15.
Agents
section 17 of the electronic money institution and registered
publishers are not permitted to issue electronic money through agents.
section 18 Of an electronic money institution or a
registered Publisher wants to provide payment services through
agents, shall Institute or the Publisher shall notify the Attorney for
registration with the Swedish financial supervisory authority.
The notification shall include
1. the name and address,
2. If the representative is a legal person, the name, personal identification number, or
equivalent and address for those included in the delegate's Board
or is the Executive Director,
3. information demonstrating that the persons referred to in 2 is
suitable for such a task, or, if the representative is a natural
person that he or she is suitable to provide
payment services, and
4. agent's internal rules on how the delegate will live up to
the requirements set out in the Act (2009:62) on measures against
money laundering and the financing of terrorism.
If the notification fulfils the requirements set out in the second paragraph,
The FSA Register the agent in the register
Inspectorate on the basis of Chapter 5. § 5. Institute for
electronic money and registered Publisher must ensure
that agents acting on their behalf inform
payment service users of this fact.
section 19 Of an electronic money institution to deploy
electronic money, redeem electronic money or
provide payment services through an agent in another country in the
The EEA, the institution shall inform the financial supervision authority thereof.
The notification shall include
1. a plan for the intended activities, with an indication of
the delegate's organisation and the services that the Registrar intends to
provide, and
2. details of the agent's name and address as well as its responsible
management.
Before the FSA decides to register the delegate
According to Chapter 5. § 5 inspection shall notify the competent
authority of the other country. The notification shall include
the information referred to in the second subparagraph. The financial supervision authority may refuse
to register the agent or revoke an executed registration,
If the competent authority of the other country has reasonable
reason to believe that money laundering or the financing of
terrorism is taking place or has taken place or has tried
implemented in connection with the agent, or if the use of
the Attorney can increase the risk of money laundering or the financing of
terrorism.
Branch operations in the EEA
section 20 of an electronic money institution which intends to give out
electronic money or provide payment services through
a branch in another country within the EEA shall inform
The FSA before operations commence. Notification
should contain
1. a plan for the intended activities, with an indication of
the branch's organization and the services it intends to
provide, and
2. information on the country in which the branch is established and if
the address of the branch and responsible management.
Before the FSA decides to register the branch
According to Chapter 5. § 5 inspection shall notify the competent
authority of the other country. The notification shall include
the information referred to in the first subparagraph. The Swedish financial supervisory authority may
refuse to register a branch or revoke an executed
registration, if the competent authority of the other country
has reasonable grounds to believe that money laundering or
the financing of terrorism is taking place or has taken place or has
attempted to be carried out in connection to the branch, or if
recourse branch can increase the risk of money laundering or
the financing of terrorism.
section 21 of the financial supervision authority shall submit the notification under
section 20 to the competent authority of the country where the branch to
be set up within one month of the notification from
Institute for electronic money was received.
Cross-border activities within the EEA
section 22 of an electronic money institution which intends to from
Sweden issue electronic money or provide
payment services in another country within the EEA shall inform
The FSA before operations commence. Notification
should contain
1. a plan for the intended activities of the
services which the Institute for electronic money designed to
provide, and
2. information on the country in which the business is to be conducted.
section 23 of the financial supervision authority shall submit the notification under
section 22 to the competent authority of the country in which the business
to be conducted within one month of the notification from
Institute for electronic money was received.
Branch operations outside the EEA
section 24 of an electronic money institution may, with the permission
of the FSA set up a branch in a country outside
The EEA. Application for a permit shall contain
1. a plan of the intended operations with data on
the branch's organization and the services it intends to
provide, and
2. information on the country in which the branch is established, if
the address of the branch and responsible management.
Obligation to notify the financial supervision authority of changes in
activities
section 25 Where an electronic money institution or a
registered Publisher intends to change the activities referred to
in 18, 19, 20, 22 or 24 § shall Institute or Publisher
notify the financial supervision authority before the change is implemented.
If the change relates to the activities of an Institute for electronic
money in another country, the financial supervisory authority
notify the competent authority of the other country if
the change.
Special provisions concerning foreign companies established in the
The EEA
paragraph 26 of a foreign company that belongs within the EEA and that in
the home Member State is authorised to issue electronic money need
not permit pursuant to Chapter 2. § 1 to issue electronic
money or provide payment services in Sweden.
Such a foreign company may issue electronic money
or provide payment services through a branch in Sweden,
and provide payment services, distributing electronic
money or redeem electronic money through agents in
Sweden, after the financial supervisory authority has received a
notification from the competent authority of the company's
country of origin that contains
1. a plan for the intended activities, with an indication of
the branch's or delegate's organisation and services
branch or Representative intends to provide, and
2. information about the branch's or agent's address and responsible
management.
section 27 a foreign company referred to in section 26 of the first paragraph,
issue electronic money or provide payment services in
Sweden from her native country as soon as the financial supervisory authority has
received a notification from the competent authority of the
the home Member State, indicating the Services Institute for
electronic money, intends to provide in Sweden.
Special provisions concerning foreign companies established
outside the EEA
section 28 of another foreign company than such as referred to in
section 26 of the first subparagraph may, upon application, be authorised to give out
electronic money from the branch in Sweden. Permission may be given
only if the
1. the company issuing electronic money in the country where it has
its registered office and in that country is under adequate supervision of
a competent authority has admitted that the company establishes
in Sweden, and
2. There is reason to believe that the planned activities
will be operated in a manner consistent with Chapter 2.
6 and 7 sections and paragraphs 1 to 4 of this chapter.
Contract for work
section 29 of an electronic money institution or a registered
Publisher may Commission someone else to perform a particular job
or certain operational features included in its activities
with the issuance of electronic money or the provision
of payment services. Institution or Publisher shall notify such
contract to the Swedish financial supervisory authority.
A mandate to someone else to perform these functions which are
essential for operations with the issuance of
electronic money or the provision of payment services
may only be given if the institution or Publisher is responsible for
1. the business operated by the contractor under controlled
and safely secure forms, and
2. the Mission did not impair the quality of the
the Institute's or Publisher's internal control and
FSA to monitor the Institute
or the Publisher complies with the regulations that apply to your business.
Chapter 4. Rules on electronic money
The issuance of electronic money
1 § Electronic money shall, without delay, be issued to the same
amount of the funds received.
Redemption
section 2 of the Publisher and holders of electronic money shall be included
an agreement, in which the conditions of redemption and any
fees associated with this clearly stated. The holder of the
electronic money is bound by the agreement only when he
or she has been informed of these conditions.
3 section at the request of a holder of the electronic money shall
Publisher redeem part or all of the ownership of the outstanding
electronic money to the nominal amount.
If redemption is requested within one year from the date of the
agreements referred to in paragraph 2 expires, the entire holding will be redeemed.
This shall also apply if an electronic money institution
carrying out an activity referred to in Chapter 3. paragraph 5 of the first
paragraph, and it is not known to what extent funds will be
be used as electronic money.
4 section at redemption, the publishers charge a fee only if this
specified in the agreement and in accordance with section 2 of the fee corresponds to
reasonable costs for the Publisher to implement
the transaction.
If redemption takes place after an agreement between the issuer of
electronic money and electronic money holder has
expired, the Publisher may charge a fee only if the
been more than a year after the contract ended.
An electronic money issuer may not agree with the
is the consumer on terms that differ from the first or second
paragraph.
Interest rate
5 § issuers of electronic money must not pay interest
or provide other benefits that depends on how long the holder
keep the electronic money.
Chapter 5. Oversight, intervention and authorization
Scope of supervision
section 1 of the financial supervision authority supervises this law and
regulations that have been issued in connection with the law is followed.
For electronic money institutions and registered Publisher
also includes oversight of their activities with the issuance of
electronic money is operated in accordance with regulations
governing its activities, articles of incorporation, bylaws, and
internal instructions based on a Constitution that
regulates its activity. In the case of supervision of other
issuers of electronic money as described in Chapter 2. section 2 shall in
place the provisions on supervision contained in the laws governing
their activities should apply, unless otherwise provided by this Act.
If a company is authorised to issue electronic
the money from a branch in Sweden under Chapter 3. section 28 does not follow
the provisions of this Act, the regulations governing
the company's operations, the company's articles of incorporation, bylaws,
regulations or internal instructions based on a
Constitution governing the company's activities,
The Swedish financial supervisory authority to revoke the permit or, if it is
enough, please notify alert. The same applies if the company on
otherwise proved inappropriate to issue electronic money.
If a branch licence is revoked on the basis of the second subparagraph
section 12 shall apply. The financial supervision authority shall inform the
competent authority of the country where the company has its registered office if
measures taken pursuant to this paragraph.
section 2 of an electronic money institution and a registered
Publisher shall provide the financial supervision authority the information concerning their
the activities of the inspection request.
2 a of the Government or the authority, as the Government determines
announces that certain tasks under paragraph 2 of
must be submitted to the financial supervision authority shall be submitted to
The central statistical office. Law (2014:495).
Site survey
paragraph 3 of the financial supervision authority may, when necessary, conduct a
survey of
1. electronic money institutions,
2. a registered Publisher, and
3. foreign companies issuing electronic money in Sweden
According to Chapter 3. 26-28 sections.
If it is necessary for the supervision of an Institute for electronic
money or a registered Publisher, financial supervisory authority
conduct a survey of
1. a branch of the Institute;
2. a representative of the institution or Publisher, and
3. a company has been commissioned to perform certain work
or some functions to the Institute or the Publisher.
A study of a registered Publisher may only include
the activities relating to the issuance of electronic money
or the provision of payment services.
Cooperation between competent authorities
paragraph 4 of the financial supervision authority shall in its supervisory activities work together
and exchange information with the competent authorities in the EEA.
The inspection should also cooperate and exchange information with
The European central bank, national central banks and other
competent authorities designated in accordance with Union law
is applicable to issuers of electronic money.
A competent authority within the EEA may attend a control
performed by the Swedish financial supervisory authority.
The Swedish financial supervisory authority, to a competent authority in another
country within the EEA entrust the task to carry out a control on
location of a branch or agent of an institution for
electronic money under its supervision.
Register of electronic money institutions and
registered Publisher
paragraph 5 of the financial supervision authority shall maintain a register of institutions for
electronic money, registered publishers, their agents and
branches. The register shall be kept available at
The Swedish financial supervisory authority.
Revision
section 6, an auditor or a designated auditor shall immediately
report to the Swedish financial supervisory authority if he or she at
the performance of his duties in an institution for electronic
money becomes aware of circumstances which
1. can constitute a material violation of any statutes
regulating the activities of the Institute,
2. may affect the continuous functioning of the institution, or
3. can lead to rejection of the auditor to the balance sheet
or the income statement are identified or to note
According to Chapter 9. 33 or 34 of the Swedish companies Act (2005:551) or
Chapter 8. section 13 of the Act (1987:667) on economic associations.
Auditor and Inspector has a corresponding
reporting requirements if he or she becomes aware of
conditions referred to in the first subparagraph in relation to
Mission of the Institute's parent companies or subsidiaries, or in the
a company that has a similar relationship with the Institute.
Fees to the FSA
section 7 of the electronic money institution and registered
Publishers, with fees help to cover the costs
for FSA's activities and Statistical
Central Agency activities under the Act (2014:484)
database for the monitoring and supervision of
financial markets. Law (2014:495).
Intervention against electronic money institutions
section 8 If an electronic money institution has failed to fulfil its
obligations under this Act, regulations
regulates the activities of the Institute, the Institute's articles of Association,
statutes, regulations or internal instructions that have their
because in a Constitution that regulates the activities of the Institute,
should the FSA to intervene.
The financial supervision authority shall issue an order within the
certain time limit activities in any respect, reduce
risks in it or take any other action to be
to correct the situation, a prohibition to execute decision
or a note. If the infringement is serious,
the institution's authorisation is withdrawn or, if it is
sufficient warning is announced.
9 § financial supervisory authority may refrain from intervention under section 8 if
a breach is minor or excusable, if the Institute for
electronic money making rätttelse or if any other
Authority has taken action against the institution that are judged to be
sufficient.
paragraph 10 of the financial supervision authority shall revoke the authorization for a
electronic money institutions if a person who is included in the
the Institute's Board of directors or the Managing Director is not
longer meets the requirements set out in Chapter 2. section 6, first paragraph
4 or if a person who is responsible for operations with
the issuance of electronic money no longer meets the requirements
as mentioned in Chapter 2. 6 paragraph 5. However, this should only
If the inspection has decided to object to
the institution that the person does not meet the requirements, and if he or
She still remains on the Board, Executive Director
or as responsible for operations with the issuance of
electronic money after one of the inspection firm
time of no more than three months has expired.
Instead of having to revoke the licence, FSA
decide that a Board Member, Executive Director or
responsible for operations with the issuance of electronic money
may no longer be there. the inspection shall then appoint a
replacement. Long missions until the company has
appointed a new Board Member, Executive Director or
responsible for operations with the issuance of electronic
money.
It provided for if the Chief Executive Officer of first and
second paragraphs also applies to a Deputy to the
Executive Director.
In the case of the European company and the European cooperative that has such a
the management system referred to in articles 39 to 42 of the Council
Regulation (EC) No 2157/2001 or articles 37 to 41 of the Council
Regulation (EC) No 1435/2003, the provisions relating to
the Board of Directors in the first subparagraph if the revocation of permits
apply to the Supervisory Board.
section 11 of the financial supervision authority shall revoke the authorization for a
electronic money institutions if
1. the Institute has received authorization by submitting incorrect
statements or any other irregular means;
2. institution within one year of the authorization
granted have begun to pursue such activities as the condition
regards,
3. Institute for a continuous period of six months is not
have run such operations as the State alleges,
4. it would be a threat to the payment system
stability of the Institute continued to conduct its activities
with the issuance of electronic money or the provision
of payment services,
5. the Institute has declared itself waive the condition,
6. the Institute has transferred all its activities relating to the
the issuance of electronic money, or
7. the Institute has been declared bankrupt or decision
the institution should go in compulsory liquidation.
If there is sufficient will receive warning is announced instead of
revocation in the circumstances referred to in the first subparagraph 1 – 4.
section 12 If the permit is revoked, the financial supervision authority shall decide
on how the phase-out of operations will take place.
A withdrawal decision may be subject to prohibition
continue operations.
section 13, if a competent authority in another country has informed the
The financial supervision authority that an electronic money institution
have violated regulations in the country, inspection
take the measures set out in paragraphs 8-11 against the Institute, if it
There is no evidence referred to therein. The inspection shall
inform the competent authority of the measures
taken.
Penalty
section 14 Of an electronic money institution has a
According to section 8 of the note or warning or warning under section 11,
the financial supervision authority may decide that the Institute should pay a
penalty.
The fee to the State.
section 15, such penalty shall amount to not less than 5 000 kroons and
a maximum of 50 million.
The fee may not exceed 10% of the turnover in
Institute for electronic money immediately preceding
fiscal year. If the infringement has taken place in the Institute's
first year of operation, or if the data on the turnover otherwise
missing or defective, it may be estimated.
For electronic money institutions which also carries
activities other than issuance of electronic money,
the turnover referred to in the second subparagraph shall refer to only the business with
the issuance of electronic money.
The fee must not be so large that the Institute not
comply with the requirements of Chapter 3. 2 §.
section 16 sets out When the amount of the penalty, the Special
taking into account the gravity of the infringement, which has
prompted the note or warning and how long
the offence has continued.
Late payment fee
section 17 Of an electronic money institution or a
registered Publisher in time leaves the information
referred to in section 2 of the financial supervision authority may decide to Institute
or the Publisher shall pay a late fee of not more than 100
000 kronor.
The fee to the State.
Enforcement of the decision on the penalty fee and late fee
18 § a penalty or late fee payable to
The financial supervision authority within thirty days of the decision
It has become final, or the longer time period specified in
the decision.
section 19 of the financial supervision authority decision on the penalty or
late charge may be enforced under the enforcement code
provisions, if the fee has not been paid within the time
specified in section 18.
If the penalty or late fee is not paid within
the time specified in section 18, the inspection leaving the unpaid
the fee for the recovery. Provisions for the recovery of
governmental claims Act (1993:891) for the recovery of
Government receivables, etc.
section 20 of a penalty or late fee has been decided
falling away to the extent enforcement have not been
within five years from the day the decision became final.
Intervention against foreign companies
section 21 of the financial supervision authority may submit to a foreign company
issuing electronic money or provides
payment services in accordance with Chapter 3. 26-28 sections to make correction
on the issuance of electronic money supply
of payment services in Sweden are not carried out in accordance with the applicable
provisions on measures against money laundering and the financing of
terrorism or in accordance with European Parliament and Council
Regulation (EC) No 1781/2006 of 15 november 2006 on
information on the payer accompanying transfers of
funds and such law that supplements the regulation.
The financial supervision authority may submit to a foreign company to
make the correction, if
1. in the case of a company referred to in Chapter 3. section 26
a) issuing electronic money or provides
payment services through a branch in Sweden, or
b) provide payment services, distributing electronic
money or redeem electronic money through agents in
Sweden, and
2. the issuance of electronic money supply
of payment services in Sweden are not carried out in accordance with
the provisions of Chapter 4. This law or 4 and Chapter 5. the law
(2010:751) on payment services.
If a company fails to comply with an order under the first
or the second subparagraph, it shall inform the financial supervision authority
competent authority of the home Member State.
If the correction is not made, the financial supervision authority may prohibit the
company to issue electronic money or provide
payment services here in the country. Before prohibition is communicated to
the inspection shall notify the competent authority in the company's
homeland. In urgent cases, the supervisory authority announce ban
without prior notification to the authority of the company's
homeland. This should, however, be notified as soon as it can be done.
section 22 If a foreign company operating in accordance with
Chapter 3. 26-28 sections have received its business license revoked in
the home Member State, the financial supervision authority immediately prohibit the company
to issue electronic money or begin new
payment transactions in this country.
Intervention against the registered Publisher
section 23 for a registered Publisher has breached its
obligations under this Act or the regulations
governing its activities, the financial supervision authority shall submit to the
registered Publisher to take measures within specified time
to remedy the situation or to cease
the business.
If a registered Publisher, as described in Chapter 2. section 5 does not apply for
If the State, the financial supervision authority shall submit to the Publisher to
do this. If the registered Publisher does not comply with
the injunction, the Inspectorate shall submit to the Publisher to
cease operations.
If it is uncertain whether the authorisation obligation has been imposed in respect of
some activities, the financial supervision authority shall submit to the
runs the business to provide the information about the activities
needed to assess whether that is the case.
Intervention against the which has no licence or registration
section 24 If any driver from activities covered by this
law without being entitled to it, the financial supervisory authority
submit it to cease operations.
If it is uncertain whether a particular activity falls within the scope of the law, may
the Inspectorate shall submit to the operator the operation to file
the information on the activities that the inspection needs
to assess whether that is the case.
An injunction under the first or second paragraph relating to the
a foreign company may be directed against the company as well as the
as in Sweden is active on behalf of the company.
VITE
section 25 of the injunction or prohibition to the FSA
notifies the according to this law, may be subject to a penalty.
Appeal
section 26 of the FSA's decision to submit to the operator
a given activity to provide the information needed to
the inspection should be able to determine if the business is
licensed under this law may not be appealed.
Other decisions by the Swedish financial supervisory authority under this Act may
be appealed to the administrative court. However, this does
No decision in the matters referred to in section 20, first paragraph 5
administrative law (1986:223).
Leave to appeal is required in case of appeal to the administrative law.
The financial supervision authority may provide that a decision on the ban,
order or revocation shall take effect immediately.
Authorization
paragraph 27 of the Government or the authority, as the Government determines
may provide for
1. the calculation of average outstanding debt under
Chapter 2. 3 § 5,
2. what constitutes adequate command and control forms at
examination of an application as referred to in Chapter 2. 6 paragraph 2 (a),
3. the calculation of capital requirements under Chapter 3. paragraph 2 of the first
subparagraph,
4. how electronic money institutions and registered
Publisher shall manage funds under Chapter 3. section 6,
5. how electronic money institutions and registered
Publisher shall manage funds under Chapter 3. the second subparagraph of paragraph 7, which
received in Exchange for electronic money issued and other
funds received for the implementation of
payment transactions and what proportion of the funds in
institutions or publishers that are covered by the protection requirements according to
Chapter 3. the third and fourth subparagraphs of paragraph 7,
6. the information to be given to the financial supervision authority pursuant to the
Chapter 3. section 8,
7. the information to be considered relevant pursuant to Chapter 3. section 9,
8. electronic money institutions and registered
Publisher shall observe and which requirements the Institute or
the Publisher shall meet in the contract pursuant to Chapter 3. section 29,
9. what information an electronic money institution
or a registered Publisher must provide to
The financial supervisory authority of its supervisory activities under section 2, and
10. the fees referred to in section 7.
Transitional provisions
2011:755
1. this law shall enter into force on July 1, 2011.
2. by law repeals Act (2002:149) on the issue of
electronic money.
3. Electronic money institutions that have commenced activities
with the issuance of electronic money pursuant to lagen (2002:149)
on the issuance of electronic money, before 30 april 2011,
continue with the operation until 30 June 2011 but
authorisation in accordance with this Act. Such an institution should
provide the financial supervision authority the information inspection
request for last 30 October 2011 to be able to determine whether
the Institute meets the requirements for a permit under this Act.
4. the institutions who provided information under 3 shall be
permission to operate with issuance of electronic
money that electronic money institutions, if they meet the
the requirements for a permit under this Act.
5. If the FSA deems that an Institute for
electronic money which launched operations with the issuance of
electronic money pursuant to lagen (2002:149) on the issue of
electronic money before 30 april 2011 meets
the conditions of a permit under this Act without
additional information needs to be provided according to 3,
inspection authorization regardless of whether the institution has
applied for a permit or not. The financial supervision authority shall
inform the institution concerned before authorization.
6. The one who started the business with the issuance of electronic
money before 30 april 2011 in accordance with the provisions of
exemptions from the permit requirement of Chapter 2. section 6 of the Act (2002:149) if
the issuance of electronic money may continue with
activities until 30 april 2012 without having been granted
exemptions from the permit requirement under this Act.
