Proposal regarding the implementation of the banking package

Main elements of the proposal

Licensing requirement for third-country branches

A key new feature is that firms based outside the EEA (third-country firms) providing certain specific banking-related services in Sweden will, as a general rule, be subject to authorisation and required to establish a branch. Authorisation requires, among other things, that the branch meets capital and liquidity requirements, as well as risk management and internal control requirements. However, certain exemptions from the licensing requirement are proposed, including where services are provided following customer-initiated contact (reverse solicitation), within the same group of companies, or to certain financial counterparties.

Stricter and broader suitability requirements

The suitability rules are broadened by extending requirements that apply to the management body in credit institutions to also cover certain very large investment firms and certain holding companies. Furthermore, an obligation is being introduced for certain larger firms to give prior notice of planned appointments to senior positions no later than 30 working days before the appointment takes effect. In addition, suitability requirements are introduced for so-called key personnel – i.e. individuals with significant influence over the business without being a board member or chief executive officer (for example, CFOs and heads of internal control functions). Furthermore, explicit requirements are introduced stipulating that companies must take action if board members, the CEO or key personnel do not meet the suitability requirements.

New authorisation requirements for certain transactions

An authorisation procedure is introduced for significant acquisitions, i.e. acquisitions of shares or participations amounting to at least 15 per cent of the acquirer’s eligible capital under the CRR. In the event of a disposal of a corresponding holding, a notification requirement is introduced. The existing requirement for authorisation for certain acquisitions amounting to at least 25 per cent of an institution’s own funds, and which also relate to property other than shares or units, is removed. In addition, a specific authorisation requirement is introduced for transfers of assets or liabilities amounting to at least 10 per cent of total assets or liabilities – for intra-group transfers, however, the threshold is 15 per cent. Furthermore, the authorisation requirements for the implementation of merger and demerger plans are extended to cover certain holding companies and very large investment firms.

New cooling-off period for certain members of the Swedish Financial Supervisory Authority’s staff

A new law on a cooling-off period for certain employees and contractors at the Swedish Financial Supervisory Authority in the event of certain transitions is proposed, such as to a company subject to the Authority’s supervision or an industry body within the financial markets’ sector. The Act stipulates a duty to notify prior to a transition – twelve months for the Director-General and board members, and six months for others involved in supervisory activities – and contains rules on decision deadlines, the cooling-off period and compensation.

Entry into force

The legislative amendments are proposed to enter into force on 1 July 2026. However, the rules on special authorisation requirements and supervision for third-country branches are proposed to enter into force on 11 January 2027.