Sifa proposes rule change for local ‘specialfonder’

The Swedish Investment Fund Association (Fondbolagens förening) has proposed a regulatory change that would do away with the current requirement that marketing of local so-called specialfonder to professional investors follow the same rules as those targeting retail investors.

Such a change would make it easier for the funds to compete with international peers, the Association states.

This would in turn make it more attractive to set up funds in Sweden. Over the long term a simplification of the applicable rules would contribute to increased business in the fund market, and greater tax revenues, Sifa argues.

The issue has been addressed previously, such as when the Swedish government was considering how to  implement the AIFM Directive. However, this did not lead to changes in law. And an inquiry into funds in 2014 also put forward a similar proposal that did not lead to any change in law.

Sifa said those specialfonder that targeted professional investors should be given an exception from requirements intended to provide protection at the consumer level, such as the need to provide factsheets, certain annual reporting requirements, semi-annual reporting requirements, information about risk management, and ongoing information about fees and costs.

The full proposal can be found here: Undantag från konsumentskyddsreglerna för specialfonder som marknadsförs till professionella investerare

Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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