The Swedish Investment Fund Association (Fondbolagens förening) has updated guidelines in place since 2002 for how fund companies should manage ownership of equities, following implementation of new EU rules on 10 June.
Among other changes to this section of its code for industry participants, this has removed the term 'ownership policy', which is replaced with 'principles for equity owner engagement'.
The Swedish code for fund copmanies has also removed a requirement to stymie short term trading. The requirement has become outdated, Sifa noted, for example, because fees for short term trading are now difficult to take out - among other reasons because the Swedish Pensions Agency (Pensionsmyndigheten) has banned this on its own fund platform. The Association instead is pushing for implementation of law that would make it possible to share trading costs across those investors that have caused the costs.
Additionally, the section in the guidance for fund company marketing and information has been updated in light of new rules for advisers.
Further details can be found here (in Swedish):