Swedish regulator asks UK firms to outline Brexit plans

The Swedish financial regulator has ordered UK financial services firms which passport services into Sweden to set out their post-Brexit plans.

A round-robin letter, seen by Funds Europe, from the Swedish Financial Supervision Authority, Finansinspektionen, asks UK firms to answer six questions as part of a survey it is carrying out into the impact of Brexit on the Swedish financial services market.

The questions include asking for a description of the services and products UK firms currently offer in Sweden and what services or products they plan to offer in Sweden once the UK has left the European Union.

The letter also asks how many customers the firms have in Sweden and an estimate of the invested capital of their Swedish clients.

In addition, the letter asks firms that are planning to continue to operate in Sweden post-Brexit whether business will be carried out through a Swedish subsidiary as a “third country branch” or passported into Sweden from another EU member state.

For firms that plan to discontinue operating in Sweden after Brexit, the letter asks whether firms will “take measures to ensure continuity in services offered to Swedish clients”.

The letter warns recipients that if they do not reply “we may have to inform the Financial Conduct Authority and Prudential Regulation Authority of your non-compliance in answering these questions”.

In February the French financial regulator, the Autorité des marchés financiers (AMF), ordered UK asset managers which manage or market investment funds in France to set out their post-Brexit plans.

©2018 funds europe

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