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    FI Issues Multiple Regulatory and Reporting Updates for Banks

    May 31, 2022

    The Swedish Financial Supervisory Authority (FI) updated the capital requirements for category 1 and 2 credit institutions, introduced a new online reporting tool to facilitate and streamline the application process, and published the financial stability report.

    Below are the key highlights of the recent updates:

    • FI published capital requirements for the largest Swedish banks and credit institutions that belong to the supervisory categories 1 and 2 as of the end of the first quarter of 2022. The capital requirements have been published for Svenska Handelsbanken, Skandinaviska Enskilda Banken, Swedbank, Länsförsäkringar, Klarna, Kommuninvest, Svensk Exportkredit, SBAB, Avanza, and Nordnet. The capital requirements are based on the capital adequacy regulations, the Swedish application of the buffer requirements, and the Authority's latest review and evaluation of the companies.
    • The newly introduced online tool fully digitalizes the application process for both applicants and the FI employees processing the applications. All communication within and regarding the application process will occur via the online tool. Management and owner management suitability assessments will serve as the pilot cases. Users must first register with FI's authorization system before they may gain access to the new online tool.
    • The financial stability report highlights that FI intends to raise the countercyclical buffer rate to 2% in the second quarter of 2022. Due to the implementation period of twelve months, this level of the buffer rate can enter into force in the second quarter of 2023. This increase completes the authority's gradual increase of the buffer rate to the neutral level, which began in September 2021. The report also highlights that has also been given a more active role in strengthening the resilience of the financial sector to cyber attacks.

     

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    Keywords: Europe, Sweden, Banking, Regulatory Capital, Basel, CCyB, Financial Stability Report, Reporting, FI

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