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    FI Publishes Multiple Regulatory Updates in October 2022

    October 04, 2022

    The Swedish Financial Supervisory Authority (FI) published a memorandum highlighting the results of supervisory categorization of credit institutions and classification of foreign Swedish branches of credit institutions for 2023, postponed the digital reporting of incidents for payment service providers, and updated the national adaptation of validation rules for periodic reporting, via Fidac, for banks and investment firms. FI also clarified that all amounts in the standard report and interest rate risk report must be stated in whole kroner (without decimals).

    Below are the key highlights of these recent updates:

    • The Memorandum describes how FI divides Swedish credit institutions into different supervisory categories and the classification of Swedish branches to credit institutions in other European Economic Area countries. The memorandum was revised followed by changes to the method for categorizing credit institutions as a result of the new European Banking Authority (EBA) guidelines on the review and evaluation process. For credit institutions, the changes, when compared to the previous year, show that Entercard Group, Resurs Bank, Collector Bank, De Lage Landen Finans, Hoist Finance, and Ikano Bank have been moved from supervisory category 3 to 4, and during the year, Moank and Nstart received permission to run financing operations and weree placed in supervisory category 4. FI had previously chosen to categorize Skandinaviska Enskilda Banken, Svenska Handelsbanken, Swedbank and Nordea Hypotek in supervisory category 1 and had previously classified Nordea's and Danske Bank's Swedish branches as particularly significant branches.
    • Digital Reporting of Incidents. In accordance with EBA's revised guidelines for reporting serious incidents under the Second Payment Services Directive (PSD2), FI has previously notified that it will fully comply with the guidelines and be able to report serious incidents through a digital system from October 01, 2022. However, as the FI's platform for digital reporting of incidents is not yet in place, FI has postponed the possibility of digital reporting of incidents. FI notifies that until a platform for digital reporting is in place, the template on its website must instead be used for reporting serious incidents from October 01, 2022. FI will return with information on when digital reporting can take place at the earliest.
    • Validation Rules. For banks, reporting takes place, among other things, in accordance with the FI regulations and the Capital Requirements Regulation or CRR (575/2013). However, for investment firms, from June 26, 2021, reporting has been in place, in accordance with the Investment Firms Regulation or IFR (2019/2033).
    • Standard Report and Interest Rate Risk Report. To harmonize the national reporting with the taxonomy-based EU reporting, FI has decided, in connection with the transfer of the Standard Report (F811) and the Interest Risk Report (F809), to change the amount statements from (whole numbers) thousands of kroner to kroner. The companies with a balance sheet total exceeding one billion kroner are permitted to round to the nearest million. Regulations and instructions that are affected will be changed in accordance with the new instructions. As of October 01, 2022, it is possible to submit the report in the production environment in Fidac and the reporting has been enabled in the unit kroner.


    Related Links (in English and Swedish)



    Keywords: Europe, Sweden, Banking, Reporting, Validation Rules, Investment Firms, Incident Reporting, PSD2, Interest Rate Risk, CRR, IFR, Regulatory Capital, Basel, Fidac, EBA, FI

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