Main document, section 2.1
To further ensure consumer protection, the agency is expanding the obligation to submit certain information during the application process, e.g. when the administration has been delegated or if the fund is a feeder fund. The contractual terms regulating provision of information in connection with application has, to be more transparent, to the extent possible been gathered in one single contract term.
Main document, section 2.2
The Swedish Pensions Agency amends the section in order to clarify that a fund manager is not expected to breach applicable legislation in order to comply with the terms and conditions of the fund agreement. Restrictions due to applicable legislation or other mandatory regulations shall be considered to the extent necessary.
Main document, section 3.1
The Swedish Pensions Agency clarifies that a fund manager shall comply with what is stated in the agency's from time to time applicable instructions for the fund agreement as well as other administrative instructions.
Main document, section 3.6.1
The Swedish Pensions Agency introduces a contract term with respect to the statutory requirement that business history shall cover a minimum period of three years. The condition, which does not deviate from the agency’s current position, means that a fund manager, in connection with the agency’s evaluation of the application, shall have been licensed to engage in fund activities and have managed one or more UCITS-funds during a consecutive period of at least three years.
Main document, section 3.9 and 3.11
The Swedish Pensions Agency’s right to collect information during the contract period is clarified and expanded for consumer protection reasons. In principle, the proposed changes mean that a fund manager shall provide such information as the Swedish Pensions Agency deems necessary for the agency to conduct the necessary reviews and check compliance with the fund agreement.
Main document, section 3.10 and 3.13
The conditions regulating the fund managers’ obligation to provide information regarding a change of circumstances are clarified. A clearer division of the regulation regarding information on changes related to the fund and to the fund manager’s organisation and activities is introduced. The agency also introduces examples of the type of information covered by the conditions and adjust the times upon which the time limit to inform the agency is based.
Main document, section 3.20.2
The agency’s change of the condition, which regulates certain requirements within the scope of sustainability, is a direct consequence of new EU rules on information related to sustainability and the national legislation conforming thereto.
Main document, section 4.4
A new wording is introduced in the fund agreement to inform fund managers of existing statutory provisions regarding fund managers’ obligation to pay certain special fees and costs.
Main document, section, 7.1
The agency introduces a regulation on communication with the agency within the scope of the fund agreement, which shall primarily take place via email.
Main document, section 7.3
New grounds for termination of the fund agreement and more flexible notice periods are introduced, both for the Swedish Pensions Agency and fund managers.
Main document, section 7.6
The agency clarifies that a fund agreement cannot be transferred from one fund manager to another. A fund manager who takes over the administration of a fund that shall continue to be covered by a fund agreement must therefore apply to enter into a fund agreement regarding the fund. The Swedish Pensions Agency introduces an obligation to, jointly and severally with previous fund managers, fulfil obligations related to the fund and its management under the previous fund agreement.
Appendix A. Price reduction, section 4.1
Fees in the funds where funds are invested shall always be included in the calculation of a fund’s ongoing charges, regardless of the size of the holdings. In other words, the current delimitation with respect to fund holdings greater than 10 percent is abolished.
Appendix A. Price reduction, section 6.2
The maximum levels (ceiling levels) for the total cost withdrawal quotient (TK) is lowered from 2.25 percent to 2.0 percent for equity funds and from 1.5 percent to 1.25 percent for other funds. For the part of TK exceeding the ceiling level, the price reduction is 100 percent. The ceiling level for fixed income funds remains unchanged.
Appendix A. Price reduction, section 6.3.2
The free cost withdrawal, which is not eligible for price reduction, is lowered for equity funds from 0.15 percent to 0.11 percent, for other funds from 0.15 percent to 0.09 percent, and for fixed income funds from 0.10 percent to 0.07 percent.
Appendix A. Price reduction, section 6.3.4
The discount level for holdings with each respective management group in the interval MSEK 0–1 000 is raised from 65% to 70%.
The reasons for the changes to the price reduction are primarily that the Swedish Pensions Agency deems that today’s levels are too low considering the development of fund fees on the market combined with the major increase of managed capital within the premium pension system over time.
Appendix B. Trading in Funds, section 5.2
Limitations in the current fund agreement regarding a fund manager’s application of ‘swing pricing’ are abolished.
Appendix C. Code of Conduct in the Premium Pension Sector, section 2.2
The agency amends the existing condition regarding business history for external investment managers and introduces a limited possibility to deviate from the condition to, for example, enable transfer of a business for the purpose of internal restructuring.
Appendix C. Code of Conduct in the Premium Pension Sector, section 3.2 first paragraph, iv
The agency introduces additional examples of what may constitute an inappropriate fund within the premium pension system in the form of certain company law structures (UCITS) that may lead to complex conflicts of interest.
Appendix C. Code of Conduct in the Premium Pension Sector, section 3.4 second paragraph, vi
The Swedish Pensions Agency introduces examples of which holdings in own funds the agency may accept for the purpose of increasing predictability and clarifying which requirements the agency imposes.