Finansinspektionen Amends Mutual Fund Rules on Fund Company Investment Advice Under FFFS 2026:28

Key Takeaways

• Finansinspektionen has amended Chapter 22, Section 3 of FFFS 2013:9, which sets conduct requirements for fund companies that advise clients on fund units outside the scope of Chapter 7, Section 1, first paragraph, 4 of the Swedish Act on Mutual Funds (2004:46).
• The amended rules take effect October 1, 2026, which leaves only about two weeks after the decision date of September 15, 2026.
• Fund companies offering such advice should promptly confirm that their advisory processes align with the referenced MiFID 2 Delegated Regulation articles and the securities business rules.

Deep Dive

Finansinspektionen has amended Chapter 22, Section 3 of FFFS 2013:9, which sets conduct requirements for fund companies that advise clients on fund units outside the scope of Chapter 7, Section 1, first paragraph, 4 of the Swedish Act on Mutual Funds (2004:46). The amended rules take effect October 1, 2026, which leaves only about two weeks after the decision date of September 15, 2026. Fund companies offering such advice should promptly confirm that their advisory processes align with the referenced MiFID 2 Delegated Regulation articles and the securities business rules.

The amendment replaces the wording of Chapter 22, Section 3 of FFFS 2013:9. It applies to fund companies that, in their operations, advise clients on fund units in cases other than those covered by Chapter 7, Section 1, first paragraph, 4 of the Act (2004:46). Compliance teams should first determine whether any of their advisory activity falls into this residual category. If it does, the section's requirements apply to that activity.

The section imposes two sets of obligations. First, the fund company must comply with Articles 27, 33, 37, 52, 54 and 55 of the MiFID 2 Delegated Regulation when providing the advice. We have not verified the subject matter of each article against the source text, so teams should confirm the content against the Delegated Regulation itself. Second, the company must apply Chapter 4 and Chapter 7, Sections 1–5, 8–11 and 13–23 of FFFS 2017:2 on securities business. When applying Chapter 7, Section 10, the company need not comply with Chapter 7, Sections 12 and 24. This is a targeted carve-out and should be reflected precisely in policy mapping.

The rules enter into force on October 1, 2026. The short runway between the September 15, 2026 decision and the effective date makes gap analysis urgent. It is unclear from the text whether the amendment introduces new obligations or restates or reorganizes existing ones, so teams should compare the new wording with the prior version of Chapter 22, Section 3. No transitional provisions appear in the text provided.

Recommended actions:
- Inventory advisory activities to determine whether they fall within the scope of this section.
- Map current policies, procedures, and client documentation to the referenced MiFID 2 Delegated Regulation articles and FFFS 2017:2 provisions.
- Document the exclusion of Chapter 7, Sections 12 and 24 where Section 10 applies.
- Update training, supervisory checklists, and monitoring controls.
- Brief the business and senior management, and retain evidence of implementation.

The main risks are non-compliance from the compressed implementation window, misinterpretation of the cross-references, and conduct or supervisory exposure if advisory processes are not aligned by the effective date. The financial impact is likely modest for firms that already apply securities business standards, but it may be greater for firms that have not treated this advice as a regulated activity.

Source: Finansinspektionen